I plan to quit forex! | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Should I quit trading forex? 219 replies

How many pips or % to quit? 17 replies

Quit Job , go Back to School, Trade Forex? 33 replies

bad position - quit now or wait ? 14 replies

Attachments: I plan to quit forex!
Exit Attachments

I plan to quit forex!

  • #121
  • Mar 5, 2016 8:22am Mar 5, 2016 8:22am
Quoting Forexia
{quote} 9:28 PM is PERFECT time to go to sleep. People have lost millions of dollars of not just their own money but other people's money and they are able to sleep. If you lost just several thousands of dollars of your own money and you can't sleep anymore then maybe trading is not for you. Not to be discouraging or anything but just trying to be realistic. In trading, you HAVE to be able to accept losses. You MUST control your losses yes but you have to not be bothered by it. WHY doesn't the PM on FF work? You need to find out. I don't give off...
The thing about FX is that it draws a of lot desperate people. People who want to change their lives and the life of their families. I do agree with MapleLeaf and Ming on one thing. You cannot be unstable and get into this business. You have to start from a position of strength. If you do not, you are going to destroy yourself with leverage abuse and/or overtrading. I see so many profiles here from emerging economies. They would be gods if they just learned to trade. Then they make all manner of trading and money management mistakes. That is why threads like 300 to 3 million in two weeks get so much traction. Most people here are lottery players. Not until they surrender the get rich fast dreams can they get rich fast!
If you are good at something, never do it for free--Joker
  • #122
  • Mar 5, 2016 8:42am Mar 5, 2016 8:42am
Quoting Forexia
{quote} 9:28 PM is PERFECT time to go to sleep. People have lost millions of dollars of not just their own money but other people's money and they are able to sleep. If you lost just several thousands of dollars of your own money and you can't sleep anymore then maybe trading is not for you. Not to be discouraging or anything but just trying to be realistic. In trading, you HAVE to be able to accept losses. You MUST control your losses yes but you have to not be bothered by it. WHY doesn't the PM on FF work? You need to find out. I don't give off...
PM done few
minutes ago

notsure if you receive it？
  • #123
  • Mar 5, 2016 8:44am Mar 5, 2016 8:44am
Quoting jmn5611
{quote} The thing about FX is that it draws a of lot desperate people. People who want to change their lives and the life of their families. I do agree with MapleLeaf and Ming on one thing. You cannot be unstable and get into this business. You have to start from a position of strength. If you do not, you are going to destroy yourself with leverage abuse and/or overtrading. I see so many profiles here from emerging economies. They would be gods if they just learned to trade. Then they make all manner of trading and money management mistakes. That...
I agree. FX trading and any high-risk, high-stake endeavours are all catch-22 situation. You need money to be successful in those endavours and yet if you really have money then you wouldn't bother to get involved into those activities to get rich because you already are rich. That's the sad Paradox.

It's especially bad that fx trading is actually not those get-rich-quick scheme at all which is what people eventually discover. It IS possible to get rich in fx trading but it's basically like any day job where you make a bit of money a day and just wait for it to accumulate while at the same time controlling the losses. With the same amount of investment, if people REALLY want to get rich quick, they should go into high-stake Blackjack or horse betting. FX trading is NOT it.
Make your losses in demo. Earn your profits live.
  • #124
  • Mar 5, 2016 8:44am Mar 5, 2016 8:44am
Quoting fxstaton
{quote} PM done few minutes ago notsure if you receive it？
I received your PM and I replied back.
Make your losses in demo. Earn your profits live.
  • #125
  • Mar 5, 2016 9:15am Mar 5, 2016 9:15am
yes this does not suit those who dont have patience and want to get rich quick . To be the elite 5 % , u can do this

put 1000 usd and trade .01 till u get a fair amount of hold on the pair , stick to one pair instead of multiple pairs .

when the tgt is done for the week or month or day take a brk .

trade at higher time frame.

choose a good broker whose platform does not freeze and whose quotes ecn or near ecn . u cannot win with a broker whose trades against u .

if u make 150 pips per week u r doing great .

you should have the time to trade as well without disturbances.

if all these are available then all u need is a simple rocking system , i do have one . if these are found wanting then trading is not your cuppa
  • #126
  • Mar 5, 2016 9:32am Mar 5, 2016 9:32am
I notice that a lot of folks have rushed in to give abundance of sage opinions as to what forex is or isn't, and what kind of personalities are suited for it, versus those who should get out, but very little is offered in the line of support to the struggling novice. If you are that good at it, why not give specifics on your successful method, rather than insinuate that you are making money at this? No one can take your "secrets" and use them against you in trading, since there is soooo much involved in successful trading. If not so, training outfits like OTA, Trading with Precision, Topdogtrading and others would be ruining the industry, but they are not. The purpose of this forum is for us to help one another, not chop off our fellow trader's head so that we can appear taller.
  • #127
  • Mar 5, 2016 9:50am Mar 5, 2016 9:50am
Quoting tunera
It is basically gambling, even if only a few will ever admit it (who cares!). So if you have capital, you may "invest" part of it in forex and play the market, try to make some smart trade, make some money. It is not a solid business like many would like to think, one day you win, one day you loose, you never know what's coming, so enjoy the ride. And if you have enough, just quit it (you will come back to it, maybe next month or maybe next year, or in 10yrs from now).
Bullshit! It may be for you, but for me it is a solid business, I am not a gambler and my results are consistent. If you put the initial work in, then you do know what's coming - more of the same, with similar patterns repeating themselves day after day after day, not exactly of course, but predictable enough to make money from. Your negativity adds nothing to this threat except " if you have enough, quit, if you don't have enough, quit..." What are you actually trying to say?

To the thread starter - quit if you feel it's not for you, there's no shame in that, but don't quit just because other people tell you it's a fools errand..if I listened to those people, and there were many, when I was struggling a few years ago, it would have been a big mistake.

Best advice from me is that the markets will always be there. Don't kill yourself trying to trade, it's not worth it, but don't just give up either if you don't want to, because trading, given sufficient time and application, can be learnt, just like anything else. Listen to your inner self, believe in yourself, and stay well away from negative people, especially those who have failed in trading themselves and like to tell others how impossible it is - it makes these people feel better.
  • #128
  • Mar 5, 2016 10:33am Mar 5, 2016 10:33am
Quoting fxstaton
{quote} penang... pm u but cant gon through
Walao. So many sifus in Penang also. You shouldnt quit tho. Be strong, you will find the way
  • #129
  • Mar 5, 2016 10:34am Mar 5, 2016 10:34am
Quoting cat
{quote} Bullshit! It may be for you, but for me it is a solid business, I am not a gambler and my results are consistent. If you put the initial work in, then you do know what's coming - more of the same, with similar patterns repeating themselves day after day after day, not exactly of course, but predictable enough to make money from. Your negativity adds nothing to this threat except " if you have enough, quit, if you don't have enough, quit..." What are you actually trying to say? To the thread starter - quit if you feel it's not for you, there's...
A cat gave so brilliant reply what makes us different from gamblers is, we put in our efforts to make best trades everyday instead of huge money whereas the gamblers triy to triple there account the very first day thinking the market will never exist the next day or even if, with no opportunity. Well said Cat, we are traders not gamblers.


Regards
V
Precise Execution!
  • #130
  • Mar 5, 2016 11:02am Mar 5, 2016 11:02am
it seems this thread is high jaked
  • #131
  • Mar 5, 2016 11:15am Mar 5, 2016 11:15am
Quoting Mingary
{quote} No difference. Since it is not possible not to have losses, then one can expect to lose in order to win. Or to win in order to lose eventually... Simple logic, really Joe happy trader is having 3 losses in a row, all part of his well researched strategy ... surely the next one will be a winner oops, it's not.
Quoting Mingary
No one makes money, why are people still trying? My guess is that trading is a tax levied on the financially stupid in the same way that lottery is a tax levied on those who are bad at math.

I can't believe you actually have people subscribed to listen what pile of shit you have to say.
You are simply a untalented loser and forex is not for you!Why spill your shit here.Why are you posting at FF?If nobody makes money in forex then WTF are you wasting your time here!
Irony of idiocy is unreal!

That's 4 days of trading 1st week of March 18% gain and my monthly is over 20% consistently! So step aside and shut up!
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 13 KB
In trading, you have to be defensive and aggressive at the same time
  • #132
  • Mar 5, 2016 11:27am Mar 5, 2016 11:27am
"It has been proven that most endeavors are abandoned within just an arm's reach of success."

how the heck can you prove this?
  • #133
  • Mar 5, 2016 11:29am Mar 5, 2016 11:29am
If you are failing I would go through this list and check does your system/plan incorporate atleast the critical things listed.

For the kind of trading plans/systems I'm interested in, I'd rate some key things as follows

critical:
trade/risk/position management
hedging
market condition/liquidity
capitalization (though if you have a really serious system that nails all of the above, I can believe those claims of going from $$$$ to $$$$$ quick)

important :
execution
(at brokers where you have lot of choice on how to do things)
(maybe at other brokers also if the broker modifies what they are doing based on your performance - does such happen, well if broker sees you are a loser for a long time and then suddenly you start winning all the time, I would guess they might change how they execute your trade!)

useful:
price action
technical analysis

(particularly once you get the other things right, using these correctly allow to massively reduce expenses as you can just wait to go in big when a big move is setting up instead of bothering with every small move)
  • #134
  • Mar 5, 2016 11:30am Mar 5, 2016 11:30am
Let me also add that roughly 10% of all professions are good what they do.90% more or less suck.This has lot to do with the fact that majority of people choose careers that they are not passionate about hence the job never elevates them.
Have you listened mediocre teacher? Sleepy rude cab driver? incompetent plummer? Lousy waiter? I bet majority of times that's the norm.Root of the issue is most people end up doing something contrary to their nature.
I love trading period and it never feels work.I can spend 12hrs straight looking at screen and still enjoy it.
Bottom line is do what you are passionate about and if you are not about trading then quit now!It is not your calling.
In trading, you have to be defensive and aggressive at the same time
  • #135
  • Mar 5, 2016 11:39am Mar 5, 2016 11:39am
Quoting Davit
{quote} {quote} I can't believe you actually have people subscribed to listen what pile of shit you have to say. You are simply a untalented loser and forex is not for you!Why spill your shit here.Why are you posting at FF?If nobody makes money in forex then WTF are you wasting your time here! Irony of idiocy is unreal! That's 4 days of trading 1st week of March 18% gain and my monthly is over 20% consistently! So step aside and shut up! {image}
Impressive result Davit but you know what this will make no difference to him, traders here must not have quit forex but must have quit making this guy understant, I suggest you not to waste your time and energy instead you should continue educating us for better.

Regards
V
Precise Execution!
  • #136
  • Mar 5, 2016 11:44am Mar 5, 2016 11:44am
Quoting varun76
{quote} Impressive result Davit but you know what this will make no difference to him, traders here must not have quit forex but must have quit making this guy understant, I suggest you not to waste your time and energy instead you should continue educating us for better. Regards V
Hi V thanks for your input
I regularly post at TMS30 and great small group of us trade forex successfully.You are welcome to participate.
regards
In trading, you have to be defensive and aggressive at the same time
  • #137
  • Mar 5, 2016 11:44am Mar 5, 2016 11:44am
Quoting stelpm
I notice that a lot of folks have rushed in to give abundance of sage opinions as to what forex is or isn't, and what kind of personalities are suited for it, versus those who should get out, but very little is offered in the line of support to the struggling novice. If you are that good at it, why not give specifics on your successful method, rather than insinuate that you are making money at this? No one can take your "secrets" and use them against you in trading, since there is soooo much involved in successful trading. If not so, training outfits...
Successful systems don't exist but successful traders do. The market is ever changing; what may work one month may not work the next and the successful trader will adapt accordingly to the market conditions (which could mean staying out). No system could do that. If it was so quantifiable, why are there no long term profitable EA's? You would be very gullible to buy into any of these systems marketed - their only success is down to the money YOU pay them.

Whilst there are some egomaniacs on the forums, from what I see here, the majority are trying to be helpful, but really it is not as simple as sell on red, buy on green and you'll be a millionaire.
  • #138
  • Edited 12:52pm Mar 5, 2016 12:09pm | Edited 12:52pm
Quoting Davit
{quote} {quote} I can't believe you actually have people subscribed to listen what pile of shit you have to say. You are simply a untalented loser and forex is not for you!Why spill your shit here.Why are you posting at FF?If nobody makes money in forex then WTF are you wasting your time here! Irony of idiocy is unreal! That's 4 days of trading 1st week of March 18% gain and my monthly is over 20% consistently! So step aside and shut up! {image}
I can safely assert that you are not making a living trading the forex. And I dare you to find one of those mystical "Traders at home raking it in in the forex and they have been doing it for years" that creature does not exist.
Now that being said, anyone - such as yourself - can make a few pips and show positive results for a while (Is this a demo ?). Even I can do it. And I would never brag about it because I know it's only temporary and also posts such as yours will perhaps compel some poor slob in Ghana (or in Medford ), or the thread starter ! to invest (i.e. gamble) some money with some crooked broker (i.e. it's the norm) and lose it all in 2 days.
Tell me something I don't know (:
  • #139
  • Mar 5, 2016 12:29pm Mar 5, 2016 12:29pm
Attached Image (click to enlarge)
Click to Enlarge Name: bermuda-triangle-16-728[1].jpg Size: 125 KB
  • #140
  • Mar 5, 2016 1:15pm Mar 5, 2016 1:15pm
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
This is the main problem. People leave jobs to become "professional trader" - it's funny and it's stupid. People pay in 1000$ into their account and think they will rule the world. Nothing against confidence, but you have to think realistic. If you wanna be trader your life has to be stable, so you don't count only on fx profits. You need full time job providing financial safety - then you don't rush your luck that much.
On my way to financial independence - if others can do it - I can do it
1 trader viewing now