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I plan to quit forex!

  • #221
  • Mar 6, 2016 6:54am Mar 6, 2016 6:54am
admins please close/delete this thread. thanks! what a time wasting experience.
  • #222
  • Mar 6, 2016 7:05am Mar 6, 2016 7:05am
Quoting Fisher755
Like in any profession people work, only 5% of people actually do their job very good. Does this mean they are all millionares? No, of course not. 5% of teachers are really excellent at what they do and they are not all millionares. I was not a millionare in my previous job, so I really have no reason to want be a millionare trading forex. For me a good trade is measured in pips and following the rules that each trader sets for himself, no matter what system he trades and how big his account is. As long as I'm making higher % of account gain on...
I just love it when things get real ..
"Where the tire meets the road"
No one flies very high financially in retail forex, the reality is rather dismal. This is in total contradiction with the claims perpetuated by the forex machine..
I wonder why (:

Now, I am not saying it's not possible to show some profits once in a while ..
  • #223
  • Mar 6, 2016 7:22am Mar 6, 2016 7:22am
There is a word for flying high in any profession and forex trading even more so.
This word is GREED and I sure don't want that neither in my trading nor in my private life.
PVSRA
  • #224
  • Mar 6, 2016 7:22am Mar 6, 2016 7:22am
Best way to experience anything?

Try experiencing it!! If you need other people to tell you how to do it then your already doing it wrong!
  • #225
  • Mar 6, 2016 7:24am Mar 6, 2016 7:24am
i like how mingary always edits his posts. the first draft is always more grim btw, more vintage
  • #226
  • Mar 6, 2016 8:07am Mar 6, 2016 8:07am
Quoting metta87
{quote} yeah even with just a coin toss you make some money and lose some money (although you still blow at the end) so an edge should not only fail sometimes and win mostly, it should be able to do so consistently, over and over. A question is, can an edge stop working ?

The only reliable edge is the trend, because we cannot see the trend in advance, only in the past, you have to assume the trend will continue. Many traders battle the trend, sadly its what a lot of idiot gurus sell as courses, it is easier to sell a market or buy it when its going against you then actually go with it.

People think they have to be in at the start of a move, in fact that's the worst place to be because the market will often spike you even if you are right, the best place to be in is when the market is running hard, every one agrees on direction. Flipping a coin is just crap, how can one random event link to another random event, there is no basis for that in trading. There is always a direction, if you cannot see it don't trade that market, pick another. Many traders trade the EURUSD because it has a low spread, that is again a dumb thing to do. Find a market that is trending, or has been and go with that. Beware of a market when you see 5,7,9 pushes up because it might want to pull back, wait for it to pull back, and wait for the first up swing and go in.

It is basically simple trend trend trend, don't be greedy and have a daily target which is 70% of the daily ATR of the market you are trading.
  • #227
  • Mar 6, 2016 8:10am Mar 6, 2016 8:10am
Quoting Hurst
{quote} The only reliable edge is the trend, because we cannot see the trend in advance, only in the past, you have to assume the trend will continue. Many traders battle the trend, sadly its what a lot of idiot gurus sell as courses, it is easier to sell a market or buy it when its going against you then actually go with it. People think they have to be in at the start of a move, in fact that's the worst place to be because the market will often spike you even if you are right, the best place to be in is when the market is running hard, every one...
Kudos!

"i want to be first in, I dont want to go with the herd" - the number of times I heard this sentence not just in forex... until i stopped functioning like that I spent around 5k USD of bloodily earned money...
  • #228
  • Mar 6, 2016 8:21am Mar 6, 2016 8:21am
Quoting DemoAntares
{quote} Kudos! "i want to be first in, I dont want to go with the herd" - the number of times I heard this sentence not just in forex... until i stopped functioning like that I spent around 5k USD of bloodily earned money...
one who say this know nothing about market
  • #229
  • Mar 6, 2016 8:40am Mar 6, 2016 8:40am
I trade for 10 years and still learning so up your head. You don`t know what a destiny prepared to you but just be a rational when you put your money to your account and continue to learn, learn and learn and practice with micro account with 0.01 lot until it will show you 3 month of stable profit with a very little drawdown. Your sl must not bigger than your tp and risk of capital per trade must not bigger than 1% of your balance. I do well until for last quarter and thought that i had reached my way but i was lucky that I was wrong when mayor of London Boris speech about exit from EU sent me to knock-down. Such painful surprise will keep me from future losses. There is no better way for education than your own mistakes because you fill it and you will try to look the ways not to happen it again. Good luck.
  • #230
  • Edited 8:57am Mar 6, 2016 8:40am | Edited 8:57am
Quoting Mingary
{quote} Exactly. The barrier to entry is kept very low for that purpose. Retail forex traders are the "canon fodder" of the industry. The fact that it preys on the poor wanting to better themselves is criminal. Your friendly forex bucket shops big and small are fully aware that the "small accounts" are going to be swept into the company's account within 3 months max.
Just like what markkhjen said:

Quoting markkhjen
{quote} The success rate for people who trade Forex is about 5% (or even less). This means, 5% of the successful traders make the most money from the markets. There is no free lunch. Only successful traders enjoy making the most money they deserve.
But before you can become the top 5%, you have to pay your dues just like anything you do, even your day job. When you are fresh out of college, they are NOT going to give you the seat of the CEO of the company, you are going to start at the bottom as the admin. assistant or some kind of analyst and then once you got better at your job and acquired more experience and knowledge then you work your way up and eventually if you are really good, then one day you may get the top seat of the company. If this is HOW it is everywhere, WHY should Forex trading be different? Any of the traders who's made it big ever, not just in forex, they have worked hard, they have poured hours and hours of time doing research, networking, gathering information, analyzing facts even the ones that's done things illegally they have done their homework. NO ONE, and I mean NO ONE has ever come to success in a fluke with no reason at all even those jackpot lottery winners, many have bought lottery tickets for years investing their hard-earned money in something that may never pay up.

And before you become one of the top 5% or the top CEO, yeah you might feel you are the "cannon fodder" getting jipped by those bucket shop brokers (which can be totally avoided nowadays; there are much better brokers out there who are more fair in their dealing so if ANYONE is still trading with MM bucket shop brokers and are failing in their trading because of that, they have ENTIRELY themselves to blame and no one else) but that's the whole point of the competition. There is only ONE CEO, ONE President of the USA, top 5% of the entire trader population being the best. You get there by working hard, be diligent and astute and sensible. Nobody is going to hand success to you even Paris Hilton got cut off by her grandfather. You don't get to the top by complaining or sulking or whining or discouraging others. That's the behaviour of somebody who's going to stay at the bottom forever and tries to make themselves feel better by convincing themselves and trying to convince others that top doesn't exist and reaching the the top is not possible.

Quite sad.
Make your losses in demo. Earn your profits live.
  • #231
  • Mar 6, 2016 8:43am Mar 6, 2016 8:43am
[quote=vasily;8796023]{quote} one who say this know nothing about market[/quote

Tako je komrade!

Я желаю вам успешного года
  • #232
  • Mar 6, 2016 8:53am Mar 6, 2016 8:53am
Quoting high321
i again worn everyone this thread is high jaked
Ok what you meant to say was " I again warn everyone that this thread is hijacked".
Live life king size !
  • #233
  • Mar 6, 2016 8:55am Mar 6, 2016 8:55am
Quoting foxtrader16
A riddle - What is freely available and generously distributed ?

It's ADVICE
Live life king size !
  • #234
  • Mar 6, 2016 8:56am Mar 6, 2016 8:56am
Quoting Hurst
{quote} The only reliable edge is the trend, because we cannot see the trend in advance, only in the past, you have to assume the trend will continue. Many traders battle the trend, sadly its what a lot of idiot gurus sell as courses, it is easier to sell a market or buy it when its going against you then actually go with it. People think they have to be in at the start of a move, in fact that's the worst place to be because the market will often spike you even if you are right, the best place to be in is when the market is running hard, every one...
Absolutely the truth!! People do not say "Trend is Your Friend" for no reason. The biggest pips are made when you are riding hard on a strong trend and the most losses are made when the market is directionless and going sideways. Any trading system or method that tells you to trade in ranges is short-lived and is vulnerable to major losses because once there is a breakout and goes into a trend and even the most directionless pairs trend sometimes, it will wipe out any if not all of the profit that you've made while trading in ranges. And you will be making losses after losses after losses with the range-trading methods while the market is in trend and that's when you get those long losing streaks and eventually get your account blown.

I agree when selecting a pair to trade, the No. 1 criteria should be its trending tendency.
Make your losses in demo. Earn your profits live.
  • #235
  • Mar 6, 2016 9:18am Mar 6, 2016 9:18am
Quoting Mingary
{quote} I just love it when things get real
Ming, you made me see the light, the LIGHT!
In the beginning I thought you were just annoying, but after reading 200 times the same thing I realized you were right, thank you for bringing the truth into light !
  • #236
  • Mar 6, 2016 10:12am Mar 6, 2016 10:12am
Quoting Hurst
{quote} The only reliable edge is the trend, because we cannot see the trend in advance, only in the past, you have to assume the trend will continue. Many traders battle the trend, sadly its what a lot of idiot gurus sell as courses, it is easier to sell a market or buy it when its going against you then actually go with it. People think they have to be in at the start of a move, in fact that's the worst place to be because the market will often spike you even if you are right, the best place to be in is when the market is running hard, every one...
of course flipping a coin is crap, the point was even coin flipping can make winning trades so, the only thing that matters is consistency. Simply following the trend is what most people do and they still losing, trading is much more complicated than that, people cant even agree on what the trend is. At the end of the day whether you go with the trend or the range or both or anything, it doesnt matter if you dont have an/the edge(a true one ), you ll blow, its just a matter of time.
  • #237
  • Mar 6, 2016 10:38am Mar 6, 2016 10:38am
Quoting HeyYou
{quote} Ming, you made me see the light, the LIGHT! In the beginning I thought you were just annoying, but after reading 200 times the same thing I realized you were right, thank you for bringing the truth into light !
You are welcome.
  • #238
  • Mar 6, 2016 10:39am Mar 6, 2016 10:39am
Quoting Forexia
{quote} Just like what markkhjen said: {quote} But before you can become the top 5%, you have to pay your dues just like anything you do, even your day job. When you are fresh out of college, they are NOT going to give you the seat of the CEO of the company, you are going to start at the bottom as the admin. assistant or some kind of analyst and then once you got better at your job and acquired more experience and knowledge then you work your way up and eventually if you are really good, then one day you may get the top seat of the company. If this...
Totally agree. Except that all of the above does not apply to Retail Forex trading
  • #239
  • Mar 6, 2016 11:41am Mar 6, 2016 11:41am
MY 2 CENTS

Successful Forex trading involves:
1) Mind-Set - Patience, Discipline, Consistency
2) Method
3) Money Management

Conquer all 3 to become successful. Go over each. Within you lies the solution. More than likely you know what the problem is.

Keep it simple. Spend time on Reading Charts. Use Price Action, Trend & Daily Charts.
Paper trade profitably. Go Live - micro, mini and then standard.
ALWAYS USE STOP.
  • #240
  • Mar 6, 2016 12:05pm Mar 6, 2016 12:05pm
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...
no reason to be so defensive, i only stated an objective truth. We are all free to choose what to believe in.
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