Tired of losing money in forex

Hi Kenny

I love the chalange the Fx market gives. Every day I learn something new. But most of alll love to teach what I know. There are a couple systems I use you may want to try. Or design your own.

Rufus

wait untill i publish my book "my journey to forex" which is expected to be publish is next 50 years.

joke apart

first naked your charts from all sort of indicators,now u see the beauty of market,just trade S/R,focus out to maximum,and u will make money.and if not money atleast your confident will come back.

example E/U


also have a look at following thread looks interesting...

http://www.forexfactory.com/showthre...&highlight=roi

Rob Booker is the BEST ! he absolutely ROCKS !!! Even after I studied with him and had some problems... felt I could not understand what he was teaching... he paid my way to stay in his office for one full week... I paid nothing... not even my food.... and I learned... and I could understand and use and make pips with what I learned....

BUT the biggest thing I have learned along all the way.... is that you can learn much GOOD or BAD from so many people... but you will probably NOT be profitable until you CAN FIND YOUR OWN WAY.... as long as you try to do it someone els's way.... you might lose...

I do not trade Rob Bookers way.... but he taught me to find MY way... He made me come up with my own systems... they worked.... but still did not fit me... then one day... I SAW my way....

hmmmmmmm.... kenny seems not be around much these days...

True summary of why 95% of why traders lose money

I think loosing traders opt for fixed trading in a dynamic market.

im just getting all rolled up on the ground here. you guys joined the forum this year 2009 and you are giving advice to someone that needed help like a year plus back. did u guys expect him to still be where he was last year or something. u shd all look up the the date the hepl was asked for and think whether u are ryt with ur answers. you guys shd be asking him his experience so far and where the boast has sailed him to.
smart pls hw was ur experience so far?????

Wisdom doesn't come with age. Here of course I am talking about how long one trades. I found really good writings here in Forex Factory. In my case, practice makes perfect with patience and willing to learn. I am still a newbie and realize need more to learn but I learned a lot from my mistakes. You are your own best teacher.

It's a great idea to get a mentor. Don't spend a boat load of money, though. There are some out there who are reasonably priced and can provide you with enough tools to be successful.

Do not be discouraged. I was wiped out of my account twice in a row when I first started trading a few years back.

Then I decided to be serious and treat trading like a business and I spend time learning from online courses and reading some forex blogs to gain knowledge.

At this stage, you will still lost money if you trade because what you are lacked of is experience.

You should now go to register a demo account and then trade with those strategies that you have learned from any courses that you have taken.

From my experience, you need at least six months of learning and practicing on a demo account until you are able to consistently make money with the strategy that you have learned.

Even if you have a one to one mentor, I bet your mentor will still ask you to practice on a demo account using a strategy that you will like to trade with but the difference is your mentor will be there to point out the common pitfalls that you might have met if you are trading alone.

Your mentor can only shorten your learning curve but you still have to spend time to learn and practice in order to be successful as there is no magic button that can transform you into a successful trader.

If there is, everyone will quit their job and spend everything they have on a mentor. You can only be successful only if you put in the hard work and prove yourself.

I respectfully disagree with this generalization. This depends on your TF. I trade based on a daily TF and most often I am already 100 pips green and then it reverses but not hitting my stop loss and I am 100 pips in the red, but at the end I still have my TP, which is set at 1000 pips.

I agree with the emotions part, my biggest enemy at the start is watching my green pips evaporates and I second guess my system, but now I can stomach fluctuations of that magnitude.