What would you do - time/money spent? | Forex Factory

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What would you do - time/money spent?

  • #1
  • First Post: Jul 6, 2012 5:29am Jul 6, 2012 5:29am
I discovered Forex in august 2007. I was enchanted right from the start. Thought it was the best thing since sliced bread ) What seemed such a wondrous field turned out to be a VERY VERY trying experience. I've made all the mistakes you can think of and some that might take you a while to discover. I've found myself lying dizzy on the floor thinking "How in the world could i have done that?!!". Disgusted with myself, having all sorts of "charming ego boosting" thoughts ...


I've read a lot of books, switched a lot of systems, the usual road. But i never gave up.
I am quite stubborn i will say that.


Being such a stubborn guy i never focused on building equity through other means. I only saw Forex. So now, after 5 years, i have no "normal" skills, no revenue, no credit, nothing i could sell, no credibility amongst my friends, no prior performance record, NOTHING.


I do have the skills to get a decent, normal return with low risk, but 5-8% on $100 doesn't even buy me food.
I'm stuck and i see no way out.


Any ideas?
  • #2
  • Jul 6, 2012 5:40am Jul 6, 2012 5:40am
Out of curiosity, what is your trading method?
  • #3
  • Jul 6, 2012 5:43am Jul 6, 2012 5:43am
Price action using point and figure as a filter and point and figure trendlines.
  • #4
  • Jul 6, 2012 5:48am Jul 6, 2012 5:48am
You say you have the skills to make 5-8%, you probably do, many people can and know how to trade however its their mental mindset that stops them, I can only guess this is whats prevented you from making a profit in 5 years? If I was a robot with no emotion, I'd probably be a billionaire now by trading FX.

Human emotion, in this case with trading, especially with your own capital is a big thorn in the side and it tends to make you leave losers running and close winners early 'incase it goes back against you'. Do you find yourself doing this? Or are you just making the wrong entrys?
  • #5
  • Jul 6, 2012 5:53am Jul 6, 2012 5:53am
No, it's all about emotions with me . This was my biggest challenge. And still is. It has to do with trading style too. I haven't found until now a clear mechanical system that i would follow robot like. A degree of discretion is always required which brings emotions into play.
  • #6
  • Jul 6, 2012 5:58am Jul 6, 2012 5:58am
Quoting pfstudent
No, it's all about emotions with me . This was my biggest challenge. And still is. It has to do with trading style too. I haven't found until now a clear mechanical system that i would follow robot like. A degree of discretion is always required which brings emotions into play.
In that case, try this, I was told this off another trader and thought it was stupid until I tried it, when you enter a trade using real money, if you're using MT4, instead of having it on the 'TRADE' tab where you can see your current balance, P/L etc, click onto the 'NEWS' tab or 'MAILBOX' tab, anything really that doesn't show money you've made or lost or are currently in profit/loss with, as strange and as silly as it sounds, psychologically, for me atleast, if I can't see my P/L and just the charts while in a live trade I'm less inclined to close and just to 'let it run', however what works for one person might not work for someone else, everyone is different. We're only human afterall.

  • #7
  • Jul 6, 2012 6:16am Jul 6, 2012 6:16am
Quoting pfstudent
Any ideas?
Okay, this is going to sound really boring but go out and get yourself a job ... or two ... or three. Then take some of that real money and go out with your friends and enjoy yourself.

Then save the rest of that real money and come back to the market with at least $20,000 because if you have a system that earns you 5-8% then the effort will be worthwhile. But keep your full-time job and keep on enjoying your life.

We only have one life to live. Don't let the forex market consume you.
Nothing worth having is easy.
  • #8
  • Jul 6, 2012 6:44am Jul 6, 2012 6:44am
Quoting GDR3k
In that case, try this, I was told this off another trader and thought it was stupid until I tried it, when you enter a trade using real money, if you're using MT4, instead of having it on the 'TRADE' tab where you can see your current balance, P/L etc, click onto the 'NEWS' tab or 'MAILBOX' tab, anything really that doesn't show money you've made or lost or are currently in profit/loss with, as strange and as silly as it sounds, psychologically, for me atleast, if I can't see my P/L and just the charts while in a live trade I'm less inclined...
same thing with me ,. as i can do better if i close that tab and have news live and see only charts . Better i think if we don't have enough capital ( like more than around $200,000) is needed to undo the emotions according to my personal view . For marginal gains obiviously
finding A M S
  • #9
  • Jul 6, 2012 6:45am Jul 6, 2012 6:45am
To the Virgins, To Make Much of Time

Robert Herrick (1648)


Gather ye rosebuds while ye may,
Old Time is still a-flying;
And this same flower that smiles today,
To-morrow will be dying.

The glorious lamp of heaven, the Sun,
The higher he’s a-getting;
The sooner will his race be run,
And nearer he’s to setting.

That age is best, which is the first,
When youth and blood are warmer;
But being spent, the worse, and worst
Times still succeed the former.

Then be not coy, but use your time,
And while ye may, go marry;
For having lost but once your prime,
You may for ever tarry.
It takes a lot for me to IGNORE you, but you can try.
  • #10
  • Edited 6:47am Jul 6, 2012 6:47am | Edited 6:47am
Quoting Patience
Okay, this is going to sound really boring but go out and get yourself a job ... or two ... or three. Then take some of that real money and go out with your friends and enjoy yourself.

Then save the rest of that real money and come back to the market with at least $20,000 because if you have a system that earns you 5-8% then the effort will be worthwhile. But keep your full-time job and keep on enjoying your life.

We only have one life to live. Don't let the forex market consume you.
Best advice , if you have enough funds then trade or just live alone i would say as far as forex is concerned . but its difficult as always
finding A M S
  • #11
  • Jul 6, 2012 7:13am Jul 6, 2012 7:13am
Well you have the technicals learned as you say but lack capital. Get a job and save what ever you can to your trading account and then day trade by night until capital requirements are longer the main problem.
  • #12
  • Jul 6, 2012 7:15am Jul 6, 2012 7:15am
Quoting GDR3k
In that case, try this, I was told this off another trader and thought it was stupid until I tried it, when you enter a trade using real money, if you're using MT4, instead of having it on the 'TRADE' tab where you can see your current balance, P/L etc, click onto the 'NEWS' tab or 'MAILBOX' tab, anything really that doesn't show money you've made or lost or are currently in profit/loss with, as strange and as silly as it sounds, psychologically, for me atleast, if I can't see my P/L and just the charts while in a live trade I'm less inclined to...
How do you modify/close your trades without being on your P/L tab? Just curious because I was thinking the same thing kinda
  • #13
  • Jul 6, 2012 7:16am Jul 6, 2012 7:16am
Erebus
Quote
read poetry, works for me

Nice! Great to see you are still giving excellent advice and commentary!

Wisdom never goes out of style!

All the best.

dcginc
  • #14
  • Jul 6, 2012 7:20am Jul 6, 2012 7:20am
Quoting Robertk
How do you modify/close your trades without being on your P/L tab? Just curious because I was thinking the same thing kinda
I just click onto it and do it I mean I don't have the trade tab up all the time, only when I need to modify a position, I actually prefer not to see my P/L, weird!
  • #15
  • Jul 6, 2012 7:49am Jul 6, 2012 7:49am
Forex is addictive , it's like gambling for most people .
  • #16
  • Jul 6, 2012 7:56am Jul 6, 2012 7:56am
Hi pfstudent
Find a simple system choose one currency pair and study them. Then just stick to it. Also increase your account to at least $1000. With good money management you should make money.

Cheers GannMan
  • #17
  • Jul 6, 2012 8:15am Jul 6, 2012 8:15am
According to one of your posts, you said you have the skills to make between 5-8% of your capital ($100). Is this 5-8% profit on your capital on monthly basis or weekly or daily?

If its daily or weekly, then JUST DO IT. Start there (where you are) and see how it goes from there.

My 2cents
  • #18
  • Jul 6, 2012 8:38am Jul 6, 2012 8:38am
I went through the same thing.. Made so many mistakes... had my account down to zero lot of times and the main reason was that I kept repeating my mistakes... Then I took a paper and pen and wrote down every mistake that I have done till date and stuck it on my desk.. whenever i enter a trade I have that paper in front of me to prevent myself from doing those mistakes ever again.. some of these were not keeping a stop loss, being more greedy with profits, ignoring fundamentals, panicking after a loss etc etc. Get yourself a job.. collect more money and start over.. don't give up.. just try and analyze what has been going wrong and don't repeat that.. Best of luck..
  • #19
  • Jul 6, 2012 9:26am Jul 6, 2012 9:26am
As other have said in this thread, first and foremost - get a job. You CANNOT trade forex out of stress. You should do it with strategy, consistency, and willing to learn (and learn = lose).
I would advise you to start with a system that works on the daily timeframe. This way, you won't need to be glued to the screen the whole day, but you can sit in front of the terminal on the evenings, after work, and perform all the actions required for this system.
  • #20
  • Jul 6, 2012 9:45am Jul 6, 2012 9:45am
Quoting Patience
Okay, this is going to sound really boring but go out and get yourself a job ... or two ... or three. Then take some of that real money and go out with your friends and enjoy yourself.

Then save the rest of that real money and come back to the market with at least $20,000 because if you have a system that earns you 5-8% then the effort will be worthwhile. But keep your full-time job and keep on enjoying your life.

We only have one life to live. Don't let the forex market consume you.
There's no other choice and I think he knows it.

My long term plan is to use trading as a means to start a more traditional business on the side. I think I'd get a bit bored simply trading markets day in and day out for the rest of my life (i'm 34). So many working years to be had, why spend all of them trading?

The whole point I got into trading was to enable me to have more freedom of choice in life. It looks to me that you've allowed it to give you much less. You need money, go get a job. Any job.
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