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Honestly frustrated with trading forex

  • #61
  • Sep 17, 2015 11:06am Sep 17, 2015 11:06am
Quoting tunera
{quote} Yes the give up advice was not a good one (i don't know the OP so i can't give him this sort of advices). I already edited the post and deleted that line. But sincerily, when it happen that somebody (not on internet) ask me advices about trading and tell me he/she is interested in this business, my advice is always: "don't ever think about it, stay away from trading!". It's a pretty good advice IMO.
I do the same (not on internet).
  • #62
  • Sep 17, 2015 11:17am Sep 17, 2015 11:17am
funny thing: in the end some people are saying: don't even think about trading, stay away from it ... which was exactly the message I was trying to get across ...
algorythmic trading is not for everyone either ... most lack the combo of advanced trading AND IT skills (most likely you need the statistical skills too) to go down that road ... I for one don't have it ... it's most likely the only route that is still how it can be done ass a business ... not by simple staring at charts ...
one of our group tried algo's for years often getting good results for a long time but in the end his algo's tended to break down over time each time ...
  • #63
  • Edited 11:45am Sep 17, 2015 11:19am | Edited 11:45am
" a index-trader who made 25 million euro's for himself over five years after first working for a firm before for several years ... in the end he lost it all back to the markets"

He was obviously NOT very good at risk management. After all those years of trading, he should've known his trading style and trading strategy quite well and know what kind of loss is potentially possible with his trading strategy and manage risk accordingly in relative to his trading capital and leverage. If he had exercised better risk management, he would've definitely be able to retain that 25 million euro profit.

If you analyze your trading carefully, you will ALWAYS find eventually the reason why for the loss.
Make your losses in demo. Earn your profits live.
  • #64
  • Sep 17, 2015 11:32am Sep 17, 2015 11:32am
for me forex is are too easy decide a direction set stop loss and enjoy profit thats all
focus while relaxed to see better
  • #65
  • Edited 12:02pm Sep 17, 2015 11:40am | Edited 12:02pm
"one of our group tried algo's for years often getting good results for a long time but in the end his algo's tended to break down over time each time"

Either one, he did NOT test his algo enough in that the algo did NOT encompass enough market scenarios (yes market is dynamic and it can change at any time) and in that case he just needs to find out the reason why and re-adjust. You don't really need to know statistics to do algo trading well. You just need to test the algo thoroughly through large enough of data. Algo trading is NOT a permanent set-it-and-forget-it trading, you DO need to monitor it and may need to tweak it from time to time because many things can change. And at the end, nobody knows what's going to happen in the future. Lehman Brothers had been around for over 200+ years and it still failed so was it suppose to close its doors right at the beginning just because it thinks it might fail one day foregoing 200+ years of profit? Just because of something that may or may not happen in the future we have to give up everything now? Well again that's for wimps. If you are a trader or want to be at trader, that's not kind of the mentality you should have. For those who do think like that, they WILL never become a trader.

Or second, something in the platform or the IT engine that the algo runs on might have changed that caused the algo to run differently. Either way, there is ALWAYS reason why for the losses if you dig deep enough. You just need to find the reason why, fix it and move on.

Ultimately, once you have established a working and CONSISTENTLY profitable trading system PROVEN by extensive and REALISTIC demo testing, you should try to code it so you can take emotion out of your trading and be able to execute your trading system perfectly (with the help of an honest and decent broker). Lack of IT expertise is NOT an excuse for not coding your trading strategy. There are plenty of coders out there that you can hire at reasonable fee to code for you and some will even code for you for free. There is a thread in the "Platform" section on FF that's titled "I will code your EAs and Indicators for no charge". And finally, you can ALWAYS learn to code yourself. The programming language on most of the platform is C# and it's not a difficult language to learn. On many of the platforms, you can even code in scripts.

Remember, it's the diligent birds that get the worms!
Make your losses in demo. Earn your profits live.
  • #66
  • Sep 17, 2015 11:48am Sep 17, 2015 11:48am
Quoting Forexia
Ultimately, once you have established a working and CONSISTENTLY profitable trading system PROVEN by extensive and REALISTIC demo testing, you should try to code it so you can take emotion out of your trading and be able to execute your trading system perfectly (with the help of an honest and decent broker). Lack of IT expertise is NOT an excuse for not coding your trading strategy. There are plenty of coders out there that you can hire at reasonable fee to code for you and some will even code it for free. There is a thread in the "Platform" section...
This is the level every trader who are serious with this business should strive for.

So, ask yourself if you are willing to go this far, no excuses. If you are not prepared for this don't start.
  • #67
  • Sep 17, 2015 11:56am Sep 17, 2015 11:56am
Quoting SuperzTony
{quote} Will take the advice of reducing the pairs I am trading. maybe following too many pairs at the same time is really bad for trading as you might lose out on some opportunities happened at the other pair while you looking at another one.
You can actually trade multiple pairs if you want to BUT you need to find out WHY you are trading multiple pairs, WHY and how trading all pairs available contribute to your profitability. WHY is it part of your strategy? There ARE traders out there who DO trade all of variety of pairs possible called correlation trading, is this something that you are doing? Is that strategy justified? If not, then is there any reason to justify trading all variety of pairs? If not, you would need to reduce the number of pairs traded.

When designing and/or tweaking a trading strategy, you have to constantly ask yourself those hard questions and everything that you do in the trading strategy MUST have a valid reason otherwise if you can't justify it in any way, it doesn't belong there.
Make your losses in demo. Earn your profits live.
  • #68
  • Sep 17, 2015 12:03pm Sep 17, 2015 12:03pm
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
don't leave demo trading till you be very successful and profitable with your system and method ..
the mistake that we all do is trading live directly .. good luck ....
  • #69
  • Sep 17, 2015 12:05pm Sep 17, 2015 12:05pm
Quoting Forexia
{quote} You can actually trade multiple pairs if you want to BUT you need to find out WHY you are trading multiple pairs, WHY and how trading all pairs available contribute to your profitability. WHY is it part of your strategy? There ARE traders out there who DO trade all of variety of pairs possible called correlation trading, is this something that you are doing? Is that strategy justified? If not, then is there any reason to justify trading all variety of pairs? If not, you would need to reduce the number of pairs traded. When designing and/or...
Asking the right question needs in-depth knowledge and thinking skill in the 1st place. Do you think that's possible for normal people ? Being real here.
  • #70
  • Sep 17, 2015 12:17pm Sep 17, 2015 12:17pm
Trading is only gambling if it is a negative expectation event, much like the house edge at the casino. If you know what you are doing, it becomes a positive expectation event, and ceases to be gambling.
Life is too short to have anything but delusional notions about yourself.
  • #71
  • Sep 17, 2015 12:18pm Sep 17, 2015 12:18pm
LOL !! Thats why I still come here to FF once in a while.

It is just fascinating to see peoples opinions about the market.

After 10 years in this business I can identify just reading peoples opinions at what level they are as traders.

I can remember how I used to post at each phase of my journey as a trader and it shows how we humans are very similar.

Each one is entitled to his opinions based on which level they are.

Each one has to find his own way.

And thats coming from a guy that blew his account (100K) in his first 6 months trading !!

And quite a few other accounts after that
So, you think you have rights? LOL
  • #72
  • Sep 17, 2015 12:18pm Sep 17, 2015 12:18pm
Quoting skyway
{quote} Asking the right question needs in-depth knowledge and thinking skill in the 1st place. Do you think that's possible for normal people ? Being real here.
Well this is what's required in constructing a profitable trading system is by evaluating the relevancy of each component of the trading system. Whether that's possible for normal people, I would not know. I am not a Social Behaviour scientist. That's way above my pay grade. LOL

I am just a trader.
Make your losses in demo. Earn your profits live.
  • #73
  • Sep 17, 2015 1:22pm Sep 17, 2015 1:22pm
wellcome to my world my friend.

I start my account september 16Th last 2014 with $500 usd, my first time before blow up 3 demo accounts.

01/10/14 money in my account $6,540 USD
03/10/14 money in my account $28 USD bad desicion, 3 trades blew up my account.

Errors:
money management, 40% risk for each trade, a shit!
A lot of stress, a lot of happiness and a lot of depression, my mind is not ready for this way to trade.

Now I am operating with demo account and a good money management, next year I start with real money again.

The important is..... each you blow up a account you have to learn a the lesson.
  • #74
  • Sep 17, 2015 2:07pm Sep 17, 2015 2:07pm
I have got my heart broken multiple times and sometimes so bad that I cry out loud, its even harder to accept when you know you are far better than what results are showing. Its just few moments that can destroy months hard work in trading! This is life we must go on as it won't stop for us
  • #75
  • Sep 17, 2015 6:19pm Sep 17, 2015 6:19pm
Nice posts Forexia and Skyway.

It is a bit of an enlightened moment when you can extend the success of your automated strategy to beyond say 5 to 10 years. Of the many EA's I have tried very few cut the mustard....but through a bit of diligence and a strong reality check, it is possible to extend the life of your EA if you have realistic expectations regarding capital adequacy, returns and drawdown....however what really delivers results and allows you to extend the useful life of an EA is through portfolio diversification which flattens the equity curve and is a weapon to defeat the urge to 'overtrade'.

To expect a single instrument such as a single forex pair to consistently deliver is unrealistic in my opinion as favourable trade conditions in reality (as we probably all recognise) are few and far between. Too many people who are relying on regular cash flow to survive attempt to squeeze too much from a single instrument which is why portfolio diversification is so important with respect to income yield. You can be far more selective and only trade the best setups relying on the principle that generally at some point in time, conditions are ripe for perhaps at least one of your instruments provided your portfolio takes into account correlation.
  • #76
  • Sep 18, 2015 12:23am Sep 18, 2015 12:23am
I don't like to reply or write anything on FF! I'm replying only for saying Thanks for Forexia.
Hey don't waste your time here, Enjoy your life!
Without an edge MM is useless!
  • #77
  • Sep 18, 2015 12:38am Sep 18, 2015 12:38am
Quoting afhacker
I don't like to reply or write anything on FF! I'm replying only for saying Thanks for Forexia. Hey don't waste your time here, Enjoy your life!
I am mainly here only to help SuperzTony out. I felt bad that he's not doing well in his trading. We all know how hard forex trading can be especially when starting out. Too bad I sometimes had to get sidetracked. Anyway, I hope I have helped him in some way.
Make your losses in demo. Earn your profits live.
  • #78
  • Sep 18, 2015 12:44am Sep 18, 2015 12:44am
Hi, Also starting out, and it seems almost impossible to make money, and one it sometimes to quick to close a profitable trade.
  • #79
  • Sep 18, 2015 1:13am Sep 18, 2015 1:13am
Quoting Forexia
{quote} I am mainly here only to help SuperzTony out. I felt bad that he's not doing well in his trading. We all know how hard forex trading can be especially when starting out. Too bad I sometimes had to get sidetracked. Anyway, I hope I have helped him in some way.
Hey man, thanks for your kind advices, I did take it to my heart. I am currently testing my strategy on a demo account, from Pepperstone as you suggested.
  • #80
  • Sep 18, 2015 2:53am Sep 18, 2015 2:53am
Study stop running...and study it hard...
Use it to your advantage...if you can...
Main frustrating reason of 95% retailers.

Donīt trade close to news...only in between...
Even dayly stops get run by one news spike...

I think it was 2 Fridays ago...unemployment news...spike, plus widening spreads, was close to 150 pips!!!!!!!!!!!
If you are ready to have a 200 pip stop, you can trade daylys and weeklys...anything else is a slow, bleeding, painfull, frustrating process...
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