Should I throw in the towel after being in the negative for 10 years? | Page 6 | Forex Factory

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Should I throw in the towel after being in the negative for 10 years?

  • #101
  • Oct 19, 2010 7:32am Oct 19, 2010 7:32am
Quoting Bloosy
I've been losing for many years too but its the buzz of the deal that keeps me going ...
Anyone who gets a buzz from trading is always going to have issues with the discipline needed to be consistently profitable. You'll be tempted to take marginal trades just to be 'in the action'.

For most people on FF trading is a hobby not a business. They have a job/retired/at college and win or lose it doesn't really make any difference to them. How motivated are they ever going to be?

If you want to know whether you could trade for a living. Quit your job, take your capital put half of it in the bank for living expenses and the other half in your trading account and then trade full time. If after 6 months you haven't made money or don't enjoy it then move on.
  • #102
  • Oct 19, 2010 7:34am Oct 19, 2010 7:34am
Still holding on...how fast can your P/L turn against you, but it ain't over till the fat lady sings at 3PM EST
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  • #103
  • Oct 19, 2010 7:40am Oct 19, 2010 7:40am
Quoting candletrader
Still holding on...how fast can your P/L turn against you, but it ain't over till the fat lady sings at 3PM EST
And that my friend is your problem. You're not willing to cut the losers quickly.

Do yourself a favour and cut out the binaries/options. IG binaries are a mugs game. They are priced with probability against you.
If it's too good to be true, it probably is.
  • #104
  • Oct 19, 2010 7:59am Oct 19, 2010 7:59am
Quoting jzw
Anyone who gets a buzz from trading is always going to have issues with the discipline needed to be consistently profitable. You'll be tempted to take marginal trades just to be 'in the action'.

For most people on FF trading is a hobby not a business. They have a job/retired/at college and win or lose it doesn't really make any difference to them. How motivated are they ever going to be?

If you want to know whether you could trade for a living. Quit your job, take your capital put half of it in the bank for living expenses and the other half...
Excellent comment jzw...agreed.

At the moment, I am trying to see if I can just create a supplemental monthly income of let's say: $500

This is how I look at it: If I can create an extra $500 a month into my bank account, while doing my dayjob...then let the force be with me.

I mentioned bank account, not a trading account. I prefer to withdraw half upon doubling my trading account, and depositing the fund into my bank account. If I had to re-deposit fund back into my trading account twice in the row...will abandon my binary system, and look for another system.
  • #105
  • Oct 19, 2010 8:50am Oct 19, 2010 8:50am
Quoting SimonK
And that my friend is your problem. You're not willing to cut the losers quickly.

Do yourself a favour and cut out the binaries/options. IG binaries are a mugs game. They are priced with probability against you.

It's against you for sure, looks like only due to the $6 spread though to be fair, which is similar to normal Forex trading.

The advantage is you've got a fixed Max Loss sadly also Max profit but there is no line in the sand where your stopped so you get the anything can happen factor, a swing against you won't knock you out of the game.

I'd go for cheap dailys either side before big news, risk $50 in total with a good shot at getting the 100 so doubling your money, but talking NFP here.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #106
  • Oct 19, 2010 2:19pm Oct 19, 2010 2:19pm
Didn't expect the market close below two main support levels: 1.3827 1.3788

Well, the fat lady sung at 1.3730! One bad trade and demo balance is now: $45K from $65K

I put too much risk in one bet...also didn't realise the fed chairman is about to speak...
  • #107
  • Oct 19, 2010 2:29pm Oct 19, 2010 2:29pm
Quoting candletrader
Didn't expect the market close below two main support levels: 1.3827 1.3788

Well, the fat lady sung at 1.3730! One bad trade and demo balance is now: $45K from $65K

I put too much risk in one bet...also didn't realise the fed chairman is about to speak...

Can't win them all and could of just as easily went the other way.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #108
  • Oct 19, 2010 2:40pm Oct 19, 2010 2:40pm
I understand it was due to a surprise rate announcement from China increasing interest. I was watching AUD/USD during this which actually had good moves. Reverberated throughout. China is tied to AUD as it's a large commodity supplier.

This is definitely a case of surprise and luck...or a really good guess.
And my gold trade was worthless prior to that anyway. I didn't think it'd go completely flatline before the action.
What as funny was that I checked my contract a few minutes before all this took place, and was thinking how maybe the "safe" contract was better than hoping to get near the longshot contracts for a change in price. Guess maybe not.
  • #109
  • Oct 19, 2010 3:11pm Oct 19, 2010 3:11pm
Quoting candletrader
I should throw the towel?
My answer is : Yes and no.

If we are not able to do something, we build machines to do it for us. For example, we can't fly so we build planes. We can't run from one city to another so we build cars. And if you can't trade profitably, let a machine do it for you. Build yourself a mechanical system (trend following) and let it trade for you. And you should obey whatever your system says.
You got to know when to hold 'em, know when to fold'em
  • #110
  • Oct 19, 2010 3:29pm Oct 19, 2010 3:29pm
The simple fact that you ask this question makes me note that you are not willing to make a decision for yourself and assume the outcome of such a decision...therefore your trading must reflect that kind of mental framework.

My two cents.
It's all about your stomach lining...
  • #111
  • Edited 4:00pm Oct 19, 2010 3:42pm | Edited 4:00pm
Make some rules. Some simple rules.

1. I will not lose more than 4% of my account on any one trading day.
2. I will use 1% account risk per trade.
3. I will use a 3 level varied stop-loss.
(example: take 1/3 of position off at -5 pips loss
take another 1/3 off at -10 pips loss
take last 1/3 off at -15 pips loss)

Adjust position sizing and stop-loss intervals for your trade style.
Make it 1% account risk per trade.

This will baby-step you into taking losses. If your first 1/3 of position is still closed out, you may still make money if the balance turns in your favor.

If a trade turns in your favor immediately, you keep the entire position. Exit at your discretion.

4. Use simple support and resistance on a few different time frames, for ideas on trade entry. (I use 1 HR, 15 min, 5 min, and 1 min)

5. Ditch all your indicators.

6. Sit and wait for price to reach these levels, it is OK to scalp against the trend, but if you are with the trend, try to hold trades longer.

This is basically what I have always done. I have had too many "blow up" days, out of control. I could make a little money, but not keep it.
You cannot lose 10% a day or more, like you just did on your demo account. Personally, I say forget demo, you have been trading for years...you are not taking demo seriously.

Try to create a regular schedule with whatever your availability is. If you can only trade for 1 hour per day, then find that regularly scheduled best time, and trade it every day. Use a site like in my signature to track your trades... something you can review and fix your mistakes.

If you can't follow the 6 rules above...after a month of practice...
then yes... I'd say quit... there are far more enjoyable forms of entertainment.

Good Luck!
  • #112
  • Oct 19, 2010 3:50pm Oct 19, 2010 3:50pm
To be honest Am starting to think this is not a serious request for help.
The example trade you posted cannot be taken seriously.
The fact you are prepared to take a 30% loss on one trade.
Says to me your not serious.

good luck with the fun m8.
But play like this only on demo get a few cans of larger and some mates round lol.

I may as well unsuscribe this thread i like to help genuine people.
making green pips large and red pips small this is my goal.
  • #113
  • Oct 19, 2010 5:07pm Oct 19, 2010 5:07pm
Ten years is a very long time to still be in the negative!

Based on the lack of info in your OP i don't know if this is right or not but could it be that your only in the negative now because of your past losses and in fact you have made some fairly good profits on trades before?

You either throw in the towel or you go back and look at the past 10 years and analyse why and what you can do differently.

forextom
  • #114
  • Oct 19, 2010 5:16pm Oct 19, 2010 5:16pm
Something you might want to consider as you contemplate throwing in the towl...:



Anything can happen!! Learn to Expect it!!

2. You don't need to know what's going to happen next in order to make money
3. There is a random distribution between wins/losses for what is your edge
4. An edge is nothing more that an indication of a higher probability of one thing happening over another
5. Every moment in the market is unique


When you trade expect something to happen... Nothing more...

These were notes from a book I recently read, it was a great book, and helped out a great deal...
  • #115
  • Oct 19, 2010 5:16pm Oct 19, 2010 5:16pm
Thanks for all the comments..I think it is time now to end this thread, and perhaps I will open a new thread on forex binary trading.
  • #116
  • Oct 19, 2010 5:54pm Oct 19, 2010 5:54pm
if it helps - just try www.twitter.com/breakforex for free
  • #117
  • Oct 19, 2010 6:31pm Oct 19, 2010 6:31pm
Quoting thinker
if it helps - just try www.twitter.com/breakforex for free
I had a quick look no offense but any one following that will lose more money than they make. I also have been involved in a trade call service , in fact been helping a buddy out on his last 3 weeks, we have done 800 pip (with 1 standard that is 8000 pip the way that breakforex reported stuff) with most trades having little dd , last one was 350 pip in gu with 14 pip dd. ) I do noit throw many calls out out there in a week , standard week is 200 pip , very conservative trades.

In order to be successful at trade calls and to make people money they have to have time to get the email and to get into the trade , selling gu 1.5xxx and closed gu 1.5xxx =10 ,1 minute latter for 10 pip profit may work for scalpers , but as a trade calling service it sucks and will only lose people money. ..IMHO..

trading is pretty straight forward .. take a chart .. look at the major pivot highs and lows on a 4 hour or 60 min those are s/r .. daily range eu is 160 right now last 10 days 150 gu. If daily is down and 15 min breaks one of those pivot low lines it has broken support , sell with stop 10 pip above the candle that broke support or resistance.

Low of us session today was 1.5677. i will be watching for a break down of that ...next chart shows how session highs / lows can be used as s/r

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Blogging daily now at www.volume.zone
  • #118
  • Oct 19, 2010 6:43pm Oct 19, 2010 6:43pm
here is a chart explaining session breakout plays

attached isession indie ... just set it to market open and close times in gmt as per web page below

http://www.forexmarkethours.com/GMT_hours/02/

Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 151 KB


Attached File(s)
File Type: mq4 i-SessionsLn.mq4   11 KB | 430 downloads
Blogging daily now at www.volume.zone
  • #119
  • Oct 19, 2010 7:05pm Oct 19, 2010 7:05pm
Quoting candletrader
I know, I should know better, but if you have been trading in forex/financial markets for about 10 yrs., and still way negative, then you better throw the towel, and say I am out...hasta la vista baby

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

Now is forex binary.
I can givey ou an hour on skype if you want .. pm me ... maybe i can help with what is going on .... give you some simple things and tricks to use... lol..

please everyone else do not bombard me with pms.. i am only putting out a hand to someone in need
Blogging daily now at www.volume.zone
  • #120
  • Oct 19, 2010 8:33pm Oct 19, 2010 8:33pm
Quoting candletrader
Thanks for all the insights...I've been out of that transe couple years ago, but things look much better...at least trying not to be a bad loser!

I am a very successful telecom engineer...lucky for me money is no issue.

But my attitude toward trading has been only as playing a very complex mathematical game...a very technical one indeed. I had no respect for money management, only focusing on target profit...hate to loose!

Created my own indicator, followed others, with fantastic results only if I followed the basic rules of money management,...
Use a proper MM, usually i either know the TP or the SL, then i apply a 1:3 ratio to find the missing part
Trading ain't as hard as people think, just trade a naked chart with support and resistance line and apply a strict MM.
I really don't think Soros & Co keep staring at RSI or MACD and are like "god..a divergence let's short"
Now if i'm wrong about it, i'll be happy to hear how they trade
COT: The precious data ignored
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