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At What Point Do You Give Up On Forex

  • #341
  • Edited 7:23am Mar 4, 2013 7:21am | Edited 7:23am
Absolutely love the header! It's an addiction... the select few trade to make money, the rest make money to trade!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #342
  • Mar 4, 2013 7:54am Mar 4, 2013 7:54am
Good question! Here are a couple of thoughts from one who almost gave up a couple of times. First, trade smaller. Even if you are only trading .01 on a mini. You can stay in the game. Second, and this is the most important, learn all you can. This is one of the nice things about Forex Factory, there are a lot of people with a tremendous amount of experience that post on this site. Learn from them, find what works with you risk comfort levels, time you can work with this and the amount of money you can afford to lose. After having a lots of losses I scaled way back and experimented with a number of systems, some I found at FF and some I developed just from watching inter market behaviour.

I learned that the KISS formua (Keep it Simple Stupid) works the best. By keeping it simple, not having a lot of money at risk has made my trading profitable and enjoyable. Over time you will learn that doubling everyday on happens once in a while. Learn to be happy with 5-10 % per month. We all should be happy with 10% per year, that alone will beat most investments

Puritan
  • #343
  • Mar 4, 2013 8:14am Mar 4, 2013 8:14am
You never fail at anything until you quit
  • #344
  • Mar 4, 2013 1:30pm Mar 4, 2013 1:30pm
"You never fail at anything until you quit"

My dream is to be an expert at holding up convenience stores or knocking down old ladies to snatch their purses, but I really suck at it (caught so many times ...)
Should I quit?
  • #345
  • Mar 4, 2013 1:45pm Mar 4, 2013 1:45pm
Quoting Mingary
"You never fail at anything until you quit"

My dream is to be an expert at holding up convenience stores or knocking down old ladies to snatch their purses, but I really suck at it (caught so many times ...)
Should I quit?
I'm surprised that you haven't already been forced to quit, through circumstances beyond your immediate control.
  • #346
  • Edited Mar 5, 2013 1:06am Mar 4, 2013 2:02pm | Edited Mar 5, 2013 1:06am
Reminds me of the dyslexic Canadian robber who went into a bank and pulled out a gnu...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #347
  • Mar 4, 2013 2:45pm Mar 4, 2013 2:45pm
>try demo for 2 months
>start live account next 2 months -use 0.01 Lot
(confirm your stategy works!)
>increase risk to 2% capital after that
Daytrader
  • #348
  • Mar 4, 2013 3:44pm Mar 4, 2013 3:44pm
Quoting Puritan
Good question! Here are a couple of thoughts from one who almost gave up a couple of times. First, trade smaller. Even if you are only trading .01 on a mini. You can stay in the game. Second, and this is the most important, learn all you can. This is one of the nice things about Forex Factory, there are a lot of people with a tremendous amount of experience that post on this site. Learn from them, find what works with you risk comfort levels, time you can work with this and the amount of money you can afford to lose. After having a lots of...

Thanks Puritan.
  • #349
  • Mar 4, 2013 3:56pm Mar 4, 2013 3:56pm
Quoting PoundTrader
GET RICH OR DIE TRYING
Death or glory )
Stop or target...
  • #350
  • Mar 4, 2013 4:03pm Mar 4, 2013 4:03pm
At the point I earn enough for living from profits.
  • #351
  • Mar 4, 2013 6:08pm Mar 4, 2013 6:08pm
Quoting Mingary
"You never fail at anything until you quit"

My dream is to be an expert at holding up convenience stores or knocking down old ladies to snatch their purses, but I really suck at it (caught so many times ...)
Should I quit?
yes you should
  • #352
  • Mar 5, 2013 4:37am Mar 5, 2013 4:37am
Never give up, but at least be realistic with the amount of time required to gain the experience necessary. Some will learn faster than others, but eberything you need to know, is out there on the internet!

Determination and a never say die attitude is essential.

Imagine this to be a 100,000 piece jigsaw puzzle.... of the sky... now you understand the patience and determination required!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #353
  • Mar 5, 2013 5:26am Mar 5, 2013 5:26am
Quoting Mingary
"You never fail at anything until you quit"

My dream is to be an expert at holding up convenience stores or knocking down old ladies to snatch their purses, but I really suck at it (caught so many times ...)
Should I quit?
No! Old ladies rarely fight back it's easy money. Focus on making sure there are no cameras/witnesses
  • #354
  • Sep 24, 2013 5:22pm Sep 24, 2013 5:22pm
Never. Give. Up.

It's not supposed to be easy.

Money can be made, but you have to find something that works for you. It could contain parts of other peoples style which suited your style, but it has to have your own twist to it. You can only find this "system", "strategy" or whatever else you want to call it by being persistent. It may take time to develop - possibly lots of time - but it may also be closer than you think. One thing is for certain... you won't find it if you give up. If you do keep trying it will eventually come. So DON'T GIVE UP!
  • #355
  • Sep 24, 2013 5:47pm Sep 24, 2013 5:47pm
Quoting 2+2=4ex
Never. Give. Up. It's not supposed to be easy. Money can be made, but you have to find something that works for you. It could contain parts of other peoples style which suited your style, but it has to have your own twist to it. You can only find this "system", "strategy" or whatever else you want to call it by being persistent. It may take time to develop - possibly lots of time - but it may also be closer than you think. One thing is for certain... you won't find it if you give up. If you do keep trying it will eventually come. So DON'T GIVE...
What makes you say that? People wander this desert for years and never get anywhere. Creating a frankensystem isn't the answer, understanding the market and what drives is is. Some people get lucky creating a system and a few of those quit before they lose it all again ("Turtles") but that's an exception to the rule.
  • #356
  • Sep 24, 2013 6:15pm Sep 24, 2013 6:15pm
I second that, never give up. You will find your system after trying. There are many styles out there, you will find one that suits your personality. There is only one thing to make you successful: money management. All other things only make different styles of money management.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #357
  • Sep 24, 2013 6:17pm Sep 24, 2013 6:17pm
Quoting Kanzler
{quote} What makes you say that? People wander this desert for years and never get anywhere. Creating a frankensystem isn't the answer, understanding the market and what drives is is. Some people get lucky creating a system and a few of those quit before they lose it all again ("Turtles") but that's an exception to the rule.
Well that is why I said "call it whatever you want". Doesn't necessarily have to be a system with hard rules. It could be a strategy that takes into account what moves prices and figure out some way to interpret them that makes it long-term profitable. It could be anything that works FOR YOU.

The point I was trying to make is do not give up. Giving up is the only way you will fail for certain. As many people as there is that fail within their first 5 years and leave, I am confident that most people that stick with it for more than 5+ years figure it out eventually. That doesn't mean everyone will. Some will "wander the desert" forever. However the odds get better that they won't stay lost with continued persistence. So DON'T GIVE UP! If you want to succeed you have no other choice!
  • #358
  • Sep 25, 2013 1:08pm Sep 25, 2013 1:08pm
The mere existance of this thread is a long waited wake up call and a sign that more and more people realize that "it was just a dream...
just a dream...just a dream"

Retail forex is a fantastic way of keeping yourself entertained the same way you watch sports on tv.
The difference, in forex advantage,is that you can watch and bet 120 hours a week every minute of it!

For those who are still thinking they can make an income out of it ,please ,please forget about it all!
This huge Retail-forex hoax has lured tens of thousands and more thousands of decent people, mostly young people
into beliving that retail forex even exists.

Retail forex is no moe no less than a gigantic bucket-shop .None of your "orders" reaches the market and the
Money Pool of these bucket shops consists EXCLUSIVELY of your and others dreamers money.
The so called" 6 trillion dollar market" from which you are supposed to get some crumbles is NOT the market you place
your "orders" on. Neither does your "broker ".

Forex related sites are full of testimonials about these "brokers".There is not such a thing as "honest broker".
But be aware!Never underestimate the power of persuation and why not seduction of the ARMADA of IBs,Marketeers,
Affiliates etc working in the "industry".Their role is to keep the dream alive and recruit new dreamers.

The truth is hard to handle...Especially when you have invested so much of your precious time and maybe money,
in order "to become a succesful trader".There is no Santa and worse than that ,that`s not Dad!

"Leveraged trading" is a notion invented by the con-artists.There isn`such a thing but listen...

you have their word for it and for the quotes as well.You have their word that... that was the price banks offered....
and that spike and requote were there indeed.... and what a pity you missed the rally!etc. etc.

Happy those who give up "retail forex" before it`s too late.
  • #359
  • Sep 26, 2013 6:22am Sep 26, 2013 6:22am
agree to the above poster,forex is a big dream,theres no billions,theres no prediction,only speculation and low end brokers who feed on the hopes of others,gave up forex almost two years ago,now i do glimpse sometimes into charts and what a joke,some indices reach multi year top highs,when economies are crippled,exchange rates fluctate for no reason.And biggest hoax is that people who invest time believe that some meeting some news are changing outlook of the world,complete nonsense.
Anything that happens in forex stays there,as people who aren't interested in it dont see any changes nor feel them in everyday life.Ex dollar might drop against eur but so what if you live in your own currency country nothing changes that day nor in the long term,as price moves up and down,reaches bottom then jumps back again,while this happens it doesnt even reach outside world to make any significant impact.
Some might say oh Oil prices are raking up high,so petrol prices gonna increase,but those people fail to realize that 60% of fuel prices are government tax.
So all in if someone thinks that their over leveraged one lot makes a difference,fail to realize that it doesnt even go into market feed,as its so low that borker rather keep it in the system or pair it with someone elses order,until one falls out.
Market exists and it moves,but it moves on those who have direct access on the floor to push in multimillion orders and leave them,not by someone sitting at home and trying to make their luck when every aspect from user to brokers and market leaves them playing against people who dont use leverages nor have any fear of leaving millions on the spot,to wait until they reach their goal.
  • #360
  • Sep 26, 2013 7:05am Sep 26, 2013 7:05am
I think part of the reason some make it is their foundation.I first read Reminiscences of a stock operator and it ingrained in me some very important lessons.
1.Risk management-no averaging down
2.Hope and greed-cut losers short let profits run
3.Follow the trend
4.price action around pivots(00)
5.you cant beat the market forever-your edge will finally wane.

The most profitable systems available for retail are low win systems,for instance I have backtested a very simple system which in its basic form wins about 25% with a payout of 4.The volatilty is so high its almost untradeable.I added a P.A filter and win% rose to 31%,all of a sudden it becomes wildly profitable and the low win rate is redeemed by how easy entry signals are.I can enter a day before the main move and dont give a damn about staring at the charts.I dont even look at my P/L except on a monthly basis.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
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