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At What Point Do You Give Up On Forex

  • #121
  • Jun 20, 2012 10:57am Jun 20, 2012 10:57am
The hard truth is this:

If people actually took an honest appraisal of themselves they would never even start trading forex.

Most people arnt smart enough
Most people arnt disciplined enough
Most people don't have the time to dedicate to learning it
Most people are in debt and don't have risk capital
Most people don't have a clue what they are getting themselves into
Most people don't have the mental/emotional fortitude


Shall I go on?

I'm not bashing anyone. I've recognized I'm just one of the
Masses not cut out to make a full living or some outrageous fortune doing this. Accept it for what it is and move on.
  • #122
  • Jun 20, 2012 11:00am Jun 20, 2012 11:00am
Sames here ... just 5 or 6 years totally clean, don't even care to remember LOL
BTW was it pure willpower, or have you used crutches (like myself), I mean Nicorette patches ... ?

Quoting pinkiaiii
quit smoking after 10 years now thats addictive two years clean now
forget about tomorrow, just steal away into the night
  • #123
  • Jun 20, 2012 1:46pm Jun 20, 2012 1:46pm
Quoting spekitox
Sames here ... just 5 or 6 years totally clean, don't even care to remember LOL
BTW was it pure willpower, or have you used crutches (like myself), I mean Nicorette patches ... ?
no it was cold turkey,just one day woke up and said thats all cant continue like this,smoked since i was 13,so ended really smoking a pack a day when coughing and always need to light it up started,would wake up at six in the morning by ten o clock i had 5 fags smoked already.so year passed after that and i encourage everyone who i know to quit,also i slipped once on my second year was to drunk on vodka and other booze in a club smoked like 5 in a row,since then im even quitting on drinking one or two beers that's all to me.the urge is always there but i dont see a point especially when you can breathe fresh morning air no coughing,need to have a smoke before meal dinner meeting,flight etc.I guess forex is similar it will alvays wonder whats going on with one or another currency in some major events ,but the strongest decision one can make is just let it go and move on,life isnt only about making money,if i lived in an area where there is gold id rather spend days panning for it in some river enjoying the nature and work i put into it,then blanky starring at the screen hoping to make a living out of it.
  • #124
  • Jun 20, 2012 2:01pm Jun 20, 2012 2:01pm
Quoting Wulfgar
The hard truth is this:

If people actually took an honest appraisal of themselves they would never even start trading forex.

Most people arnt smart enough
Most people arnt disciplined enough
Most people don't have the time to dedicate to learning it
Most people are in debt and don't have risk capital
Most people don't have a clue what they are getting themselves into
Most people don't have the mental/emotional fortitude
same skills apply for astronauts,engineers,pilots,technicians,mechanics,developers.But planes crash,things break,people miss details,take risks and make mistakes.space shuttle crash cost billions in $$$ and lives,Chernobyl caused disaster for another decade until it will be safe area ,nuclear plant in japan disaster caused thousands to leave houses and radioactive leakage,and in most cases it was only a small error that a human being decided to take it,which resulted in disaster,while forex requires only a slight chance to blow an account compared to what i wrote above,but the result wont be not meltdown of a reactor but your savings account
  • #125
  • Jun 20, 2012 2:51pm Jun 20, 2012 2:51pm
Quoting pinkiaiii
same skills apply for astronauts,engineers,pilots,technicians,mechanics,developers.But planes crash,things break,people miss details,take risks and make mistakes.space shuttle crash cost billions in $$$ and lives,Chernobyl caused disaster for another decade until it will be safe area ,nuclear plant in japan disaster caused thousands to leave houses and radioactive leakage,and in most cases it was only a small error that a human being decided to take it,which resulted in disaster,while forex requires only a slight chance to blow an account compared...
Good post my friend.
There is risk in life no matter what we do. That is unavoidable.
The difference between learning to trade the forex and all those professions you mentioned is vast however.

Case in point a very small majority of people have what it takes to be an astronaut, top pilot, nuclear physicist. The competition is fierce and the education and application thereof is vast.

There is no formal education, no selection process before you get started in the forex. Thousands of pitfalls, scammers, traps, empty promises, delusions of grandeur, and no real warning of any of them or substantial starting point.
Plus there is no real return to speak of when the driving force is to make money.

No, sadly the vast majority will never make a living as a trader. But hubris, egocentricity, greed, and stupidity will assure there are never any shortage of poor bastards(like myself) who got in this business thinking We can live a true dream and somehow achieve financial freedom when so many others have tried and failed.

We all conveniently forget or justify that we are hunting with our bare hands against men with a nuclear arsenal who are organized, methodical, control the markets, have deep connections and insider information, deep liquidty, with the sole purpose on preying on the dreamers out there like so Many of us.


To those who think thyu can still make it..... Luck be with you, and if u do make it be very proud because you are truly exceptional.
  • #126
  • Jun 20, 2012 9:29pm Jun 20, 2012 9:29pm
Reading this make me sad as a trader..

Worth a try and continue to try anyway.
  • #127
  • Jun 20, 2012 11:50pm Jun 20, 2012 11:50pm
Quoting Wulfgar
I'm not bashing anyone. I've recognized I'm just one of the
Masses not cut out to make a full living or some outrageous fortune doing this. Accept it for what it is and move on.
10+ vouchers and 4800+ posts, member on a forum full of information and you still haven't found/devised a positive expectancy system to trade diligently and with patience in compounding to an amount to live off? Very discouraging indeed
  • #128
  • Jun 21, 2012 12:52am Jun 21, 2012 12:52am
Quoting Zorofx
Never give up

print this photo and keep on your desk

http://forum.incrediblecharts.com/me...11/1921855.jpg

Some days your the Frog, Some days your the Pelican.

I laughed hard when I saw this. I haven't seen it in years. About two nights ago a mate of mine was saying that I was just like that frog.
And I just happen to open this thread and see him their.
Very Cool.

NEVER.......I reapeat NEVER GIVE UP.

Winners Never Quit and Quitters never win. Was on the wall of my old gym. Best advice I was ever given.

R.
  • #129
  • Jun 21, 2012 1:03am Jun 21, 2012 1:03am
Quoting Wulfgar
The hard truth is this:

If people actually took an honest appraisal of themselves they would never even start trading forex.

Most people arnt smart enough
Most people arnt disciplined enough
Most people don't have the time to dedicate to learning it
Most people are in debt and don't have risk capital
Most people don't have a clue what they are getting themselves into
Most people don't have the mental/emotional fortitude


Shall I go on?

I'm not bashing anyone. I've recognized I'm just one of the
Masses not cut out to make a full...
I guess I ain't too smart....but the other qualities I have ...my foundation came from reminisces of a stock operator and how to trade stocks, the books totally convinced me I could make fortunes.

I understood completely what Livermore was writing ....so I had no problems with psychology from the start ...other books like beyond technical analysis, definitive guide to position sizing helped me realize how to develop systems and how much to bet to avoid wipe out.

all that remained was to find a real edge....well it didn't take as long as I thought

well people can try to make this learning process as difficult as possible...I guess its you either get it or you can't.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #130
  • Jun 21, 2012 1:07am Jun 21, 2012 1:07am
This is a very instructive thread. It is great to see people being honest and explaining how they now see things, how they came to their point of views.

Just my 2 cents : MOST people enter forex trading for greed reasons and the belief that it is an easy road to riches, and though the failure rate is high ( ~ 95% from brokers data) people all believe they will be among the 5%.
The truth about trading is that it is VERY hard work. And one had better love it to be able to sustain the continuous and straining effort. There is no barrier to entry to be a losing trader, there is a HUGE barrier to entry ( time ) to enter the small world of consistently profitable traders. There is no real short cut for time : people talk about 10,000hrs screen time. I wonder how many screen time hours some have really put in. I know some traders who after 8 years at trading were at 2000hours screen time.
Just my 2 cents.
  • #131
  • Jun 21, 2012 2:13am Jun 21, 2012 2:13am
Quoting pinkiaiii
quit smoking after 10 years now thats addictive two years clean now,so might say that all the money i saved from buying smokes went into forex,and if i had to choose starting from beginning id choose to smoke then rather playing with forex,as one smoke gives more pleasure then whole day of watching charts.Anyway for my last post in this thread i will say if you can afford learning and loosing,while spending your life at the screen,trading day from day to achieve goal of becoming rich then good luck as eventually you be making your own topic how...
I quit smoking after 20 years....no big deal. I assume by your comments you no longer trade?? why involve yourself in a forum devoted to trading??
Quitters never win
  • #132
  • Jun 21, 2012 2:24am Jun 21, 2012 2:24am
I don't see myself ever giving up, but you never know how you'll feel in the future. With that being said, I'll add that I've always been the kind of person who gives it his all. There's very few things in this world that I've ever been really interested in, and wanted to pursue. First and foremost is playing guitar. I started in 5th grade and wanted to be Ozzy's guitarist one day. LOL I never achieved that, obviously, but I did manage to pretty much master the guitar by the time I was old enough to drink. Even when I was in 8th grade I had grown ups watching in awe as I shredded away, mimicking the likes of Eddy Van Halen, Randy Rhoads, and Joe Satriani.

Fast forward to my early adult life: I became a firefighter/EMT in the Air Force, and demonstrated knowledge and skill far exceeding my rank. I knew my shit and had my shit together.

I believe I will have the same results in my trading.

1. My systems work, and I know when to deploy them, and when not to deploy them.

2. I never compromise my money management.

3. I've developed the right mindset, and have the mental toughness required for this.

4. I know when to turn off the monitors and go do something else. Besides, I live in Hawaii and there's plenty of outdoor activities to do, no point in wasting away inside all day and night.
Get money, don't let money get you. @kauaiforex
  • #133
  • Jun 21, 2012 3:19am Jun 21, 2012 3:19am
how much money your willing to lose?

2% of total invested money

how many account your willing to blow?

maximum 3

how many system your will to try?

before you relize forex is not for you.

3
  • #134
  • Jun 21, 2012 3:22am Jun 21, 2012 3:22am
Guys Im really not trying to discourage anyone. I am mearly injecting a dose of realism into a trade where unrealistic expectations run paramount.
I hear stories all the time of people saying how they are the types "who never give up", or who " will always persevere no matter what because they KNOW they can do it!" And other such colloquialisms.

Such a pollyannic attitude of thinking that if you just hang in there long enough eventually you will win out, or that if you win some sort of war of attrition with the market ultimately you will become a great trader is just suicidal. We are inundated in society with the "Rocky" movies and other such "against all odds" type scenarios. Fellas, there is a REASON that these are movies. They are the dream, and they are absolutely the exception to the norm. Primarily done by exceptional people with untapped exceptional qualities.

We ALL want to be like that. We all love to think we are able to seperate from the masses. And possibly in some ways we can. In fact I happen to have been an extremely successful champion bodybuilder. It took a massive amount of dedication, work, discipline and fortitude to bring a 265lb shredded physique to a stage. So maybe THAT was my gift.

I put in my 10,000 hours of trading forex. I went to the ends of the internet and back. I focused on money management, risk analysis, price action, fundamental analysis, etc etc...

ENDLESS hours with no sleep... studying studying... persevering in some blind hope that I could achieve the same successes as many we hear about...

But... It never happened for me... The doors just kept closing, accounts just kept slowly dwindling down... and the dream died a very quiet death.

Honestly though I have no regrets. Maybe even after 10,000 hours of work it took that just to prove to me that my lifes work is not meant to be behind a keyboard?

Interestingly enough since I closed my primary accounts Ive placed my money in a new venture that requires almost no work at all, is right up my alley, and it netting me a very healthy compounding interest!! So I never would of had this window open had I not decided to mercifully end my forex career.


Like i said guys. I am really just sharing my honest experiences from a man who has done the journey and finally stopped being so hard headed as to see the signs that the life of a trader just may not be in my dharma. But it could be for any of you! Only you can decide that.

Good luck my friends. Ill still be around in some of the forums with some buddies of mine throwin some numbers around. I still enjoy the game of forex. But Im just a recreational player. Ill leave the serious stuff to all the pros and aspiring pros out there.

  • #135
  • Jun 21, 2012 3:24am Jun 21, 2012 3:24am
I would never quit forex, no matter what..

I would keep trying till the day I'm alive!
Trade what you see, not what you think.
  • #136
  • Jun 21, 2012 4:49am Jun 21, 2012 4:49am
Quoting karmostaji
I would never quit forex, no matter what..

I would keep trying till the day I'm alive!
long time no see, how you been
  • #137
  • Jun 21, 2012 6:22am Jun 21, 2012 6:22am
Quoting Wulfgar
Guys Im really not trying to discourage anyone. I am mearly injecting a dose of realism into a trade where unrealistic expectations run paramount.
Thanks a lot Wulfgar. Those honest words from the one who really tried will help a lot of aspiring traders out there.
  • #138
  • Jun 21, 2012 7:24am Jun 21, 2012 7:24am
If you look back at the last 10 valid trades your system gave and it lost money.... your system doesn't work

If your system works and for the last 10 valid trades YOU lost money, then the problems with you...

Simples.

Find the flaws, fix them, stick to the plan.
tradewith60
  • #139
  • Jun 21, 2012 7:41am Jun 21, 2012 7:41am
Quoting 60minuteman
If you look back at the last 10 valid trades your system gave and it lost money.... your system doesn't work

If your system works and for the last 10 valid trades YOU lost money, then the problems with you...

Simples.

Find the flaws, fix them, stick to the plan.
There's little way to say which trade is valid, unless it's indicator based. A lot are discretionary traders, which's mostly come down to the trader himself. Both the method and the emotion. Then, it's time experience in play.
  • #140
  • Jun 21, 2012 8:09am Jun 21, 2012 8:09am
Quoting duyk20
There's little way to say which trade is valid, unless it's indicator based. A lot are discretionary traders, which's mostly come down to the trader himself. Both the method and the emotion. Then, it's time experience in play.
Doesn't have to be indicator based, can be price action, or even a combination.

If the system is completely discretionary then .... good luck... never ever known a successful trader that is completely discretionary...

But, trust me, anyone out there who believes that time at the charts will swing you from losing to winning then they're going to be disappointed, its not time at the charts its quality of education...
tradewith60
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