i'm lost.....

after manual trade for 3 years,
blasted a few LIVE accounts, lose some $$£££ .....

i start to feel is there really hope in FX ?

may be not , problem should be myself ,
discipline , Money management , etc etc etc ....

so i plan to move to EA to solve all this human factors,
and i even bought some EA , well, although not much,
everything seems good on the backtest,
and I even plan to pump $$$ for LiveTrade,

Then I chat with one of fellow traders,
and all the EAs i have tried, he told me all of them he has tested and all of them actually lose $$$(live) in the end .and it seems that all EA start well, end badly .....


With this , I'm kind of actually lost, as I have spent so much time in FX , and in the end back to square one minus time+effort+$$$+sleep

I believe they are others who have been through this , any advise ?
As i dunno much about stock market, future, option, mutual fund, etc etc . Maybe I would have better chance there ?



Thanks

my story is about the same..blow a few accounts used so many hours/days/nights....thought atleast 1000 times that now i got it figured out..but no...
i keept douing the same mistake over and over again..i couldent accept when i had taken a trade and it went against me..that i was wrong...so i stayed in hoping i would turn,,often adding to the position,,just to loose faster...
....got to say tryed every system here on FF but with same results,,

about a year ago it turned...(im scalping,,suits me best)
i started to use SL about 10-20 pip,,no matter what..
ofcourse i many times get stopped out and just 1m after it goes my way..
but when the day is over im always in plus now...
ill guess im not the only one.

I can give one advice that made my trading a lot better. I pretty sure it would help you too, if you have the discipline to follow it. You will be so disappointed when I say it;

Keep record of your trades !

When you open a trade, print out a copy of your chart with a short brief why you took that trade. Make sure you have at least 2-3 reasons for any trade. When you close your trade, make a new print and write down why you closed your position and how much you made/lost.

This is one excellent way to get rid of stupid trades. It was a big difference to see it black on white what mistakes I made and sometimes really embarrassing. You'll learn fast what you do wrong/right with this "system".

For anybody seeking help with their trading, 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

I was lost like you too. I was being foolish buying EAs but they were all shit. Found Jacko's thread and the light went on. Forget EAs.
Print off all the first page here
http://www.forexfactory.com/showthre...ighlight=jacko

This makes it good
http://www.forexfactory.com/showpost...4&postcount=85

Thats all you need to know to get you started on the right track.

Wow, that is sensational front page of advice. The men seems to know what it is all about. Is he really that good?
Is there a summary of his system anywhere, The number of posts is too many to read.

Go back to Jacko's thread. On any page go to the icon on the top right that shows a number (390 now) with a paperclip symbol. Click on that. You will get a window ... scroll down to July 13 Jacko pdf. I believe that is the latest version.

Thanks for putting all that together Lou. That makes it even clearer. Did Jacko put all that together or did you do it? Is some of it from his private blog or is it a summary of his thread here
http://www.forexfactory.com/showthre...ighlight=jacko
Are you a memeber of his group. Do you have a summary of his private blog

I have been using my time at a useless dead end job reading all over this forum and this is the best stuff for any newbies like me.
The pdf from Lou is sensational.
I think I am ready to trade with Jacko if he will have me

Finally someone has common sense; EA’s are a waste of time. Money and time you should invest and spend on developing a good strategy and analyzing profitable movements. If you are a newbie, an EA is not the answer. The answer is a non-stop learning strategy.

The safest advice would be this: quit.

It may sound harsh, but it is the most practical. You will fail at many things in life, but failing at this profession could by far be the most costly. To many, the foreign exchange market is a scam. There are traps around every corner, few people who you can trust, and professionals out there who trade directly against you and profit from your losses. When you enter the market, you are not entering a "newbie zone". You are not on any job orientation. When you enter the market, you are stepping up to the line with your competitors who are armed with the skills of knowledge, discipline and experience. You may possess some of these skills, but I doubt you have mastered any of them to the level that they have achieved with all of them. Quitting now will guarantee that your money will not be lost to these competitors, and that your account will remain at "break even". I think this possibility should be considered.

Now, if you do decide to continue trading, then keep the above point in mind as you move forward. Do not think that there will be one magical answer. No system or EA will put you at the same level of the professionals. The above suggestions by others can point you in the right directions, but you have to be willing to allow the advice to remove any unnecessary or false assumptions you have about the market right now.

If you are willing to make some serious changes, then go ahead and take a look at your history. You have been losing for three years, which means you have three years of bad experience (and bad habits) that you need to analyze and correct. Go back and review the last three years. What was your biggest loss? What was your biggest win? Have your goals changed since starting? Have you had any breakthrough moments? Where do you think the answers are? Did you trust anyone who was untrustworthy? Did you dismiss any advice that may have been useful? Did you record any trades that you can re-analyze? The list is endless. There are many lessons to be learned through reflection. I would suggest starting here.


Good luck.

Edison never quit. In the end after hundreds of attempts he achieved success. Try and try again until you succeed.

I am reminded of a couple of adages:

If at first you don't succeed, try, try again. Then quit. There's no point in being a damn fool about it.
W. C. Fields


It's morally wrong to allow a sucker to keep his money.
W. C. Fields

I am a loser too. I had bad experience for 10 months trading live and lost $9000. But i keep trying and learning, staying late till 2~3am, sometimes 4am every night (and I have a day job before, just been laid off) just because i believe there should be a way to success in forex.

And recently I found my trades started to break even. That is already a good sign.

From my experience, a demo account won't work bcoz I just play a demo account like TV game. Blast all ammo out and if lost, restart again. (think if you play shooting TV game and your plane is indestructable, would you learn how to dodge the enemy's bullet???) A standard or mini account is no good either bcoz the stress there is huge, making me close out a profitable trade prematurely when I see just say $10 profit and fearing it will turn to losing trade, but not allowing the profit to grow.

So I now started a micro-lot account. Each pips is just 10 cents. When I see there is profit, I let it run without much worry. When I see there is lose, don't fear much I would lose a big amount (there is stop loss), but still a bit painful in my heart and I will re-think why I fail this trade and learn from it trying not to do the same stupid thing again.

I hope you ever success too. Dispite the whole year trading experience, I am still a newbie definitely. But I know my edge, that's I never say never, never say quit. To be a successful trader, you need little luck, but you need tons of tough.

Still the same old thing being said a lot of times everywhere:

- Be patient!!! I learn from my bad experience that this is the most important thing. Wait until a good setup appear. Even it's a not-too-good setup, I don't trade. I would like to have one good trade and up my account for 5% in a week, rather than to have 10 bad trades due to temptation to trading, which each of them take out 2% of my account, followed by the one good trade (add 5% to my account, i.e. finally I have -2% * 5 + 5% = -5% in this week)

- Money management. This has the same importance as being patient. Risk only 1% or 2% in each trade. (I personally trade about 0.5% ~ 1% each time). This will hopefully keep you longer in the game, giving you more time to train yourself.

- Discipline. Find a system. Stick to it. don't jump from system to system when it just show a few times of lossing trades.

Finally I do want to thank those who offer help to me. I really appreciate their honourable action in helping newbie and loser like me. And I wish you could find you way to success.

Don't forget a good risk management strategy, for me is the key to keep the fear away when you've had a loss episode or when you're just getting into the real trade for the first time.

Dannywmk: 1st and foremost if you want to succeed you have to start to think and act like a winner. If you think yourself a loser your gonna be a loser. We attract what we fear. This game really is 90% psychological, the other 10% in your head. As Alice would say "Feed your head"

Thanks Mr. Green I will remember that. I will definitely be a winner!!!

Well I guess everybody in this thread has been through this situation of losing money and wondering whether continue or not. I have to say, the only and possible answer will come from you, inside you, of course it’s important to get advices and to learn from other, but believe me, your own criteria will lead you to success.

I think that quitting after you fail is a sign of cowardliness. You have to be consistent, learn from your errors and keep on going, falling makes you stronger. Of course this applies if you're sure that trading is what you really want. If it isn't then losing is the perfect signal to retreat jajajaja. take care

I’ve never know a person who was born trading or with the knowledge to do it. Each good trader was formed with patience, discipline and good attitude. If necessary use demo until find strong strategies or at least prove lots of EA to trust in. Besides it’s a game we need to enjoy and not to be concerned all the time. Lose is a matter in any issue in life not only forex.