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Honestly frustrated with trading forex

  • #141
  • Sep 22, 2015 7:51am Sep 22, 2015 7:51am
Quoting WhyDrawdown
{quote} gamble verb 1. play games of chance for money; bet. "she was fond of gambling on cards and horses" synonyms:bet, place/lay a bet on something, stake money on something, back the horses, game; informalplay the ponies "he started to gamble more often" 2. take risky action in the hope...
this is a simple lame loser excuse for those who have failed to find an edge in trading.
As Above, So Below
  • #142
  • Sep 22, 2015 10:22am Sep 22, 2015 10:22am
Quoting tashkent
{quote} this is a simple lame loser excuse for those who have failed to find an edge in trading.
Have you found an edge mr red or blue pill?
  • #143
  • Sep 22, 2015 10:28am Sep 22, 2015 10:28am
Quoting simond2002
{quote} Actually, crossing the street is a really good example. We step to the kerb, look left, look right, look left again, and once we satisfy ourselves that the road is clear, we initiate the action of walking, which we gauge (or let's say "predict" ) with a degree of probability will result in us safely reaching the other side of the road. Most sensible people are so used to and practiced in the "art" of crossing the road that their actions to do so are performed with unconscious competence. I'd suggest that the only difference between crossing...
Example way of putting it. You have people who have mastered the art of crossing the street, that they even try to do so while incoming traffic is heading their way. Most times they will make it across, but you run a higher chances of getting hit by a driver who is distracted.... Thus making the probability of getting hit incalculable because you canīt factor in how distracted someone can be while you are J - walking.
All in all, just like the poker video I have shown, the people who are at the table with you makes the odds of your success rate pretty much incalculable. Not to mention probability is nothing more then an avg. So if you have a 97% chances of winning, it doesnīt mean you will win 97 out of 100. You may actually lose your first 10 times in which you go on an insane winning streak to bring your avg to 97%.
  • #144
  • Sep 22, 2015 10:30am Sep 22, 2015 10:30am
Quoting CrazyCoder
{quote} It's true but it exists a huge difference between doing coin flip or doing an analysis with money management...
I would agree. There is a difference but still a gamble none the less. Money management all together is another monster, as we have seen time and time again people who have strick money management and still end up bursting the account!
  • #145
  • Sep 22, 2015 11:00am Sep 22, 2015 11:00am
Final contribution to this thread. "A picture paints a thousand words" as the saying goes

This is my view of the current EURAUD M30 market. It's today's "terrain" as I see it. I'm not currently in a trade on this pair at the moment - just watching and waiting. I personally have no bias right now but I wanted to post the chart to demonstrate how the M30 Sellers and Buyers have shown (what for me is) their hand. The chart is marked out appropriately. If I'm able to trade in harmony with the money that is moving this market at this time, I will.

In terms of everything else, predictability in trading etc, I'll leave it to those far more qualified than me to debate it!

Attached Image (click to enlarge)
Click to Enlarge Name: ea.png Size: 40 KB
  • #146
  • Sep 22, 2015 11:36am Sep 22, 2015 11:36am
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
Don't think in terms of predictability, but think in terms of probabilities.

Based on your statement above, you are probably right about being undisciplined.
It never gets easier, you just get better
  • #147
  • Sep 22, 2015 12:05pm Sep 22, 2015 12:05pm
Quoting Forexia
{quote} According to this definition, everything in life is gambling, even crossing the street and driving and even sleeping and having sex. Do you know what is the statistics for car accidents and getting hit while crossing the street? Do you know how often people have died in their sleep or having sex? They definitely should qualify as "risky action". In fact, just living is gambling. We should just all die. But then again even dying is gambling because there is still a chance that you won't die. So there is nothing that you can do. LOL
well said
  • #148
  • Sep 22, 2015 2:59pm Sep 22, 2015 2:59pm
Quoting Forexia
{quote} According to this definition, everything in life is gambling, even crossing the street and driving and even sleeping and having sex. Do you know what is the statistics for car accidents and getting hit while crossing the street? Do you know how often people have died in their sleep or having sex? They definitely should qualify as "risky action". In fact, just living is gambling. We should just all die. But then again even dying is gambling because there is still a chance that you won't die. So there is nothing that you can do. LOL
Definitely donīt agree
Crossing the street with your eyes closed is a gamble....tha same with everything else...having sex with someone you donīt know without a condom is a gamble...

Being concious is about living and enjoying life with eyes full open...

Trading....a game of probabilities...maybe a winner could be an educated gambler...he will play his cards with his eyes open, paying attention...etc...
  • #149
  • Sep 22, 2015 6:57pm Sep 22, 2015 6:57pm
Quoting cuchuflito
{quote} Definitely dont agree Crossing the street with your eyes closed is a gamble....tha same with everything else...having sex with someone you dont know without a condom is a gamble... Being concious is about living and enjoying life with eyes full open... Trading....a game of probabilities...maybe a winner could be an educated gambler...he will play his cards with his eyes open, paying attention...etc...
All I am trying to illustrate is if you look at the 2nd definition of the verb gamble; everything in life is a gamble because they are all risky action in their own way that we take in order to achieve a desired result. The morale of my post: Just do it!! (Nike will be so proud of me) otherwise you won't be able to do anything in life or even die.
Make your losses in demo. Earn your profits live.
  • #150
  • Sep 23, 2015 6:29am Sep 23, 2015 6:29am
Quoting cuchuflito
{quote} Definitely dont agree Crossing the street with your eyes closed is a gamble....tha same with everything else...having sex with someone you dont know without a condom is a gamble... Being concious is about living and enjoying life with eyes full open... Trading....a game of probabilities...maybe a winner could be an educated gambler...he will play his cards with his eyes open, paying attention...etc...
i totally agree with forexia,, and that is if you try to do almost anything in life without proper rules ie; crossing the street without checking the road properly or driving without proper training etc, etc, etc,,, then you are gambling with your life
the same with trading if you don't practise it enough and do your home work on the market and price analysis then it is gambling.

conclusion is if you approach anything in life with your eyes wide open and enough knowledge then you are minimizing more and more your risk, otherwise you could be taking a gamble and trading is no different
  • #151
  • Sep 23, 2015 6:49am Sep 23, 2015 6:49am
Quoting tunera
First of all, trading IS gambling. You can manage your risk and perfection your system and make practice, with time and experience you can start to understand how to make money and you can do make money, there is nothing crazy about it. Now, forget about having any kind of help from other people, especially on internet. The truth is that this is not a "job" for everybody, it is highly stressful and highly insecure, you need to have a very good control over your mind (you will have it with time) in order to avoid doing shit (like losing your account...
very well written and very true
  • #152
  • Sep 23, 2015 6:52am Sep 23, 2015 6:52am
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.
exactly that's what I tell my friends who ask me about trading. It worked for me and I make a living doing it, but it was 10 years of very hard work. Plus if you know that 9 of 10 people you met during that journey gave up on the way, why would you ever advise your friend to start trading if there is 90% probability he/she will waste a lot of time and hard work and give up at the end.
  • #153
  • Sep 23, 2015 7:07am Sep 23, 2015 7:07am
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
Tony, keep your head up. There are more important things in life than money, and I really mean it.

This would be my advice:

1. Think about my post above and consider all the other options around you
2. If you stick to trading, it's good, just remember that it is incredibly hard and not everyone will make it. It will also take years to master.
3. Every successful trader I know (retail or insti, myself included) blew up at some point of their life. You are not alone losing your account.
4. Stop looking at the charts, lines, trendlines, MACD, Stochastics and other indicators for a while. Stop reading this forum for a while. Start educating yourself and dedicate at least few months to this. Learn how and why are the prices moving, understand the reasons, understand how are other market participants thinking and what they are looking at. Also understand how the future events affect price action and how time (of the day, month, year - i.e. x axis) affects price action. You should read like 10 good books I can recommend to you which will make a huge jump in your knowledge.
5. Once you do all the above, you can apply the above acquired knowledge and think about the way to use it in the market to generate PNL - it can easily be with technical indicators or patterns, whatever you like. The point is, there is a Huge difference when a trader understands the market and how it behaves and applies technical analysis into his trading, compared to a person who understands the chart only.
  • #154
  • Sep 24, 2015 1:36am Sep 24, 2015 1:36am
Quoting WhyDrawdown
{quote} What does the broker have to do with you placing xyz ORDER and not closing it when you originally planned? The broker doesnt make you overleverage or have bias towards a position.The only person to blame here is the trader and no one else. If a trader begins to blame the broker for his buy order going 800 pips against him, then this forex battle will be lost more times then none.
True for a broker without conflict of interests with trader. If broker is a counterparty then traders with significant profits may pose a threat to them. I'm talking about "well-deposited", discreet in money management and knowing execution process inside what they give them a true edge. For other traders I agree most brokers won't apply any handicaps, its just irrational.
  • #155
  • Sep 24, 2015 2:08am Sep 24, 2015 2:08am
Quoting leebsurag
{quote} True for a broker without conflict of interests with trader. If broker is a counterparty then traders with significant profits may pose a threat to them. I'm talking about "well-deposited", discreet in money management and knowing execution process inside what they give them a true edge. For other traders I agree most brokers won't apply any handicaps, its just irrational.
Very well said. The problem is that it is much easier to deflect and blame the broker for your horrible trades compared to looking within... You will be surprised at the excuses people come up with for holding positions for massive pips in lose.
  • #156
  • Sep 24, 2015 2:47am Sep 24, 2015 2:47am
If you find yourself in a hole, the first thing to do is stop digging. Stop and think for moment - who runs the forex markets? The big banks. Do they want you to win? No. What edge would you possibly have over Goldman or Deutsche? None. They have teams of analysts, the best traders, the fastest algorithms. Do you honestly think you can beat that? No, you can't. You're better off going to Vegas - at least there, you get some drinks and a show. Forex or Las Vegas -either way you lose .
  • #157
  • Sep 24, 2015 4:33am Sep 24, 2015 4:33am
Quoting gravitist
If you find yourself in a hole, the first thing to do is stop digging. Stop and think for moment - who runs the forex markets? The big banks. Do they want you to win? No. What edge would you possibly have over Goldman or Deutsche? None. They have teams of analysts, the best traders, the fastest algorithms. Do you honestly think you can beat that? No, you can't. You're better off going to Vegas - at least there, you get some drinks and a show. Forex or Las Vegas -either way you lose .
Do the big banks want you to win? Pretty sure the big banks don't give two shits if you win or lose.
Sure, they have prop traders, but generally they're not trading like retail traders. They don't care what you're doing.
They're changing currency for huge corporations, hedging exchange rate risk in bonds, stocks and derivatives.
Do you honestly think you can beat that? Are you trying to beat that? it's like comparing a grape to an apple orchid.
Do you really believe you have to be particularly intelligent and have the fastest algorithms to extract money out of the market consistently?
  • #158
  • Sep 24, 2015 4:51am Sep 24, 2015 4:51am
Quoting BubaYaga
{quote} Do the big banks want you to win? Pretty sure the big banks don't give two shits if you win or lose. Sure, they have prop traders, but generally they're not trading like retail traders. They don't care what you're doing. They're changing currency for huge corporations, hedging exchange rate risk in bonds, stocks and derivatives. Do you honestly think you can beat that? Are you trying to beat that? it's like comparing a grape to an apple orchid. Do you really believe you have to be particularly intelligent and have the fastest algorithms...
  • #159
  • Oct 14, 2015 2:57am Oct 14, 2015 2:57am
on a large scale, we retail traders are nothing much compared to them big corporation, the best that we can do is try and grab as much as we can from a vast market like forex, there is no such thing as standards or rules to such trading, I mean its not like everything they say on TV or have on paper is actual what it is. what matters is who makes and how much he does.. lol. now i feel so tiny but hey, if i continue making a couple of thousands a month then im good.
  • #160
  • Oct 19, 2015 6:41am Oct 19, 2015 6:41am
Quoting Forexia
{quote} NO Demo is NOT the same as in real trading. They might use the same server for price data for demo and real trading BUT the execution of your trades in demo could be COMPLETELY different, depending whether the broker is good or bad. In demo, all of your trades are executed instantly, very fast as soon as you entered them which is also what would a good broker do in real account but with a bad broker, execution of trades in real trading can be very bad as they will potentially delay the execution of your trades, give you bad prices for your...
Well sure, but the big difference between trading demo and money is psychology. Your are not worried about loosing money on the demo. So you might do good. And then with money you do bad. Even so, i would recommend to noobs to trade demo first and after some sucess move to 0.01 lots and go easy and slow from there.
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