I have had enough :

Guys, please remind how you were starting and advice me what to do when I'm loosing my second depo

I'm around of 50% of orginal depo (on minus obviously) and can't manage it to get it higher Guess I need more experience.

What is the funny thing. I've tested many systems and it seems to me that for 100% most of them are not fully mechanic. For example one shouldn't trade when market is choppy not violity enough and so on..

SHould I take couple of beers and sit down tommorow again?

I have started forex learning since May however as I'm working full time this is additional so it is hard to spend all day on Forex only..

Thanx for all thoughts..

Since may? That's 5 months? Hehe, some ppl take years to get the hang of it. Put less pressure on yourself and go back to demo for a while.

hey man.....i have been there

-do not worry about it.....you have all the control you need to succeed in this game. The key is to stick with trading, just as a musician must stick with an instrument until they have mastered it.

-The attitude is the absolute most important part of trading and I would HIGHLY recommend the book Trading in the Zone by: Mark Douglas

-Also.....pick a system and stick with it. Make it yours. Learn what works and does not worth with it. You are right---most systems require discretion on your part. This is just how it is. However YOU can become mechanical in the way you approach the trades, as well as after seeing it enough learn what works with your system and what does not. STICK WITH ONE SYSTEM....there is no holy grail. Promise kinda. haha

Pug, see this recent thread. The link happens to be to my own post, but there are some excellent posts by others, who are more experienced than I am, in the same thread.

David

Don't get too discouraged, I have been trading for a year now and only recently have been able to make headway. I have made the same dumb mistakes.
I started out thinking I could let the system run just based on a set of rules I gave it. The more I learned, lost money the more I realized that is not going to happen. You really need to learn to recognize the patterns, support & resistance, etc to win at forex. I know it is a lot harder when you have a full time (as I do). Take your time. You are not forced to trade, so if you are not comfortable or if you don't happen to be in the best position to enter a trade, then don't.
I check the charts in the mornig, noon, and night. More often than not I see I have missed a trade opportunity. It is annoying, but what is even more annoying is losing money because you were not patient and waited for the right time.

By all means I am no pro. I am still so green I wouldn't even consider myself a novice! But, I have been where you are now several times in the last year, and as time goes on I get better & better.
One thing you might try is to mark your charts up before you go to work with your predictions as to what might happen. Mark support & resistance levels. Try to predict where it might go from there. Come home from work and see if you are right. Keep track of how often you are right & wrong. It is like trading without the risk (or reward ), but you get my point.

Good luck to ya

THank you guys for all these words and valuable hints!

I feel much better when I know that many of you went the same way in the past.

Pug,

U like pug d doggies? hehehe.. I am in this for 10 months and struggling too. I wanted to give up every nw and then, but people tell me, hey u lost 20% only? Only 10 mths here, we took at least 1-2 years to pick up! Tt's not so bad. I am trading idiot but I hate to give up. Let's encourage each other ya.

Go slow Pug, dont rush things. If you want to gamble, put large orders in. If you want to survive and give yourself time to watch and learn the markets, put small unleveraged orders in. If you have $1000, only trade .10-.25c/pip. That isnt a joke, it is just what you have to do.

I have been observing the markets for nearly 4 full years and still have little to show for it. Though, I have had other priorities during that time, namely getting a college degree. Still, passive observation has taught me that the markets are unpredictable and even when you do get it right ... you still may not win.

Give yourself as many opportunities as possible to win in this market. Even trading such a small amount like mentioned above, you hit one wrong GBP/JPY trade and half the account is gone ... imagine if you were trading .50c - $2 or +/pip? Sssloooow things down, relax and practice with pennies so that you have dollars left for later.

The market will wait for you, dont worry about it going anywhere.

EDIT: Further, try raising the time frame. Having to work and keep a steady eye on the market will do nothing but cause stress. If you raise the TF to 4hr or even daily, you can have a much broader glimpse of the market. Also, some of the best Risk/Reward ratios occur on large TFs.

You are in conflict, that's all. and not with market, but actuality is with your own self. one thing you can do and it is all, to be responsible, you hear? you grasp or just passing it by? being responsible of every trade that you do, every look that you do into the charts prices, everything that you do, responsible of yourself and your actions,
Years studying of Forex or anything is quite bs, as practicing over and over make your mind dull, you can learn forex damn soon only if you are serious, with seriousness, with responsibility comes care, awareness perception and success, the very meaning of success that is, not gradual success which brings about loses every now and then for you.
Be responsible, its the basic and in all the rest.

I'm very new here and maybe shouldn't even be posting.

But, it seems to me that if you're worried about intraday trading (you mention the long hours at work that keep you away from charts), you might be taking the wrong approach. I like PeterFM's post where he talks about trading off the daily chart at the FASTEST. No rookies should be at anything faster than that - trade intraday and you're destined to fail. That's how I'm starting out and it's a good way to learn. Yes, it's slower, but it lets you maintain your job and still learn the forex market. Find a trade, set a Trailing Stop and TP and let it run.

Also, as the same poster writes, if you can't do it in demo, you can't do it in real life, so don't try.

It seems to me that all these bad days come from one reason. I'm trying to get more that I'm supposed to get. When I switch to Mt4 I feel some kind of pressure to..take any trade.

I'm waiting for good entry than I miss it and when I realize the fact that I've missed it I'm trying to still take that trade although it is too late

Someone said "dont chase the trade let it come to you" and I think this is the point which I must understand finally.

Sometimes I wonder if I can stand just watching charts all day without taking trade Fortunetaly I played only micro lots with 1:200 leverage so not so big loss.

I have switched again to demo to give myself time and fix in mental approach.

Pug,

I'm a daytrader that's moved from the Stock Markets to Forex. Being psychologically prepared to trade in the Stock Markets, I had thought moving into Forex should be no big deal.

I was wrong.

Losing countless dollars, I had realize, there was alot more to learn.

I had talked to alot of professionals at a local place I work out, it's a private club, everyone's either well-off, or retired and rich. One was a daytrader for life.

He gave me two statements that have stuck with me since my conversation with me.

The money you lose to the market, take it as tuition. It's your right of passage to learn. A daytrader does not need to be a smart person, or a person who had thousands of dollars of education. A day trader is a person who can pyschological control himself and make decisions based on his extneral environment.

I'm an entrepreneur at heart, I run and own several small businesses. This was my first time failing. I kept going, and I am currently making 20-60% ROI daily with 1-10% DD. It's about patience and being willing to put your head back into the game.

Confidence is key. Arrogance is not. Patience is not a virtue- it is your lifeline.

Hehehe... FX certainly has a rhythm all it's own, doesn't it?

I believe all are inter-related (Stocks or FX).... as long as ur trade is based on TA....as TA skill is kinda universal...The difference is more or less volatility...

Sonic

Some very basic things like MM and Price action with patience is what you need to be mechanical

Demo trade for 6 months, testing your system... when does it lose lots of money? How can you determine when such times are going to happen? When you're consistent, risk small amounts of real money on Oanda. At that stage, you can then start worrying about the psychology of trading.

Futures and Commodities follow TA alot more. Shares / Equities do not follow TA as much, as far as I'm concerned- that's how I traded. For me, I have found that TA works with things with massive amount of Volume. I traded stocks that sometimes had little or none.

Dont give up now...keep on trying..

Are you kidding? 20-60% daily?

why not 20%-60%?

if you wait for 30 m and waiting for signal to to trades. and using 50% of your money for 40 pip then 20% of your money