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I am demotivated...

  • #61
  • Aug 10, 2010 8:25am Aug 10, 2010 8:25am
Quoting aediaz1
Big fan of success-stories myself I know he got plenty of them, I might share some here.
I LOVE stories.
Please share when u can.
many thanks Sir!

scott89,
u had a lot of great posts here in your thread. man, these alone should get YOU motivated! I am!
  • #62
  • Aug 10, 2010 8:52am Aug 10, 2010 8:52am
Consider trading Forex Options or Forex Binary Options instead of Spot Forex.

I was losing year after year with Spot Forex, but the experience I gained from that help me excel in Forex Binary Options.
Binary Options Trader
  • #63
  • Aug 10, 2010 9:01am Aug 10, 2010 9:01am
lets face it guys, some people just aren't made for trading fx...
  • #64
  • Aug 10, 2010 9:07am Aug 10, 2010 9:07am
Quoting Yoda_Glenn
Consider trading Forex Options or Forex Binary Options instead of Spot Forex.

I was losing year after year with Spot Forex, but the experience I gained from that help me excel in Forex Binary Options.
please explain why binary is better than spot?
  • #65
  • Aug 10, 2010 10:13am Aug 10, 2010 10:13am
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Since this is my very first post in this forum, please let me begin by saying hello everybody.

And since this is my first post I don't actually expect anybody taking it seriously

Anyway...

There have been lots of tips and posts trying to help in this thread. Could I contribute with a new point of view?

Scott89, why do you trade fx?

Maybe the root of your problems could be in the answer to that simple question.

Do you play fx cause it is cool? Or because that's the field where you can do your best?

But wait... how do you know this is the market where you can do it better?

HAve you ever try other markets?

This is my humble contribution:
ask yourself if you are playing the right sport for you. Maybe you aren't a good baseball player, but you could be an amazing basketball player, so....

stop wasting time playing baseball
>>> psychology is more important than technicalities ^_^
  • #66
  • Edited 10:32am Aug 10, 2010 10:21am | Edited 10:32am
Quoting witsnpips
please explain why binary is better than spot?
Better is a matter of opinion, so I wont say that Binary Options will have success for everyone. In any market, there will be more losers than winners.

HOWEVER, I prefer Binary Options for the following reasons:

1. No Stop losses.
2. Flawless Hedging
3. High payout if you buy cheap options.
4. You can buy or sell high cost options and trade them like stocks, except unlike stocks, there ALWAYS is a daily movement/payout.
5. You can DOUBLE your money if a Forex pair moves just 1 PIP (above or below your strike price) at the end of a trading day. You can do this WITHOUT a stop loss.
6. You will never lose more than you risk, unlike spot Forex (Stop losses do not guarantee that you will lose a set amount.)


You'll find that critics of Binary Options will say that it is like betting...but then they haven't traded Binary Options with real money.

There are a few threads on FF about them, just do a search and then decide for yourself.

PS. Beware though, there is only like ONE regulated Forex Binary Options Broker out there, that is Nadex/IG Markets. The other brokers appear to be scams.
Binary Options Trader
  • #67
  • Aug 10, 2010 11:22am Aug 10, 2010 11:22am
Quoting SwissRaj
Do you play fx... because that's the field where you can do your best?
But wait... how do you know this is the market where you can do it better?
HAve you ever try other markets?
Could be anywhere. Gaining the life skill of money management from forex and applying it elsewhere through one's life seems of inestimable value.
  • #68
  • Aug 10, 2010 1:22pm Aug 10, 2010 1:22pm
I intentionally delayed my 3 exams for 10 months to become an internal auditor. I thought if i can figure out currency trading in about 6 months, i can have a great independent trading business.

Needless to say, i did learned lot of new things, lost money as well but that hope/dream of becoming a full time trader is quite far away.

I had a very tough last 10 months. It was a lonely journey as a trader sitting ina room and 'learning things'. On the other hand, my friends who work full time were getting promotions even during recession and enjoying their life.

As a discretionary trader, learning trading will take lot of time. It is a lonely toughest journey in the world. In my case, i will need around 5 years to have enough practice to start trading live.

I cant keep learning trading for next 5 years without earning anything. So, i am going back to my studies, will struggle to get some job and will keep learning trading in my free time.

What kind of profession is trading is? Look at the paradox-

1) You have no one to guide you what works in trading, what does not except if you are under the guidance of a successful trader. Go figure it out on your own what works, what does not.

To become a doctor or engineer, i know what i have to do, how much hours i need to study and i can get guidance. These are structured professions.

2) Even after you have got the trading system which has an edge, you need to admit in some trades that you are wrong and you have to take the losses.

Wow...thats the real pain. Admit you are wrong, take the loss and move on to next trade. The emotional detachment can come but only with time and practice.

My suggestion to you is move on with your life, become a doctor and keep learning and practicing demo trades till you figure out a 'winning edge'.
  • #69
  • Aug 10, 2010 1:31pm Aug 10, 2010 1:31pm
Quote
Quote
I have to say though, If a dummy like me can figure it out, anyone can do it. I did not particularly enjoy all the studies, I often times wondered why I was wasting so much of my time, but then one day things just started to click and they continue to do so

Very well said. Trading need studies, learning, understanding, revision and practice. Each trading day is like a simulation.

But the problem is we do not earn anything during 'learning phase'. Just like we do learning to become a professional in any field and do not earn anything during learning phase, same case with trading.

I personally feel i need 5 years to make sense out of markets. Sad to say, but i have to go and find a job and then commit my self to this learning process in free time and during holidays.

It is a hard work, it is a lonely journey. I am currently under learning process and questioning myself whether i am doing right things or not but i am sure one day things will start to click and my win will be more then my losses giving me an edge.
  • #70
  • Aug 10, 2010 1:43pm Aug 10, 2010 1:43pm
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting ha-pattern
Gaining the life skill of money management from forex and applying it elsewhere through one's life seems of inestimable value.
Absolutely right.

I just want to put that alternative on the table. I fully understand this is hard to take into consideration, coming from just another newbie in the forum (me).

But after three years this is one of the few things I've learned:

Explore different markets until you find "your place". There is life beyond.

That could bring back the lost motivation. It worked for me.
>>> psychology is more important than technicalities ^_^
  • #71
  • Aug 10, 2010 1:50pm Aug 10, 2010 1:50pm
Quoting kingfisher
Very well said. Trading need studies, learning, understanding, revision and practice. Each trading day is like a simulation.

But the problem is we do not earn anything during 'learning phase'. Just like we do learning to become a professional in any field and do not earn anything during learning phase, same case with trading.

I personally feel i need 5 years to make sense out of markets. Sad to say, but i have to go and find a job and then commit my self to this learning process in free time and during holidays.

It is a hard work, it is a lonely...
I hear you bro. Keep at it. The only suggestion I have in terms of squeezing more time out to study is to work fulltime nights at a job that's quiet and that requires you to be awake of course. There are many jobs like that out there, security, hospital check-in desk, old folks homes, ect. Many of those will allow you to bring books to pass time. If you have some self discipline you can basically get paid to go to college. I ahhh, know someone who did that... No you won't get a piece of paper and a load of debt, but you will educate yourself. In trading, a degree is useless anyways unless you want to go and become someones rag-doll. Used textbooks are cheap my friend, and available in abundance. Abebooks.com, a real gem of a site. If any of you need the Harris book for cheap..Cough cough.

Getting creative in this way will allow you to eat way better than any college kid out there, and you'll be on top of the game because you know the reigns are in your own hands.
  • #72
  • Aug 10, 2010 1:53pm Aug 10, 2010 1:53pm
  •  SwissRaj
  • | Joined Aug 2010 | Status: (¯`·._.· the lonely trader ·._.·´¯) | 109 Posts
Quoting kingfisher
Trading need studies, learning, understanding, revision and practice.
Don't forget a very open mind to admit when you're wrong.

Quoting kingfisher
It is a hard work, it is a lonely journey. I am currently under learning process...
IMHO, the learning process here is infinite, is like a cycle. Even LTCM managers learned a hard lesson, right?
>>> psychology is more important than technicalities ^_^
  • #73
  • Aug 10, 2010 3:53pm Aug 10, 2010 3:53pm
Quoting Yoda_Glenn
Better is a matter of opinion, so I wont say...
I agree with you that options may be a really better tool for trading

but - you have to understand them perfectly, and it's not the easiest thing, you should understand them as well to be able to create some structures, it's not that easy to make money just by selling(you need some hedging as well) or buying one leg, and there is not many people who are willing to study it cos it's much more difficult to undrstand if you compare it with FX, then there is not enough brokers for that and no micro accounts and so on
  • #74
  • Aug 10, 2010 6:51pm Aug 10, 2010 6:51pm
Well if I may I'll give you some tips. These turned me from a money losing trader to a profitable trader.

1) Cut your losses short and let your winners ride out the trend
2) Use trendlines and know them well
3) Pick one currency
4) Trade a longer trend (lets you ride out the winners for bigger profits, thus making your losses tiny in comparison, thus you can get it wrong A LOT)
5) Pick a technique that suits YOU, dont' suit yourself to the technique.
6) Only trade when your system tells you to
7) Practice practice practice.

Practice your strategy honestly over 2 years of data. That will give you the confidence to follow it.

Cheers,
Scotty
  • #75
  • Aug 10, 2010 7:00pm Aug 10, 2010 7:00pm
Hi Scott,

I feel your frustration and sentiments. However even after 2 yrs of trading you have still have indicators on your charts then I am sorry but you haven't progressed much.

I am not saying that indicators are bad and are useless, but you are generating signals based on indicators then you are long way away from any gains.

I am saying this personal experience and feel free to correct me if you think otherwise.

Regards
Victor
  • #76
  • Aug 10, 2010 9:46pm Aug 10, 2010 9:46pm
Quoting katrooo
I agree with you that options may be a really better tool for trading

but - you have to understand them perfectly, and it's not the easiest thing, you should understand them as well to be able to create some structures, it's not that easy to make money just by selling(you need some hedging as well) or buying one leg, and there is not many people who are willing to study it cos it's much more difficult to undrstand if you compare it with FX, then there is not enough brokers for that and no micro accounts and so on
Well, I only trade Binary Forex Options, so I can't really speak of Vanilla Options too much. There is a slight learning curve with Binary Forex Options, but it's a brief one, and it's nowhere near as complicated as when first studying Spot Forex. Having traded Spot Forex for 3 years, I just think it's a losing game if you don't have deep pockets. As for the micro-account issue you bring up, that also doesn't apply to Binary Forex Options. You can start an account at Nadex, I believe, with just a $100 (it might be $200 though, not sure.)
Binary Options Trader
  • #77
  • Aug 10, 2010 10:28pm Aug 10, 2010 10:28pm
Quoting manojsai
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?"
This is great! Not just for forex either.
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #78
  • Aug 10, 2010 10:36pm Aug 10, 2010 10:36pm
scott,

In terms of a method and what I do?

1) Manage your risk.
2) Exits are most important.
3) Price Action, Candlestick analysis, Support and Resistance, Order flow, Supply and Demand, and stay on the side of the banks and institutions.
4) Manage your risk
5) Get a FEEL of a the market.
7) Manage your risk.

No indicators, only for confirmation. You will only succeed because of your 'feel' of the market, and consequently you will make good decisions. This post is all you need to succeed, trust me.

I am not active on the forum, but I really felt I should help you.
  • #79
  • Aug 15, 2010 2:21pm Aug 15, 2010 2:21pm
Quoting scott89
Yeah, I am.
Not that you would care about it.

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.

To tell the truth, this tool actually gave me a big hand:
I can't remember how it was called, I just call it "Strenght meter", I programmed the one I use, but I got the idea from a link somewhere here on forex factory and i think the...

Delete all (or almost all) indicators. You dont need them at all. All you need is the chart. Everything is in the chart and price (indicators just represent the past).

PA is everything. Look for chart patterns, and trade them.

This book could also help : http://www.forex-book.org/trade-char...free-download/

PS: May I ask you, whats your leverage on that 100eur acc ? How much brings 1 pip on that acc ?
  • #80
  • May 18, 2016 9:36am May 18, 2016 9:36am
Work on it.. I took more than 10years
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