Should I throw in the towel after being in the negative for 10 years? | Page 7 | Forex Factory

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

  • #121
  • Oct 19, 2010 6:54pm Oct 19, 2010 6:54pm
Questions to ask oneself:

If my business has not been successful in the past 10yrs what are my chances to profit from it in the near future?

Has this turned into an addiction?
  • #122
  • Oct 19, 2010 7:04pm Oct 19, 2010 7:04pm
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.

Im new to this forum, but have been trading for like 4-5 years, only currency. If you've been at it for 10 years, i would definely advise you to consider other options than trading!

Good luck
  • #123
  • Oct 19, 2010 7:31pm Oct 19, 2010 7:31pm
Quoting MackS10
Questions to ask oneself:

If my business has not been successful in the past 10yrs what are my chances to profit from it in the near future?

Has this turned into an addiction?
Trading wasn't a business for me, only an adventure into a new journey. Only lately, for the past couple years, started to think trading as a business. But at the moment, the foundation of my soon-to-be-a-business is on the trial-error basis!
  • #124
  • Oct 19, 2010 11:57pm Oct 19, 2010 11:57pm
Quoting Turveyd
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.
The ladder/one touch binaries on IGIndex (in the UK) are priced so that the trades with good risk/reward are well outside the daily range of a currency pair. In other words, the odds are that price won't get there by the end of the day.

I've also noticed that when the market is trending well in any direction, say short, the one touch binaries that pay out on the short side won't be available, as of course IG would rather you bet the market was going in the least likely direction!

And yes, you can't get stopped out on a binary, but if price goes 100 pips up through your (theoretical) stop area, like a swing high, how likely do you think its going to make the trip down to your target, which will probably now be twice the daily range?

And how likely do you think that will happen in the New York session which often has no direction?

So sure, you wont get stopped out, but give me a stoploss any day compared to the above negatives.
If it's too good to be true, it probably is.
  • #125
  • Oct 20, 2010 1:16pm Oct 20, 2010 1:16pm
They say 10 years is the time required to become an 'expert' at something.

If you still can't get the edge at this (don't blame yourself, it's not for everyone, the 5% stats are only natural), then look for other things where you can obtain the edge, there are many other venues in life. The important is to have fun and be financially free/independent not spend your life in front of a screen trying to make millions. lol
  • #126
  • Oct 23, 2010 6:07pm Oct 23, 2010 6:07pm
Candle it appears that you dont have the psychology needed to trade profitably. Maybe you should start looking to manage EA's that can make you profitable or investigate mirror services like Collective2 that will let you put together a baby hedge fund. You might not be able to trade (I NEVER could manually but I'm a programmer by trade so creating EA's became my path to profitability after 2 years) but you understand forex enough to evaluate performance of others and use that knowledge to your advantage.
  • #127
  • Oct 24, 2010 6:47am Oct 24, 2010 6:47am
I stated trading the CME futures contract soybean, and 30yrs. Bond market in the beginning...it was great, specially when you could go physically and watch those guys freaking each other out on the floor

I made shitload of money, but for few days got stuck in limit down orders where I lost my shirt

Forex was my new journey started around 2004, and yes I had great years, but then again, blownout accounts one after other most recently, mainly due to my kamakazie style of trading.

So here is my new journey: http://www.forexfactory.com/showthread.php?t=261655
  • #128
  • Oct 24, 2010 6:49am Oct 24, 2010 6:49am
10 years and you still can't trade?

I'd say give up.
Enter Signature
  • #129
  • Oct 27, 2010 7:31am Oct 27, 2010 7:31am
Quoting candletrader
Trading wasn't a business for me, only an adventure into a new journey. Only lately, for the past couple years, started to think trading as a business. But at the moment, the foundation of my soon-to-be-a-business is on the trial-error basis!
An adventure, you said it. Now we can focus on business and be profitable. By starting this thread shows determination and a "want" in changing your current trading results. Perhaps a curve in your equity line is not so far BUT the key would be to see trading no longer as a journey but as a business.
A trading journal will def. help you in the long run.
Cheers.
  • #130
  • Oct 28, 2010 5:59am Oct 28, 2010 5:59am
10 years of what? That may only be the equivalent of a few months of full time trading, which is not much. That said, I think a good trader must have a sharp mind, and people with sharp minds learn quickly.

All the talk of money management is putting the cart before the horse.

Quoting berni
to increase your chances try 1% risk plan at least for 1:2 first target then 1:3-1:5 ..then you have earn the right to quit for the day.. think about it. i think you have a MM problem.. 10 years should be enough pain to try it this time right.. only 1% only risk reward at least 1:2 better 1:3 .. that is a golden rule you should try out.
Dropping to 1% or choosing a certain R:R won't make him a good trader. He first needs to spot good opportunities, and it's extremely unlikely he's doing this. There are also no golden rules regarding R:R or risk amount. I'd drop the suggestion of R:R altogether, as the focus should be on good decision making, rather than trading by some arbitrary figure. Good trading, and the probability, risk and reward will all work itself out.
  • #131
  • Last Post: Oct 28, 2010 7:19am Oct 28, 2010 7:19am
10 years and no profits sounds like a psychological issue and a question you must ask yourself--
Am I trading to truly make money consistently or to pump myself up with the rush of gambling?
If you're in to gamble, then you're here to satisfy an addiction and you should expect to lose.
If you're in to seriously make money, then what are you doing wrong? Go to school, stop trading live and learn how to trade. Read, study, trade on demo, backtest your system to make sure it works, heck, even get a trading mentor. Get your head on straight and when you have a system that is consistently profitable and that you trust, go live.
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