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I hate forex - the truth about gains in Forex

  • #41
  • Feb 8, 2009 8:43pm Feb 8, 2009 8:43pm
Quoting Fx24k
started like almost everyone else with technical/day/scalp trading but transitioned into fundamental/swing/long term trading.lot less stress and more profits plus don't have to be glued to the screen when the markets open.
do have an economics degree and traded stocks for years before trying forex so understood how the markets work so i may have had an advantage over others who start out new.
tried every system and strategy and learned to just keep it simple.i study charts for spotting trends,entry/exit points,etc., but base most of my decisions...
Yea swing/long term is the best way to trade
  • #42
  • Feb 8, 2009 11:17pm Feb 8, 2009 11:17pm
Dale

I am not for direct speak however I think this is the best way to say this:

Maybe you hate forex or trading because it will force you deal with your own vanities and develop some character issues that need developing in you, this business will force you to look in the mirror. I would seriously bet that 90% of the disgruntled traders on this forum are upset because of issues that if they where honest about are actually there own fault.

For example; today I missed a trade whose fault was that? Only mine, I had all weekend to be ready for it, I am a full time trader. So what do I do with my emotions? Do I let them mess with me and turn into other bad decisions. After all if I am not careful I will give my money to a more disciplined trader than myself.


So what do you do? Some would recommend starting a Trading journal to keep yourself on track.
Writting down why you take a trade and what was going on with you can be very insightful.

Best regards

Dale
  • #43
  • Feb 9, 2009 9:19am Feb 9, 2009 9:19am
I love forex
  • #44
  • Feb 9, 2009 5:02pm Feb 9, 2009 5:02pm
Quoting Syafi
I love forex
so the old thread title should change now.
Not sure when it will change back..hehehe
  • #45
  • Feb 26, 2009 12:26am Feb 26, 2009 12:26am
Not Quite.. I still hate forex just a little bit because i still cannot achieve 100% 1000% or eves 10000% a day or a week or so like so many other trader who claim so. I can only do some small percentage profit. even market maker can be good with some advance trade planning.
  • #46
  • Feb 26, 2009 3:26am Feb 26, 2009 3:26am
May be it's because of the 4 months experience that makes you say that. IF you could hold it longer, may be you could be getting a lot of cash from forex..
  • #47
  • Edited 3:50am Feb 26, 2009 3:37am | Edited 3:50am
I've been working on the same strategy for the last 3 years.

My goal has been to have it trade on the 15 minute timeframe, with no more than an loss of 70 pips every 10 losing trading, and a ROR of around 10% every two days. And its completely mechanical, all coded in MT4.

Like I said, I've been working on it every day for the last 3 years and I've acheived those results. The last bit I'm workin out is how to handle opening a trade in severly ranging markets.

So anything is possible, if you're willing to put the work into it.
  • #48
  • Feb 26, 2009 11:58am Feb 26, 2009 11:58am
Learn proper entries and exits...everything else will take care of itself.

Last night:
GBP in@ 1.4270 out @ 1.4345 +73 pips
CAD in@ 1.2520 out@ 1.2444 +75 pips


Trading multiple lots,I could make a statement such as " I made xx% the last 3 months" and would be called a liar...when in fact I did it in about 1.5 hours total.
The harder I work,the luckier I get.
  • #49
  • Jul 1, 2010 10:08pm Jul 1, 2010 10:08pm
I hate forex too, 1 year trading and I have blowed up 3 accounts, yesterday I lost 6%, shorting at 1.229, at 1.237, at 1.244 and at 1.248, now the EURUSD is at 1.252, from 1.218 to 1.252 in 12 hours, I can't believe it, if I lose a 6% everyday in one month I will blow up this account too

Why I can't stop trading? Because the first week I traded I won a 1000%, with 1:500 leverage, I though I will be rich in few weeks, I didn't believe it... And the next week, in 2 days I lost everything.

I'm still waiting since then a good week like that, but now I trade with 1:50 leverage only (if not, I would blow up all my accounts in 1 week).
  • #50
  • Jul 1, 2010 10:40pm Jul 1, 2010 10:40pm
Quoting Trad3r
I hate forex too, 1 year trading and I have blowed up 3 accounts, yesterday I lost 6%, shorting at 1.229, at 1.237, at 1.244 and at 1.248, now the EURUSD is at 1.252, from 1.218 to 1.252 in 12 hours, I can't believe it, if I lose a 6% everyday in one month I will blow up this account too

Why I can't stop trading? Because the first week I traded I won a 1000%, with 1:500 leverage, I though I will be rich in few weeks, I didn't believe it... And the next week, in 2 days I lost everything.

I'm still waiting since then a good week like that, but...
well, you should learn enough before you risk your money, learn and whatever its take give it! then you will find your way for safe trading.
why you go against the trend ? are you master on the reverse levels ? this is a big risk and mistake to do!
take a break to learn and to estable on profitable system then you going to do fine.. I been same as you and a lot was too...

Regards,
Alaa
  • #51
  • Jul 1, 2010 11:01pm Jul 1, 2010 11:01pm
Quoting maanawi
why you go against the trend ? are you master on the reverse levels ? this is a big risk and mistake to do!
I know it since a lot of time but I still making the same mistakes and I don't know why, yesterday I short the rallie because the trend in the weekly chart is bearish and because wednesday after the big rally the EURUSD closed the gap... I always find a reason to go against the trend when the trend is near to a S/R waiting for a reversal because I still think in the "mantra" of losers: sell high and buy low, but the reality is that there are no highs and there are no lows, there are only trends! Wednesday I win 2% with this, but yesterday I lost 6%, this is how I lose money in the long term, the days when I lose I lose more than what I win the days I win
  • #52
  • Jul 1, 2010 11:17pm Jul 1, 2010 11:17pm
Quoting Trad3r
I know it since a lot of time but I still making the same mistakes and I don't know why, yesterday I short the rallie because the trend in the weekly chart is bearish and because wednesday after the big rallie the EURUSD closed the gap... I always find a reason to go against the trend when the trend is near to a S/R waiting for a reversal because I still think in the "mantra" of losers: sell high and buy low, but the reality is that there are no highs and there are no lows, there are only trends. Wednesday I win 2% with...
when the trend is near to a S/R
my friend do daily 10% at S/R cause he know the rules to trade it!
try to stuck with winning strategy that trade what front of your eyes, no more guessing for not yet professional traders! year ago my guessing was my first enemy cause i dont know whats goin on on the charts
forget about what left of money at your account, learn and trade demo if you really want to success at this job, and try to learn the gussing of professional traders at the forum and there reasons to enter trades this will make you professional.
Kind regards...
  • #53
  • Jul 2, 2010 12:40am Jul 2, 2010 12:40am
Quoting Syafi
People say We can easily double/triple and
even make 1000% our money investing in forex everyday .

What I get since last 4 month is only 5-20% / month. .
last year was even worst, I get -20% to breakeven..

Whats the real problem here?
Me ? or the expectation ?
Or i need more time to ever double my money every single day until forex is closed for ever because I get all the cash in the world !

=================================================

Do you hate forex ?
Did you enter...
Here is the common view of expectation in relation to capital size.
The smaller sized capitals expect large returns to offset the amount of time they have to input into analysis and managing executed trades. The larger capital players can manage very well with small gains and hence 0-30% per annum is highly acceptable.

Dont get sucked into the BS that people throw about. If someone is making rediculous growth then I can say will almost certainty that they will fail to post after 6 months (<---- and that is being very generous).

Consider 20% in regards to 2k and 2M. $200 per year for someone who has devoted X amount of hours of learning (study, reading books, time in forums such as this) is not going to cut the mustard. They would be earning less than a bowl of rice per week for their efforts. The thing they fail to realise in the above scenario is that it is a process and the beginning of creating a HABIT that in time, provided they treat it with care, will allow them to trade, with confidence a larger account.

The 2M (or similiar) have gone through the process and have built the foundations for a successful future. They have not neccesarily built and account from X dollars to some huge figure but what they have done is over time built the confidence/trust that has enabled them to manage larger capital risks without the huge emotion/psychological barriers that stop 95% of people from progressing.

If you can over the years achieve 20% or better (even some less than that) then you will be doing yourself a far greater justice than someone who for 3 months of there life can claim that they made 2000% returns in a week. Very few of these last long enough to boast retirement and a healthy capital that will last throughout.

Razor
  • #54
  • Jul 2, 2010 2:04am Jul 2, 2010 2:04am
Quoting Syafi
People say We can easily double/triple and
even make 1000% our money investing in forex everyday .

What I get since last 4 month is only 5-20% / month. .
last year was even worst, I get -20% to breakeven..

Whats the real problem here?
Me ? or the expectation ?
Or i need more time to ever double my money every single day until forex is closed for ever because I get all the cash in the world !

=================================================

Do you hate forex ?
Did...
Why should hate Forex?

If someone tries to be a Pro Football player but he fails, should he start hating Football??
Or should he think about his own weakness/faults/incompetence?
.
  • #55
  • Jul 15, 2010 10:37pm Jul 15, 2010 10:37pm
...very true


Quoting Schminner
Most real investors will kill and go to war for a 10% to 20% per month gain .... consistently that is ....
Annoying Precision
  • #56
  • Jul 15, 2010 10:51pm Jul 15, 2010 10:51pm
Quoting nasir.khan
Why should hate Forex?

If someone tries to be a Pro Football player but he fails, should he start hating Football??
Or should he think about his own weakness/faults/incompetence?
.
Depends mate, some ppl hate what they cant success at.
  • #57
  • Jul 15, 2010 11:33pm Jul 15, 2010 11:33pm
Quoting maanawi
Depends mate, some ppl hate what they cant succeed at.
of course. that's normal.
it's called frustration.
it's either u work at it hard & long enough or u dont cut it.... unless u are not ready or meant for it.
  • #58
  • Jul 15, 2010 11:39pm Jul 15, 2010 11:39pm
Quoting supremeChaos
of course. that's normal.
it's called frustration.
it's either u work at it hard & long enough or u dont cut it.... unless u are not ready or meant for it.
right po
  • #59
  • Jul 16, 2010 1:12am Jul 16, 2010 1:12am
More than 8% said "double money everyday is true". So many billionaires here. lol
Canyouseeme, darkkiller, ehrek, nhallmark, piponairever, resol, rogerdoger, sebastionay, Trad3r, Verto, wowzers
  • #60
  • Jul 16, 2010 2:52am Jul 16, 2010 2:52am
and most of them have had little to say in other discussions, so no wonder...
Twitter: @forexpokerpro
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