At What Point Do You Give Up On Forex

No problem my friend

Remember guys, if trading is NOT for you... countless millions have had amazing success in life doing other things.

Find your calling and enjoy your life

Good luck everyone

Yep, agree... There is only one of that/(life) given to you... Enjoy while it’s still there and has room for error... You need to figure it out before it is to late.

But, who am I to say… I am still not saying that it's not doable. But, for some people… That's life.


P.S. I am just really wishing and hopping that everybody here gets the best that they deserve out of this "one shot called life". That’s the bigger prize.

Enough said... lol

Cold turkey is adorable. Show them who's in charge. For me it was much slower than that. First I switched to weaker fags. Then in a couple of weeks even weaker ones and so on. Then reduced the daily smokes and then came the patches. Interesting but there's no urge left. I think. But the devil never rests.

Totally off topic. Sorry for that.

Try applying this philosophy to any casino and see how to go

The true winners are the ones who knows when to quit.
The true winners are the ones who knows there own limitations.
The true winners have the creative power to solve what is lacking and overcome their limitations.

Socrates once said "Know thyself".
Such simple knowledge is the pinnacle of all success in any area of life.

It is true with the Zen teachings:
You have the right and the potential to be and do whatever it is you want to pursue in life.
But realize, that not everyone are meant to be the one.

Excellent post and I think you've raised some oft ignored and very valuable points.

I do, though, have to say that you appear to me something of an enigma. You seem to me to be both articulate and switched on. You've said yourself you've done the 10,000 hours and yet you still haven't been able to turn a profit at this game. It took me around 2.5 years to start to become genuinely profitable and now I can flick any historic chart up on a sim from any period and predict price movement very consistently. I'm not a towering intellect, I didn't have a mentor and I don't have a magic pill. I just spent a lot of time trying to learn how price behaves on my own, not listening to anyone else. Have I done 10,000 hours yet? Nope, probably not even half but I know that I know how to read charts and make money off them.

I can only assume that you've just never found a method that works for your personality and i'm fairly certain that you are in a small group of traders that have but the effort in that you have with the nous that you seem to have yet are still left without any results to show for it.

But that aside, I do think people should understand early on that not many people will ever make it and that it's really, really hard at first. You have to be willing and able to put aside so much of your free time in order to see if you can do it or not and even then, you may still never quite get it. Posts like yours are a very valuable and necessary Yin to the Yan of bluster and bullshit that proliferates forums about how doing x, y and z will make you all millionaires from the comfort of your home office.

The sad and depressing truth is that most traders will only ever lose money and effort and determination alone still may well be not enough. Unfortunately, as much as your honesty is sobering and refreshing, I suspect absolutely nobody reading it will also be honest enough with themselves that perhaps they really aren't bright enough, disciplined enough or determined enough to make a go of it. At least you had the strength of character to admit this to yourself, cudos.

http://www.confusedforextradersrescu...=15.1">.com.au

link didn't work for me

Thats when you quit, lol. Before would be better tho.

Warning: Lots of foul language involved.

Enjoy!

It’s really kinda sad actually...

Looks like he was trying to catch the falling knife during the meltdown of 08/09 and with no stop loss. Yeah, that was stupid. LOL

I've nearly quit a few times but I've been a break even trader force 2-3 years and finally becoming profitable


Don't quit, if you enjoy the challenge than treat it as a hobby and never quit!


Better odds in beating this and retiring than winning the lottery but much more work involved.

Good Post

Thank you for the kind words. I think perhaps it boils down to more than just "Can i make it in forex?" It is more a question of " Do I want to LIVE the forex traders life?" Frankly I feel that the vast majority are not near adequately ready to answer that question nor are most in anyway prepared for what an undertaking it is.

Being a zero sum businessit is truly a journey into a complete unknown hostile battlefield for most without the help of even a compass or a weapon. In alignment with that analogy the odds are overwhelmingly against most. As somber of a thought as that may be, it is the hard truth.

I personally went through a very in-depth study of the marketplace after my first 6 months of floundering about. I studied the infrastructure of what creates the forex. I studied how liquidity works, how are orders are filled, the interbank system. I learned about all the players in the forex, how they place their orders, what their aims are(commercial, institutional, CB's and retailers, etc). I studied Price Action for endless hours, staring at charts, plotting lines at support/resistance/supply/demand levels on all time frames to trade to and from. I studied the intricacies of market timing, the Gold fixes, how swap works, how brokers work. I went into in depth studies and read books on fundamental analysis. I learned a tremendous amount about the bond markets, yield curves, gold/oil ratios, correlating markets. I read every central bank book I could find. I know about the Fed top to bottom, the ECB, the RBA, the BOE. From the major players in those banks to how they originated. I studied fractional reserve banking because i wanted to learn how to asses how any of the policy makers could move the prices of currencies in relationship to one another. I read endless books on orderflow and macroeconomics. I strived to try and understand how and why certain policies and catalysts around the world would move one currency agaisnt the others.
All this time endlessly looking at charts. Hours and hours spent putting in demo trade after demo trade testing and endlessly testing.
I never believed in any technicals. I still dont. I always just traded charts. Maybe at the most I used a stochastic early on but id be hard pressed to explain what almost any of the other lagging indicators does. To me they have never made sense.
I placed together my system using multiple time frames with S/R, S/D zones, fundamental drivers, watching for news catalysts, my endless charting knowledge of PA, my risk management in place, looking at market timing, pre-panning my trades, etc etc..... it met with failure time and time again. days turned to weeks and weeks turned to months as I tried tweaking and adjusting, studying harder, working more and more. I REFUSED to be undone! I changed my risk mangement, time frames, used only PA I thought had the BEST chances of working. I called on help from every trader more veteran than myself and they all gave me advice. Still, I failed.

I figured it must be my psychology. So I delved heavily into self exploration, meditation, read books. Sought out gurus, got my mind right. Tried to identify my fears of losing or attachement to money. I made Goals, endless goals. Every day. I planned my life 10 years into the future in every aspect i could to achieve the "trading mindset".

I felt as ready as ever and went back into the market. More months fell off the chart as my accounts kept slowly dwindling down and dying. If I was using a 3:1 reward to risk Id lose 4 out of 5 trades consistently. It was always a slow bleed.

I then went the path of trying to find a mentor. Someone who could help me to identify my flaws in my trading/self and guide me to correct them. At this point years had already been spent and frustration was starting to set in. I had sacrificed much. My personal relationships had fallen apart, my work was suffering, as was my health from the many nights up late trading and focusing. Trying to self sustain on negative returns.

Relentlessly I pushed on.

The mentors all were dead ends. I was watching my close friends starting to achieve success. They tried to help me, going so far as to try and copy their systems. All met with more failure.

More years went by.


Success did not come with it.

I moved into studying the quantside of trading. Learning to program code. Momentum trading, mean-reversion trading, Sharpe ratio, etc etc. Trying to learn to achieve positive kurtosis through algo identification of price trends. I delved deeply into this thinking that maybe, just maybe it was my only way. I ran into a brick wall. My algos would get taken out, my hidden markov models did not have the proper risk management protocols built in to keep me safe from many of the hidden liquidity issues in the fx markets and again.... suffice to say, I again was met with more defeat

At this point, utterly defeated, not knowing where to turn. I withdrew deeply into myself and saw what my life had become. I had become a shell of who i once was. I took a long break and a long period of self reflection and came to the conclusions that I have spoken of before.

When doors open in life. It is wise to walk through them. I believe we all have a calling. Im not religious, but I believe in a higher "self. To listen to the signs of life makes life much easier and it goes more smoothly. It was only after this realization I finally made my decision that the doors were firmly closed on my decision to become a trader. I learned a great deal about finance, markets, ect... but Mostly about myself.

My life has never been better.

I am happy

Good luck guys.

The question is posed wrong near as I can figure. It is not a point at when you are willing to give up, but should be posed as a question of when and how to start in forex.

Like a lot of traders who moved from the dark side of the stock markets into the instant execution and endless liquidity of 24 hour per day trading, I took on this venture thinking that I had the edge in market.

Flat out WRONG, was I.

I learned a basic set of technical analysis from a Mentor in the stock market who guided me into the world of currency. Trying to take a simplistic approach and hitting hard with the massive leverage alloted by the various brokers left me busting accounts like the wind.

STEP BACK BITCH.

For some, riding a bike started with being pushed on a cycle with 2 wheels and sudden death or survival at the end, for the rest of life, everything is progression.

We walk before we run, and we crawl before we walk, so when you decide that you are going to try and make a go of this market place, the beginning should be that crawl.

Were in the stock world, we can paper trade and trick ourselves on a liquidity, FOREX offers free demo accounts that will run in a live environment. We can actually trade on a time frame of our choosing with the risk of ZERO loss before ever walking into the market, and unlike the stock market, actually trade a free account that will show the greatest opportunity for success instead of fooling ourselves on improbabilities.

Meaning What you ask?

It's like this. You check out a stock on the NASDAQ, you think to yourself, I will buy $10,000 of this stock. GREAT, you have made a purchasing decision...but then what happens? The fucker goes up or it goes down and you have to try and figure out what you would do from there. Now, when ya drop 10k onto a stock, you have to appreciate that there will be a market consequence. By watching volume and seeing that a stock may only trade $10k per week and you have just bought that up, you may not have taken into consideration that you have just moved market.

Where as, in forex, you drop a dime on the market and unless you are a multiquazillionaire that has the ability to move a 3 trillion dollar per day market, you actually get to realize that you trade is actually a drop in the bucket, real or demo dollars and see where it goes from there.

Reality, the stock world of paper trade is bullshit. The demo world of forex can offer a little taste of realization.

So what? Really glad you asked.

So, you open a demo account, fire off a few trades, make a buck, lose a buck, whatever...does this help you make a decision on when you should actually open a live account? It should start....

Each trade we make, out of boredom, out of a technical analysis, or based on fundamentals counts. Each profit is what we could conceivably see and each loss will be felt like the hurt of any loss, but watching a trade progress from loss into profit or from conception to a tolerable win/loss threshold should help coach the "New", into their next trade decision. (of course talking from a paper trade or demo standpoint)

Now, if ya can do this fast and hard, drum the beat of the M1 charts and chisel consistent gains, good on ya...if you are more inclined to play a trade until it churns profits, again, good on ya. These will first off allow you to see your threshold for loss and your greed of gain, as well as allow you to start to define yourself as a trader. Are you swing or scalp? Will you add to pain or ride out the loss? What do you need to see for profit.

All very valid questions that one should ask before even sinking a plug nickel into this game, but sadly not ones that are even asked by the folks who have endured loss but still have a bankroll to keep em in the game.

You see, you can lie to yourself and say, "I wouldn't have taken that if it was real money", or, "I would have exited earlier", and if you wanna do this and want to give up cash this easily, I have offered before and will offer again, my personal PAYPAL account. This way, you can send me the money that you think you can spend in market, I will send you a, "THANKS FOR THE DOUGH JOE", reply and you can move on with life. This will save you a lot of time and still end up with you losing the same cash, only difference being, I will at least show you appreciation for your sacrifice, when the market will openly consume your sorry ass, all of the money you can borrow, all of the time you can sacrifice and grind you until a RAZOR blade seems like a grand conclusion to market.

So, do you really wanna step foot into this arena?

When the market stats say that if you start today, that if you lose your account today, you will only be .5% of people that have completely been wiped out, (And this on any god given day), or can you wait?

Can you sit and think about why you would want into this lifestyle?
Can you appreciate the time it takes to learn about this market?
Do you have the endurance and the finances to make a consistent profit?
Will you succeed, where most others fail?

Before you even get to a point of quitting, ask yourself the above questions, again and again and again...if you have taken the time to try and trade and move with market, if you have been consistent in achievement, if you realize this isn't a game of, "Gunna go all in on Black", or any other game of chance, you may actually live to fight a day with live funds.

If you have thrown down a few bucks because your motto is, "I will try anything once", you should never need to ask yourself, when do I quit...Flip a coin or buy a scratch ticket, the pain will be a lot less and the time you save should allow you the time you need to figure out who you really are before taking your next steps.

This game is for real.

Losing sucks.

If you cannot be real with yourself and love a world of fantasy, stay the fuck out!

Of course, I realize that in saying this, I never took this same advice when offered, so most prolly won't either...deal is, I live, sorry you will probably die.

You write very well. Have you considered writing books? Maybe that could be your path to residual income. I think it's at least worth thinking about...

Great story. But I got a question, hope you don't take it the wrong way, what are you doing on this forum if you don't trade anymore?

If you like what you're doing and never risk more than you can afford to lose then there isn't a reason to give up.

Conversely,
I'm sure anyone can understand that without the need for an elongated reply.

Thank you my friend.

I am just a meathead personal trainer/bodybuilder by trade. I lack creativity in any real facet, so unless I am writing about altering body composition I'm typically at a loss. Lol

LOL...Hey nothing wrong with being a testosterone jacked meathead BB !

I rather enjoy it..

Nothing like seeing my closed profitable trades before hitting the gym...
Same with the losers actually... gives me an extra push. hahaha...

Sorry to hear tading hasnt work for you..
I dont know what I would do if I wasnt a trader????? Scary thought actually.....feck....

I still enjoy the game. I enjoy all the conversation and the macro economic perspectives from some of the mote educated members here that have become my friends.

I still want to keep my finger on the pulse of the markets and this has proven to be a good venue to do so.

That being said, I'll still leave the risk to the pros and aspiring pros.

And you stand in great example. Please tell me more.

How do I reach success on the "testosterone jacked meathead" method?