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Tired of losing money in forex

  • #1
  • First Post: Jun 27, 2008 3:53am Jun 27, 2008 3:53am
I'm tired of losing money in Forex. I need a 1-on-one paid experienced mentor who will carry me along with his trading strategies and skills.
  • #2
  • Jun 27, 2008 4:38am Jun 27, 2008 4:38am
Some people pay Rob Booker for mentorship and it sounds like they are quite happy with what he has to offer. look up his website
  • #3
  • Jun 27, 2008 4:52am Jun 27, 2008 4:52am
Quoting kenny123
I'm tired of losing money in Forex. I need a 1-on-one paid experienced mentor who will carry me along with his trading strategies and skills.
How long have you spent trying to learn and trade?
  • #4
  • Jun 27, 2008 4:53am Jun 27, 2008 4:53am
Read, Practice, then do it again & again!
Trade what you see, not what you think.
  • #5
  • Jun 27, 2008 5:19am Jun 27, 2008 5:19am
Quoting karmostaji
Read, Practice, then do it again & again!
then repeat the above about ten times
  • #6
  • Jun 27, 2008 5:38am Jun 27, 2008 5:38am
Quoting kenny123
I'm tired of losing money in Forex.
I want 'to gladden' you, in the Forex loses about 99% of traders in the long-term period.
  • #7
  • Jun 27, 2008 5:48am Jun 27, 2008 5:48am
Look a simple way to make money, don't complicate things - look for some with a higher interest rate than the other currency and then go long and live of the swap.
  • #8
  • Jun 27, 2008 6:10am Jun 27, 2008 6:10am
Quoting forexmoments
How long have you spent trying to learn and trade?
I've not had a mentor. I've read babypips and a lot of materials. As you know there are a lot of materials online, but I still think i need a mentor to guide me through. This will improve my confidence in any strategy I am using.
  • #9
  • Jun 27, 2008 6:17am Jun 27, 2008 6:17am
don´t give up, spot the trend, try higher timeframes (daily) first,
use moneymanagement. Read, read, read.

I tried 1h and 4 h first, walked through 5-6 differend systemes, different
indicator, lost money over 1 year. Since 3 month i found something,
that works for me.

"It´s like a walk in the park" somebody famous said

And don´t think forex is getting rich quick.
  • #10
  • Jun 27, 2008 6:19am Jun 27, 2008 6:19am
Quoting FXO
I want 'to gladden' you, in the Forex loses about 99% of traders in the long-term period.

including the one who has told u this.
I AM NOT AGAINST ANY RETARD. I AM JUST AGAINST ANY WRONG/LOSING TRADES.
  • #11
  • Jun 27, 2008 6:20am Jun 27, 2008 6:20am
Quoting kenny123
I've not had a mentor. I've read babypips and a lot of materials. As you know there are a lot of materials online, but I still think i need a mentor to guide me through. This will improve my confidence in any strategy I am using.
how long have trained before you started trading with money?

some say: try to have three winning months in a row before real trading.
  • #12
  • Jun 27, 2008 6:20am Jun 27, 2008 6:20am
Why doesnt he change his name to "Rob Broker" but smurf "bobblong" here?


Quoting bobblong
Some people pay Rob Booker for mentorship and it sounds like they are quite happy with what he has to offer. look up his website
I AM NOT AGAINST ANY RETARD. I AM JUST AGAINST ANY WRONG/LOSING TRADES.
  • #13
  • Jun 27, 2008 6:21am Jun 27, 2008 6:21am
Quoting guess121
Look a simple way to make money, don't complicate things - look for some with a higher interest rate than the other currency and then go long and live of the swap.
The problem is how to spot the weakest and the strongest at a particular point in time. I have been following the rule of buying the strongest and selling the wekest but application is the problem.
  • #14
  • Jun 27, 2008 6:26am Jun 27, 2008 6:26am
Quoting Wallboroff
how long have trained before you started trading with money?

some say: try to have three winning months in a row before real trading.
I traded demo for 5 months, but while trading demo, my intention was to test a winning strategy. Now, my main aim is to develop a proven strategy to follow, either by 1st trading on demo or live account
  • #15
  • Jun 27, 2008 6:33am Jun 27, 2008 6:33am
Quoting kenny123
The problem is how to spot the weakest and the strongest at a particular point in time. I have been following the rule of buying the strongest and selling the wekest but application is the problem.
Ok I hate hearing things like this but I would just get back to basics if I were you. Scrap the indicators, look at basic support and resistance and ONLY TAKE THE OBVIOUS TRADES if you are losing. Plenty of time to get more advanced later. Sloppy trading is what sucks most new traders dry.

Here is a basic list of the pitfalls:

Too many indicators

No defined trading method/system

Always looking for the next best thing

Not Keeping it simple

Over leverage

Underfunded

Not setting a stop loss

Believing too much in someone else's conviction about a move

Putting on a counter-trend trade during a news spike

Holding too much conviction on a long-term move

Generalizing beliefs on where price will head and then believing too much in it

Not waiting for the setup

Chasing a trade late after a setup has already occurred

Sloppy trading (“sure, it’s going up”)

Letting a profitable trade turn against you because you got too greedy

We go over a lot of this stuff in the no brainer thread.....http://www.forexfactory.com/showthread.php?t=86429

you might want to consider subscribing to a newsletter from an experienced and profitable trader that has video; follow step by step what they do and play along. 1 on 1 mentor is going to drain your wallet faster than your forex acct, unless you have the money of course.

99% lose because they mainly dont take the time and lack the experience to win over and over again; and then they revert back to the same mistakes they've done before. Exerience rules above anything else, and PAY ATTENTION to what you've done right/wrong. Writing it down never hurts.

A mentor isn't going to teach you like experience doing it full time will. Drain a couple of accounts, depend on the money you make from trading for a living, and trust me, you'll learn how to trade.

If you do end up with a mentor make sure you go for QUALITY. No sense in nickle and diming on this kind of stuff.

Anyway, back to biz.
  • #16
  • Jun 27, 2008 6:36am Jun 27, 2008 6:36am
risk 10% in every trade. If your still lose 10 times in a row. Means there something really wrong abt ur system or they way you book profits.
  • #17
  • Jun 27, 2008 6:37am Jun 27, 2008 6:37am
Quoting cityhunter
Hoi kenny,

If you want i help you with my systems and if you win with my strategies you can give me something.

Greetz , cityhunter
That is exactly what I want. You make me a sucessful trader, and I pay for what you have done for me. If the strategy becomes successfull, I give you an agreed % on the profit, apart from my charge.
  • #18
  • Jun 27, 2008 6:39am Jun 27, 2008 6:39am
Quoting kenny123
I traded demo for 5 months, but while trading demo, my intention was to test a winning strategy. Now, my main aim is to develop a proven strategy to follow, either by 1st trading on demo or live account
hmm, maybe you should achieve this goal first before trading live. try to have 3 winning months. this will be your basis for everything that comes later.
  • #19
  • Jun 27, 2008 6:41am Jun 27, 2008 6:41am
Quoting WarrenBuffet
including the one who has told u this.
Unfortunately, it is real statistics, figures can float within the limits of 95-99.5 % on a time interval at 10-15 years.
  • #20
  • Jun 27, 2008 6:54am Jun 27, 2008 6:54am
First lesson:

look at the chart, and say me what you see and were would you put a sell or buy in the system. Look at the indicators.

greetz cityhunter
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