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I plan to quit forex!

  • #141
  • Mar 5, 2016 2:17pm Mar 5, 2016 2:17pm
Quoting Eur Usd
{quote} 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.
I agree with you 100%. There is a good argument in favor of the need to have a stable income in order to open an account in forex. This argument is that the more you are confident in its financial position, the more money you are willing to risk and, therefore, trade acquires a large scale. This is possible only when you have a "cushion" of the money you earn is not in the forex.
  • #142
  • Mar 5, 2016 2:25pm Mar 5, 2016 2:25pm
Quoting DenForex
{quote} I agree with you 100%. There is a good argument in favor of the need to have a stable income in order to open an account in forex. This argument is that the more you are confident in its financial position, the more money you are willing to risk and, therefore, trade acquires a large scale. This is possible only when you have a "cushion" of the money you earn is not in the forex.
Its not that you are willing to risk more, in my opinion it's that since you are more secure in your finances you are more relaxed and able to make better decisions since you don't rely on forex to make a living, this also allows you to take a longer term view which further helps your trading by not trying to make a 'killing' and bankrupt your account, etc.
The Trend Is Your Friend
  • #143
  • Edited 6:32pm Mar 5, 2016 2:45pm | Edited 6:32pm
Quoting Mingary
{quote} 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...
Mingary your wasteful time on these forums and constant negative input can obviously only be summed up by your inability to have ever traded successfully. Your post are always like a broken record much like a women scorned seeking some form of revenge on the market. Your loosing psychology is much like that of an alcoholic, they drink and do not want to drink alone so try to encourage everyone else to drink, because you loose you think everyone else should loose. I would think the best you can do for yourself and others is disengage from these forum.

As for guy wanting to leave, you should leave. Dont come to forums for some sympathy vote. Be a man and move on or except the emotion of loses. Trading is no Nobel pursuit, so dont seem a failure if you quit. There are much Nobler ways to make a living.
  • #144
  • Mar 5, 2016 2:56pm Mar 5, 2016 2:56pm
Quoting Markj
{quote} Mingary your wasteful time on these forums and constant negative input can obviously only be summed up by your inability to have ever traded successfully. Your post are always like a broken record much like a women scorned seeking some form of revenge on the market. Your loosing physiology is much like that of an alcoholic, they drink and do not want to drink alone so try to encourage everyone else to drink, because you loose you think everyone else should loose. I would think the best you can do for yourself and others is disengage from...
Superb, out class...
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -2,370
  • #145
  • Mar 5, 2016 3:33pm Mar 5, 2016 3:33pm
the guy already quit and this is still getting propped. ))))
  • #146
  • Mar 5, 2016 3:33pm Mar 5, 2016 3:33pm
Quoting Soyo24
{quote} Its not that you are willing to risk more, in my opinion it's that since you are more secure in your finances you are more relaxed and able to make better decisions since you don't rely on forex to make a living, this also allows you to take a longer term view which further helps your trading by not trying to make a 'killing' and bankrupt your account, etc.
Yes. I agree with you.
  • #147
  • Edited 5:16pm Mar 5, 2016 4:26pm | Edited 5:16pm
Quoting Markj
{quote} Mingary your wasteful time on these forums and constant negative input can obviously only be summed up by your inability to have ever traded successfully. Your post are always like a broken record much like a women scorned seeking some form of revenge on the market. Your loosing physiology is much like that of an alcoholic, they drink and do not want to drink alone so try to encourage everyone else to drink, because you loose you think everyone else should loose. I would think the best you can do for yourself and others...
Are you making a living trading the forex as your only source of income?
Time and time again I read posts from native English speakers (in your case Sydney, Australia ? wtf ) who don't even know the difference between "loose" and "lose", and then to make sure we understand you are illiterate you misspell "loses", well done.
Anyhow, I just love it when the delusional crowd get their knickers in a twist and put me on their ignore list.
I am working on having the whole FF membership putting on "ignore" . Especially the ones who appear so pretentious and are betrayed by their lack of the most basic writing skills.
Perhaps you are just ranting about yourself ?
  • #148
  • Mar 5, 2016 6:26pm Mar 5, 2016 6:26pm
Quoting Mingary
{quote} Are you making a living trading the forex as your only source of income? Time and time again I read posts from native English speakers (in your case Sydney, Australia ? wtf ) who don't even know the difference between "loose" and "lose", and then to make sure we understand you are illiterate you misspell "loses", well done. Anyhow, I just love it when the delusional crowd get their knickers in a twist and put me on their ignore list. I am working on having the whole FF membership putting on "ignore" . Especially the ones who appear...
What can I say you are obviously a very smart and intelligent guy... good luck to you.
  • #149
  • Mar 5, 2016 6:43pm Mar 5, 2016 6:43pm
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
Hi Mate,

I don't know you at all, but you are really missing the point here when it comes to trading the Forex Market....

Listen, I am not a mind reader, but you gave me enough clues to know that your intention to quit
is a "CRY for HELP"... I can hear you my friend and I am willing to help....

Just give me 7 days, and you can quit after that.

"I have no Luck" -----Trading is a skill, and it requires WORK and Success is not a Fantasy, it's a FORMULA.

"Profits and Capital" -------The only way to protect your capital is to manage your risk, so your Entries don't matter at all.

" Not suitable in Forex "------ The Forex Market is a neutral ground, and it doesn't give a shit about our feelings. You need to use
your weakness as a technique to control the outcome of your Emotions.

"Back to work" --------Control or be controlled...You owe it to yourself to make the right decisions.

"I plan to quit Forex" ------Quitting should not be an option for you my friend if you were planning all your trades, before you trade them.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #150
  • Mar 5, 2016 7:11pm Mar 5, 2016 7:11pm
Quoting OctaveJay509
{quote} "I have no Luck" -----Trading is a skill, and it requires WORK and Success is not a Fantasy, it's a FORMULA..
+1
  • #151
  • Mar 5, 2016 7:21pm Mar 5, 2016 7:21pm
Trading is like playing a musical instrument - practice, practice and you can never achieve perfection, but every time it turns out better than the last.
Return to work and improve your knowledge of Forex. Without practice there will be profit.
  • #152
  • Mar 5, 2016 7:55pm Mar 5, 2016 7:55pm
Quoting Davit
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...
Agree wholeheartedly. I 'fell into' teaching when arrived in Hawaii and found the state didn't have what I'd been doing in Boston, essentially. Learned about forex later. It suits me entirely.
  • #153
  • Mar 5, 2016 8:18pm Mar 5, 2016 8:18pm
Quoting OctaveJay509
{quote} Hi Mate, I don't know you at all, but you are really missing the point here when it comes to trading the Forex Market.... Listen, I am not a mind reader, but you gave me enough clues to know that your intention to quit is a "CRY for HELP"... I can hear you my friend and I am willing to help.... Just give me 7 days, and you can quit after that. "I have no Luck" -----Trading is a skill, and it requires WORK and Success is not a Fantasy, it's a FORMULA. "Profits and Capital" -------The only way to protect your capital is to manage your risk,...
I bolded the obvious CONTROL OR BE CONTROLLED: why many people want to be autonomous. No matter how humble inside I am in the work setting, it makes no difference as to how I feel about people in control who are compromised. They are not actually in control of me, but in that setting things are set up for my control. It's made more excruciating because of what I know (outlined in previous long message).
  • #154
  • Mar 5, 2016 8:19pm Mar 5, 2016 8:19pm
Hello all, I have blown my account too last friday. And it gave me so much stress! What made me so bad is my FB friends made a lot of pips using my strategy but myself loss it. I realize its because of my greed and fear that i loss. Our no1 enemy is our emotion.
  • #155
  • Mar 5, 2016 9:03pm Mar 5, 2016 9:03pm
Quoting Davit
{quote} 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
Subscribed to you and the thread


V
Precise Execution!
  • #156
  • Mar 5, 2016 9:08pm Mar 5, 2016 9:08pm
Many much more mentally stable and psychologically adept people at handling stress than me and many others have made a mistake thinking they could do forex (OR ANY OTHER MARKET) full time without doing some kind of preparation and training before. None succeeded. None ever will.
I remember 6 years ago I would "conquer" the markets, it's just simple math for me really...but one thing nobody could teach me is handling losses and profit. In other words, my great grandmother (who couldn't attend elementary school due to WW1 and had 0 finished grades in school) could be a better trader than me (provided she learned how to turn on a computer, start a trading platform and enter on any market). Entering market is easy and any fool can do it. Exiting is where the successful traders are separated from unsuccessful.
Long story short - if you take larger losses than initially predicted by your entry loss size (aka you're moving the SL in the counter direction) - STOP TRADING.
If you want to trade again and you notice you are THINKING of doing that very same thing - STOP TRADING.
If you never used a trailing position (especially useful for larger time frames) - TRADING IS NOT FOR YOU.
If you are trading for a very long time and you never had a position driven for maximum profit - MOST LIKELY YOU NEVER WILL.
Have you ever done demo trading for longer than 1 month? I for example am doing demo for 3 years now, out of which almost 2 years of zero live trading. Basically, it took me 5 years to become "consistently profitable". But 1 year of consistency is not a guarantee I'll be consistent in the future. It's because...you know - THERE IS NO SUCH A THING AS CERTAINTY IN LIFE OR MARKET.

That being said, take a look at the abovementioned "If" questions and do try to answer them as sincere as you can. When you do - you can start rectifying all those mistakes you've made all these years. One thing we all got in common are those mistakes.

And I have to give a huge kudos to OctaveJay and his sentence
Quote
"Profits and Capital" -------The only way to protect your capital is to manage your risk, so your Entries don't matter at all.

The main problem is - do you understand this sentence? If you don't - start digesting EVERYTHING from Mark Douglas. If you think you do - start digesting EVERYTHING from Mark Douglas.
  • #157
  • Mar 5, 2016 9:22pm Mar 5, 2016 9:22pm
Quoting Eur Usd
{quote} 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.
One more jewel. Nice post.

(exactly what I did 6 yrs ago and I got into an ugly life situation, out of which I'm still tunneling out).
  • #158
  • Edited 10:20pm Mar 5, 2016 10:04pm | Edited 10:20pm
It's zero sum game. To someone to win, someone has to lose. It's also important to know when to quit before it blows your life, just like you cut the loss before it blows your account.... It's cruel fact. I myself threw the towel several times but always came back. The longest pause was one month, the shorted pause was one hour.. and I am still learning. I recommend weekend learning. It really helps boot your skill and confidence. Also, have a job and play trading as a hobby. Try 4H and Daily chart based trading if you haven't done so already.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #159
  • Mar 5, 2016 10:44pm Mar 5, 2016 10:44pm
I appreciate and would like to thank all for positive comments and encouragement especially many PM me to give me positive encouragement and help me.

Many thanks.
  • #160
  • Mar 5, 2016 10:46pm Mar 5, 2016 10:46pm
If one day I become success trader, I would do the same to help those who suffer trading loss and give them help to recover.
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