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At What Point Do You Give Up On Forex

  • #421
  • Oct 3, 2013 11:05am Oct 3, 2013 11:05am
I'll give up when I start having pips come out of my ass.
  • #422
  • Edited 12:01pm Oct 3, 2013 11:43am | Edited 12:01pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Mingary
{quote} .. and what's wrong with my goal - my blue print for my future? Isn't that what they teach you at a Tony Robbins seminar ? (this weekend only for $9,999.00)
I see .... You's a funny bloke!!!...chap!!...mate!!!...
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One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #423
  • Oct 3, 2013 12:08pm Oct 3, 2013 12:08pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Pipocrates
{quote} She's been on mine for a while, its better not to waste your time with her.

.....

I know now... I'm just finding out!!!...lol....
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #424
  • Oct 3, 2013 1:53pm Oct 3, 2013 1:53pm
why no option at vote: I never quit?

It is the hidden: "In None Of The Above, Please Explain In Post" ?
I want to buy PATIENCE
  • #425
  • Oct 3, 2013 10:12pm Oct 3, 2013 10:12pm
Quoting matheszabi
why no option at vote: I never quit? It is the hidden: "In None Of The Above, Please Explain In Post" ?

  • #426
  • Oct 4, 2013 1:37pm Oct 4, 2013 1:37pm
Quoting Mingary
{quote} There is no answer to this question. My account -live- is up 43 % so far (10 months) and it sure does not feel like success. Just grinding, painstaking work, toiling, boring drudgery everyday and I can lose it all tomorrow. So, no, there cannot be a definitive answer to your question.
Good to see that you haven't completely given up. I can certainly relate to the painstaking drudgery part!
Surely being up 43% on a LIVE account is better than being down 43%?
Does this mean that you're only two months away from four consecutive profitable quarters, meaning that you're in Mr Forman's top 0.4%?
Anyway, nicely done.
  • #427
  • Oct 4, 2013 6:17pm Oct 4, 2013 6:17pm
i've never stopped, until i found the no loss key.
  • #428
  • Oct 4, 2013 9:38pm Oct 4, 2013 9:38pm
If you are not trying too hard... If you are not bent on taking revenge on the market for past losses... If you don't follow that lottery approach, throwing in money and hoping you hit the jackpot someday... If you learn to use money management so you don't suffer sudden death - which blowing your account really is... If you identify what works for you most of the time in the market and employ it more consistently than the other trading systems you try... If you don't view pictures of exotic holidaying resorts, huge mansions and state-of-the-art cars that scammers post online, claiming these are what they have achieved with forex and instantly make achieving same your goal... If you don't waste your time looking for the golden fleece of a system that never makes a losing trade... If you accept that you will lose sometimes, but skew the odds in your own favor, so you win most of the time... If you learn to stay out of the market until you really see a trading opportunity, rather than having open trades all the time, hoping some of the trades you enter will be winners... If you learn to compound your returns... If, after all these, you actually make enough money to withdraw money from your trading account - maybe as much as you put in - and still have your capital sitting their to make you more money... Then you will realize you never need to quit... Forex does work, if you learn to do it right...
Simplicity delivers success
  • #429
  • Oct 4, 2013 9:54pm Oct 4, 2013 9:54pm
Quoting oraclefusion
I think it has to hurt you so much and you have to lose serious money, for it to make it your passion and dedication to break the code and start trading instead of gambling and the difference for me between a trader and a gambler is money management :-) Cheers
You know... I can relate to this....
Simplicity delivers success
  • #430
  • Oct 5, 2013 3:08am Oct 5, 2013 3:08am
Quoting hanover
{quote} Good to see that you haven't completely given up. I can certainly relate to the painstaking drudgery part! Surely being up 43% on a LIVE account is better than being down 43%? Does this mean that you're only two months away from four consecutive profitable quarters, meaning that you're in Mr Forman's top 0.4%? Anyway, nicely done.
The word that comes to mind to describe this whole trading universe is: "ineffable"
  • #431
  • Oct 8, 2013 5:20am Oct 8, 2013 5:20am
Quoting hanover
{quote}... I guess all of the hedge fund billionaires (Simons, Paulson, Cohen, Tudor Jones, Kovner, etc ...
Every time somebody claims it is impossible to make money trading retail forex, somebody else tries to prove him wrong by rattling off a list of people who got rich doing something completely different. Just sayin'.
si hoc legere scis nimium eruditionis habes
  • #432
  • Oct 8, 2013 6:40am Oct 8, 2013 6:40am
It is quite possible for a number of ordinary ppl to be able to trade for a living. I guess a few things that need to do in order to have a higher chance of success in it.
1) Focus on 1 product first (Advice given to me by a senior)
2) Lots of screen time (This includes different TF of the "1 product" that you are looking at)
3) Patience
4) Money Management (SL, TP all thought out and backup plans on what if situation occurs)
5) Start from small capital base
6) Looking at the historical data of that "1 product"
7) Proper usage of leverage. This will greatly reduce your emotion clouding your judgement during trading. Eg: If the trade you execute is against you but only going to "rob" you 10 cents, I think you will be rational enough to carry your plan through.

The never give up "attitude". But make sure that each of these "failures" does NOT disturb your life or your family. Such "failures" is actually steps to your success if you can see what went wrong with each of these "failures".

I personally have started trading from very young age and encounter many "failures" along the way. Today I would said due diligence and acceptance of correct advice from the right ppl around you will lead you to your success that you have always dream of.

Wish you success to whoever here is still trying to find the strategy that will fits him/her. You will in time find it.
  • #433
  • Oct 9, 2013 2:12pm Oct 9, 2013 2:12pm
fx is the worst thing I've ever heard in my life.I would have ventured in proven stable business ventures if not for fx.I am still profitable but dreams of 1000% profit evaporated. the drawdowns one has to undergo makes this game an emotionally negative game. unless you believe the Michael Douglas nonsense that loses shouldn't hurt, coz he doesn't trade.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #434
  • Oct 9, 2013 3:56pm Oct 9, 2013 3:56pm
Quoting pemully
fx is the worst thing I've ever heard in my life.I would have ventured in proven stable business ventures if not for fx.I am still profitable but dreams of 1000% profit evaporated. the drawdowns one has to undergo makes this game an emotionally negative game. unless you believe the Michael Douglas nonsense that loses shouldn't hurt, coz he doesn't trade.
Let's not forget that Michael Douglas is merely acting, and Wall Street is only a movie.
  • #435
  • Oct 9, 2013 6:41pm Oct 9, 2013 6:41pm
You will never stop trading, Its the worlds best drug.
  • #436
  • Oct 10, 2013 2:37am Oct 10, 2013 2:37am
Quoting hanover
{quote} Let's not forget that Michael Douglas is merely acting, and Wall Street is only a movie.
oops wanted to mean mark Douglas of trading in the zone fame.From Soros,Tudor Jones,eckhart,trout,Gary Smith and many more agree that losing is extremely emotionally painful. yet they have the among the best track records.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #437
  • Nov 30, 2013 10:50pm Nov 30, 2013 10:50pm
That's an interesting thread. Required read for every aspiring trader dreaming of great riches. My favorite post was the one by Wulfgar on page 8. In fact, his post was quite troubling for me, because he seems to be in many ways similar to me and he claims he hasn't been able to make forex work for him after many years of trying. He found it important to understand the mechanics of forex market - just like me. And he said he didn't believe in indicators - just like me. So what conclusion do I make - forget the mechanics and plunge into indicators? Well, not quite, I have to at least learn that lesson myself.

I myself started forex quite recently so I'm not about to give up just yet. But I have to prepare myself for the possibility that forex might not work out (that is, I may not be able to become consistently profitable). But as others have said, that does not have to be the end of the road. Besides forex, there are other avenues of trading and investing. Other people have mentioned stocks, futures, options. As I understand, these are quite difficult to access for an average person like me; forex has been made very accessible recently (in order to lure in dumb money), but stock trading (in the traditional sense) is way less accessible. An easier way would be to invest in mutual funds, which are being offered in most commercial banks. I hope my experiences with forex trading will make me better at evaluating which mutual funds to invest in.

If nothing else, I sure will learn a lot in my forex adventures. I already have. A year ago I knew almost nothing about economics, trading, stock or currency markets. This was a completely new world for me, a new step in personal development. It has been interesting and hopefully will become even more interesting.
  • #438
  • Dec 2, 2013 8:51pm Dec 2, 2013 8:51pm
Quoting louisaparker
That's an interesting thread. Required read for every aspiring trader dreaming of great riches. My favorite post was the one by Wulfgar on page 8. In fact, his post was quite troubling for me, because he seems to be in many ways similar to me and he claims he hasn't been able to make forex work for him after many years of trying. He found it important to understand the mechanics of forex market - just like me. And he said he didn't believe in indicators - just like me. So what conclusion do I make - forget the mechanics and plunge into indicators?...
Well said mate, let us strive together man
  • #439
  • Dec 3, 2013 4:38am Dec 3, 2013 4:38am
http://www.forexfactory.com/showthread.php?t=459100
  • #440
  • May 25, 2014 11:44pm May 25, 2014 11:44pm
bump im bored
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