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How many people are actually making money rather than losing?

  • #1
  • First Post: Sep 26, 2013 4:54pm Sep 26, 2013 4:54pm
I have just blown up my fifth account
  • #2
  • Sep 26, 2013 5:23pm Sep 26, 2013 5:23pm
You cannot pretend to make a living in a CASINO Business Model... You cannot predict the Future.

The past bahaviour of a PAIR, doesn't tell you what will happen in the future. All indicators LAG BIG TIME, that's a FACT.

Price FICTION from JAMES16 LAGS BIG TIME, that's a FACT. They make money with their private FORUM, that's a FACT.

If you see RED 20 times in a row in roulette, it DOES NOT MEAN that you should bet Black next.


Now be prepared srpggamer, because every single spokesperson defending FOREX Scheme in this business will tell you any of the following:

_Well, it's your fault
_You you did bad trades
_You need to learn MM
_You are still not prepared, keep trading via DEMO 6 more months
_You need to work on Trading Psychology
_You need to read these books
_Keep reading the James Price Fiction Thread
_Well you only traded for 3 years. If a Doctor Studies 10 years in University you need to trade 10 years before being successful
_To be profitable at forex takes a lot much more effort than 99% of people are committed to
_You need to work harder and harder and harder
_You need to keep BURNING Accounts, a good trader, before becoming good, they burned like 10 accounts.
_and BLA BLA BLA...


Ciao...
The Black Swan: The Impact of the Highly Improbable
  • #3
  • Sep 26, 2013 11:02pm Sep 26, 2013 11:02pm
Quoting MapleLeaf
You cannot pretend to make a living in a CASINO Business Model... You cannot predict the Future. The past bahaviour of a PAIR, doesn't tell you what will happen in the future. All indicators LAG BIG TIME, that's a FACT. Price FICTION from JAMES16 LAGS BIG TIME, that's a FACT. They make money with their private FORUM, that's a FACT. If you see RED 20 times in a row in roulette, it DOES NOT MEAN that you should bet Black next. Now be prepared srpggamer, because every single spokesperson defending FOREX...
At least I'm not the only person who thinks he's a total fraud. In any case you can make a living on it and I know a couple people who do. My account isn't nearly big enough to do that yet but I'm on my way personally. It takes a lot of time to figure this out though.
  • #4
  • Sep 27, 2013 1:33am Sep 27, 2013 1:33am
I'm of the belief that it's unwise to throw real money at it without having proven to yourself you can work consistently with a demo account, but that's mostly just because I don't like throwing money away.
Live trading is harder than demo for a number of reason, so if you cannot use a demo account, you won't fare well on a live one.

And if you were blowing demo accounts, well, think of it as a really crappy video game you suck at. That's how I cope.
How did this get here oh god I am not good with computer.
  • #5
  • Sep 27, 2013 4:58am Sep 27, 2013 4:58am
Quoting srpggamer
I have just blown up my fifth account
Was that live or demo? You shouldn't even attempt live until you can prove to be profitable on demo. Then start small. There's no need to lose money. I've never lost real money and yes I have traded live, though currently fine tuning on demo. There's no rush. Go back to learning, then keep practising.
  • #6
  • Sep 27, 2013 9:58am Sep 27, 2013 9:58am
I do not know your trading style or the time period that you use but perhaps the following could explain your problem.

Day trading is a "loser's game" - not a game played by losers but a game where you will make so many mistakes that eventually you lose. Why is it a "losers game"?. Well it has been proven that short-term market movements are random and, since you are day trading then you are trying to make sense of random movements by applying some from of logic to random events, which is guaranteed to fail. It is like trying to select Lotto numbers using some kind of logical system - it doesn't work.

Try using a weekly chart in your demo account. This will ensure that you are not caught in those short-term random moves. You only make one trading decision per week over the weekend and you will reduce your trading costs. It will be hard to stop yourself from second-guessing the market's next move during the week so close your computer and walk away. A good trade will last several weeks. If you still do not win over a period of a couple of months then quit forex before you lose serious money. There is no hurry, the tortoise beat the hare.
  • #7
  • Sep 27, 2013 10:15am Sep 27, 2013 10:15am
Quoting krakoukas
I'm of the belief that it's unwise to throw real money at it without having proven to yourself you can work consistently with a demo account, but that's mostly just because I don't like throwing money away. Live trading is harder than demo for a number of reason, so if you cannot use a demo account, you won't fare well on a live one. And if you were blowing demo accounts, well, think of it as a really crappy video game you suck at. That's how I cope.
Heres my 2 pennies
Live accounts need to be used as demo's are not realistic, losing money on forex if you plan the losses whilst learning is a business investment, as long as you make progress, if not go play elsewhere.
When I started I went live after 1 week just micro lots and small % it scared me to death lol, it's what's required.
I was prepared to lose up to $200 a month as an investment, took me 3 months to lose it and I'm up on my 2nd account.
If you rule trade with a R:R of 3+ to 1 and don't over trade ( I started with 10-20 a day now 3-4 prime trades) you have some odds to win.
Anything less and your gambling, if you're failing doing loads of trades at 3:1 trade less and pick a higher reward.
Don't get greedy and don't expect to get rich in a hurry for a period.
Above all enjoy, you could be paying $100 a month for a few useless games rofl
Photize
Ps 90% fail and many get tutored by the other side be warned !!! In a market there is only 1 fundamental which can make price move , over supply or over demand not forgetting that under supply and under demand is the unspoken part of the same formula.
  • #8
  • Sep 27, 2013 10:22am Sep 27, 2013 10:22am
Quoting photize
{quote} Heres my 2 pennies Live accounts need to be used as demo's are not realistic, losing money on forex if you plan the losses whilst learning is a business investment, as long as you make progress, if not go play elsewhere. When I started I went live after 1 week just micro lots and small % it scared me to death lol, it's what's required. I was prepared to lose up to $200 a month as an investment, took me 3 months to lose it and I'm up on my 2nd account. If you rule trade with a R:R of 3+ to 1 and don't over trade ( I started with 10-20 a day...
There's no point doing live if you can't do demo. As someone on here once said quite succinctly, there's no point trying to be an SAS marksman when you can't even do paintball.

You don't need to lose ANY money!
  • #9
  • Sep 27, 2013 10:42am Sep 27, 2013 10:42am
Keep at it if you want. The mistakes you may want to address are:

_Well, it's your fault
_You you did bad trades
_You need to learn MM
_You are still not prepared, keep trading via DEMO 6 more months

I recommend you do the following:

_You need to work on Trading Psychology
_You need to read these books
_Keep reading the James16 Thread
_Well you only traded for 3 years. If a Doctor Studies 10 years in University you need to trade 10 years before being successful
_To be profitable at forex takes a lot much more effort than 99% of people are committed to
_You need to work harder and harder and harder
_You need to keep BURNING Accounts, a good trader, before becoming good, they burned like 10 accounts.

All taken from FF's foremost expert on trading failure.

On a serious note, trading is one of the hardest professions anyone can take on, particularly for retailers. If you want to do it then be prepared to identify the areas that need work and then do the necessary work. Did you fail because of a bad system or because of the most common psychological issues like not sticking to rules/MM, reacting badly to losses, revenge trading, over trading, trying to force setups instead of waiting for them to come to you, shooting from the hip, getting married to trade ideas, needing to be right etc?

We've all been there as it's our 'default' psychology when we're mentally unconditioned, we do all the above subconsciously and on autopilot.

It takes time and work to reprogram this stuff and even then it's very easy to relapse. The good news is that you can change it and the more consistently you work on it the more natural the successful trading mindset becomes which is more like - being calm, objective, fully accepting of losses and being wrong, thinking in probabilities (just like a pro gambler), managing risk, totally trusting in your system and your ability to follow it to deliver positive results over time, having a solid business plan, having routines, making sure you get into the right mental state at the start of the day, looking at the big picture then waiting for the signal... (probably more but you get the idea)

If you're committed to making it then I'd recommend take a break, go back to demo and work on psychology and a plan and sticking to it.

Mapleleaf is absolutely right that most people simply not committed to make the effort required and keep bouncing back and taking punches and ploughing on through drawdowns.

It's definitely not for everyone, same with starting a business - people stick at it for years, and fail over and over again until they finally succeed. Most people cannot see it through and cannot keep bouncing back.

Can you learn from your mistakes and are you prepared to look inside yourself and completely rewire your mindset, beliefs and attitude toward trading?

If the answer is no it's probably not for you - which isn't a bad thing as it isn't for most people.

Good luck with whatever you decide.
Anything can happen.
  • #10
  • Sep 27, 2013 11:03am Sep 27, 2013 11:03am
Quoting MapleLeaf
Well, it's your fault _You you did bad trades...
You know what Mapleleaf, you're right, it IS my fault when I get a loser. Usually, I've made a mistake or done something dumb. Most of the time I'd know exactly what I've done wrong and I'll make a conscious effort not to repeat it. That is how I improve.
  • #11
  • Sep 27, 2013 11:05am Sep 27, 2013 11:05am
Let's ask another question, How many people there wanted to be a pilot/some fancy profession that gives a high status and couldn't do it ? ....

A lot. .... it's the same with trading. You have to be among the best candidates to be accepted to that school, same with trading, you have to be among the best to make money. End of the story.
So sorry for always replying late! But I got 2 Jobs!!
  • #12
  • Sep 27, 2013 11:17am Sep 27, 2013 11:17am
Quoting jen101
{quote} There's no point doing live if you can't do demo. As someone on here once said quite succinctly, there's no point trying to be an SAS marksman when you can't even do paintball. You don't need to lose ANY money!
It's a personal decision of course but its been proven that demo accounts have different characteristics to live accounts, and part of the major learning curve is the physiology of business and trading. Money management is a major influence, if you trade demo for 2 years and invest your time and then go live and blow the budget with fear and trepidation, you have wasted your money and 2 years.
Demo trading for many is a fun pastime.
Live trading is also an investment in time as it will determine a traders capability.
Enjoy
Photize
If you are not profitable with an affordable investment re-group and re-think. If you don't like trading live invest your cash in another business.
  • #13
  • Sep 27, 2013 11:31am Sep 27, 2013 11:31am
Quoting photize
{quote} It's a personal decision of course but its been proven that demo accounts have different characteristics to live accounts, and part of the major learning curve is the physiology of business and trading. Money management is a major influence, if you trade demo for 2 years and invest your time and then go live and blow the budget with fear and trepidation, you have wasted your money and 2 years. Demo trading for many is a fun pastime. Live trading is also an investment in time as it will determine a traders capability. Enjoy Photize If you...

So, you're saying that I should stop practicing on medical dolls how to do the emergency room duty or a minor surgery ... and instead of that I shall go blow live person to learn from it ? ... I guess not!
So sorry for always replying late! But I got 2 Jobs!!
  • #14
  • Sep 27, 2013 12:00pm Sep 27, 2013 12:00pm
Quoting Muhammad Ezz
{quote} So, you're saying that I should stop practicing on medical dolls how to do the emergency room duty or a minor surgery ... and instead of that I shall go blow live person to learn from it ? ... I guess not!
and I want to do brain surgery any volunteers?

Muhammad, that is impressive trading. You're a fast learner. Keep it up!
  • #15
  • Sep 27, 2013 12:15pm Sep 27, 2013 12:15pm
I have been profitable for 7 months in a row with august being my first negative month (-12.6%)

I trade with the trend,let winners ride and cut my losers short.

do you do the same?
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #16
  • Sep 27, 2013 12:31pm Sep 27, 2013 12:31pm
Quoting jen101
{quote} and I want to do brain surgery any volunteers? Muhammad, that is impressive trading. You're a fast learner. Keep it up!

Well, Get me a Bone chisel, Bone distractor, Bone mallet and some Clamps Let's break into that MoFo head to see what's happening in there and hey, book the OR number 54841256 who I don't even know if it does exist or not Welcome on board
So sorry for always replying late! But I got 2 Jobs!!
  • #17
  • Sep 27, 2013 12:54pm Sep 27, 2013 12:54pm
Quoting Ttop
I do not know your trading style or the time period that you use but perhaps the following could explain your problem. Day trading is a "loser's game" - not a game played by losers but a game where you will make so many mistakes that eventually you lose. Why is it a "losers game"?. Well it has been proven that short-term market movements are random and, since you are day trading then you are trying to make sense of random movements by applying some from of logic to random events, which is guaranteed to fail. It is like trying to select...

You cant create order out of chaos...sorry but i don't agree with your statement.
  • #18
  • Sep 27, 2013 1:41pm Sep 27, 2013 1:41pm
Quoting ronaleo10
{quote} You cant create order out of chaos...sorry but i don't agree with your statement.
Is it really order, or are we being fooled by randomness?
  • #19
  • Sep 27, 2013 1:46pm Sep 27, 2013 1:46pm
Quoting Ttop
I do not know your trading style or the time period that you use but perhaps the following could explain your problem. Day trading is a "loser's game" - not a game played by losers but a game where you will make so many mistakes that eventually you lose. Why is it a "losers game"?. Well it has been proven that short-term market movements are random and, since you are day trading then you are trying to make sense of random movements by applying some from of logic to random events, which is guaranteed to fail. It is like trying to select Lotto...

I agree with that.
So sorry for always replying late! But I got 2 Jobs!!
  • #20
  • Sep 27, 2013 1:51pm Sep 27, 2013 1:51pm
Quoting Muhammad Ezz
{quote} So, you're saying that I should stop practicing on medical dolls how to do the emergency room duty or a minor surgery ... and instead of that I shall go blow live person to learn from it ? ... I guess not!
I think I read somewhere that you had not traded yet. If I am correct then please do trade with real money because until you do it with real money you aren't feeling the complete trading experience. Your posts are purely academic. It's like trying to learn to drive a car by reading a book, it can't be done. Trading is a skill i.e. it requires knowledge + experience
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