I need some serious help!!!

hello, ive been trading forex for a course of 3 weeks and i have lost almost 4k.
i would like some one out there to help me with a trading strategy or somthing.
thx

look at http://www.forexfactory.com/forexfor...ead.php?t=2331
http://www.forexfactory.com/forexfor...ead.php?t=4113
its the best as i think

First, take a break from trading with real money. While your taking this break, there are several threads you should read. Try starting with the James16 chart thread and the Vegas threads. You should also probably download the vegas documents. Diallist put them all in a common location found here.

Another good resource would be to subscribe to the James16 group, there you will find information covering a wide range of forex topics.

When your ready to apply what you have learned, test your skills on a demo.

I'm sure others will have plenty more to add.

I would like to suggest that you STOP trading real money........subscribe to the James16 Private Forum.......read everything written in that forum about 'price action', "The Knife" trading system, the psycology of trading by Fiji Trader and anything else in there..........it will be the best $99 you ever spend..........and then come back trading a demo account until you can consistently show a profit

when you have finished with all that, you can consider trading small amounts of real money

in the meantime..............do not quit your day job

Stop trading real money for a while and trade demo. I'm assuming that you've traded demo before... Well have you??? Search this forum for trading strategies, there are plenty. Apply a few to your demo account(s) and find one that best suits your needs, style and etc. After several months of consecutive positive results try switching back to real accnt. Emotion and lack of confidence might be the 2 biggest factors of your failure. Demo trading will help you dissolve those factors and also polish your strategy.
Good luck...

thank for all the help that u guys have offerd me.
my problem consist in taking profits to early and letting loses
skyrocket. its easier said than done, when u read in a book let your profit run
and cut your loses.
i will read all of the information that i have downloaded from the link you provided me. thx again

Jeff, you need to stop trading real money right now. Open a demo account, polish your skills off, and once you have had 6 months in row of profitable demo trading, then start trading again with a SMALL real account.

It s look simple but work for me and hope for you too.. pls do forward testing only to build your confident. But if you have time for backtesting even better and you will surprise for the result. happy trying !!!

Hi Jeff,

You've come to the right place to learn how to become a long term profitable trader.

Along with the excellent advice given by the other's in response to your post, let me add:

STOP TRADING WITH REAL MONEY!!!

Jeff, everything you need to know falls into one of three categories:

(1) Money Management
(2) Trader Psychology
(3) Trading Systems

You need to educate yourself thoroughly in each of these three areas, and to do that you need to read good books and resources.

For (1) & (2) I highly recommend Fijitrader's Psychology and Money Management sections of the Private Forum. (Click on the link in my signature for more information.)

For (1) I also recommend the excellent book "Trade Your Way to Financial Freedom" by Van Tharp

For (2) I also recommend the excellent book "Trading in the Zone" by Mark Douglas

For (3) I highly recommend James16 section of the Private Forum as well as the Vegas systems cited above and the Knife system which I present in the Private Forum. You can also look in the Beginners Forum where you'll find some other systems listed.

Here are some general guidelines to get you started:

(1) Stop trading real money (Has anyone mentioned that? )
(2) Open a demo account with a good broker like FX Solutions, Oanda or InterbankFX
(3) Trade on 4 hour and daily charts for greater profitibility. As a beginner, you need to stay away from shorter term charts.
(4) Don't become enamored with "indicators". Focus on Price Action and Probabilities. You can read about Price Action in the thread entitled "James16 Chart Thread" and you can read about Probablilites in eithe of the two main Vegas Wealth Builder threads.
(5) Ask lots and lots of questions on this forum.
(6) Take your time. Your objective at this point is to learn HOW to trade; not to make money. If you learn to trade first, the money will follow.

Dial

Jeff.............

in addition to what I wrote earlier, please allow me to add this (from experience and observation): there is no easy 'plug & play' system with the Forex!!!
no 'green light, red light' trading signals from somebody's website!!!
this market does not contain any 'get-rich-quick' schemes that work!!!
it is NOT a 'gravy-train'!!!

education, self-discipline, patience and 'knowing yourself' ARE required!!!
find out about yourself and your personality and then educate yourself in a way that allows you to trade comfortably AND make a profit.......it takes time!!!

you have the best wishes and support of all the good people at this Forum (don't go anywhere else, this IS the best place to be and learn!!!)

all of whats been said is true

I feel your pain....

stop with real money and learn the art of trading!

Simply pull out the 1hr,4hr, and daily charts look for the trend (there is always a trend learn to find it) and ride it
learn S&R levels, i use the 1hr for entry exit and S&R levels, the 4h and Daily charts for trend, you will learn to sit on a trade 1-3 days no stress you will make pips. Avoid scalping (i scalped myself to death !
The key is learning how to read charts (the charts will tell everything you need to know)! Then learning to have patience and discipline.
Reading books and reading forums post are good (everybody got a opinion) but remember find what works for YOU!

good luck! we are all learning!

I Feel that i am in the right place, with help coming from all 4 corners.
i must admit that after losing so much money in such little time i might
feel a little scare now.so am going to do exactly what u guys are telling me
and open up the demo account. (and to think that i knew it all).
thx again

I really know that feeling! Loads of good advice here, so you probably don't need more for the moment. Don't get confused by it all. Work on yourself as well, so you get rid of the fear and reach a point of clarity. LBT can help with that.