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Please tell me your method!

  • #1
  • First Post: Aug 19, 2006 4:06am Aug 19, 2006 4:06am
You see, I have been struggling in forex for 4 years. Can You please send a private message for me on how You trade YOUR method. Please. I have been going on the computer trying out all different kinds of methods, everyday. Like, 7 hours a day. My head hurts, and I lost soo much money LIVE. I dont know what to do. Quit? 4 Years of wasting my time everyday? Please, I'm begging You, please tell me Your method. How do You trade?
  • #2
  • Aug 19, 2006 4:14am Aug 19, 2006 4:14am
Dan,

Take a break from trading live. And if you haven't done so, read "Trading in the Zone" by Mark Douglas. You gotta get your head on straight before you continue trading and right now, it's not.
  • #3
  • Aug 19, 2006 4:56am Aug 19, 2006 4:56am
Maybe you need to focus on money management and the whole psychological/emotional aspect, as a great method will falter without the above mentioned aspects.
  • #4
  • Aug 19, 2006 5:33am Aug 19, 2006 5:33am
dan



take a break at least 2 to 3 years then come back to it
it worked for me
  • #5
  • Aug 19, 2006 5:42am Aug 19, 2006 5:42am
Anyone who got a good method can share it with Dan, so that he can practice it on a demo account for a certain period so that he can start dealing again with confidence in live account
  • #6
  • Aug 19, 2006 6:22am Aug 19, 2006 6:22am
Are you looking at one currency? It helps to concentrate on one so you can get familar with it then expand from there. You need to be successful with a demo account before you start using your live account.
  • #7
  • Aug 19, 2006 6:36am Aug 19, 2006 6:36am
Dan,

There is no method that would make you a successful trader. It is your mind set first and then your money managment second. In last place is a system. You already have access to several systems and you have not chosen to use them. Vegas, Sidus, BGX, to name a few. All of these are fine.

You need to take time and grow and you know exactly what I mean, because we have discussed this. I admire your high level of maturity and your commitment, but you simply need time. The fact that you insist on a system as your salvation is proof of this.

I am curious, knowing what you know I know, how could you have lost money for 4 years? If you were to spend the next 4 years studying and using a demo account and learning to read the market, you would be an extraordinary trader and could pretty much write your own ticket in life...

My friend, you have a gift that most of us do not. You have time.. Use this time to your best advantage. You also are very intelligent.

Here is the thing, in most cases I would recommend people trade a micro account to get the emotional feel for the market. In your case I would do the opposite. I would trade a Demo for a year and use this time wisely so that when you can make the transition to real money again, It will be like taking another breath, an easy flow.

I truly hope you find what you seek, but what you need most is time and patience.

Good Luck my friend, Scott


Quoting Dan7974
You see, I have been struggling in forex for 4 years. Can You please send a private message for me on how You trade YOUR method. Please. I have been going on the computer trying out all different kinds of methods, everyday. Like, 7 hours a day. My head hurts, and I lost soo much money LIVE. I dont know what to do. Quit? 4 Years of wasting my time everyday? Please, I'm begging You, please tell me Your method. How do You trade?
  • #8
  • Aug 19, 2006 6:36am Aug 19, 2006 6:36am
Hi Dan,

I thought you're having good results using the Tlatomi method as per your posts in its thread?

Anyhow, take it easy. For sure experience traders here will have invaluable advice to help you out.

All the best.
  • #9
  • Aug 19, 2006 6:48am Aug 19, 2006 6:48am
Hello Dan,

There are so many directions we could go here because there are alot of parameters that YOU must choose.

First thing I would do at your crossroads is get very introspective. What do you like about trading? How calm are you? Do you like to think things out or do you like to jump when you see an opportunity?

If you like to think things out and anaylize, I highly suggest that you do standard old fasioned technical analysis (patterns, channels, breakouts, reversals) on a 4 hour chart. If you decide you like to think it out and analyze, this is my favorite book: The Master Swing Trader by Alan S. Farley.

If you like to jump on opportunities and get in and out you might consider becoming a student of price action on a tick chart with the 15 minute as your big picture. With the in and out momentum trading it is also essential that you incorporate time into your arsenal. Study the price action relative to the clock. Know you times of day when the price moves or reverses. Study it daily, as it goes in waves. Being a short term opportunist is the most complex. There is alot of factors and it happens fast. There is so much to look at and consider and you must know which and when. But when it all starts to click you can really knock down some pips.

There are also a gazillion indicator systems out there. I don't like em' so I can't help you with those.

I think the most important thing is to establish what your personality is and what style of trading you will enjoy. Once you do that, pick an approach and stay focused on only that style. Read forums and blog of others who are SUCCEEDING at that style.

DEMO DEMO DEMO oh, and D E M O
DO NOT trade real money until every demo you touch turns to gold. Why would you rush into a gun fight if you never win at paintball???

And don't under estimate the power of a break from trading either. As others have suggested, it can help alot. The time off will allow you to break some bad trading habits and and release some of the negative emotions from your failures. Time away also allows your brain to digest what you have learned and sort things out.


Hope this was helpful.
Profit is where readiness meets Opportunity
  • #10
  • Aug 19, 2006 11:10am Aug 19, 2006 11:10am
I think demo is a waste of time from one point. Demo is good to learn the basics and that's it.

These are/was my steps:

1. Learn the basics, all kind of indicators, all kind of free strategies - DEMO
4 - 6 Months
2. Play the basics on different pairs - DEMO
3 Months
3. Chose a strategy and a pair. so 1 strategy, 1 PAIR, this is the moment that you won't switch anymore between strategies or between pairs
1 Month
4. Play the strategy and the pair over and over and over and over again - LIVE
4 Months
5. Lose some money, get mad, take a break
2 weeks -1 month break
6. Research about money management, psihology, improve the plan
2 Months
7. Play the strategy, the pair and money manangement rules over and over and over and over again - LIVE. For the most part you should be at break even, making some, losing some, but seeing that you can, seeing better the mistakes that you have made, learning not to repeat them anymore.
6 months - 1 year
8. Make money - LIVE
...
Try hard, think fast, die young
  • #11
  • Aug 19, 2006 11:24am Aug 19, 2006 11:24am
Quoting dof
I think demo is a waste of time from one point. Demo is good to learn the basics and that's it.

These are/was my steps:

1. Learn the basics, all kind of indicators, all kind of free strategies - DEMO
4 - 6 Months
2. Play the basics on different pairs - DEMO
3 Months
3. Chose a strategy and a pair. so 1 strategy, 1 PAIR, this is the moment that you won't switch anymore between strategies or between pairs
1 Month
4. Play the strategy and the pair over and over and over and over again - LIVE
4 Months
5. Lose some money, get mad, take a break
2 weeks -1 month break
6. Research about money management, psihology, improve the plan
2 Months
7. Play the strategy, the pair and money manangement rules over and over and over and over again - LIVE. For the most part you should be at break even, making some, losing some, but seeing that you can, seeing better the mistakes that you have made, learning not to repeat them anymore.
6 months - 1 year
8. Make money - LIVE
...
very well thought out prescription.
Each point has been prescribed with time frame except eight.Is it inadvertance or deliberate omission.
Any how I like the eight one.
  • #12
  • Aug 19, 2006 11:35am Aug 19, 2006 11:35am
Quoting Dan7974
You see, I have been struggling in forex for 4 years. Can You please send a private message for me on how You trade YOUR method. Please. I have been going on the computer trying out all different kinds of methods, everyday. Like, 7 hours a day. My head hurts, and I lost soo much money LIVE. I dont know what to do. Quit? 4 Years of wasting my time everyday? Please, I'm begging You, please tell me Your method. How do You trade?
Danny Boy,

You're probably not going to like my answer, but after 4 years if you're still losing money, then frickin quit dude. If you're struggling this much, and with the plethora of information and systems on the web if you're STILL not making money, honestly, look for a managed account and dump your money there.

I look at like this...if you're beating yourself up trying to get it yourself and you're just NOT getting it...then QUIT LOSING MONEY and give it to the people who can make money for you. At the very worst case, you could just buy an index fund and just dump money into that...that's a hell of a lot better than losing money every year. Hell, it's probably better than if you're not making more than 10% a year...you should AT LEAST be able to do that after 4 years of working (if you are truly focusing on this stuff).

Trading isn't necessarily hard, in fact it's pretty simple...making money isn't that difficult either, in all honesty...what IS difficult is making the type of money that we want out of this market. When I think high risk investments, I want 100%+ a year. I'll be happy with more than 10%, but if I truly want to be satisfied, I want to double my accounts every year at least. So, Danny, if you can't see yourself doing that with Forex (making the minimum), then dump the idea and move on.

Scott's reference to time is only useful if you use it wisely. And don't feel bad if you can't make money in Forex...a lot of people are with you. Not everyone has the talent and skills necessary...that's ok...a lot of us probably can't do something that you can do...so it all evens out at some point...but let's face it, 4 years (7 hours a day) and no success...something tells me that there is something fundamentally blocking your ability...so why fight it? just give your money to money managers to make it for you. From what I understand, some of these dudes have are averaging over 20% a year (annualized gain)...that's a REALLY GOOD return with NO work (other than monthly deposits). In like 30 years or something, you'll have more than enough money to retire on.
  • #13
  • Aug 19, 2006 11:58am Aug 19, 2006 11:58am
I know some people like to kick you when you are down, but dont let them get to you.

70% of this business is knowledge, 29% patience and 1% of all those noble things people like to say . You are probably missing some key knowledge or the the knowledge to apply it.

I would bet from your post that you not only have you been loosing money but recently you lost a large sum of money and that would be due to money management. Money management is the holy grail to the markets. If you bet to much you will wipe your account, if you bet too little you will be working at $10/hour forever.

Read up on money management. Once you can prove to yourself how it works then alot of the emotion is gone, on losses you can say "well that was my 33% chance to lose" and when you are doing well you wont bet the farm because you know the more times you win the more chances you have too loose.

keep in there and keep reading. only 0.01% of the stuff you read has value, so you need to read 1000 pages to get a good one
  • #14
  • Aug 19, 2006 12:03pm Aug 19, 2006 12:03pm
Quoting witchazel
I know some people like to kick you when you are down, but dont let them get to you.

70% of this business is knowledge, 29% patience and 1% of all those noble things people like to say . You are probably missing some key knowledge or the the knowledge to apply it.

I would bet from your post that you not only have you been loosing money but recently you lost a large sum of money and that would be due to money management. Money management is the holy grail to the markets. If you bet to much you will wipe your account, if you bet too little you will be working at $10/hour forever.

Read up on money management. Once you can prove to yourself how it works then alot of the emotion is gone, on losses you can say "well that was my 33% chance to lose" and when you are doing well you wont bet the farm because you know the more times you win the more chances you have too loose.

keep in there and keep reading. only 0.01% of the stuff you read has value, so you need to read 1000 pages to get a good one
Excellent words of wisdom and encouragement.
  • #15
  • Aug 19, 2006 12:06pm Aug 19, 2006 12:06pm
Dan,

I use yahoo messenger, I have a friend or two we bounce ideas off when we are on and trading. I want you to start a demo account first, and trade with me for a year before going live again.

My yahoo messenger ID: [email protected]

This is open to anyone.


Chris
Price is the only indicator.
  • #16
  • Aug 19, 2006 12:26pm Aug 19, 2006 12:26pm
agreed with all the advice rendered to dan so far.

so let me just add this:

after taking a break and digging deep inside yourself, perhaps it might be best to look at other markets for the time being. forex truely is the final frontier for any trader, so dont beat yourself up for not succeeding. i know futures, equities and options traders who are making a nice living that wouldnt touch forex with a ten foot pole.

you might find "your market" may not be forex.

but you'll also find that what you learned during your forex years wont have been a waste. many aspects, technical and fundamental are incredibly usefull in equities as well, infact most of the ideas you see here originated inthe equities markets.

my own story is that i was part of the 95% that doesnt last 6 months in this game.

that was 5 years ago.

i took a nice long break from trading alltogether for about 6 months, worked on other things, and found my way to equities. everything i learned in the process of killing my forex account came in handy with equities, and i'm happy that i can say that i've made a nice killing in that market. granted i did learn so much more, but i know the main source of my success is largely due to the experiences i had on forex.

18 months ago i came back to forex cos the whole worlds equities are diving big time, and by applying my equities lessons, my forex account is nice and healthy once again

nothing is ever wasted if you learn from the experience.

once final word of advice: take special note of the psychological advice everyones given so far. that is by far the most important aspect of any traders arsenal. its not a superduper secret system.

take a break
get your head on straight

and good luck.
  • #17
  • Aug 19, 2006 12:27pm Aug 19, 2006 12:27pm
Quoting MoneyMa$ter
"Dan,

Take a break from trading live. And if you haven't done so, read "Trading in the Zone" by Mark Douglas. You gotta get your head on straight before you continue trading and right now, it's not."
Dan,

Just my opinion, but with everything said, the above is probably the simplest approach you can take, and probably what you need to do.

Take a short break. Stop spinning. Take a deep breath, and just watch for a little bit.

I would take all indicators off your charts, just watch simple price action for a while.

I fully believe that you need to educate yourself about the dynamics of it all. WITHOUT TRADING. Just watch.


Hope it Helps.

DC
"There is MORE Happiness in giving than receiving"
  • #18
  • Aug 19, 2006 1:25pm Aug 19, 2006 1:25pm
It's your head. It's not on right.

You should be able to take Vegas' 4H Tunnel strategy and make money with it. That's all you do. Nothing else.

I guarantee you that if you had your head on right, you'd make bank with that strategy. And I don't even use it myself, because it's just not my style.

That's how easy it is to make money, system-wise in the Forex market.

Your head is the other thing.
Mr. Trend
  • #19
  • Aug 19, 2006 4:49pm Aug 19, 2006 4:49pm
1) Take an advil
2) look to loved ones for resistance and support (pun's intended)
3) don't take it personal it's a business

4) find some traders to work with for awhile

5)take a break from your "head"... not the markets

and most importantly take care...
  • #20
  • Aug 19, 2006 8:46pm Aug 19, 2006 8:46pm
Quoting Dan7974
You see, I have been struggling in forex for 4 years. Can You please send a private message for me on how You trade YOUR method. Please. I have been going on the computer trying out all different kinds of methods, everyday. Like, 7 hours a day. My head hurts, and I lost soo much money LIVE. I dont know what to do. Quit? 4 Years of wasting my time everyday? Please, I'm begging You, please tell me Your method. How do You trade?
Hi Dan,

Read ur thread and from it i can c u abit depressed as u r trading since 4 yrs and lost alot in real money and u have traded diff. methods aswell and nothing seems working in ur favour.

First of all Stop begging, which shows u r weak (Mentaly and ur confidence is low.). And the forex doesnt favour weak perosn. so be strong. Ask for help donīt beg. (i hate this feeling.)
As i know, forex is a zero-sum game. If someone is having a winning trade on side-A then it has to be someone with losing trade on Side-B. And u canīt be begging side-B to lose. U have to be so good to win it. (hope u got this.)

I read replies from other members... some saying take a brake from forex atleast 2-3 yrs, some saying work on ur psycology, some saying this and that... bla bla bla... i dont say they are worng or rite...(everybody has diff. view to see a particular problem and to respond it.)

Here is wat i think,
1) Wat u got to do first is just realx forget that u wasted 4 yrs of time in forex. Bcoz wat i personaly think if u gave 4 yrs to forex there might be some (say it very few) things which u might be able to do very well, rite ? (Take ur thoughts in +ve direction.)

Ok, now as u lost alot of money in forex in ur this 4 yrs, consider them as ur Most Expensive Forex-Trading Course, ok.
Then, Start trading Demo (I MEAN IT....I REALY MEAN IT.) FORGET LIVE ACCOUNT, Just Trade on DEMO.

2) Try to find a Mentor (which i think is realy a key to sucess in any field) who himself is a Trader and Trades his live account not any particualy companies training course or some like of expensive FxTrading Training package. If u can find a Mentor who trades his own account live would be the best Mentor to Teach.

3) Trade one trading system, stick to it untill u get hold on it. Donīt jump from one trading system to another trading system. (its foolishness...nothing to be rude..)
Give urself time to make ur Demo trades profitable. Apply Patience.
Make a Promise to urself that u wonīt trade LIVE ACCOUNT untill u have 3-Winning consivutive months with (say 300 pips/month.) folowing the Same Trading Method/strategy.

4) Treat ur DEMO Account as Ur REAL MONEY. It should Pinch u Inside if u make a losing trade. Bcoz the more losing trade u make the more time it will take for u to have 3-consicutive winning months and the more time it will take to get in the the Real Live Account.
So trade wisely, As its said... Make a Trade Plan and then Trade that Trade Plan.

5) Keep a Trade Journal of all the Trades u make with a snap shot of the charts with all the details Entry, Exit, Trading Strategy used, Trading time, If any Eco. event happend at that time each and every thing should be in ur TRADE JOURNAL. And u shouldnt miss a single trade writing down in ur T.Journal. This is not all. U should Review them frequently Daily-Weely-Monthly...And learn from each of ur trades u made either Wining or Losing.
This is wat i will say for now the things doesīnt finishes here its just the starting... if u want to make a living in forex (i will rectify myself... there is nothing like ĻMake a LivingĻ in forex as ppl say, wat i believe is Either u are Filthy Rich in Forex or u r Losser...watever.)

Apply these few things which i have mentioned and then i will like to share more...
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