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At What Point Do You Give Up On Forex

  • #21
  • Jun 15, 2012 8:14am Jun 15, 2012 8:14am
Quoting PoundTrader
don't forget to vote
are we talking greek elections or this poll?
tradewith60
  • #22
  • Jun 15, 2012 8:32am Jun 15, 2012 8:32am
I gave up forex when I realized forex brokers are bucket shop scammers. I just use forex demo account to practice my technical analysis. As far as when will I quit trading(stock, etf, option, etc), I used 10,000, hour rule. If I still can not make a living after 10,000 hours then I will quit. Still it has been a very important financial education for me, even if I don't trade for a living.
Have a nice day! I hope everything is going well for you!
  • #23
  • Jun 15, 2012 8:52am Jun 15, 2012 8:52am
Quoting PoundTrader
how much money your willing to lose?
how many account your willing to blow?
how many system your will to try?
before you relize forex is not for you.
1. Why would one be willing to lose anything if forex is a supposedly profitable venture?
2. None. Same reason as above. Resolve to double an account with the minimum deposit amount allowed.
3. Keep trying till the profitable one comes along.

Find something more interesting and take a break if things are not going well.
  • #24
  • Jun 15, 2012 8:56am Jun 15, 2012 8:56am
Quoting 60minuteman
are we talking greek elections or this poll?
  • #25
  • Jun 15, 2012 9:04am Jun 15, 2012 9:04am
Quoting Price
[b][i]On October 29, 1941, U.K. Prime Minister Winston Churchill visited Harrow School to hear the traditional songs he had sung there as a youth, as well as to speak to the students. When he was invited to give a speech, Churchill stood before the students and said,
[font=Verdana][font=Arial,Helvetica,sans-serif][size=5]"Never, ever, ever, ever, ever, ever, ever, give up. Never give up. Never give up. Never give up."...
I heard about this long time ago. He was speaking the truth!
福 子 Victor V
  • #26
  • Jun 15, 2012 9:23am Jun 15, 2012 9:23am
Quoting jiggz
you could say that i would give up on forex if forex stops existing, you can always find a new way to earn with forex, the possibilities are limitless, and its really addictive, once you are in you are hooked, I blew my first account with hotforex after a couple of days, and guess what the next day i funded my account with a larger number and so on you got to love forex no matter wat
it's a addictive because it sells you a dream of becoming rich quicker then any other market, but we all know thats not the case more like becoming bankrupt before anything
  • #27
  • Jun 15, 2012 9:46am Jun 15, 2012 9:46am
Quoting PoundTrader
it's a addictive because it sells you a dream of becoming rich quicker then any other market, but we all know thats not the case more like becoming bankrupt before anything
can be true of a lot of business pursuits though..

I always focus on POTENTIAL.... and the fact I really know whats holding me back rather than still trying to find THE system...

Every week I go back over all trades in the week that were following my rules, I always perform worse than my system... So I know where the trouble lies... so I wont give up, just need to retrain my mind
tradewith60
  • #28
  • Edited 7:16pm Jun 15, 2012 9:49am | Edited 7:16pm
Took me 6 years to finally find/build a strategy that fits my personality and mind set. Gave up for 2 years after having suffered a huge loss. It gave me time to rethink things over. When I came back I went full demo till I started being profitable for more than 1 year. Why go live if you’re not even making money on demo accounts… Then if you are profitable on demo, you will need to work on your psyche once you go live.

Trading is addictive, and not for everybody. You may be more suited for something else. So, when to quit? When trading has taken over most of your life and wallet for an xx number of years and you are still not profitable. I guess it would depend as well on what you are missing out on outside of trading. The key would be balancing trading, your life and not blowing away money senselessly. You don’t really need to quit, you could just cut down for a while. Everybody has a favorite pastime. Mine is trading.

Looking back, I am not sure if I would go through it again. Probably missed out on a lot of good stuff…

No regrets, but just wondering if I did miss out on anything .
Fuck Forex Factory.Wake up people.
  • #29
  • Jun 15, 2012 11:18am Jun 15, 2012 11:18am
I'll never give up.! Once something has my intrest I'm in till either I master it or it kills me. After 4 years I'm still alive. If you really enjoy what you do than you will find a way to be successful at it!!! I've been a member here for over 2 years and just starting to post because I thought I could do it by myself. If I had read some of the threads on this web site when I first started trading, and followed the advice of more experienced trader hell I could have been Soros by now. Just Kidding
  • #30
  • Jun 15, 2012 8:15pm Jun 15, 2012 8:15pm
Quoting Price
[b][i]On October 29, 1941, U.K. Prime Minister Winston Churchill visited Harrow School to hear the traditional songs he had sung there as a youth, as well as to speak to the students. When he was invited to give a speech, Churchill stood before the students and said,
[font=Verdana][font=Arial,Helvetica,sans-serif][size=5]"Never, ever, ever, ever, ever, ever, ever, give up. Never give up. Never give up. Never give up."...
He said: 'never give in', doesn't that mean something else than 'never give up'?

Inserted Video
  • #31
  • Edited 8:45pm Jun 15, 2012 8:34pm | Edited 8:45pm
Quoting swingtraderf
He said: 'never give in', doesn't that mean something else than 'never give up'?

http://www.youtube.com/watch?v=vzh-xq65rMs
Not sure, but i think he mentioned "good sense"... Really smart actually. ( Just a thought...)

Not saying that it can’t be done. I am living proof of that. But, everything in life comes with a price. You need to decide if you are willing to pay it…(Still no guaranty of success tho...)
Fuck Forex Factory.Wake up people.
  • #32
  • Jun 15, 2012 8:41pm Jun 15, 2012 8:41pm
you don't give up.
And for as far as how many systems you try?
JUST ONE!!
Stop switching systems every 90 days and starting from ground zero
again.
  • #33
  • Jun 16, 2012 2:26am Jun 16, 2012 2:26am
Lose money and rationalize... lose some more and rationalize some more. There are so many ways to continue losing that there is really no need to give up.
  • #34
  • Jun 16, 2012 3:58am Jun 16, 2012 3:58am
none of the above for me.

I guess I would have to say it's more for the challenge, but if I wasn't profitable by this point I would have given it up... I've been trading FX for nearly 10 yrs now.

Certainly I am not rich and I've never approached FX as a get rich quick because I have all I need live well below my means and view happiness as a frame of mind, not what I have in my FX trading account.

I've seen many people quit over the years and that's what makes this venture very lonely... most of this stuff is hell bent on trying to scam you... whether it be a broker or another trader trying to pad their own account etc.

Then you have the government come in and jack with regulations and mess up your systems because of rule changes and so on. I can tell you I almost quit more than a dozen times because of all the bullshit to put it bluntly.

But I readressed my system and found ways to trade within the stupidity of the government rules and still make the system work even though things would be much better if I didn't have to deal with FIFO and 50:1 leverage I have managed work-arounds.

Given all that the challenge is probably the most rewarding more than the money... it's knowing I can do it, I have done it, and I continue to do it even after all this time and all the bullshit that this industry has put us through with all their stupid deceptions, tricks, manipulations, out right thievery.

I have seen it all...

No scalping-- we will flag your account and stop you from trading.

We accept scalping and any and all scalping EA's.

What is a scalper? Uh we don't know... we make up the rules as we feel like it.

We don't want news traders... if you trade the news we will ban you from trading. lol. (long time ago, but still happened.)

We have fixed spreads. (but don't forget to read the fine print.)

You are trading a global market but if you reside in the US you can't trade with us. (good one)

Any number of these would probably get a noob to quit within a year or less... and the odds of success of a noob now are greatly diminished IMHO. Not that I would try to rain on your parade. But plain and simple... FOREX is HARD!

Don't let anyone tell you otherwise, they be a lion.
  • #35
  • Jun 16, 2012 11:28am Jun 16, 2012 11:28am
Quoting Ill-b-back
Never damn it, forex is like heroin.
My wife leaves, job is lost, house is gone, you'll find me under a rock with my laptop....
Slowely going insane...
^this
  • #36
  • Jun 16, 2012 11:51am Jun 16, 2012 11:51am
only one thing stopping people from trading: no capital.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #37
  • Jun 16, 2012 12:46pm Jun 16, 2012 12:46pm
if u will give up on forex, will ur self confident ever build up? think about it.
  • #38
  • Jun 16, 2012 12:50pm Jun 16, 2012 12:50pm
Quoting Price
On October 29, 1941, U.K. Prime Minister Winston Churchill visited Harrow School to hear the traditional songs he had sung there as a youth, as well as to speak to the students. When he was invited to give a speech, Churchill stood before the students and said,
"Never, ever, ever, ever, ever, ever, ever, give up. Never give up. Never give up. Never give up."
Was he drunk again or did he develop a stutter for the day?
  • #39
  • Jun 16, 2012 12:52pm Jun 16, 2012 12:52pm
Quoting Zorofx
if u will give up on forex, will ur self confident ever build up? think about it.
Yes because most people can rationalise (rational lies) their way round it. It was the brokers fault, etc.
  • #40
  • Jun 16, 2012 1:01pm Jun 16, 2012 1:01pm
Would you give up on your dreams?

Let's be honest it is hard to achieve anything you want. If you give up on forex you can give up on other things too. Giving up is making you a quitter.
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