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Time to call it quits

  • #21
  • May 29, 2012 2:08am May 29, 2012 2:08am
Quoting Shabs19
Gambling & Addiction seems to me, a summary of your post.

Yes I agree!!

you must get rid with them..
  • #22
  • May 29, 2012 2:21am May 29, 2012 2:21am
Quoting duyk20
I would like to hear more about you guys set-up on the daily, seem good. I trade the 15m tf and I have to admit that it's frustrated sometimes because of the whipsaw etc.

Looking to hear from you!
I have some examples here of ywo of the methods I use, they are very simply and very effective, primarily in a trend.

http://www.forexfactory.com/showthread.php?t=363815
In the days of old when sailors were bold, and seldom if ever contented.
  • #23
  • May 29, 2012 2:37am May 29, 2012 2:37am
Unlucky is all I can say, it isn't for everyone, at times when I first started out I was convinced I couldn't do it but carried on anyway learning everything I can about price action, pivots, S/R and its paid off, massively.
  • #24
  • May 29, 2012 3:18am May 29, 2012 3:18am
Quoting pinkiaiii
first i dont blame the market and always told everyone not to because its only numbers and candles nothing else everything what stands behind them is imagination of ours ,when people think that market is hunting SL or opens with gaps etc :] and the text in bold is wrong thinking as any newbie have same chances in the market only difference is whos pockets are deeper,if a bank can place order for 10mil without any leverage and zero risk eventually it will come out as a winner.only thing that eventually got to me that forex is a gambling place...
You still didn't answer for key questions my friend which are main source of you failure. It took me a whole year to understand when to take a trade - or better yet when sit and do nothing, like today I am short Aussie BUT waiting for signal on EUR/USD see what I mean?
It will take me probably another year to perfect my exit, and another one to polish my strategy and then in a 4th year MAYBE I will be able to day trade.
You write about being glued to monitors for 12 hours a day - yes if you wanna be pro and make a living this is what you should do in your first three years - learn and absorb as much as you can. This is what I have been doing for the last six months and my game improved beyond my expectations.
I'll give you a helping hand - a second chance if you wish and to all begginers who might be reading this post.
1. Go to my profile and look at the section with favourite book - read it yes bastard got 300 pages so what???? read it twice, even few more and understand candles.
2. Trade DAILY candles drop to H4 to pick up your entry - this mean you don't have to sit all day - you will learn forex and still have an income from a normal job.
3. If you stick to these two points give yourself another year ON DEMO and be HONEST with yourself your world might turn 360 degrees.

This is my last post here there is no point of bragging about it - do what you want but don't continue to post stuff to new traders that they will never be succesfull in this game - thats negative energy - and as Peter Bain once said "avoid negative people, if you have negative friends get rid of them, they will only drag you down".
Best of luck whatever you'll do with your life
Tom
swing it!
  • #25
  • May 29, 2012 3:33am May 29, 2012 3:33am
Well said Tom, my sentiments exactly.

As I said, noobs should demo trade daily for 3 months, NO other timeframe AT ALL. They should not look at any other charts until theyy can show a profit trading daily charts consistantly... don't have to be big profit... and I would consider 5% profit a month BIG.
In the days of old when sailors were bold, and seldom if ever contented.
  • #26
  • May 29, 2012 3:37am May 29, 2012 3:37am
Quoting tomspin
.... It took me a whole year to understand when to take a trade - or better yet when sit and do nothing, like today I am short Aussie BUT waiting for signal on EUR/USD see what I mean? .......
That there is the most important part of trading IMO, patience - it's the hardest thing to master.
  • #27
  • May 29, 2012 3:47am May 29, 2012 3:47am
Quoting GDR3k
Unlucky is all I can say, it isn't for everyone, at times when I first started out I was convinced I couldn't do it but carried on anyway learning everything I can about price action, pivots, S/R and its paid off, massively.
Mind telling us how it paid you off?

Always good to hear inspirational story.
  • #28
  • Edited 4:32am May 29, 2012 4:15am | Edited 4:32am
Quoting duyk20
Mind telling us how it paid you off?

Always good to hear inspirational story.
Well when I first started out about 2 years ago I knew nothing about FX, absolutely nothing at all, to me it was all random bars on a screen and when I looked at websites which try to tell you how to trade, it confused the hell out of me then I found out anything can move the markets, from speculation, to news to natural disasters, then all the candlestick patterns to go with it, at that point I almost gave up and thought its too complicated for me, how could I learn all that?

At first I was going through system after system trying to make a profit however none of them were consistant, it was my lack of knowedge of price action and most definitely my own personal traits that were causing the losses, lack of patience, eagerness to get in the market and 'be in a trade' and chasing a loss, after a loss getting angry and upping the lot size to try and make it back - a big no no.

Regarding trading systems - very few work I've found, well from the ones I've tried, most don't, however that wasn't enough for me, I went back to basics and decided I'll learn myself from the ground up, got rid of all indicators and started with a clean chart, I asked myself questions like when the price reached that level/area, why did it then reverse to another level/area? why did the price do this when it reached that level? how can I spot price manipulation like stop clearing before a big move? what are reocurring patterns for each pair?

After alot of self education on the above points, I've come to the conclusion that the price only moves between certain areas but in no particular order but always in a bigger general direction unless its in a range, and those areas are pivots, mid pivots, daily, weekly and monthly support/resistance levels, psycological levels like whole, half and quarter numbers and the only time to enter a trade is on or around one of these areas, never inbetween and keeping an eye on the higher timeframes 4hr and above for a bias of direction and finding areas of solid S/R.

The hardest part for me was keeping my impatience under control and keeping the discipline to wait for the price to hit an area, stall and possibly reverse before getting in giving me the biggest probability for a winning trade, impatience was the biggest factor of my losses, now its safe under lock and key under full control. Strange as it sounds but trading has changed me mentally, I'm a more patient and calm person, albeit with alot more grey hairs

I only trade EURUSD, AUDUSD, EURJPY, USDCAD.
  • #29
  • May 29, 2012 4:42am May 29, 2012 4:42am
Quoting GDR3k

My own personal traits that were causing the losses, lack of patience, eagerness to get in the market and 'be in a trade' and chasing a loss, after a loss getting angry and upping the lot size to try and make it back - a big no no.
You read my mind, I was going through all this, this's common human nature...

Thanks a lot for the post
  • #30
  • May 29, 2012 4:47am May 29, 2012 4:47am
Quoting GDR3k

albeit with alot more grey hair
You still got hair? Give it time.......

  • #31
  • May 29, 2012 4:51am May 29, 2012 4:51am
Quoting pipmutt
You still got hair? Give it time.......

Speaking from experience?
  • #32
  • May 29, 2012 4:57am May 29, 2012 4:57am
Quoting GDR3k

Speaking from experience?
You bet!

Nature is cruel, you master the art and it still doesn't grow back!

Nice posts by the way.....

On the topic, the OP sounds like he needs to learn how to trade first then he can go hunting for strategies, methods, systems, indicators, whatever. Typical example of trying to run before you can walk.....the outcome was inevitable unfortunately.
  • #33
  • May 29, 2012 6:07am May 29, 2012 6:07am
even when i started trading i only used 3-4 hour charts and basically daily to get clear image where market is going,so no never used 15-5min charts as theres too much noise in them,and its a fake most of the time as they might show direction up but looking from daily point it might be the top already,so it was never a no go to use them :] other then that yes my main problems are over trading and over leveraging and using my guts as an indicator with a clear chart and rsi on the side.And i shared this because many new traders gonna go through it again and again making same mistakes every day and loosing lots of money eventually,everybody like good stories with nice endings (Hollywood) but if for once second anyone thinks here that they know the market and can be successful for every day.You'll be stabbed more times then you can imagine and brought down to earth with the force,thats the reality in this business.
And if you need inspiration look at this
Inserted Video
peace to all.
  • #34
  • May 29, 2012 6:13am May 29, 2012 6:13am
Quote
: but if for once second anyone thinks here that they know the market and can be successful for every day.You'll be stabbed more times then you can imagine and brought down to earth with the force,thats the reality in this business.

Well. Congratulations. It sounds like you might actually be ready to BEGIN learning how to trade.

Take your time off, never forget this feeling, and when you feel ready to try again it's likely that you will actually be able to take step 1.

X
  • #35
  • May 29, 2012 7:54am May 29, 2012 7:54am
It's easy to report success and much harder to admit defeat.

Even if trading is not for you, there's plenty of other ways to get financially independent. It's extremely hard to succeed doing something that you are not psychologically suited for.

Learning to be patient rather then trying to "get rich quick" might be neccisary to learn regardless, however.

I feel like trading is very suited for me (unlike other "let's get rich" plans I've tried to execute before). I could never think about trading for real money without a profitable plan backed by statistically verified information, part of the reason I failed elsewhere was a lack of such "rigidness" (In other words: mostly dependant on adapting to new situations). I still have a ton of backup plans in case trading is just not suitable after all, giving up is just not an option.
  • #36
  • May 29, 2012 8:28am May 29, 2012 8:28am
I attached a spreadsheet that might help you some in case you are considering to continue. I made this a week ago myself. It truly helped me in generating patience, only cherrypicking the best trades, and to not be greedy.

In the spreadsheet itself daily targets are being set. Realistic generated profit per day is set in the column next to it. Keep in mind that in order to generate 2% per day one only need to make around 10 pips. I want you to look at the incredible low starting amount and the potential one is able to make after 222~ days. I also included a personal FID(financial independend target) into the spreadsheet. It simply motivates me.

Obviously you will have losing days but the real breaktrough comes when you consistently reach breakeven for a few months because it can only get better from this point.
Attached File(s)
File Type: xls FXTargetOverview.xls   86 KB | 323 downloads
  • #37
  • May 29, 2012 9:05am May 29, 2012 9:05am
Quoting Robertk
Keep in mind that in order to generate 2% per day one only need to make around 10 pips
Make 10 pips a day is extremely difficult.
  • #38
  • May 29, 2012 9:12am May 29, 2012 9:12am
Quoting duyk20
Make 10 pips a day is extremely difficult.
On a consistent base it surely is yes. Not stating that it is easy.. If you however win 10 one day and lose 10 the other, day in day out, for the upcoming months you just reached a significant breaktrough. Eventually you'll see more 10pip winning days then 10pip losing days.

This way you can realize a sustainable growth to your equity instead of big fluctuating profits and loses that eventually will wipe out your account. Same thing goes for how companies work, the less heavy fluctuations, the better (usually!).
  • #39
  • May 29, 2012 12:15pm May 29, 2012 12:15pm
Quoting Robertk
On a consistent base it surely is yes. Not stating that it is easy.. If you however win 10 one day and lose 10 the other, day in day out, for the upcoming months you just reached a significant breaktrough. Eventually you'll see more 10pip winning days then 10pip losing days.

This way you can realize a sustainable growth to your equity instead of big fluctuating profits and loses that eventually will wipe out your account. Same thing goes for how companies work, the less heavy fluctuations, the better (usually!).
Don't forget the other side of the medal. Losing lots of time small amounts of money versus winning sometimes really big.
  • #40
  • May 29, 2012 3:30pm May 29, 2012 3:30pm
Quoting tomspin
I will do it point by point a quick but deep description of you as a trader if you don't mind:
1. You have no strategy.
2. MM - this doesn't exist in your dictionary as you stated that one trade can blow your account.
3. You are impatient - cannot sit on your hands.
4. Forex in your opinion is a place where you can make million EU/USD in a year from 1000 acc size (refer to point no. 2)

I bet you had 1:500 leverage and were chasing trades with revenge trading like a mad man. Forex is not for everyone. It is hard hard work, you have to be dedicated,...
Most of those people don't have a single clue about trading other than how to spell black scholes. It is not unreasonable to think you can outsmart them. Only problem is... they are not your problem.
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