close to quitting... | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

NY Close vs GMT Close 6 replies

To Those Traders Thinking About Quitting 0 replies

How to close order on BAR close? 6 replies

Need help!! Close order on this bar close 5 replies

Seeking Correct Open/Close - It's Close but ... 0 replies

close to quitting...

  • #21
  • Jul 3, 2006 3:02pm Jul 3, 2006 3:02pm
MXB has a good point there.....speak positive words.

I forgot to mention that part, get and keep a positive out look, befoe you go to sleep, take a few deep breaths and see yourself winning at 4x, afirm that you can do this and let your subconsciuos work out the details......remember the old saying about sleeping on a problem to solve it.
Don't confuse the above with a bunch of metaphisical mumbo jumbo, because it is'nt, it is just another way to retrain yourself and your thinking habits, and if you pray, it don't hurt to let a higher power lend a hand either, remember God is there to for you. In fact out of his word ....whatever a man thinks in his heart, so is he.
Same Whore .... Different Dress
  • #22
  • Jul 3, 2006 3:33pm Jul 3, 2006 3:33pm
Quoting americanteek
<TABLE class=tborder cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 70810" vAlign=top><TD class=alt1 align=middle width=125>turbokaos</TD><TD class=alt2>I came across this a a few months a go and it outlines the Real Cost of Non-Institutional Foreign Exchange Trading



http://forexfacts.atspace.com/



turbo

</TD></TR></TBODY></TABLE>No offense to you turbo, but whoever wrote this article is an idiot. Its just like so many other pagest that try to expose forex, without any evidence and citing numbers and figures that make it look like you could never win. Yes lots of people lose money in forex trading, big surprise. The author of this says that your small retail trade is going to effect the market - what an ego. You think anyone cares about your little 5 lot trade? You think even 50 lots is anything to a semi-major broker?


And if your broker uses UBS quote ticker then you know that they aren't manipulating anything. This guy should get some facts and write an article about how he still sucks after 18 months of trading and its his own fault because he's an idiot.
No worries mate no offense taken. I don't agree 100% with the author myself. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

But if we take a step back I would say most new people coming into FX markets are entirely new to trading. What do they do? Google “forex” I would say out of the top 10 or even maybe 100 sites that come up you probably wouldn’t even think about trading at. On top of that there is so much what I like to call Bubble Gum on this trading system or that trading system that people just don’t know where to start. <o></o>

<o></o>
The reason for my post was that I feel most people like our author of the thread feel the same way the author of the article.

<o>Doesn't mean there right.</o>

<o></o>

<o></o>
Turbo<o></o>
  • #23
  • Jul 3, 2006 7:05pm Jul 3, 2006 7:05pm
FAIL your way forward to success.

Make certain you are trading the MARKET and NOT a particular system or set of indicators.

Keep going, because the only way you are guaranteed of failure is to quit.

Hope my very first post on this board helps you a little...
  • #24
  • Jul 3, 2006 7:30pm Jul 3, 2006 7:30pm
I have been using the Oanda forum for a while, and am so used to the curt and rude responses I get there, that I’m totally blown away by you guys! Thanks so much to everyone who’s responded. You’re replies are all so positive, and full of good advice.

Attempting to learn how to trade, from a completely non trading background sometimes feels like an uphill struggle, and I sometimes wonder why I have chosen to undertake, what is perhaps one of the hardest things to master… well, for me anyway! It’s very comforting to know that what I’m going through is just one of the many ‘stages’ of learning how to trade, and that many other people have felt, or feel, the same way as I do now. And the most important thing is to not to give up… never give up!

Noticing a lot of Aussies on this site, I was wondering if anyone had done the FINSIA course on Technical Analysis in Sydney. It starts in September and I was thinking of doing both modules. Has anyone any feedback on it?

Also, can anyone recommend any good websites / books for fundamental analysis? I’m not talking about forex calendars, but more along the lines of the implications of fundamentals, how they affect and move the market, how important individual reports are, and the long term market sentiment. Basic stuff, but I feel as though most of my research so far, has been on technical analysis, to the extent that I feel completely ignorant about the fundamentals.

Kimmie
  • #25
  • Jul 3, 2006 7:55pm Jul 3, 2006 7:55pm
Hey there Kimmie, I was looking into the course you mentioned here in my home town, but am not sure whether I will be doing it or not, let me know if you are going. In terms of fundamentals, I posted an e-book on my website (http://www.beginnertrader.com/?p=208) called Pocket Book of Economic Indicators, which is the very basics but might give you a kick along. PM me if you would like it in PDF format.

Best of luck, and good to see the Aussie contigent continues to grow.
You can quit and they won't care, but you will always know.
  • #26
  • Jul 3, 2006 8:01pm Jul 3, 2006 8:01pm
kimmie
"fundamentals" imho are simply evaluating the news reports and how it will affect your trades. If you are a hard core technical trader, I strongly recommend you find out from the calender on this forum exactly when those reports are being released. Then you can tighten your stop-loss or get out if you want, but..... they definitely affect the market. Use the news to your advantage, if the report is favorable to your trade, it can easily tack on 50 pips to your profit... if it's against you, it can easily hit your stop loss.

ps-if that's you in the icon, I will fly my smoking baby a*s over to your house and show you how to use the news.... or keep it from hurting you. just kidding btw, i am way too young to fly alone by myself.

ps2- i still challenge you to lose 40% of your account with 10:1 leverage in one month. it is simply highly unlikely, NOBODY can consistently be that unlucky. good trading.
  • #27
  • Jul 3, 2006 8:12pm Jul 3, 2006 8:12pm
Quoting kimmie
I have been using the Oanda forum for a while, and am so used to the curt and rude responses I get there, that I’m totally blown away by you guys! Thanks so much to everyone who’s responded. You’re replies are all so positive, and full of good advice.

Also, can anyone recommend any good websites / books for fundamental analysis? I’m not talking about forex calendars, but more along the lines of the implications of fundamentals, how they affect and move the market, how important individual reports are, and the long term market sentiment. Basic stuff, but I feel as though most of my research so far, has been on technical analysis, to the extent that I feel completely ignorant about the fundamentals.

Kimmie

Hi Kimmie,

I agree about the Oanada forum,,, I think someone tainted their drinking water. Hard to get a good answer from the members there. Generally a dearth there when it comes to being helpful. Lots of bickering.

Anyway this forum is light years ahead of them in every way. Although I do like the Oanda platform.

Talk later. (hey, where else can you get in plethora and dearth)

Lou
  • #28
  • Jul 3, 2006 11:21pm Jul 3, 2006 11:21pm
If your consistently losing, it isn’t because you’re a bad trader, it’s because you’re taking bad trades. You only have 2 posts, so I can’t too deeply analyze what you’re doing, but my guess is that you’re doing everything that everyone says you should. The problem is that you’re taking it too literally.

<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o> </o>

For the most part technical analysis and the probability distribution shit it’s built off of is of zero value in making money. Have you ever wondered why floor traders can pull money out of the market every single day while the best technicians are heroes when they hit 60%? It’s because the market isn’t moved by technical patterns, it’s moved by order flow.

<o> </o>

When you see a common technical pattern form, you take your trades with the expectation that the probability is on your side for it to play out as described. Being the diligent and disciplined trader you place your stops at the exact point where the trade should fail. Unfortunately you just opened your wallet and handed me your money. Was it because you didn’t know enough technical analysis? Was there some fundamental news that occurred to move price against you? No, you got smoked because you don’t understand that the pattern was built to trap you and take your money.

<o> </o>

You have been playing the game for 6 months now, and if you have studied as much as you say you have, then you already know as much technical and fundamental information as you will ever need. What you lack is an education regarding the market information that doesn’t show up on the chart; Sentiment, news, economics/politics, and most important of all, order flow. Pick up a news client for forexwatch and start watching the financial news channels. Start analyzing what the market is thinking and how that affects prices. Try to find where the “real” support and resistance levels are and why they exist. Combine that with the core technical principles on longer term charts and you’ll make more money then you ever dreamed of.

<o> </o>

The game is not that hard. What’s difficult is moving past the rigid structure you try to impose on the market. It’s not a mathematical puzzle to be solved or a science of price movement. Never forget that you are speculator looking for an opportunity to capitalize on the mispricing of securities. If you can’t do that, you’re not a trader; you’re a gambler in a negative expectancy game of chance.

<o> </o>

Good luck.

<o> </o>

PS- Don’t ask me to train you. Teaching is another mans racket. I just point the way.
  • #29
  • Jul 3, 2006 11:22pm Jul 3, 2006 11:22pm
One major thing you need to try and build up in yourself is discipline. Not just disciplined use in a system, but also in money management, time management (another huge factor of Forex!), and your study habits.

Study habits, another huge factor to your success in Forex. Study up on everything you can, just as everyone else here has said. I find myself reading up on forums and books at least for an hour to two hours a day (though I'm a geek so I love this stuff), and it helps immensely.

On the note of positive attitude, it makes a huge difference. It's an insane confidence builder and motivator when you go back and look at your record for the past few months, or even just the past few weeks and days, and notice that you're profitable above all else, and then watching your discipline and studying paying off as those winners start to outnumber the losers.

"The most committed is the one who wins."
  • #30
  • Jul 4, 2006 12:23am Jul 4, 2006 12:23am
Thanks Darkstar,

You‘re right, this is exactly what I feel like I need to learn, and that’s what I meant in my last post. I do lack knowledge regarding sentiment, news, economics / politics etc.

When I watch the news channels, for example, they may as well be in Cantonese… Though I may get the gist, half the time I don't even understand the vocab...! So I don’t think I can learn just by watching… Can you recommend any books / websites, that explain the principles in basic terms?
  • #31
  • Jul 4, 2006 12:28am Jul 4, 2006 12:28am
Kimmie I just remembered a great blog of a trader who trades primarily on fundamentals. I have not been in contact with him recently, but he was a very friendly chap and a smart one at that, have a look: http://www.dismally.com/
You can quit and they won't care, but you will always know.
  • #32
  • Jul 4, 2006 12:35am Jul 4, 2006 12:35am
Kimmie....here is another who is very helpfull, he was at Oanda and started the thread trading the news, he went by 4Dluv of 4x, Yes he was one of the few that was actually helpfull. Anyway he has startedd a site that continues hiswork at Oanda, of course there is a fee but it is nominal, $50.00 a month......here is his link. http://www.forexnewstrader.com/
Same Whore .... Different Dress
  • #33
  • Edited 1:30am Jul 4, 2006 1:05am | Edited 1:30am
Quoting kimmie
Thanks Darkstar,

You‘re right, this is exactly what I feel like I need to learn, and that’s what I meant in my last post. I do lack knowledge regarding sentiment, news, economics / politics etc.

When I watch the news channels, for example, they may as well be in Cantonese… Though I may get the gist, half the time I don't even understand the vocab...! So I don’t think I can learn just by watching… Can you recommend any books / websites, that explain the principles in basic terms?
It's like anything else, it takes time. Make it a part of your life and you will grow to understand it. As a simple suggestion, keep a notebook and pen handy when your watching and write down anything they say that doesn't make sense. Then google it for details.

Unfortunatly, you are arn't going to find a book on how to read sentiment. It's more an intuitive understanding then an a-b-c process. Just try describing in words how to determine if someone is happy. You could say their smiling, but a smile can mean any number of other things. Looking at someone who is happy, it takes no effort at all to label them as such. You just need to learn how to do that for the market.

ps- Forexwatch is infinitely more important/valuable then the tv. Make it a priority to check it out.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>
  • #34
  • Jul 4, 2006 9:44am Jul 4, 2006 9:44am
I deleted all the inflammatory statements about women versus men...

This is an open forum not a forum for segregation.

Scott
  • #35
  • Jul 4, 2006 9:49am Jul 4, 2006 9:49am
Quoting smjones
I deleted all the inflammatory statements about women versus men...

This is an open forum not a forum for segregation.

Scott
Good job

Pity I lost my last 5 minutes to write the message for nothing,

but I agree with you

Thanks
  • #36
  • Jul 4, 2006 9:53am Jul 4, 2006 9:53am
Let us get back to the topic... thanks
  • #37
  • Jul 4, 2006 9:54am Jul 4, 2006 9:54am
A true Gentleman Scott.
  • #38
  • Jul 4, 2006 10:04am Jul 4, 2006 10:04am
This link will help you get some idea of what people are talking about.

http://www.prophet.net/learn/taglossary.jsp?index=M

Note* Although there is a ton of free info on the site, it should be mentioned that they also do sell some services and books. I am not affiliated with them in any way.
  • #39
  • Jul 4, 2006 10:06am Jul 4, 2006 10:06am
Rip -- The female traders you list are all top international traders of some distinction but at our own level we only need to think of 'Bunny Girl' as somebody who is a demonstrably good trader with real trading flair and also the capacity and patience to help others. As you will know she has a major following because of her trading prowess and pleasant manner.

re Lavista4u --------- lets just be optimistic and presume as a one off that this was an ill judged attempt at humour and not serious. This is now the only Forum I visit because it is very informative but also because it is friendly and positive.


Kimmie -- The % depends on who you listen to but trading is at least 50% personal psychology + technique and money management. From where you are now take heart but my advice would be a) stop demoing short term systems which are not producing consistently and causing you frustration and a loss of confidence b) first focus on trading psychology ( esp Figi Trader here on FFx) -- if it suits your pocket there is some brilliant material by him on the PF forum c) honestly appraise yourself and decide your style and select and experiment with a few systems which have solid feedback and positive threads d) integrate a conservative money management approach even once you return to your demo. e) Only go live when you feel comfortable that you have confidence in the above and that it has consistently built your demo capital esp check win/loss ratio + max drawdowns fit with YOUR personality,risk capital and life-style.

Take all the time in the world to do the above you are not competing with anybody . Know yourself>> Preserve your Capital >> Trade at a level you enjoy remembering that trading is a probability game not a "I must be right game"....................... Good luck


Bramhall17
  • #40
  • Jul 4, 2006 11:27am Jul 4, 2006 11:27am
By the way, for all members who were debating about women being good traders or not, Market Wizards contained an interview with a woman who managed to be a top trader that she qualified to be interviewed in the book...Just a quick note...


Thanks,

Nader
0 traders viewing now