Having second thoughts!? | Forex Factory

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Having second thoughts!?

  • #1
  • First Post: Apr 17, 2015 7:50am Apr 17, 2015 7:50am
Has anybody ever had a stretch of trades that no matter how good the charts look in your favor you lose? Has anyone ever questioned their strategy and thought its time to move on to another one, or worse yet give up on the Forex market?

Just wondering.
  • #2
  • Apr 17, 2015 8:31am Apr 17, 2015 8:31am
"You never fail until you stop trying"

Everyone had bad experiences, everyone made losses, everyone doubted their system, ..
Only when you feel you are not learning from the mistakes you made, you are unable to improve your system while you are trying very hard, only when you are losing money which you can not afford to loose, you should "give up".

Giving up isn't the right thing to say, you quit.
Giving up is a bad thing, quiting because trading isn't for you is a very smart decision.

I had many doubt's and sometimes still do, but i like trading, i found my edge, the thing which works for me.
On the other hand, this doesn't mean i stop learning, my way of trading is improved every time i take a trade and gain some new experience.

The best question to ask yourself, what am i doing wrong.
Where do you feel you are losing it, what's the thing holding you from having an edge or losing most of the time?
  • #3
  • Edited 9:11am Apr 17, 2015 8:56am | Edited 9:11am
Quoting iamnutoforex
Has anybody ever had a stretch of trades that no matter how good the charts look in your favor you lose? Has anyone ever questioned their strategy and thought its time to move on to another one, or worse yet give up on the Forex market? Just wondering.
Yes.
That is how it works.
  • #4
  • Apr 17, 2015 9:08am Apr 17, 2015 9:08am
But
Quoting iamnutoforex
Has anybody ever had a stretch of trades that no matter how good the charts look in your favor you lose? Has anyone ever questioned their strategy and thought its time to move on to another one, or worse yet give up on the Forex market? Just wondering.
As a young trader yes, but the main key is to realize that the big banks don't care about setups, and unless your sitting with them you CANT expect perfect results. I have gone through many periods in my earlier days. The emotional roller coaster is tough but the only way to over come it Is to stay discipline keep learning and adopting.
Trading has been my biggest hurdle and emotional draining thing I have ever done in my life. It's not easy and don't expect to become a millionaire. No one is perfect we have all lost money, doesn't matter who you are. No one trades 100%.
Be confident in your system keep working on it, don't give up. Think of going to school for a profession, such as a engineer or doctor etc. would they be ready for work after 1,2 or 3 years etc ? Trading is no different.
Learn, a forex trader must, unlearn and relearn he will.
  • #5
  • Apr 17, 2015 12:37pm Apr 17, 2015 12:37pm
Quoting COGSx86
But{quote} As a young trader yes, but the main key is to realize that the big banks don't care about setups, and unless your sitting with them you CANT expect perfect results. I have gone through many periods in my earlier days. The emotional roller coaster is tough but the only way to over come it Is to stay discipline keep learning and adopting. Trading has been my biggest hurdle and emotional draining thing I have ever done in my life. It's not easy and don't expect to become a millionaire. No one is perfect we have all lost money, doesn't matter...
Hi cogsx86,

take a look at this, maybe you like it: http://www.fxkeys.com/hard-work-vs-smart-work/

Regards
Dragan
fxkeys
  • #6
  • Apr 17, 2015 1:48pm Apr 17, 2015 1:48pm
Quoting iamnutoforex
Has anybody ever had a stretch of trades that no matter how good the charts look in your favor you lose? Has anyone ever questioned their strategy and thought its time to move on to another one, or worse yet give up on the Forex market? Just wondering.
That will happen, over and over and over again. You get numb to it after awhile, but you just keep going.
If you're not a fighter, you'll know it soon enough.

Regards
  • #7
  • Apr 17, 2015 2:30pm Apr 17, 2015 2:30pm
Quoting iamnutoforex
Has anybody ever had a stretch of trades that no matter how good the charts look in your favor you lose? Has anyone ever questioned their strategy and thought its time to move on to another one, or worse yet give up on the Forex market? Just wondering.
It happens all the time...to quote my favorite trading book, "...there is a random distribution of winners and losers across any set of variables that defines an edge..."

Welcome to the wonderful world of trading.
  • #8
  • Apr 17, 2015 2:58pm Apr 17, 2015 2:58pm
Quoting dragan9
{quote} Hi cogsx86, take a look at this, maybe you like it: http://www.fxkeys.com/hard-work-vs-smart-work/ Regards Dragan
agreed, working smart is the key, it doesnt come over night needs time and commitment.
Learn, a forex trader must, unlearn and relearn he will.
  • #9
  • Apr 18, 2015 1:15am Apr 18, 2015 1:15am
Trading is one of the psychologically most challenging things to do.

What you always have to remember is: You will never know where the market is going to go. You can just assume what is more "probable" based on your knowledge of how the market works and has worked in the past.

There are SO many different traders that are participating in forex ALL the time. From the small scalper to the big institutional long-term trader. And you never know who is going to make decisions WHEN and based on WHAT information.

The most beautiful setup in the world is meaningless if a BIG institution decides to sell the currency because of the current news or because of "enterprising" reasons or because of some technical analysis of another time frame or another kind. This is just an example.

The only thing that matters is that you know your "edge". This means, trusting in your system. Have you backtested it? Do you know why it works or do you just blindly follow it because someone provided it to you? Do YOU feel comfortable with this kind of trading?

Always remember that a good system makes up only about 20% of your success. The most important aspects of trading are psychological.

Best thing to do for you now: Analyze your trades, look for possible mistakes on your side. Always stay true to your money management. Always keep in mind: With proper money management and position sizing you can "be wrong" more often than you win and STILL make money.
  • #10
  • Apr 21, 2015 3:12am Apr 21, 2015 3:12am
I don't think anyone can deny that this has happened to them. Having second thoughts or even thinking about quitting trading all together has passed from all traders minds. All I can say is that it is part of trading. We doubt, we fail, but we continue moving forward. We find new strategies, new methods for trading. I think it's important that you don't lose sight of what you are trying to achieve. It's happened to me many times before, but I always try and stay positive.
  • #11
  • Last Post: Apr 29, 2015 12:16pm Apr 29, 2015 12:16pm
You need to find yourself a system that works. System meaning 2 or three reliable indicators that will give you an idea of what you can expect. I suggest a combination of two moving averages and volume. Watch this indicators for 3 to 6 months and take note of what happened when the two averages cross.
Trade when there is a gradual pick up in volume and look for a bar that came from outside the ma line pushing through both ma's with one shot.
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