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Why Can't I Trade?!

  • #161
  • Jul 7, 2015 12:06pm Jul 7, 2015 12:06pm
You ever think that the reason you arent doing so well is because you are surrounding yourself with others who arent doing so well? This, and many other forums like it are filled with people who have never had lasting success. I started doing better when I "took a break" from FF a few years ago and now rarely visit other than to see the calendar. And that is the best advice I can give, get away from places like this!
  • #162
  • Jul 7, 2015 1:09pm Jul 7, 2015 1:09pm
The problem isn't the people in the forums - the problem is the FX market itself. It is RIGGED. The market was created by big banks, they own it, they run it.
Small retail traders weren't even allowed to trade fx until the internet made it possible. Then banks saw a new income source - us. So they sucker us into dreaming we have a chance, then they take our money.

I won't be very popular here at FF , but PLEASE, while you still have some money the banks haven't taken yet, ask yourself this:
WHAT IS MY EDGE?

You are completing against the wealthiest mega-banks in the world. They didn't get there by giving money away. So, what is YOUR edge?

They hire the sharpest MBA's from top schools like Harvard, Oxford, Cambridge - so , what's your edge?

They have access to information you as a retail trader will NEVER have - so what's your edge?

They have the fastest trading algorithms - comparing your pathetic MT4 EAs to their programs is like comparing the Wright Brothers airplane to an F-22. So, what's your edge?

The point here is YOU HAVE NO EDGE! If you really want to gamble your money away, go to Vegas. At least there , they throw in drinks and a show.

I know I won't be popular here because the truth hurts. You, the reader, may be angry with me now. But one day, when you've blown your umpteenth account and your wife is about to leave you, maybe you'll come to your senses and realize the truth - the forex market is a dream , a mirage that will destroy you financially.
The sweet lies about big profits are the Sirens' song that will crash your bank account on the rocks. You have been warned. When you go broke, you can't say I didn't tell you.
  • #163
  • Jul 7, 2015 1:17pm Jul 7, 2015 1:17pm
Have you established why you trade?
Money buys things so what things would you buy?
Why is it important that you pay for those things?
Do you want money for your own gain, the people around you, or a mix?
Specifically detail, who, what, when, where, why, and how.
That is the foundation with which one should use to reach for everything we do.
You must know, within yourself, what you want all this for.

Then ask yourself...
Is there an easier way that you have no objections to doing that would generate the money you want to pay for your things?
Am i a fish trying to run with the cheetahs or am i bird gently gliding on a gust of wind allowing the wings i've grown into to carry me out into heavens
If you can honestly say that there is absolutely nothing else that you should be doing with yourself and you are holding strong to your goals and are willing to do whatever it takes to achieve them through your chosen craft then you will be successful.
Anything else and you're are just wasting time when you could be creating something truly amazing elsewhere.

The time we have on this earth is rather short and the emotional capital we have to spend during that time is rather small.
We must pursue those things that replenish our energy, it's the only way we can consistently perform with high expectations.
Positive expectancy in trading (especially retail forex) is a very high expectation.

Long story short...
1. Write out what you want and get in as much detail as possible.
2. Explore every option you have and whatever choice you make, stick to it no matter what.
3. We live, the sun rises and sets a couple of times, then we die. Emotions provide stress on our bodies such that we need to be replenished. Pursue that which replenishes you in the act of pursuit.

2 and 3 are really 2 parts of the same thing but i wanted to have at least 3 things.

Life's short.
  • #164
  • Jul 7, 2015 1:39pm Jul 7, 2015 1:39pm
People trade for one reason - to make money. Unfortunately, in the long run, it is impossible to consistently earn money in fx because it is a rigged market. The same is true for other games of chance with a built-in rigging. For example, if I claimed to make money regularly playing roulette, no one would believe me. Nor should they - they know it's a game of chance where the "house" has a built-in advantage ( the 2 green-colored slots on the wheel). Likewise, the big banks have the advantage in the fx market for the reasons I mentioned above.

It is simply not the case that "successful" small traders leave forums like FF , apparently to let the rest of us rot. The ugly truth is THERE ARE NO SUCCESSFUL RETAIL TRADERS. In the long run, all retail traders must lose because that's how the game is set up. Those traders claiming otherwise are either deliberate liars or sadly delusional.

Again, give up forex - it's a trap that will destroy you.
  • #165
  • Jul 7, 2015 3:00pm Jul 7, 2015 3:00pm
Quoting gravitist
Downandout, I can tell you exactly why you're having a hard time. FOREX IS A RIGGED MARKET. WE LOSE BECAUSE THE BANKS WANT US TO LOSE. I tried everything - indicators, price action, supply/demand, order flow, fundamentals - NONE of it worked. The forex market is a sucker's game. Get out while you still have some money left.
I believe the market is rigged but that also gives opportunity if you are expecting price reversals at old highs and lows. I do believe that making money is possible in this market if risk and position size are managed accordingly.
  • #166
  • Jul 7, 2015 3:07pm Jul 7, 2015 3:07pm
Quoting traderjai_inhi
You ever think that the reason you arent doing so well is because you are surrounding yourself with others who arent doing so well? This, and many other forums like it are filled with people who have never had lasting success. I started doing better when I "took a break" from FF a few years ago and now rarely visit other than to see the calendar. And that is the best advice I can give, get away from places like this!
Again I do appreciate your comments and which is why taking advice on a forum such as this is to be taken in context and with a pinch of salt as some have delusional ideas and trading strategies, that said there are also some good advice given.

For me since staring the log I have seen improvements in my trading, in terms of increased win / loss ratio, average winner and average loser growing and reducing as they should be and also I am trading less frequently and not getting as emotionally involved, all things I wanted to see from the log. I have had issues still, I am not 100% there yet but I am confident I can keep the progress up.

Glad to see your improving though and hope that continues....
  • #167
  • Jul 7, 2015 3:14pm Jul 7, 2015 3:14pm
Quoting Good Lookin
Have you established why you trade? Money buys things so what things would you buy? Why is it important that you pay for those things? Do you want money for your own gain, the people around you, or a mix? Specifically detail, who, what, when, where, why, and how. That is the foundation with which one should use to reach for everything we do. You must know, within yourself, what you want all this for. Then ask yourself... Is there an easier way that you have no objections to doing that would generate the money you want to pay for your things? Am...
Yes my plans are to build a growing trading account that will contribute to paying my mortgage earlier than it has to run to help retire earlier and to spend more time with family. If it went really well I would like to be able to help others in need too. I'd like to think I am not in a rush as I earn a comfortable living aside of trading but if in 15 years I could accumulate even just a 100-150k then that would be an achievement over the next 10-15 years.

That said you are spot on as this hobby has taken 3 years of my life, and sometimes I regret that for the reasons you allude to above in that the time could have been spent with family. There needs to be the right balance and so I hope to get that balance right in that I give enough time to be disciplined in this activity but not to the detriment of my home life.
  • #168
  • Jul 7, 2015 3:16pm Jul 7, 2015 3:16pm
Quoting gravitist
People trade for one reason - to make money. Unfortunately, in the long run, it is impossible to consistently earn money in fx because it is a rigged market. The same is true for other games of chance with a built-in rigging. For example, if I claimed to make money regularly playing roulette, no one would believe me. Nor should they - they know it's a game of chance where the "house" has a built-in advantage ( the 2 green-colored slots on the wheel). Likewise, the big banks have the advantage in the fx market for the reasons I mentioned above. It...
I imagine as you are typing this you have a straight face.
I don't know how you can type that with a straight face.
If you go to pound traders thread with the videos, it shows some retail traders making money. If one person can do it then anyone can do it. You just have to stick around long enough with effort to see it through. Don't attempt to discourage others with this line of thinking.
  • #169
  • Jul 7, 2015 3:58pm Jul 7, 2015 3:58pm
Quoting downandout
{quote} Yes my plans are to build a growing trading account that will contribute to paying my mortgage earlier than it has to run to help retire earlier and to spend more time with family. If it went really well I would like to be able to help others in need too. I'd like to think I am not in a rush as I earn a comfortable living aside of trading but if in 15 years I could accumulate even just a 100-150k then that would be an achievement over the next 10-15 years. That said you are spot on as this hobby has taken 3 years of my life, and sometimes...
Well then!
A solution you could go for is to start putting some money into some mutual funds and some money into a trading account. Just try to beat your mutual funds account.
For example. 100 into the trading account and 100 into the mutual funds account.
Starting with 400 and depositing 100 a month @ 22% interest annually will get you to 150k in 15 years (this takes into account 3% inflation but not taxes). This would be your trading account of course.
Do that for a year or 2 and compare account sizes every quarter. If your beating the funds by a large enough margin to justify the time then keep it up, if not then just think about your kids.
Taking a longer term and smaller sized approach will definitely help with the discipline.
This is why some people are able to hold out for the "no brainer" trades and also trade the weekly and monthly.

At some point you may also find that you no longer need to trade. You may have built up enough capital to just drop it into your mutual fund (or whatever else) and just let it compound to your goal.

Also 100 is just an arbitrary number. But you need to set a number. Once you see growth in either, it will make you work harder for the money to invest into your winner.

You have options, family is important to me too so i can definitely relate when you speak of choosing how to spend your time. Find out what types of investment vehicles are available to you and then mold them into your plan.

Trading, for me, has always been the intermediary vehicle to achieving my goals. Build capital, invest, empower. That's how i live my life now a days. I trade a heck of a lot less than i used to.
  • #170
  • Jul 7, 2015 5:18pm Jul 7, 2015 5:18pm
Quoting downandout
{quote} Some good advice in there thanks. No trading since last week as been on a city break but looking to get going again this week.
You are welcome.

With Google Translate:
https://translate.google.com/transla...der&edit-text=

The original text it is in Romanian:
http://forexfactory.ro/povestea-reala-a-unui-trader/

In august the billionaires are going on holiday.
You can trade in August too, but many are losing they account in August, because 20 pip movement in August it is not the same as in July or in September!
Just stop trading at Aug 1 and come back at Sept 10, or lose your account or trade very different
I want to buy PATIENCE
  • #171
  • Jul 8, 2015 1:09pm Jul 8, 2015 1:09pm
A bit dissagree with above-mentioned post. Market was, is and will be fractal. You can make profit on any kind of market, no matter of what month is it. With your advice, you could also advice to predict market movement by mars/venus/moon astrologic placement
  • #172
  • Jul 8, 2015 3:03pm Jul 8, 2015 3:03pm
it's not your fault you're doing nothing wrong trading just sucks get used to it
  • #173
  • Jul 9, 2015 4:13am Jul 9, 2015 4:13am
Quoting Good Lookin
{quote} Well then! A solution you could go for is to start putting some money into some mutual funds and some money into a trading account. Just try to beat your mutual funds account. For example. 100 into the trading account and 100 into the mutual funds account. Starting with 400 and depositing 100 a month @ 22% interest annually will get you to 150k in 15 years (this takes into account 3% inflation but not taxes). This would be your trading account of course. Do that for a year or 2 and compare account sizes every quarter. If your beating the...
Holding out is where I want to get to, as this will increase the profitability with less stress. The last few weeks have been a lot better from a relaxed mindset point of view as I have traded less and had good results.

Thanks for your post
  • #174
  • Jul 9, 2015 4:22am Jul 9, 2015 4:22am
Quoting matheszabi
{quote} You are welcome. With Google Translate: https://translate.google.com/transla...der&edit-text= The original text it is in Romanian: http://forexfactory.ro/povestea-reala-a-unui-trader/ In august the billionaires are going on holiday. You can trade in August too, but many are losing they account in August, because 20 pip movement in August it is not the same as in July or in September! Just stop trading at Aug 1 and come...
Thats a good story and so many truths in it. It does come down to the simple things in life but as always easier said than done but a great printout nonetheless.

On the trading in August though I have to say I do still trade and see opportunities although I agree there is less volatility so a reduced risk is maybe better.
  • #175
  • Jul 9, 2015 4:23am Jul 9, 2015 4:23am
Quoting maltroo
A bit dissagree with above-mentioned post. Market was, is and will be fractal. You can make profit on any kind of market, no matter of what month is it. With your advice, you could also advice to predict market movement by mars/venus/moon astrologic placement
Yes levels and flow still offer opportunites although I wont be looking at sky
  • #176
  • Jul 9, 2015 4:24am Jul 9, 2015 4:24am
Quoting justin7
it's not your fault you're doing nothing wrong trading just sucks get used to it
Its not that trading sucks, its just MY trading that sucks hopefully not forever though I still think there are opportunities everywhere.
  • #177
  • Jul 9, 2015 4:31am Jul 9, 2015 4:31am
Didnt get a chance to trade yesterday but had a position on from the night before that was stopped out during the evening with a trailing stop after take half off earlier.

Shame as it ran a lot afterwards but again a small gain.

I have also sold GbpUsd this morning looking for a further move lower selling 15384 targeting 15304 with a 30pip trailing stop

There is a bank rate statement at 12.

In an ideal world I would have entered at 15420 but wasn't at the chart
Attached Image (click to enlarge)
Click to Enlarge Name: GbpUsd 080715.PNG Size: 20 KB
  • #178
  • Jul 9, 2015 7:59am Jul 9, 2015 7:59am
Quoting maltroo
A bit dissagree with above-mentioned post. Market was, is and will be fractal. You can make profit on any kind of market, no matter of what month is it. With your advice, you could also advice to predict market movement by mars/venus/moon astrologic placement
Whoa, that's too trolling from your side, but I agree in general about that you can make profit on any kind of market. The point is, that August in particular is a bit risky though. It's not only my opinion as you can see in this thread. What about you, personally? Do you trade actively during August?
  • #179
  • Jul 9, 2015 8:51am Jul 9, 2015 8:51am
Quoting downandout
So I funded another account a few weeks back and have already lost 62.22% since May 13th. I've probably lost in the region of 3k since 2011 and still I make the same mistake time and time again.

You should only trade what you can easily afford to lose, like a micro account at 10 cents per pip. If you can't comfortably afford to lose that, trade a practice account with the same discipline you would use for a real one. If you can't exercise the exact same discipline on a practice account as you would a real one, you should wait until you can...
Trading is 10,000 times harder than brokers would make it sound. You are way too hard on yourself. YOU ARE WAY OVERTRADING, BY LIKE A FACTOR OF 40x. Thus it is no wonder that you are losing all your capital in a flash. You need $500 to $1000 per 0.01 lots traded. Drop your trade size back to 0.01 lots per trade and stay with that until you are showing a consistent profit. Expect that to take years. Practice always exiting before a stop is hit. It's good discipline. Even of you only exit 2 pips before the stop is hit, it builds character. If you want to learn faster, give yourself a sugar free candy every time you do something right, and pop a rubber band around your wrist every time you do it wrong. You might need to increase your stops A LITTLE to exit all trades manually, but perfect trading never hits a stop. You don't have to be perfect, no one is, but hitting a stop on every exit is the opposite of perfect. After years of trying, you won't even notice the stops, and you will only rarely hit one. Of course, no one ever got rich playing with stops. Best success, -G
  • #180
  • Jul 9, 2015 1:32pm Jul 9, 2015 1:32pm
Quoting Graviton
{quote} Trading is 10,000 times harder than brokers would make it sound. You are way too hard on yourself. YOU ARE WAY OVERTRADING, BY LIKE A FACTOR OF 40x. Thus it is no wonder that you are losing all your capital in a flash. You need $500 to $1000 per 0.01 lots traded. Drop your trade size back to 0.01 lots per trade and stay with that until you are showing a consistent profit. Expect that to take years. Practice always exiting before a stop is hit. It's good discipline. Even of you only exit 2 pips before the stop is hit, it builds character....
Awesome post!
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