I plan to quit forex! | Page 22 | Forex Factory

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  • #421
  • Mar 11, 2016 1:38am Mar 11, 2016 1:38am
Quoting Nabz
{quote} 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...
What jumps out to me is why did you lose 10K? Did you understand leverage? What pairs did you trade? Did you understand risk? When did you trade? Did you understand volatility? How often did you trade? Did you understand timing?
If you are good at something, never do it for free--Joker
  • #422
  • Mar 11, 2016 1:38am Mar 11, 2016 1:38am
Quoting Nabz
{quote} 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...
Exactly
A big thanks for your contribution.
  • #423
  • Mar 11, 2016 1:41am Mar 11, 2016 1:41am
Quoting Mingary
{quote} 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 ....
I can't Ming. There is nothing new under the sun. Either you can do this or you can't. It's a mental game mostly. Can the trader get off of the fear and greed roller coaster? The answers are all here in the Factory. If you get it, great. If you don't, move on. I have neither the time nor the patience to help those who do not work.
If you are good at something, never do it for free--Joker
  • #424
  • Mar 11, 2016 1:42am Mar 11, 2016 1:42am
With the right risk management can be a success at both the currencies and the CFD. The only point is that if you take the risks that are more than you can accept, you can lose all the money in any kind of trade.
  • #425
  • Mar 11, 2016 1:42am Mar 11, 2016 1:42am
I do wonder about this "research". Who was it done by, what was it focused on, what where the results and where can it be found?

Stuff you read on a news article on the internet in my books does not count as research. But if you have something real and solid id be interested in reading it as i do always like to learn new things.

I highly doubt that there was a significant researcher or body who has a research paper titled "You cant make money in Forex".
  • #426
  • Mar 11, 2016 1:45am Mar 11, 2016 1:45am
Quoting mrhigurashi
I do wonder about this "research". Who was it done by, what was it focused on, what where the results and where can it be found? Stuff you read on a news article on the internet in my books does not count as research. But if you have something real and solid id be interested in reading it as i do always like to learn new things. I highly doubt that there was a significant researcher or body who has a research paper titled "You cant make money in Forex".
No, because when they found that you can, they quit publishing, as they had much better things to do.
If you are good at something, never do it for free--Joker
  • #427
  • Mar 11, 2016 1:49am Mar 11, 2016 1:49am
Quoting jmn5611
{quote} What jumps out to me is why did you lose 10K? Did you understand leverage? What pairs did you trade? Did you understand risk? When did you trade? Did you understand volatility? How often did you trade? Did you understand timing?
I said I was breathing this stuff for 2 years and you're asking me these trivial questions?
  • #428
  • Mar 11, 2016 1:51am Mar 11, 2016 1:51am
Quoting Nabz
{quote} I said I was breathing this stuff for 2 years and you're asking me these trivial questions?
Breathing like a 250 pound couch potato and breathing like a triathlete are two entirely different things. Did you do these things or not?
If you are good at something, never do it for free--Joker
  • #429
  • Mar 11, 2016 1:54am Mar 11, 2016 1:54am
Quoting Nabz
{quote} I said I was breathing this stuff for 2 years and you're asking me these trivial questions?
Good points but can you put a limit on how long it takes o be good at something? How long for programmers learn their skill for? How long does it take to become a professional sports player?

What if the average time it takes to be a good trader is 5 years? Then it would be the case that you quit while still in college.
  • #430
  • Mar 11, 2016 1:58am Mar 11, 2016 1:58am
To Ming and Nabz

I appreciate your views but am wondering whether these views are generalizations or definitive judgements.

Please define what you mean as trading and if your views extend to investing? Is there a clear black and white distinction between the two and if so, please be explicit in how you distinguish the two? Also please define whether your views are restricted to forex or whether they actually extend to any liquid asset class such as equities, futures, ETF's, options and any form of securitised asset.


Cheers

C
  • #431
  • Mar 11, 2016 2:00am Mar 11, 2016 2:00am
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!
Three years profitable and above 100% per year( except the last year which was 70%) , but still not enough for me to live of. Thanks Forexia! I will enjoy life.......being a gardener, haha!
  • #432
  • Edited 2:10pm Mar 11, 2016 2:03am | Edited 2:10pm
Well, if you:

1. are not disciplined enough to master your mind and body
2. easily believe scammers and their bogus Holy Grail signals
3. only entered Forex trading for quick easy money

then yes, quit forex asap.

Otherwise, continue.
  • #433
  • Mar 11, 2016 2:04am Mar 11, 2016 2:04am
Quoting vitM
{quote} Do you have daytime job or as a full time trader?
Hi Vitm, how are you? Hope all is fine. No full time trader during 6 years.........no other jobs! Because there simply were no hahaha!
  • #434
  • Mar 11, 2016 2:35am Mar 11, 2016 2:35am
Ok, true story time.

I have a friend. A real friend, not a guy i met online. He has a construction business. very profitable. Guy makes like 10k/month easy. Working Mon - Sun with almost no holidays.

Is 30 and has been doing this for over 10 years. Wanted to trade Forex but obviously does not have the time. So I got a programmer friend to build an EA based on a basic strategy. It is not a scalping EA.

So he started trading with it at the beginning of 2014. It just trades the one pair EURJPY. He had invested 10k. Started making a few wins, so he got excited and put the lot size up to 1.0

Made a few losses and basically wiped out half of his account. Did this a few times and basically ended up at the end of the year 5k. He was getting frustrated and talking like Mingray. So i suggested either quitting or having one last go but with a much smaller risk and to not ever touch the EA. let it do its thing and don't touch it.

Its now 2016 and his account has been increasing the whole time. Of course there are losses but because he now risks a percentage rather then just placing a fixed lot size and because of how the EA works he only needs around a 50% win ratio to come out on top. Could the EA or strategy some day stop working? Its possible. But the way its traded it would take a very long time and a lot of trades to get into a loosing position.

Does he post the results or spend anytime on web sites like this? Nope. His involvement now with Forex is just to let the EA run and check his account from time to time. That is it. Could he make the same from Forex as he currently earns? Probably not. But if you compare the hours put in at his regular job compared to Forex then Forex comes out on top. Plus he could always increase his investment and reduce his risk even further.

Believe the story or not its your choice.
  • #435
  • Mar 11, 2016 2:38am Mar 11, 2016 2:38am
Quoting Copernicus
To Ming and Nabz I appreciate your views but am wondering whether these views are generalizations or definitive judgements. Please define what you mean as trading and if your views extend to investing? Is there a clear black and white distinction between the two and if so, please be explicit in how you distinguish the two? Also please define whether your views are restricted to forex or whether they actually extend to any liquid asset class such as equities, futures, ETF's, options and any form of securitised unit trust. Cheers C
There is a fine line between trading and investing. I was specifically referring to trading forex, but trading other markets is not so different. Investing has great potential. I purchased shares of a local cement company when a lot of government infrastructural projects were being planned. The price dropped upto 15%, but I didn't care as I was invested in the company. After a year and a half when those projects were under-way I sold those shares for 110% profit. You can invest in currencies too, I converted all my cash savings to U.S. dollars when I saw my local currency devalue at rapid pace in 2008. Made over 70% profit in 7 years. On top of that my bank paid 1.5% interest per annum. Investing in currencies is not feasible with brokers because of rollover charges.
  • #436
  • Mar 11, 2016 3:44am Mar 11, 2016 3:44am
Ok, lets get real
question to the so called losers: did you use money management from the start to the end ?
Or did you try to take revenge by increasing the lotsize until account reached 0 ?


PLEASE BE HONEST
Every time I lost that was the reason.Not the broker, not my strategies which are effective... but let's suppose they aren't effective, my account would have lasted 10 years before reaching 0 (due to spread).
  • #437
  • Mar 11, 2016 4:09am Mar 11, 2016 4:09am
​Dear Traders
When reading this i can feel the pain of each one of those who says this market cannot be beaten.
I know it can.
If you are a professional coder pls pm me and we can talk business.
If you are a coder but lack of experience and do not know what type of orders is best to use in an EA pls do not pm me.
Have been in this hell hole for 16 years.......I have an edge.......BUT i am not a coder.
The EA already exists, ( Done by my coder) BUT it has flaws in the code.
It is semi automatic......
Not martingale style......
It is not a "grab and run" style.......
Can be traded short and long term......
No indicators used....only price.........
PM me ONLY if you know your way around coding. ( If you can code the same quality as "snowball" found here on the forum you are welcome to contact me.)
I WILL NOT pay you for your service , BUT will share the info!
It is NOT the holy grail , BUT it works beautifully!
G
Never Ever Give Up!
  • #438
  • Mar 11, 2016 4:30am Mar 11, 2016 4:30am
Quoting Nabz
{quote} 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...

Your problem is that you did not see that you did start blind. You think it was that easy? You just read some books then you earned the right to get rich in forex?

You lost a lot of money and did not learn from the mistakes. My guess, overleveraged revenge trading. The emotion you are feeling right now is envy. Because you know someone out there is getting $$$$$ from this game. So you mind constructs this fantasy that forex must be a scam to protect your self esteem. Envy is a natural emotion and everyone feels it.

And your story does not add up, you made 2 000 000 $ in 12 years, yet 10 000 $ in 2 years hurt your business?


Also I do not get what the deal is with mingary. 2 possible scenarios.

1. He is trying to talk people out of forex because it does actually make him money so he tries to prevent more possible opponents from entering the market.
2. He is trying to trick someone with a working strategy into rage-answering his posts about forex is such a scam, therefore accidently revealing it for him.
Price-Action Extremist
  • #439
  • Mar 11, 2016 4:41am Mar 11, 2016 4:41am
Quoting Mingary
{quote} Exactly A big thanks for your contribution.
Looser like loosers......
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -654
  • #440
  • Mar 11, 2016 4:44am Mar 11, 2016 4:44am
​If 95% of "traders" fail, I'll take those odds.

I'll back myself against 19 scorned, crying babies like Mingary etc. every time.

I'm just over a year into my journey and more determined than ever despite not making a penny.

Others can do it, therefore I can do it and I will do it - that's all I need to know.

The question I'm asking myself is why these failed traders are still here on a forum that discusses forex above all else?
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