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A newbie in search of Support

  • #1
  • First Post: Jun 25, 2006 7:32pm Jun 25, 2006 7:32pm
Hello to all...........I had no idea such a place existed.....and of course I mean a place like this this(forum). Gosh where to begin.....I do not want to bore anyone so I will get down to it........ I AM SOOO FREAKN TIRED OF LOSING MONEY.

There that wasn't that bad..... ok...I purchased a $3,000.00 course to learn the forex....ok it taught me the basics....Then again I could have learned it for free online.

I joined their mentoring program...another $145.00 a month for about three months....lost about $8,000.00 trading, as I trusted their judgements blindly, after all they were supposed to be the best.

I told my wife, "Thats it, I give up un the forex. I do not want to continue to lose any more money"

Damn it man, I LOVE HER, you know what she says.... "you can't give up, you have invested too much money and time into the forex. You're smart, I know you can get this. Take another $5,000.00, be patient"

See why I love her.....now I will deposit another 5k to my account, please help me find the HOLY GRAIL......or the closest system, stradegy their is to it. I know its out there.....is it BUNNYGIRL......Vegas......What the hell is a knife. I just signed up to thid forum on Saturday June 24, 2006...I will continue to educate myself by reading in this AWESOME FORUM, but I will apreciate any advise, suggestions, hell WORDS OF ENCOURGEMENT, GOD knows I need it.

Thanks to all in advance

Sincerely,

FXBPR1
  • #2
  • Jun 25, 2006 7:36pm Jun 25, 2006 7:36pm
Why not demo trade until you have a consistently profitable system? That's what I'm doing and spending a lot of time testing different systems on historical data.

Squid
  • #3
  • Jun 25, 2006 8:00pm Jun 25, 2006 8:00pm
Hi FxBPR1,

Couple of questions.

When did you make your first FX trade, real or demo?

How many units were you trading per ticket?

What leverage was your account at?

Were you trading Full Lots, Micro, Mini or Micro Mini Lots?

If you don't know the answer to any one of these questions or more importantly how they relate to success or failure in Trading Forex, then there is a wealth of information right here on these boards. Not to mention all the support you can handle.

Obviously you make some really good decisions. Picked your wife didn't you.

Succesfully trading Forex only requires learning how to make good decisions. And it can be learned. That and patience.

Welcome to the Forex Factory Boards.
  • #4
  • Jun 25, 2006 8:12pm Jun 25, 2006 8:12pm
Good find on the girl. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Forget the grail. Even if you found it, you aren't competent enough at this point to utilize it. As the wise Squid says, demo trade for a bit. Try out some of the listed systems and see if they appeal to you. You should also read books (and this forum) until your eyes fall out of your head. In short, you need an education far more then you need a system.<o></o>

A wise trader once told me that if you can't make money with $5k, you can't make money with $5mil. You spent your money and learned you have no idea what your doing. Do yourself (and your very supportive hunny) a favor and save your cash for a later date. You need to spend another year or two learning this biz before you start trading with that kind of cash. You need to work with a $100-200 account and make that profitable. Then up it to a $500. Etc...<o></o>

You can make some sick money with this, but it's going to take infinitely more time and effort then you are anticipating. Good luck!<o></o>
  • #5
  • Jun 25, 2006 8:54pm Jun 25, 2006 8:54pm
Ok, started trading a demo account where I trippled my demo $10,000.00

Opened a real $5,000.00 account where I made about $3500.00 in a weak scalping a 10minute chart trading the break of trend lines...then it all went down from there.....break of trend lines was not working...took a small course on PIVOT points....which by the way it is very accurate, as far as support and reisitance...but have been doing it all wrong....the course recomended that the if the day opened below the pivot we are selling for the day, above pivot we buy....BOY were they wrong, specially recomending to trade with 5 minutes chart....I have been testing the following which seems to work AWESOME, but now I am just SCARED......check it out

1. Find your Pivot Points
2. At around 9:00pm to about 4:00 am it goes into consolidation (GBP/USD)
3. On an Hour chart wait for the break and close of consolidation in the direction of the 4 Hour trend.
4. Target your support or resistance of the Pivot.
5. If the break is againts the trend a good 30 to 40 pip can be scalped
6. Get out at or around 8:00 am as fundies can screw you pretty bad and of course if there is a big fundie..do not bother to trade it as it will probably be in consolidation all night until the fundie.

This seems to work pretty good but I will still continue to test it until I find enough courage to re enter the trading expirience.

For now I am reading the Trading Plan Manual in this forum.....so far it is AWESOME.....Thanks to all
  • #6
  • Jun 25, 2006 9:24pm Jun 25, 2006 9:24pm
First,

A supportive woman is like gold. Make sure you hold on tight!

There is no Holy Grail.. But there is "Secret Sauce"!!

I know how you feel man; we've all been there; and some of us are still there.

I was in the same boat as you; to the point where I quit my day job to study this full time.

Read my journal http://www.forexfactory.com/forexfor...ead.php?t=5880

and save yourself some 400 hours on the search.. I will tell you though, there is "secret sauce" and it is the crux of ANY investment.

take a swim through my wild journal, and see if you find the secret sauce for yourself. When you do, do as I'm doing.. I'm going to paper trade it for 3 months first. Get familiar with it.

Behind every great man, stands a great woman. Well, you've got that part down. So, work hard, and you'll get there.. we've got your back!
google:
  • #7
  • Jun 25, 2006 10:13pm Jun 25, 2006 10:13pm
Quoting fxbpr1
Hello to all...........I had no idea such a place existed.....and of course I mean a place like this this(forum). Gosh where to begin.....I do not want to bore anyone so I will get down to it........ I AM SOOO FREAKN TIRED OF LOSING MONEY.

There that wasn't that bad..... ok...I purchased a $3,000.00 course to learn the forex....ok it taught me the basics....Then again I could have learned it for free online.

I joined their mentoring program...another $145.00 a month for about three months....lost about $8,000.00 trading, as I trusted their judgements blindly, after all they were supposed to be the best.

I told my wife, "Thats it, I give up un the forex. I do not want to continue to lose any more money"

Damn it man, I LOVE HER, you know what she says.... "you can't give up, you have invested too much money and time into the forex. You're smart, I know you can get this. Take another $5,000.00, be patient"

See why I love her.....now I will deposit another 5k to my account, please help me find the HOLY GRAIL......or the closest system, stradegy their is to it. I know its out there.....is it BUNNYGIRL......Vegas......What the hell is a knife. I just signed up to thid forum on Saturday June 24, 2006...I will continue to educate myself by reading in this AWESOME FORUM, but I will apreciate any advise, suggestions, hell WORDS OF ENCOURGEMENT, GOD knows I need it.

Thanks to all in advance

Sincerely,

FXBPR1
Welcome to the Factory,
Please stop trading with real money .... in fact, stop trading at all, and start reading the sticky's in the beginners section.

Also check this thread out. http://www.forexfactory.com/forexfor...ead.php?t=2331

Once you think you've got a grasp of the basics, I highly recommend james16group.com. Please don't be fooled by the low price.

Keep your chin up, and Good Luck.

Take Care
Habeeb
Keeping it Simple
  • #8
  • Jun 25, 2006 10:37pm Jun 25, 2006 10:37pm
Ok, well, I'll throw in my opinion as well.

First, I agree with habeeb. STOP trading now. You are too psychologically damaged. You need to repair that first.

Second, you're trading approach is too open for subjective thinking. Take a deep breath and relax for a minute. Now, take a look at the several systems recommended around - BGX, James16, etc. (Find more at strategybuilderfx.com.) Find a system that suits your style. Need an example of what I mean? OK. My first system I attempted to follow was the BGX. It's a great system. But, I'm not a patient person (not then, anyway.) Sometimes, the BGX is prone to retracements after the entry price was hit. I HATED waiting around for a trade to come in my favor. It stressed me out. I recognized that the system was causing an emotional trigger that would be devastating to my trade success. So, since I didn't have the skills at the time to deal with the emotions, I dealt with the system. I've constructed a system that I'm comfortable with that meets my needs. You need to do the same. It WILL take time, effort, backtesting bar by bar, and a lot of work. But, it will be worth it.

Third, forgive yourself for the losses. I'll say it again - forgive yourself for the losses. Don't forget them, just recognize that they occurred while you're a trading infant. Consider them an expensive education.

Fourth, reset your expectations for success. Focus on a 2 year plan for profitability, not 3 months. I know that sounds like a long time, but consider this. If you can master the skills needed to be a successful trader, you will, essentially, have the ability to virtually manufacture money on demand. How long would you be willing to work at mastering these skills with a payoff like that? Slow down a bit. Mess around with a few systems. Find one that suits your needs. Practice it on a demo account, then on a micro account, then on a mini account, then on a standard account.

I wish there was a magic pill you could take, but, there isn't. Slow down, persevere and, by all means, DO NOT throw that other $5,000 at the problem. If you'd like, and you have $25k around, I have a forex trader friend who runs a fund and will provide you with a guaranteed 60% return at the end of a year. You'd be better off giving him the money to trade while you work out the kinks to your own trading.

Regards,

stockwet
  • #9
  • Jun 26, 2006 12:32am Jun 26, 2006 12:32am
Quoting fxbpr1
Hello to all...........I had no idea such a place existed.....and of course I mean a place like this this(forum). Gosh where to begin.....I do not want to bore anyone so I will get down to it........ I AM SOOO FREAKN TIRED OF LOSING MONEY.

There that wasn't that bad..... ok...I purchased a $3,000.00 course to learn the forex....ok it taught me the basics....Then again I could have learned it for free online.

I joined their mentoring program...another $145.00 a month for about three months....lost about $8,000.00 trading, as I trusted their judgements blindly, after all they were supposed to be the best.

I told my wife, "Thats it, I give up un the forex. I do not want to continue to lose any more money"

Damn it man, I LOVE HER, you know what she says.... "you can't give up, you have invested too much money and time into the forex. You're smart, I know you can get this. Take another $5,000.00, be patient"

See why I love her.....now I will deposit another 5k to my account, please help me find the HOLY GRAIL......or the closest system, stradegy their is to it. I know its out there.....is it BUNNYGIRL......Vegas......What the hell is a knife. I just signed up to thid forum on Saturday June 24, 2006...I will continue to educate myself by reading in this AWESOME FORUM, but I will apreciate any advise, suggestions, hell WORDS OF ENCOURGEMENT, GOD knows I need it.

Thanks to all in advance

Sincerely,

FXBPR1
Hi FXBPR1,

You've gotten some really good answers here, but let me add the following:

There is no Holy Grail system. In fact, I think your focus is in the wrong place. You're focusing all your attention on which system to trade. The truth is that the system should receive the least amount of your attention. Money Management and Trader Psychology (discipline ) are far more important. If you've got these two areas down pat, then you can make money with any system that has a positive expectancy, and fits your personality and/or schedule.

The first thing you need to do is STOP TRADING REAL MONEY IMMEDIATELY. Trade only demo for the next six months. After that, trade a micro account with only a single micro lot on each trade for another three months or until you can show consistent profitablility, whichever is longer.

Read every sticky in the Beginners Forum, especially the sections on Money Management and Psychology.

Read trading books starting with these five:

Market Wizards
Trading in the Zone
Reminiscenses of a Stock Operator
High Probablility Trading
Trade Your Way to Financial Freedom.

Trade long term time frames (4 hour, daily, or weekly) forget about trading anything less than 4 hours until you've learned how to trade, and especially stay away from anything less than 1 hour. Don't let the word "scalping" even enter your vocabulary!

Read every post in the James16 Chart Thread. In this thread, you'll learn about many things including pin bars (Pinnochio Bars). You can trade daily charts using just pin bars and make money. James16 is an undisputed genius on this forum as well as being a darn nice and straight up guy. You'll like him.

If you have any questions, please don't hesitate to ask. As you've already seen, there are a bunch of great people willing to help you on this forum.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #10
  • Jun 26, 2006 9:01pm Jun 26, 2006 9:01pm
First of all, I am greatful I found this community. Second, I'm greatful for all our your support and advice........Last night I read the trading plan manual...it is an awesome tool for someone like me.....I am convinced my problem is a big lack of discipline and patience.....I see systems, know how they work, understand them but I get TRIGGER HAPPY...well for know I will continue to educate myself. In time, I know I will be a very succesful FOREX TRADER.

Again, THANKS TO ALL
  • #11
  • Nov 5, 2017 8:19pm Nov 5, 2017 8:19pm
Disregard the chalice. Regardless of the possibility that you discovered it, you aren't sufficiently able now to use it. As the insightful Squid says, demo exchange for a bit. Experiment with a portion of the recorded frameworks and check whether they request to you. A shrewd broker once revealed to me that on the off chance that you can't profit with $5k, you can't profit with $5mil. You spent your cash and learned you have no clue what you're doing. Help yourself out and spare your money for a later date. You have to spend one more year or two taking in this business before you begin trading with that sort of money.
  • #12
  • Nov 5, 2017 9:20pm Nov 5, 2017 9:20pm
wow,11 years old thread is getting reborn ))

I'm just wondering, what happen to guy after 10 posts.
Whether you think you can, or you think you can't,you're right. H.F.
  • #13
  • Nov 7, 2017 6:43am Nov 7, 2017 6:43am
Quoting Simply-Me
wow,11 years old thread is getting reborn )) I'm just wondering, what happen to guy after 10 posts.
He quit forex start binary options with the support of the wife of course
  • #14
  • Nov 7, 2017 6:45pm Nov 7, 2017 6:45pm
Proficient Traders utilize Limit Orders and Stop/Loss Orders as the foundation of a taught trading strategy. By setting both on every one of their positions, they have expelled feeling from the condition and are giving the market a chance to work for them. Beginners, then again, don't utilize Limit Orders and Stop/Loss Orders. They remain stuck to their screens, attempting to juggle every one of their positions continuously. They miss basic action focuses, and they let feeling principle their choices.
  • #15
  • Nov 7, 2017 11:31pm Nov 7, 2017 11:31pm
I cannot believe people still trying to give serious replies to this thread.
  • #16
  • Nov 8, 2017 2:54am Nov 8, 2017 2:54am
Get a demo account. Spend 3-6 months learning how to trade without losing money. And while you're at it, learn everything there is to learn about the forex trade.
Price Action Tips For Aspiring Forex Traders
  • #17
  • Nov 8, 2017 9:41am Nov 8, 2017 9:41am
Quoting Kxeroo
I cannot believe people still trying to give serious replies to this thread.
  • #18
  • Nov 8, 2017 12:18pm Nov 8, 2017 12:18pm
learn fundimental bro...stop trading real money.its takes times..1 year@ 2year..dont waste your times learn technical..anything technical is the same..read,read,read...
  • #19
  • Nov 10, 2017 3:23am Nov 10, 2017 3:23am
I have seen mostly traders always suggest demo account for practicing, but I think instead of demo micro account really works to acquire real trading experience. Because, after passing sometimes the traders lost interest in demo. It’s my experience please don’t take it personally.
  • #20
  • Nov 10, 2017 8:10pm Nov 10, 2017 8:10pm
Respected traders, for all most eternity i have heard that forex pays. iam 40 divorced and penniless.no kids and a few dollars in my pocket.but iam also an engineer, and was a damn good student. can you guys tell me how to master forex trading? coz i wont stop until am a master and i wont loose any more.i have downloaded a few video courses off the internet and have been studying them.i want to go all out coz i dont have anything else to loose.so please chalk out a plan how i should proceed.
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