At What Point Do You Give Up On Forex

I will never ever give up on forex as i am 'this' close to the trading system i have always dreamt of. So close. I've been this close before multiple of times but then realised it was so far.

But this time i am very convinced that i've got it sort out. God bless.

Today I decided to withdraw all my capital from my FOREX accounts. These markets are brutal and if anyones making money in them I salute you. I've been profitable for the past 1 -2 years, but the past month or two I just cannot get it right no matter what I do, even when I'm right I seem to get it wrong, it's maddening. I don't know if it's just me and my self destruction creeping in or the markets themselves. All I know is Forex is not a lot of fun right now and what was once very predictable for me now just seems so random.

I'm taking a long break particularly with the new regulations approaching and putting my time and effort into other endevours as well as switching to a longer term trading focus. Staring at charts for hours on end is bad enough but when they stop paying me for that torture, I am done.

Am I giving up?... No... Just taking a big step back before I lose my account, and anything else. You're either making money or you're not. When you're not there's no point trying to force it.

Good Luck out there.

wish you the best hilar

Hate to break this to you but more businesses go bust than make their owners rich. No guarantees.

You're wrong though, you really can get rich by trading Forex. You just have to be willing to keep putting in the effort.

Last month or two is also tough for me personally.

Good luck.

it's market condtions like this that test your system.

I should likely give up, but determined in a very short time scale to turn it around and turn it into a wage+.

I have good runs, so I know it's not only possible but actually fairly easy kinda, more mental state than anything else.



Found a new method just, so game on results normally improve with a new method, then the focus drops off and doomed but we shall see.



Tricky game to beat this especially longer term.

the problem for most traders is finding a system that work long term.

yeah when volatility drops it's much harder to find good sized moves and markets just meander. It won't stay like this forever.

The election coming up in the USA should stir things up a good bit..,. but still a few months away for that. Hang on summer doldrums are here, but summer is coming to a close.

Summer Doldrums are making the >2:30pm GMT completely useless isn't it today, interestingly <2:30pm is just fine infact it's pretty damn good.

Cheers PT.

Thanks duyk, I mean it's no secret why the markets are consolidating and seem to go no where at the moment. I'm just very over it for the minute. I'm going to use the time to develop some longer term approaches where I can maintain a job and lifestyle whilst trading at the same time. May even look at some other markets, right now just enjoying a break = )

Wow this thread is sure interesting!!!

Maybe this comment is months too late but i cant help it.

The reality is forex markets is one of the hardest to trade. Especially on longer term. I had myself being consistent in max 2 years before the strategy breaks down . Other are not so lucky , 1 year max before most method/system go bust. Add to less volume in the markets so its all in sideways trend look at the monthly chart.
Forex markets also didnt have any price ceiling (see monthly chart) if the market want to bust any S/R who would stop them? Then i see some ppl playing 1 hr /4hr S/R charts the market will simply just screw em hitting the SL.
Trend traders will have a hard time trading with low volume/liquidity and changing trends. With that said cant deny that the are many ppl who has successfully traded in fx but maybe in the minority. Im not one of them, sadly. I had also seen super simple strat like daily20pips somewhere which is effective but i lacked the discipline even after trading since 2006. The successive SL hit in a row just put me off.

To me forex is on a completely different level. I had success in other markets like stocks,indexes, funds but couldnt tackle the fx problem. Forex requires 'PHD'. Stocks / other tame markets requires diploma/ degree at least to a point if you do some research. Some stocks are so cheap your losses will be minimal and the are many markets to chose from. If you cant master the 'easy' ones(i didnt say it was cakewalk) how can engage the tough ones? Cant even climb a hill and you want to take out everest(forex)? Thats crazy. Thats my mistake, i for years try to tackle fx markets but couldnt even do the stock market.
Ever wonder why so many fx brokers offer other market than fx? You will see that if the client didnt make money on fx at least they have a choice for other markets. The volumes/ data/info is at least more research- able. WHo knew where the global economy go next? The fx sometimes didnt follow interest rate parity/ or other major fundamentals anymore, if they do it will be slowly.
I still do trade fx but not on the same level as previous years.Maybe 10% of total my portfolio ( i wont say how much) the rest were all diversified in any markets that i can find which have potential. Those 10% in fx is mere annoyance/ amusement which in -ve thousand pips . I trade on monthly charts or weekly. Very low expectations. This only use is to hedge other trades in different markets. These were the only purpose, i ll be happy if i can score some pips but the major moneymaker is in stock markets. But stock markets still do suck even now. DOnt put all eggs in one basket... one basket could rot but maybe the other is still good. I got a lot of trees in my garden only some are dead.
Years ago people do have a lot of children 10-15 since the mortality rates are high, not a different concepts for the market.
So for those having trouble making money in fx dont give up on other markets. Forex is just another tool .If you take forex as the sole breadwinner in your portfolio...good luck. Its a daunting task. You can have a nice run for now even for couple of years but its dynamic, its alive!! Some months or even some years all methods/strategy will be tested. I had heard even a pro trader has a losing year. Think about it. He wont cry since he have other source of income elsewhere or maybe other markets. SOme funds even have fx team, stock,equity team,other market teams. So when the EOY came up they can adjust the P/L accordingly base on all investment team.It wont hurt them if one of the teams had a bad year. Some funds even survive after the 2008 crash.
Btw the -ve pips in my fx account is not even close on margin call. Just my 2 cents. I could be wrong in many different levels just wanted to share my experience on the beast which is fx.

Well Forex is one of the hardest, if not the hardest instrument to trade because it's so dynamic; it changes all the time. Once you figurered out something, it changes on you and you have to start all over again. And each currency pair is unique in its own way and the same strategy that works for one pair does not work for another. And at the same time the Forex market is affected by so many different factors across so many segments of the market. There is NOT ONE other financial instrument that is affected by the fundamentals AND monetary policy AND stock market AND Bond yield AND commodities prices AND political events plus market manipulations a.k.a central bank interventions. Any of these factors can send your positions going into a tailspin and your profit onto a south train. On top of that, we have to deal with unscrupulous FX brokers that requote the price, manipulate the spread, hunt the stop, delay execution, reject order, refuse to give back money all in the name of Forex is traded OTC.

Do I give up?? Hell no!!! Yup, that's why God made a Forex trader...

You stop trading when you suddenly realize that you don't know what the hell you are doing. End of story.

Death... I think

Or dementia

That could be a long time given that Buffett and Soros still appear to have their marbles in their 80s.

One thing I notice in some of the posts on this page is a common element of the "markets changing". Abstract elements like trend and sentiment change at the blow of the wind....the primitives never change though. If you were using an MA cross and got lucky for a while and are now discouraged because it took all of your profits back, the only thing I can say is that you would have learned that lesson quickly enough had you tested the strategy over the long term with a simulator. The simple truth is that all markets are the same at the most basic levels - people are buying and selling. Most will never understand what is so important about that simple statement and will continue to try system after system until they finally get tired of seeing their hopes built up only to come crashing down in a burning ball of financial wreckage a year later.

You should give up if you're not learning anything new and all you're doing is trying the same thing over and over again without success. But in this industry, one could be forgiven for not realizing when they're doing that. Critical thinking is a requirement here.

This business will take a toll on your mental health, and if you really feel like trading is destroying your life you may in fact be a compulsive gambler. In all of the challenges I've faced in my short life, understanding the markets has been one of the mots difficult, and it isn't helped when you're flooded with so much misinformation.

There are lots of excuses in this thread that people use to say trading forex is impossible, there are no volumes, the market changes (bull@%* price goes up, price goes down thats it end of story), its to volatile, its not volatile enough, central bank interfere (yah so do the big boys when trading stocks) blah blah blah. The reality is that most of the people posting on this thread or in this forum for that matter have not been trading for more than a couple of years at most and really still don't have the experience necessary, if you are going to be good at this it takes years and thousands of hours of screen time to get good and if you are not willing to make the commitment to get good then do yourself a favor quite while you are ahead.

Spoiler Alert: If you are looking for that one cut and dry system where the rules are as plain as they can be with no discretion required, you are not going to find that here or anywhere on the internet, however, there are lots of decent edges (systems, trading styles, etc) the key is to have enough experience to be able to effectively apply them at the right times.