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Tired of losing money in forex

  • #21
  • Jun 27, 2008 6:58am Jun 27, 2008 6:58am
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
An offer one can't refuse especially if its a profitable system. There are many good strategies out there just that emotions gets in the way of everyone. And the biggest thing, never let a winner turn into a loser.
  • #22
  • Jun 27, 2008 6:59am Jun 27, 2008 6:59am
Quoting cityhunter
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
I will put a buy signal where the price crosses the MA upward at 1.9655.
  • #23
  • Jun 27, 2008 7:00am Jun 27, 2008 7:00am
Quoting cityhunter
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
I know everyone has their own style and I fully appreciate that.But why do you use 3 MACD type indicator in one chart?
  • #24
  • Jun 27, 2008 7:08am Jun 27, 2008 7:08am
will put a buy signal where the price crosses the MA upward at 1.9655


befor that time i already had i buy. because i saw a turn on the stochastic (15, 5, 5), and a change in color from green to red on the accelerator oscillator and the owesome oscillator (turned just above level 20) + the RSI was on the level 30.This means that the market was overbought. THE MACD BELOW I use this indicator as control.

Greetz cityhunter

This means that the market was overbought, instead oversold. on 30 means oversold. I am from belgium, so english is second language.
  • #25
  • Jun 27, 2008 7:09am Jun 27, 2008 7:09am
this is where you are going wrong...

look at the charts... you are inexpirenced, like myself, but moving averages and crosses... that's why you lose, buy the time you are in, most people are out... or either you keep tight SL and you get hit...

read Brian's Thread, I'm a Kantor now... I look to buy low and sell high and then I look the sell high and buy low.

people say how can you do that, there is no way of buying low an selling high and vice versa...

yes there is... if I need to keep a position open for a couple of weeks... so be it, until I am in profit, I will liquidate my position.

If I am in profit overall and the loss is small... hey then you take the hit, though overall you have profited... simple!


Quoting kenny123
I will put a buy signal where the price crosses the MA upward at 1.9655.
  • #26
  • Jun 27, 2008 7:13am Jun 27, 2008 7:13am
To expect to play a system and be profitable after a years trading experience is an unrealistic expectation.
To tire after only one year is not enough patience for success in this game.
A tradesman does a 4 year apprenticeship to earn a wage from his trade. It will take many more years of dedication to become a master. The same thing with a profession - 4 year degree just to get a foot in the door at ground level and then many years to become elite in the field. Can you honestly expect trading, with unlimited earning potential if mastered, to be any easier or quicker than standard occupations?
BTC Return This Year: na
  • #27
  • Jun 27, 2008 7:15am Jun 27, 2008 7:15am
Quoting M.A.C.Doug
To expect to play a system and be profitable after a years trading experience is an unrealistic expectation.
To tire after only one year is not enough patience for success in this game.
A tradesman does a 4 year apprenticeship to earn a wage from his trade. It will take many more years of dedication to become a master. The same thing with a profession - 4 year degree just to get a foot in the door at ground level and then many years to become elite in the field. Can you honestly expect trading, with unlimited earning potential if mastered, to be any easier or quicker than standard occupations?
my dear friend i make for my clients weekly a profit of 2000 EURO and i am already 4 years on the markets.
  • #28
  • Jun 27, 2008 7:17am Jun 27, 2008 7:17am
Quoting WarrenBuffet
Why doesnt he change his name to "Rob Broker" but smurf "bobblong" here?

In English? Warren Buffett is it?
  • #29
  • Jun 27, 2008 7:20am Jun 27, 2008 7:20am
Quoting cityhunter
will put a buy signal where the price crosses the MA upward at 1.9655


befor that time i already had i buy. because i saw a turn on the stochastic (15, 5, 5), and a change in color from green to red on the accelerator oscillator and the owesome oscillator (turned just above level 20) + the RSI was on the level 30.This means that the market was overbought. THE MACD BELOW I use this indicator as control.

Greetz cityhunter

This means that the market was overbought, instead oversold. on 30 means oversold. I am from belgium, so english is second language.
So, I should set Awesome, Acelerator Oscillator and MACD on the one hour time frame, and follow it as you said, without fear?
  • #30
  • Jun 27, 2008 7:21am Jun 27, 2008 7:21am
first step - ask yourself - do you want to be a day trader or a swing trader - what are you more comfortable with - overtime you can develop both strategies - but you should start off with one

reason for this is - most new traders (and i did the same) look at a short term chart - enter a day trade - all if good as long as it goes their way - but as soon as it starts going the other way - they try to move their stop loss lower - to a swing trade stop loss whereas the trade was started as a day trade - its very normal to do that because it hurts to kill a trade when you know its not going your way. BUT must be done at times - all traders do that.

Set up a SIMPLE - read SIMPLE - strategy - do some back testing on the win/loose ratio - and DO NOT make the chart fit your mindset - fit your mindset based on the chart

As a newbie - i would also seriously recomend not to read too many forums - reason most people lose money in forex so most calls on forums loose - read a lot on past history of a member and make a list of people you would want to read.

Always remember support and resistance levels are a key - dont think that your trade will break a major supp/res - they are called so because they have been set by BIG players - play with them - not against.

The key to making money in forex is SIMPLICITY. Dont get too excited each time you win - if you do - then you will loose twice that. Each trade should be properly judged and taken. It takes time, effort and understanding - dont rush yourself because the market will always be there - make sure your capital is protected till then.
  • #31
  • Jun 27, 2008 7:22am Jun 27, 2008 7:22am
Quoting M.A.C.Doug
To expect to play a system and be profitable after a years trading experience is an unrealistic expectation.
To tire after only one year is not enough patience for success in this game.
A tradesman does a 4 year apprenticeship to earn a wage from his trade. It will take many more years of dedication to become a master. The same thing with a profession - 4 year degree just to get a foot in the door at ground level and then many years to become elite in the field. Can you honestly expect trading, with unlimited earning potential if mastered, to be any easier or quicker than standard occupations?
Ditto.

And find a system that doesn't lag; find a method based on price action and can get you in right on the reversal.

Most indicators out there shouldnt even exist. New traders have a hard time understanding that many of them will kill your account faster than Rambo, especially if used improperly.
  • #32
  • Jun 27, 2008 7:24am Jun 27, 2008 7:24am
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.
You dont need a mentor.All you need is observe ,observe ,observe...
Sit down and observe how the price is behaving with or without indicators.
You will find zillions of articles on entry and exit strategies on the net.
Here is some : http://stockcharts.com/school/doku.p...cal_indicators
http://www.investopedia.com/search/F...20analysis&o=d
http://www.woodiescciclub.com/active...-mag/index.htm


Good luck.
  • #33
  • Jun 27, 2008 7:31am Jun 27, 2008 7:31am
A year isn't a long time to learn a skill that has unlimited income potential. Like someone said, this isn't a get rich quick venture. No shortcuts.

It's all about believing in your system, believing in yourself, and having the discipline to pull the trigger without emotion. Win or lose, you do not waiver. If you don't even have a system to execute then you aren't trading. What concerns me most about your statement is that you are looking for someone else to take on the responsibility for you. The only person who can make you a trader is you. You might have mentors and people to help you out along the way but you've got to do the hard work if you want to make it.

Another bit of advice, don't pay too much attention to these forums (which seems like a paradox as I'm posting in here expecting you to read it - I know, I'm a hypocrite). There's far too much bravado and cowboy analysis that'll either confuse or make you feel inferior. There aren't many people who shout about their losing trades yet they all sing out when they make a few.

Basically look inside yourself rather than looking out to others.
  • #34
  • Jun 27, 2008 7:32am Jun 27, 2008 7:32am
Quoting kenny123
So, I should set Awesome, Acelerator Oscillator and MACD on the one hour time frame, and follow it as you said, without fear?
GBPUSD, you work on the 4H and daily. EURUSD on the daily. The best trades are done when you see at 4 hour and daily the same thing on the nidicators. GBPUSD is a pair that generally moves a lot in the day but in the night not. So when you look at the system in the morning and you see you 're chance you can put a buy or a sell. The first thing you have the do is practising this strategie on the demo. Look how it moves and learn at you 're self when you put an entry. I put lines on the picure below when i enter the markets.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd4h2.gif Size: 62 KB
  • #35
  • Jun 27, 2008 7:35am Jun 27, 2008 7:35am
Thanks to every one.
What do you see about this idea that I gathered.? In order to automate your strategy, place sell stop some pips below the previous day's low, and buy stop some pips above the previous day's high. Place stop loss, trail your stop and forget.
Can I take this as a strategy and apply it to all the pairs 'am trading at the beginning of a session?
  • #36
  • Jun 27, 2008 7:38am Jun 27, 2008 7:38am
ONn my chart on the grafics of gbpusd you see brown bullets (°), that 's the indicator parabolic SAR (0,03 and 0,2). The red and blue line is EMA 89 AND 144. The parabolic SAR is used as a indicator for control and when the first ° IS put on the scream then i put a buy or sell.

greetz cityhunter
  • #37
  • Jun 27, 2008 7:39am Jun 27, 2008 7:39am
It takes discipline, patience, and good money management. Trade with logic.
Stay away from impulsive entries, but rather plan your trades in advance, with entries near long term support or resistance and a reasonable stop loss on the other side of that support/resistance. Avoid the shorter time frames if you are a newbie. Too much noise. The longer time frames will smooth out the choppiness of the price action.

Keep it simple.
  • #38
  • Jun 27, 2008 7:40am Jun 27, 2008 7:40am
Quoting mystified
You dont need a mentor.All you need is observe ,observe ,observe...
Sit down and observe how the price is behaving with or without indicators.
You will find zillions of articles on entry and exit strategies on the net.
Here is some : http://stockcharts.com/school/doku.p...cal_indicators
http://www.investopedia.com/search/F...20analysis&o=d
http://www.woodiescciclub.com/active...-mag/index.htm


Good luck.
This is key, price is your best indicator of when to buy/sell.
  • #39
  • Jun 27, 2008 7:44am Jun 27, 2008 7:44am
Quoting fxRichard
This is key, price is your best indicator of when to buy/sell.
I approve this message. Probably the best thing I learned in the past 1.5 years. Nothing beats the price. The chart does not lie.
Price does not care what you 14 Period RSI says. It's the other way around.
  • #40
  • Jun 27, 2008 7:46am Jun 27, 2008 7:46am
Quoting kenny123
Thanks to every one.
What do you see about this idea that I gathered.? In order to automate your strategy, place sell stop some pips below the previous day's low, and buy stop some pips above the previous day's high. Place stop loss, trail your stop and forget.
Can I take this as a strategy and apply it to all the pairs 'am trading at the beginning of a session?
hmm .. hmm .. if i did that on my trades i would end up bankrupt - a system needs to evolve and you have to make one which you are comfortable with - sure enough you can start with the above - but i fyou follow that as a automated rule - its only a matter of when .. not if .. sorry to sound rude - but would be worse loosing money.

If you want to test your strategy - dont use volatile pairs - specially not GBP/JPY or GBP/USD - use the EUR/USD - which wont make you enough $ in the absolute sense - but in markets such as today - if we dont lose - we have made -

Also i would not create a master plan for all pairs - subtly they work differently and experience will teach you that.

Its easy to make $1 million in forex over 2 years (starting from $100K capital) - but its MUCH MUCH easier to lose $100K in 2 months. So be patient - let it come to you and when you have the experience it will go your way.

Final word of advise - if you are looking at the forex market to be able to pay the bills or leave current job - and you dont have too much experience (which is the case) - then leave forex - seriously - leave it - because this market crucifies people who have set targets to meet financially and are looking for quick gains (in absolute terms rather than as a annual return percentage).
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