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I am demotivated...

  • #21
  • Aug 6, 2010 8:21am Aug 6, 2010 8:21am
probably should quit .. after 2 years your still using indies.. chalk it up to youll have a better understanding of financial markets than most.. but focus on production power in other areas of your life.. probably be more rewarding.. or take some trading classes online at new york institute of finance..
  • #22
  • Aug 6, 2010 9:40am Aug 6, 2010 9:40am
Quoting domino
probably should quit .. after 2 years your still using indies.. chalk it up to youll have a better understanding of financial markets than most.. but focus on production power in other areas of your life.. probably be more rewarding.. or take some trading classes online at new york institute of finance..
Dunno if you have read what i wrote, but I said that I don't like indicators, I don't use them if not 1 or 2 i create myself for some kind of ideas, but they are more like signal indicators. But i guess you're right on the other parts. I definitely should be more rewarding with myself.
  • #23
  • Aug 6, 2010 11:23am Aug 6, 2010 11:23am
Go and read the thread about orderflow:
http://www.forexfactory.com/showthread.php?t=193795

Then don't use any indicators at all, any, the best indicator it's your brain, you have to think about what/how could move the market, what are the market expectations ....

Start reading more the news at bloomberg, reuters ...
  • #24
  • Edited 4:19pm Aug 6, 2010 3:59pm | Edited 4:19pm
Quoting scott89
It's been a couple of years now for me on Forex, not that 2 years is much, actually i know it's nothing, but I'm afraid that I won't get anywhere from here.
I am at the second step of those "famous 5 steps" quoted somewhere in the forum. I know that... I don't know.
...
I'm good at money management, it's not that I'm loosing too much (I have an account with 100€ on it, so it's not big losses, but it still is real money), I'm not risking much, I'm not cutting my wins or letting my losses ...
You have an immeasurable gift, being able to do mm so well. Boredom (similar to demotivation, I'd guess) is indicative of this. Many others and (, still on demo,) I would give our eye teeth for this.
It's also nice that you don't like scalping, do like daytrading, and deemphasize the importance of TF's. Basing decisions on the lowest TF's, as long as they align with what's happening higher up, increase their soundness. Lots of pips, just more screens.

And, you appreciate the value of a trader using an original chart(/fundies) study. This, we share. Only, it's what drove me to continue in trading. I'm not sure you get it on this.
Systems hopping is only the first step, as you said. You probably figured "signal indicators" is a dumbed-down indicator, not an original way to view charts. I had to laugh in agreement with what you said, "never modify the actual price with strange formulas." It boils down to having sound reasons to trade with.

Your next bet may be to spend lots of hours staring at and jotting down notes about line/bar/candle-only charts. Slowly, you'll understand the interweaving of your trade with what information you reason the trade with, and can then begin to make rules.

Good luck.
  • #25
  • Aug 6, 2010 4:14pm Aug 6, 2010 4:14pm
Quoting ha-pattern
Boredom (similar to demotivation, I'd guess) is indicative of this.
That's exactly what i feel most of the time, boredom. Which is good for mm and such but on the other hand, I guess too much of it could hurt, demotivating me. But I'm not gonna give up, and i think that's the important thing.

Thanks for your opinion guys, keep it going, it conforts me.
  • #26
  • Aug 6, 2010 10:43pm Aug 6, 2010 10:43pm
Quoting scott89
Yeah, I am.
Not that you would care about it

Thank you forexfactory.
Regards,
scott89
You're right.... why should I care? All those good traders out there are making money from the poor wimps who say they can't get their sh*t together.

The truth is that you have probably experienced some success during your tenure as a trader or you probably still wouldn't be here. Further, if you can do some of your own programming you're a step ahead of a lot of successful traders.

You can't write your own rules??? Come on now!! What did you do on those trades that were successful? Rules are simply a matter of "IF"...... IF that does "THIS" then I will do "That". Test your "if", "then" theory over a "trade set" (minimum of 20 trades). If you followed your "if, then" rules to the letter
you will know if your rules are valid. Pretty simple, eh;? Suuuuure it is !!

Finally..... I highly recommend a book called "Trading in the Zone". It is available as a free download if you can break out of your depression long enough to search for it (you can now say "screw you" and I will understand)

Best of Luck...... TR
  • #27
  • Aug 7, 2010 12:52am Aug 7, 2010 12:52am
Quoting scott89
Yeah, I am.
Not that you would care about it.
I was in this same positions some years ago... This is what I did:

1) Quit trading real money and removed ALL trading distractions (other people's trades and advice on forums such as FF and other forex sites)
2) Opened a demo trading account(s) with $10,000
3) Tested many (and I mean A LOT) of different strategies on those accounts for about a year. I wrote down all the winning strategies and ranked them on profitability.
4) About a year later I opened up a NEW real money account and used those strategies.
5) I've been going strong since and have been making new strategies in the process.

BUT REMEMBER: Trading isn't for everyone! If you find that it's interfering too much with life and your well being then by all means you might be better off quiting.
  • #28
  • Edited 2:08am Aug 7, 2010 1:57am | Edited 2:08am
actually i too am taking a break,
i had some real success there for a good time, but then made generous donations back to the market for my education dang it!

so i am just taking a breather until i get my head straight again!
so this thread came at a good time for me too!
if i used every commercial EA i would be a brazilianare by next week!!!!
  • #29
  • Aug 7, 2010 4:18am Aug 7, 2010 4:18am
If I can give my 2 cents ( already great contributions here ):

a) the strength meter doesnt work if you pounce on a trade setup using the extremes (max strong versus max weak ). It makes more sense to watch them develop INTO extremes, that is just a matter of practice, and works visually better if you have the lines of single currencies, such as in the G7 indicator, or in the one Tom Yeomans created. Alternatively stratmans dashboard gives many realtime values of strength and weakness. Once you have a pair, watch it on 5min, with 7 ema and 50 ema ( or sma ).

b) more important than 1 bar or candle is the overall structure, or patterns with support and resistance levels. james16 is great for that, or read just the posts of the seniors there, aka Jim, jarroo, mbqb11(mike ).

c) read Al Brooks book " Reading price charts bar by bar ".

Tht is what helped me very much, and Bobokus`thread on Fibs, not so much the fibs themselves, but understanding how higher timeframes exert their influence on lower TF, and why moves suddenly stop at certain levels.

Hope that helps, all the best and thanks for the honesty to tell it as it is.

Never give up !
Be like water.
  • #30
  • Aug 7, 2010 4:49am Aug 7, 2010 4:49am
A Cup of Tea
Nan-in, a Japanese master during the Meiji era (1868-1912), received a university professor who came to inquire about Zen.
Nan-in served tea. He poured his visitor’s cup full, and then kept on pouring.
The professor watched the overflow until he no longer could restrain himself. "It is overfull. No more will go in!"
"Like this cup," Nan-in said, "you are full of your own opinions and speculations. How can I show you Zen unless you first empty your cup?"


---------
try this thread with a empty mind

http://www.forexfactory.com/showthread.php?t=86429
  • #31
  • Aug 7, 2010 5:20am Aug 7, 2010 5:20am
Quoting msmarple
c) read Al Brooks book " Reading price charts bar by bar ".

INTERESTING.....THANKS FOR THAT...

http://www.brookspriceaction.com/
"If The Fool persists in his Folly he will become wise." - William Blake
  • #32
  • Aug 7, 2010 6:38am Aug 7, 2010 6:38am
Scott89,

I feel your pain my friend & I suspect we have all been there @ some point in our trading lifetime......I know I certainly have. From my 20+ years of trading I offer your this #1. Find a method or system that you understand & that works for you & stick to it, but remember nothing works forever, so you will have to tweek it along the way. #2. Remember indicators are lagging & for the most part are useless.....I said for the most part as I am sure there are some that might help, but so far I have not found that one. #3. Investigate what you find on these forums before committing money to the method as most methods being offered are depending on some lagging indicator & in most cases numerous lagging indicators & are being offered by traders who are suffering from the same problems as youself.

If you have the money management skills, then your half way there. After severals years of forum searching & system jumping I discovered the less time I spent reading forums & the more I time I spend on trading, the better I became @ trading.

Don't give up.......two years is not a long time to spend learning this business. Check out the JACKO forum if you must continue reading. He is one of the very few that offers valued trading information.......I DON'T care for his politics, but he seems to be the real deal when it comes to trading. Read the first 15 pages on his site & you have all you need.
Another worthy site containing valued trading information would be FEB2865 & he is my favored one as my trading style is similar to his. There are three others, but you will stay busy with the two mentioned. These two offer great info, but its up to you to find what works for you & become the master of it. NOW REMOTIVATE.


I wish you much success in the future. Keep us updated as you progress.

_______________________________
  • #33
  • Aug 7, 2010 8:26am Aug 7, 2010 8:26am
You have to absolutely have a passion for trading FX because most people will suck at it for a long time before they figure it out. You have to take an almost scientific approach to trading if you want to be good at it. Once you come up with a hypothesis, you have to test it over and over again until you get it right. The market is rhythmic and constantly changing. It has certain nuances that are difficult to pick up....for instance, it does certain little things during NFP week or FOMC week that it might not do any other time. It takes years to figure that out because it only happens once a month. Those nuances can tear your account apart....99% of most folks will not pick up those nuances in their first year or so of trading.

Also, you have to alternate between demoing and live trading. Don't believe the hype about having a cut off date between trading a demo account and trading live because you are constantly learning the markets. I will say that your greatest lessons are learned when you lose "real" money.....there is no substitute for that. In order to keep yourself motivated, you must feel that you have some sort of edge in the markets. If you don't have an edge, you will always be the sucker at the poker table.
  • #34
  • Aug 7, 2010 8:39am Aug 7, 2010 8:39am
Quoting acetrader
Scott89,

If you have the money management skills, then your half way there.
I have to mention one thing about MM skills. MM skills does not mean that you take a loss every time it goes 15 pips against you. Having good MM skills implies that you have a firm grasp on the risk/reward profile at any given moment. It implies that you have clear objective for an entry and more importantly what your exit should be. The most dangerous aspect of trading is not knowing where the exit point is. Folks want to focus on where to get in and make an attempt to make a set number of pips. The market makers already know where you want to get in and they will use that against you.
  • #35
  • Aug 7, 2010 9:09am Aug 7, 2010 9:09am
What is the main objective about forex???????
PRICE..........

What moves the forex market???????
The disagreement of price




Hope you know my point.

This is your starting point to find the method for you
  • #36
  • Aug 7, 2010 9:12am Aug 7, 2010 9:12am
Quoting LaTeCoMeR
What is the main objective about forex???????
PRICE..........

What moves the forex market???????
The disagreement of price




Hope you know my point.

This is your starting point to find the method for you
+1, in fact that's the main idea behind approaches like James 16.
  • #37
  • Aug 7, 2010 12:06pm Aug 7, 2010 12:06pm
If you are really serious about FX, I would recommend osler

http://people.brandeis.edu/~cosler/
  • #38
  • Aug 7, 2010 12:27pm Aug 7, 2010 12:27pm
Everybody is dishing up advice so I might as well pile on.

If you (or anyone else) are still not making money trading after 2 years of dedicated effort, then I would say: quit.

Life is short. And many of the things that are really worthwhile take a long time to learn. If you're going to be a failure at trading then it is not too soon to realize that and to get on to something else. If you are not already dedicated to another profession or craft then you might think about exploring some of those. Take a nice long look at yourself and ask, "What do I want to do?" If, after 6 months or a year off you are still always thinking about how the rising price of oil is affecting the USD or whatever and fighting off the urge to look at a fx chart, and you can't think of anything else worthwhile to do, then you may be hooked and due for another try.

And even if you are making money, and especially if you are making shitloads of it, I think it is a good idea to take good chunks of time off on a regular basis. And not long weekends on Ibiza, but 2-3 month spells. Put your trading accounts in a guaranteed interest bearing instrument of some kind and go teach math to orphans in Guatemala or something.

There is no more corrosive acid on the soul than perpetual and unceasing avarice. Give it a rest from time to time.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #39
  • Aug 8, 2010 4:09am Aug 8, 2010 4:09am
Quoting The Fool
Everybody is dishing up advice so I might as well pile on.

If you (or anyone else) are still not making money trading after 2 years of dedicated effort, then I would say: quit.

Life is short. And many of the things that are really worthwhile take a long time to learn. If you're going to be a failure at trading then it is not too soon to realize that and to get on to something else. If you are not already dedicated to another profession or craft then you might think about exploring some of those. Take a nice long look at yourself and ask, "What...
well said... better than I
  • #40
  • Aug 8, 2010 4:24am Aug 8, 2010 4:24am
Quoting mikkom
If you are really serious about FX, I would recommend osler

http://people.brandeis.edu/~cosler/
If you're talking about taking her classes, I'm from Italy and i don't have the money lol, that would be a fantastic experience anyway. Unluckily I don't have enought money to come and live in the US, even if it's for a short while.
Quoting The Fool
There is no more corrosive acid on the soul than perpetual and unceasing avarice. Give it a rest from time to time.
I'm pretty sure you're right.

Quoting The Fool
go teach math to orphans in Guatemala
That might seem a joke, but would be another great experience in someone's life.
And I think money are not needed for this one, just some bravery, but I would be lost if I acted right now, and I actually prefer to concentrate on my life for now, I'm 21 and studying to enter at a medical school, and my dream was and will always be to become a doctor, I'm studying for it and I'm sure I'll realize it.
About Forex, I know it has to be threated as a business, and that's what I'm doing not wasting money on it and taking it seriusly. Forex to me is not a way to become rich, my intent was initially to pay for my medical school, but I guess it won't work, but I'm going on with it anyway, cause I really want to become a good trader as much as i want to become a good doctor.
Though, that's a reason why I don't spend much time with charts lately.


Thank you guys for all your advises, I'm reading them all and trying to take the best of everyone. Keep it coming.
Scott89
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