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Should I quit trading forex? 219 replies

How many pips or % to quit? 17 replies

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I plan to quit forex!

  • #401
  • Mar 10, 2016 2:38pm Mar 10, 2016 2:38pm
also, keeping the confusion level as high as possible is a benefit to the troll/shill agenda. this can be done by opening multiple accounts under different aliases and bumping a thread when the topic steers too far from conversations that the troll/shill can influence and/or when the troll/shill is called to task
  • #402
  • Mar 10, 2016 2:58pm Mar 10, 2016 2:58pm
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  • #403
  • Mar 10, 2016 3:00pm Mar 10, 2016 3:00pm
Sometimes i honestly fail to understand why people join Forex? Is this bank where they think they will get interest every year? or they take it as lottery? If you don't even try properly then how in the world can anyone expect to get results? I believe we should give honest try instead of treating it like lottery and leaving because went wrong!
  • #404
  • Mar 10, 2016 4:11pm Mar 10, 2016 4:11pm
Quoting smilingpips
Good choice FXstation! I will quit trading Forex as well this month. It simply SUCKS!! I have been doing it 6 years, 3 years learning and 3 years profitable. But hey let's be realistic.....evene an unexperienced gardener earns more money on the long run than a good trader and he is probably much happier. He enjoys the sun, the birds, nature and more importantly is in contact wit person. Trading is a a horribly lonely activity...........just for a couple of $ and pride. How many traders didn't end up with suicide. Enjouy life buddy and give up this...
Three years profitable???!!! Wow! And you quit when you are profitable? Ok.

Enjoy your life outside of trading. But I guess you know now that forums like this one was created so traders won't be lonely right? Anyway, enjoy your life!
Make your losses in demo. Earn your profits live.
  • #405
  • Mar 10, 2016 4:46pm Mar 10, 2016 4:46pm
Quoting Forexia
{quote} Three years profitable???!!! Wow! And you quit when you are profitable? Ok. Enjoy your life outside of trading. But I guess you know now that forums like this one was created so traders won't be lonely right? Anyway, enjoy your life!
two new members just joined ff three hours ago within fifteen minutes of each other. they were both last online within ten minutes of each other. both are using the same local time and have blank profiles. they both joined to bump this thread, one with an extreme 'pro' viewpoint and one with with an extreme 'anti' viewpoint

ie you are probably quoting mingary right now lol
  • #406
  • Mar 10, 2016 4:58pm Mar 10, 2016 4:58pm
Quoting grrbear
{quote} two new members just joined ff three hours ago within fifteen minutes of each other. they were both last online within ten minutes of each other. both are using the same local time and have blank profiles. they both joined to bump this thread, one with an extreme 'pro' viewpoint and one with with an extreme 'anti' viewpoint ie you are probably quoting mingary right now lol

Hmmnnn... Usually when it's the same user with multiple username, they get labelled as such. I guess FF is behind on this one.

I don't really care. If somebody needs to resort to trickery that means that person has admitted that they are the loser, a cowardly one too. LOL
Make your losses in demo. Earn your profits live.
  • #407
  • Mar 10, 2016 5:03pm Mar 10, 2016 5:03pm
https://en.wikipedia.org/wiki/Foreign_exchange_fraud

This makes complete sense. No wonder people are still not rich from trading currency.

It's a giant scam ! And everyone refuses to believe it

I'm moving over to stocks
  • #408
  • Mar 10, 2016 5:17pm Mar 10, 2016 5:17pm
Quoting ClimaxOffset
https://en.wikipedia.org/wiki/Foreign_exchange_fraud This makes complete sense. No wonder people are still not rich from trading currency. It's a giant scam ! And everyone refuses to believe it I'm moving over to stocks
What exactly caused you such displeasure? What do you mean by scam?
  • #409
  • Mar 10, 2016 7:55pm Mar 10, 2016 7:55pm
Quoting ClimaxOffset
https://en.wikipedia.org/wiki/Foreign_exchange_fraud This makes complete sense. No wonder people are still not rich from trading currency. It's a giant scam ! And everyone refuses to believe it I'm moving over to stocks
PLease do. And the scammers are waiting there as well in case you think grass is greener blah blah blah.

Btw do change your name to "Anti Climax" in case you happen to continue to hang out here.
Live life king size !
  • #410
  • Mar 10, 2016 9:04pm Mar 10, 2016 9:04pm
Quoting ClimaxOffset
https://en.wikipedia.org/wiki/Foreign_exchange_fraud This makes complete sense. No wonder people are still not rich from trading currency. It's a giant scam ! And everyone refuses to believe it I'm moving over to stocks
LOL This is trolling taken to new heights! Quoting misleading and out-of-date wikipedia article (shocked at the quality of wikipedia on this top btw). Forex trading is a zero-sum game? Yeah like stocks is not. You can actually win when someone else is also winning. And you don't pay commissions when trading stocks and there is no bid/ask spread in trading stocks. LOL And it's even funnier that out of all of the financial regulators in the world, the article chose to list the one from Cyprus as an example, a regulatory body that takes payoff's from scam companies.

Good luck trading stocks, the win-win instrument!
Make your losses in demo. Earn your profits live.
  • #411
  • Mar 10, 2016 11:18pm Mar 10, 2016 11:18pm
Good luck to you in whatever you decide to do. It sounds like you've gone through a lot of capital trying to trade. Maybe just try a demo account until you get proficient. A lot of times over trading is the reason people burn through accounts. Try and step back and look at your mistakes and figure out where you went wrong with your decision making. Keeping a journal of your comments on each trade helps a lot. We all have to fight that urge to just jump into anything that looks halfway decent just to get into a trade, but patience is one of the many things we need to learn to be consistently profitable. Wait for the really good trades. Anyways like I said, good luck and I hope things work out for you.
  • #412
  • Mar 10, 2016 11:39pm Mar 10, 2016 11:39pm
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
Making consistent profits in currency trading is not hard. Learning how to make consistent profits in currency trading is exceedingly hard. Learning how to quite is exceedingly easy. Learning how not to quit is exceedingly hard.

PhDs have failed in this business while High School drop-outs have succeeded. There are few other businesses that I know of which presents such a paradox. One thing I know for certain is that if you quit, you can never win. There is no winning in quitting an no quitter ever won.

Trading is not hard. In fact, it is quite easy, truth be told. The real hard part? Properly managing your expectations about what trading success should look like in the final analysis. Emphasis on the word: Expectations. For this single word can transform your entire trading career for the better and without fear of failure.

Before you quit, you might want to ask yourself the following questions:

- Why are you in the FX market in the first place?
- What do you hope to accomplish by being in the FX market?
- When do you hope to accomplish your goals in the FX market?
- What do you expect a successful trade to look like?
- What is your expectation of a successful trade based upon?
- How much empirical research have you done on what a successful trade should look like?
- Is your definition of a successful trade accurate for what you are trying to accomplish in the FX market?
- Is your definition of a successful trade accurate for when you hope to accomplish your goals in the FX market?
- Have you collected data on the MFE/MAE of every trade signal you've had over the last year?
- Have you done any MFE/MAE analysis of your trading at all?
- Do you know what MFE and MAE mean in real terms?
- Do you know how MFE and MAE defines the mathematical probability for trade success?

If you don't bring the right mindset to trading by asking good questions about the business of trading, you might stumble upon a successful method long term. However, the statistical probability of that happening is less than 1 in 300,000 billion. If not asking good questions about the trading business is your approach, then Powerball might offer you slightly better probability. However, Vegas, might prove to be much more fun and considerably more profitable.

However, by learning how to ask good questions of the market and its data, you can develop a consistent expectation for trade success that rivals near perfection. Of course, the "Experts" will tell you that's not possible. But, when you ask the "Experts" how much MFE/MAE data they have analyzed on the last 100 to 1,000 trades they have made and you will probably receive a blank stare right before being told that MFE/MAE Analysis does not matter. You will then know without question that you are not talking to an "Expert."

Take some time off. Print these questions out. Go to that favorite place on the planet where you can think clearly and tap into your subconscious mind. Leave these questions with your subconscious mind and wait patiently for answers. When you get the answers, you will know what to work on to improve your probability for successful outcomes in your trading.

You don't lack work ethic. You don't lack ability. You lack structure and proper focus on what's important in the business of trading FX. A highly disciplined 12 year old child can trade this market consistently, after they obtain a structural approach and proper focus on what's important. The questions above are what's important.

A successful trade is one that you walk away from without getting hurt. Nobody in this business ever went broke taking profits while leaving profits on the table. THIS is part of what MFE/MAE should teach any Trader. The rest of what you learn from proper MFE/MAE Analysis is highly counter intuitive but no less important. Unfortunately, far too many Traders never learn this enormously valuable lesson.

Go back to the basics and ask the $64 dollar questions:

(1) What causes the market to move?
(2) For any given bar of data, how much time does the market spend moving up in that bar?
(3) For any given bar of data, how much time does the market spend moving down in that bar?
(4) For any given bar of data, what is the Average Absolute Range of Movement?

With those four (4) questions alone, you have enough "focus" to be able to develop an entire Trading System based on Empirical Statistical Probability, not guess work. Leave the guesswork for the "Experts" and start taking an empirically derived approach to your trades. You will begin to notice that the market has more structure and predictability than you ever knew existed.

Take a deep breathe and hit the reset button. This time come back asking better questions, developing structure into your trades and making empirically based statistical decisions about every single trade you make. Become a master of that mindset and trading will become a lot less stressful and far more profitable for you.

This will be the only post I make in this thread. I won't be dialoguing here. I just don't like seeing someone who clearly wants to succeed, fail because he got no real applicable advice that he can actually go out and do something about. There are a billion different ways to make consistent profits in this business. Finding just one (1) is your only job. If that is all you have to do, then success should be within reach.

As far as the money you have lost in this business is concerned, rest assured I have lost tens of thousands before asking better questions, developing better structure, getting properly focused and only taking empirically driven statistically based trades that are perfectly aligned with my correctly sized expectations of what a successful trade looks like, according to my goals, not the goals of someone else.

All the best in your transformation into your expertise as a Trader.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #413
  • Edited 12:33am Mar 11, 2016 12:23am | Edited 12:33am
Quoting iDoubleStoch
{quote} Making consistent profits in currency trading is not hard. Learning how to make consistent profits in currency trading is exceedingly hard. Learning how to quite is exceedingly easy. Learning how not to quit is exceedingly hard. PhDs have failed in this business while High School drop-outs have succeeded. There are few other businesses that I know of which presents such a paradox. One thing I know for certain is that if you quit, you can never win. There is no winning in quitting an no quitter ever won. Trading is not hard. In fact, it is...
Did all this and a hundred times more. I can now without a doubt claim that spot retail forex trading is a losing proposition. Some idiot is bound to respond "speak for yourself, it's a losing proposition for you". Know this: the losing proposition is an absolute, proven with facts from research and the industry itself.

As a matter of fact, once I concentrated on a REAL job and a REAL career I recovered all my losses (they were substantial) and I am making far more money with a REAL job than I ever did with the forex, even with deploying 100 time more effort (in the same way you describe) in the trading venture.
Your statement "There is no winning in quitting an no quitter ever won" is incorrect.
There is great honor and courage in quitting some endeavor that will never work out.
I still play around with forex; however I put it in it's proper place - just a dismal but interesting little game (emphasis on dismal)
I wish good luck to any one following your advice - I am not surprised you did not give this advice: "don't throw good money after bad" (:
  • #414
  • Mar 11, 2016 12:46am Mar 11, 2016 12:46am
Quoting Mingary
{quote} Did all this and a hundred times more. I can now without a doubt claim that spot retail forex trading is a losing proposition. Some idiot is bound to respond "speak for yourself, it's a losing proposition for you". Know this: the losing proposition is an absolute, proven with facts from research and the industry itself. As a matter of fact, once I concentrated on a REAL job and a REAL career I recovered all my losses (they were substantial) and I am making far more money with a REAL job than I ever did with the forex, even with deploying...
Well that explains it. You lost money. A lot of money. In that case I can completely understand what happened to you!
If you are good at something, never do it for free--Joker
  • #415
  • Mar 11, 2016 12:54am Mar 11, 2016 12:54am
Quoting Forexia
{quote} All right since you are so desperately begging for cases of millionaire at-home forex traders, I have found some for you. I have known about this for a long time but have actually forgotten about her. Yes the traders are WOMEN, take it and weep: This Japanese housewife made $8.5 MILLION in forex trading, pure forex trading with no other income sources and she only got found out because she got caught evading taxes. http://ughamadusixtusemeka.blogspot....ing-forex.html and from Reuters: http://www.reuters.com/article/us-ja...26245420070824...
It's rather obvious that some of the players are going to do better than others, don't you think ?
Stories such as these become the poster boys (girls) of the industry to attract more suckers.
It's call the law of averages.... and the average is a horribly huge loser, compared to the occasional "big" winners.
It's like saying: "someone won the lottery, and so can you"
That pesky Gaussian distribution is a real bitch ... (;
  • #416
  • Mar 11, 2016 12:56am Mar 11, 2016 12:56am
Quoting jmn5611
{quote} Well that explains it. You lost money. A lot of money. In that case I can completely understand what happened to you!
Yeah .. I knew you would fit in that category "Some idiot is bound to respond "speak for yourself, it's a losing proposition for you"."


I can say with certainty that you are not making a living trading retail forex as your primary source of income.
  • #417
  • Edited 1:29am Mar 11, 2016 1:17am | Edited 1:29am
As bad as Forex may be, Trading anything is risky. Stock, CFDs (FX in disguise), indices.... there all risky. But at least when a Forex trader fails, he can usually recover easily by getting a job or other.

I have not heard of a financial crisis or depression caused by Forex trading. so what is the real scam???

Ive heard lots of stories of people loosing millions gambling at casinos, but not from Forex.

Bu perhaps i need a tin foil hat? Perhaps its a giant cover up by the CIA? Perhaps all the trouble in the world is really caused by Forex trading? Really, whether you can or cannot make money out of Forex is it really the great evil as it is portrayed?

I think someone who has such a passion to write about the pit falls of Forex is either significantly scorned or a small person. Or could possibly just be a narcissist. If the worst thing that has happened to you is loosing money trading Forex you really have nothing to worry about. There are much bigger problems in the world....

And i not only trade Forex but i also have my own business. And i can tell you that the two are not so different. Why i trade Forex as well? Because it makes me money and why do i still run the business? Because it makes money. And the two allow me to to have something to day during the day.Forex can be very boring and so instead of wasting time sitting around doing nothing i find other ways to make money. Whats wrong with that?

If you made 1 million a year would you be satisfied or would you then aim for 2 million? I guess it depends on the type of person you are but for me i like to keep challenging myself and raising the bar. And its not just about the money for me but also the experience. Win or fail, at least i tried as the old saying goes. And there is nothing wrong with that. I enjoy it much more then being a corporate slave.

At the moment, i have a business, i trade Forex and i am building a new business. Why? because my current forms of income are not enough or not making money? Not at all. Because i can and i enjoy it.
  • #418
  • Mar 11, 2016 1:28am Mar 11, 2016 1:28am
Quoting Mingary
{quote} Yeah .. I knew you would fit in that category "Some idiot is bound to respond "speak for yourself, it's a losing proposition for you"." I can say with certainty that you are not making a living trading retail forex as your primary source of income.
At no time anywhere in any of my posts did I say that I was, Ming. I have said that FX is a wealth building tool. To trade it properly you need to manage your position size. As my trading account grows, I know that I will be able to trade for a living before too terribly long. I have done the math. I have the answer.

Now, in your case, you have now admitted your agenda. You lost money, and you are bitter about it. There is nothing left to say. You blew your wad before you had the chance to really learn the game. Too bad for you.
If you are good at something, never do it for free--Joker
  • #419
  • Mar 11, 2016 1:33am Mar 11, 2016 1:33am
Quoting Mingary
{quote} Did all this and a hundred times more. I can now without a doubt claim that spot retail forex trading is a losing proposition. Some idiot is bound to respond "speak for yourself, it's a losing proposition for you". Know this: the losing proposition is an absolute, proven with facts from research and the industry itself. As a matter of fact, once I concentrated on a REAL job and a REAL career I recovered all my losses (they were substantial) and I am making far more money with a REAL job than I ever did with the forex, even with deploying...
Agree 100%. Its a fools paradise. I'm a self employed web-developer and programmer for last 12 years. I thought I needed a second source of income so looked into Forex trading and got sucked right into. I've wasted 2 years and $10,000 on this market. I did not start blind. I researched a lot before entering, I read a dozen books page by page before entering this snakepit, which obviously wasn't enough as I spend countless hours reading online, practicing and what not. I even wrote over 100,000 lines of code for a single EA which obviously didn't work for long.

Forex trading is not a real business. Its gambling, pure and simple, you can have winning streaks but eventually you'll lose. I have a real business, but instead I chose to waste my valuable time and resources on this hopeless endeavor. Wasting 2 years in this market has hurt my real business bad, I don't even know why I kept on going this long. Maybe I became addicted, like gamblers do. But no more, I'm done. I've made over $2 million in last 12 years from my real business which I started from ground up with initial cost of just $10. That's 20,000,000% profit. This is what real business can do, not this garbage called forex trading.
  • #420
  • Mar 11, 2016 1:36am Mar 11, 2016 1:36am
Quoting jmn5611
{quote} At no time anywhere in any of my posts did I say that I was, Ming. I have said that FX is a wealth building tool. To trade it properly you need to manage your position size. As my trading account grows, I know that I will be able to trade for a living before too terribly long. I have done the math. I have the answer. Now, in your case, you have now admitted your agenda. You lost money, and you are bitter about it. There is nothing left to say. You blew your wad before you had the chance to really learn the game. Too bad for you.
So please do go forth and spread the gospel of " I know that I will be able to trade for a living before too terribly long. I have done the math. I have the answer. "
In this mythology, this is the dogma that the forex trading masses feed on, eagerly hoping for the day when "they will be able to trade for a living"
Too bad the facts don't backup any of that.
Just saying ....
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