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Traded three years - Not profitable

  • #1
  • First Post: Jul 8, 2013 9:29am Jul 8, 2013 9:29am
I have been demoing and researching forex trading the past three years. I have been unable to make a consistent profit on demo during this time.

I have only been focusing on 4 hour cards and lower.
Aimed for good R:R
Technical analysis

WIll I have a better chance if I start looking at daily charts and trade from trendlines...etc
  • #2
  • Jul 8, 2013 10:01am Jul 8, 2013 10:01am
Quoting Laundry
I have been demoing and researching forex trading the past three years. I have been unable to make a consistent profit on demo during this time. I have only been focusing on 4 hour cards and lower. Aimed for good R:R Technical analysis WIll I have a better chance if I start looking at daily charts and trade from trendlines...etc

Whole 03 years in demo trading ?

That's really weird. At least try a small live account to test rather than consistently wasting your time on demo accounts.
  • #3
  • Jul 8, 2013 10:20am Jul 8, 2013 10:20am
Quoting Parox
{quote} Whole 03 years in demo trading ? That's really weird. At least try a small live account to test rather than consistently wasting your time on demo accounts.
I've been doing it part time whilst at university and working. <10 hours a week researching.
  • #4
  • Jul 8, 2013 6:42pm Jul 8, 2013 6:42pm
If you apply that much effort to any other pursuit, I think you will get the same result - and trading is much harder than most professions. If you are not willing to make some major sacrifices in order to succeed, perhaps a less demanding hobby is in order.
si hoc legere scis nimium eruditionis habes
  • #5
  • Edited 7:35pm Jul 8, 2013 7:23pm | Edited 7:35pm
Quoting Laundry
I have been demoing and researching forex trading the past three years. I have been unable to make a consistent profit on demo during this time. I have only been focusing on 4 hour cards and lower. Aimed for good R:R Technical analysis WIll I have a better chance if I start looking at daily charts and trade from trendlines...etc

One can't teach trading in one paragraph or several.It takes some thinking.
Your "researching" should include trading books.
Few I recommend.
"Bird watching in Lion country"
Anything by Scott Carney

Your mistake is demoing.It teaches nothing about psychology of trading.You wasted 3 years frankly. 70% success in trading is psychology and without that you got nothing.
Start a mini account $500 and trade 10c 20c lots or less.Once you care about your money then true learning takes place.

Trading is challenging because you are dealing with your fears and greed.
I used to practice Zen meditation and to some extend that is the ideal state either not getting excited about a win or about to commit suicide when losing.
To me key factor is rather counter intuitive,one must learn to take a loss and early.This is number the #1 reason people fail because ego gets involved and fear takes over and "it will comer back" does not happen until account is blown.

How do you feel about losing? Think about this and once light bulb lights up then you will be lot further ahead.
In trading, you have to be defensive and aggressive at the same time
  • #6
  • Jul 8, 2013 9:19pm Jul 8, 2013 9:19pm
There is nothing wrong with demo trading, however once you have a system that is refined and it is time to check the system on a small live account. 3 Years does not mean anything, if your only spending 1 or 2 hours a day, that is nothing, because a guy looking at the charts for 10 hours a day for 6 months would have gained more experience, it is all about the hours you spend watching the charts.
  • #7
  • Jul 8, 2013 9:35pm Jul 8, 2013 9:35pm
Maybe it's not good to run too much demo.
I think it may be better fro you to open a real account, which would help us learn more and faster.
Good luck , my friend
  • #8
  • Jul 8, 2013 9:47pm Jul 8, 2013 9:47pm
Only 3 years ? I've been trading for 10 years and still struggling...so what...are you gonna spend 10 years staring at the charts all day along ?
  • #9
  • Jul 8, 2013 9:57pm Jul 8, 2013 9:57pm
lol Righttt, if you spent 10 years and your still struggling then your doing some thing wrong.

There is a theory about mastery, if you spend 10,000 hours on any specific subject with the right guidance, you will become a master at it. All successful people such as the computer geek Microsoft owner Bill Gate, if you read about hum, he spent 1000s hours on programming computers at university.

If you want to give your self a good chance, you need chart time but with the correct mentoring.

1000s hours of bogus material going to give you bogus results.
  • #10
  • Jul 8, 2013 10:03pm Jul 8, 2013 10:03pm
Quoting Laundry
I have been demoing and researching forex trading the past three years. I have been unable to make a consistent profit on demo during this time. I have only been focusing on 4 hour cards and lower. Aimed for good R:R Technical analysis WIll I have a better chance if I start looking at daily charts and trade from trendlines...etc
i would like to see a chart of your demo trades.

thank you.
contact zero 510-684-1114
  • #11
  • Jul 9, 2013 3:29am Jul 9, 2013 3:29am
Three whole years and on a demo, that's a little off - never knew that brokers allow you to demo for that long but guess some do..which broker's demo are you using? Just asking..
Would suggest that you take some time off to review online free resources on fx, including baby pips and figure out what went wrong.
Granted you are going to be a tad frustrated but with experience, knowledge, you should be able to enter/exit trades with profit, good luck.
  • #12
  • Jul 9, 2013 4:45am Jul 9, 2013 4:45am
don't move from demo until you are consistently profitable.

trade with the long-term trend.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #13
  • Jul 9, 2013 4:49am Jul 9, 2013 4:49am
Quoting pemully
don't move from demo until you are consistently profitable. trade with the long-term trend.
Hear hear.
  • #14
  • Jul 9, 2013 5:19am Jul 9, 2013 5:19am
suggestion:

set up two demo accounts with two different brokers and arbitrage one against the other.

and do like dancing phil does and whenever you make 200k just withdraw it and feck that broker all the way to the bank.

and when you become rich and famous, use your wealth to produce a nice line of christian porno, or you could just buy tons of gold like phil did.

happy trading.
contact zero 510-684-1114
  • #15
  • Jul 9, 2013 5:23am Jul 9, 2013 5:23am
the true story is probably that laundry probably laid eyes on his first trading terminal a couple of weeks ago and instead of actually doing any demo trading for himself he figures that he will just say that he has been demo trading for three years and then we all will just blurt out the secret to winning at 4x

should i tell him the secret to winning at 4x or do one of you want to spill the beans?

i do not have all night...
contact zero 510-684-1114
  • #16
  • Jul 9, 2013 7:46am Jul 9, 2013 7:46am
Quoting slam.dunk
the true story is probably that laundry probably laid eyes on his first trading terminal a couple of weeks ago and instead of actually doing any demo trading for himself he figures that he will just say that he has been demo trading for three years and then we all will just blurt out the secret to winning at 4x should i tell him the secret to winning at 4x or do one of you want to spill the beans? i do not have all night...
Why are so many people shocked at 3 years demo trading?

I started looking in to it before going to university, now I have nearly finished university. I have only spent 5-10 hours a week researching about forex trading because of full time university commitments, a job and other things. I am not going to waste money on a real account if I can't make a profit consistently on demo.
  • #17
  • Jul 9, 2013 7:46am Jul 9, 2013 7:46am
Quoting Forexnuts
Three whole years and on a demo, that's a little off - never knew that brokers allow you to demo for that long but guess some do..which broker's demo are you using? Just asking.. Would suggest that you take some time off to review online free resources on fx, including baby pips and figure out what went wrong. Granted you are going to be a tad frustrated but with experience, knowledge, you should be able to enter/exit trades with profit, good luck.
You can open several demo accounts with brokers. I've used FXCM and Oanda. I have looked over babypips and all major resources.
  • #18
  • Jul 9, 2013 12:37pm Jul 9, 2013 12:37pm
Quoting Laundry
{quote} Why are so many people shocked at 3 years demo trading? I started looking in to it before going to university, now I have nearly finished university. I have only spent 5-10 hours a week researching about forex trading because of full time university commitments, a job and other things. I am not going to waste money on a real account if I can't make a profit consistently on demo.
i think that you should demo trade at least until you are a ripe old age and alzheimers has fully set in.

no need to rush things, omg.
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contact zero 510-684-1114
  • #19
  • Jul 9, 2013 3:23pm Jul 9, 2013 3:23pm
Quoting slam.dunk
{quote} i think that you should demo trade at least until you are a ripe old age and alzheimers has fully set in. no need to rush things, omg. . . . {image}
Why are you so angry?
  • #20
  • Jul 9, 2013 3:27pm Jul 9, 2013 3:27pm

I think befor trying to beprofitable on demo, and before you can use any strategy you have to understand yourself first, how is your mind work, without it you will continue the up and down profit/loss, feeling pressure/calm.

I also worte an Entire post about the winners mental state.


Yuval

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