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I plan to quit forex!

  • #521
  • Mar 12, 2016 9:14am Mar 12, 2016 9:14am
Quoting Mingary
{quote} The key words are "trend following system" No trend = big loss A trend following system will crash eventually. You would think the solution would be to run it when there is a trend and stop it when the trend stops... if only that was possible..
WHATEVER Ming, I don't care about convincing you as I'm not selling anything.
  • #522
  • Mar 12, 2016 9:37am Mar 12, 2016 9:37am
Imagine a completely dark room full of holes that change in size and place and you have to find the exit.

You are completely blind do not see anything.
The solution is to give very very very very very little steps, this way you can have a greater chance of not falling into the holes, but to get to the exit will take forever (a life) and when you get there you are already old and tired.
And you just need a little slip, to fall into a hole.

On the other hand, there is such a small percentage (some say it is 5%) that has glasses to see in the dark and can see the holes and to where they move and where are those who can not see anything.
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  • #523
  • Mar 12, 2016 9:44am Mar 12, 2016 9:44am
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  • #524
  • Mar 12, 2016 9:49am Mar 12, 2016 9:49am
Quoting seahorse
Imagine a completely dark room full of holes that change in size and place and you have to find the exit. You are completely blind do not see anything. The solution is to give very very very very very little steps, this way you can have a greater chance of not falling into the holes, but to get to the exit will take forever (a life) and when you get there you are already old and tired. And you just need a little slip, to fall into a hole. On the other hand, there is such a small percentage (some say it is 5%) that has glasses to see in the dark...
I'm out. Are you still in there Seahorse?

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  • #525
  • Mar 12, 2016 9:51am Mar 12, 2016 9:51am
Quoting Copernicus
{quote} I'm out. Are you still in there Seahorse? {image}
LOL
  • #526
  • Mar 12, 2016 9:51am Mar 12, 2016 9:51am
Quoting Copernicus
{quote} I'm out. Are you still in there Seahorse? {image}
  • #527
  • Mar 12, 2016 9:58am Mar 12, 2016 9:58am
Quoting edge540
{quote} "we proved you wrong" what pure unadulterated crap,you've proved nothing."Mingary" is the only realist posting on this thread and you should all take notice of what he is saying.The FX business is populated by charlatans,crooks,BS artists,snake oil sales people and all manner of rogues that prey upon the wannabes that frequent the FF.The never ending posts by the hopefuls who think they will succeed as traders is testament to the gullibility of most people who are attracted to the easy money that trading supposedly offers.To all of you that...
100% agree. Mingary is one of the very few people here with common sense.

However, what is missing in this thread is the mathematical aspect.

At the end, every trade is related to math. For example for every trade a spread and comissions are applied.

What many traders don't realize is, they are a mathematical disadvantage by Default no matter what they do.

Whatever you do, the mathematical disadvantage is still there, you cannot win from a pure mathematical perspective over a long period of time. It Does not have anything to do with if you are good or not or smart or not as a person.
Forex is a losers game.
  • #528
  • Mar 12, 2016 10:00am Mar 12, 2016 10:00am
Quoting Copernicus
{quote} I'm out. Are you still in there Seahorse? {image}
I'm leaving soon.
Just finishing compile my new indicator
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  • #529
  • Edited 10:24am Mar 12, 2016 10:05am | Edited 10:24am
Quoting trader121
{quote} 100% agree. Mingary is one of the very few people here with common sense. However, what is missing in this thread is the mathematical aspect. At the end, every trade is related to math. For example for every trade a spread and comissions are applied. What many traders don't realize is, they are a mathematical disadvantage by Default no matter what they do. Whatever you do, the mathematical disadvantage is still there, you cannot win from a pure mathematical perspective over a long period of time. It Does not have anything to do with if you...

I knew I was missing something. It was the maths all along....sheeesh. Here I was thinking I could live off stoopid traders. What do mathematicians gotsa do with trading......are they crunchy? :-)

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  • #530
  • Mar 12, 2016 10:06am Mar 12, 2016 10:06am
Quoting seahorse
{quote} I'm leaving soon. Just finishing compile my new indicator {image}
That's thinking outside the box....or thinking to get outside the box. :-)
  • #531
  • Mar 12, 2016 10:19am Mar 12, 2016 10:19am
Quoting seahorse
{quote} I'm leaving soon. Just finishing compile my new indicator {image}
I've been searching hi n lo for this hole indicator. Can you be so kind to share it with us? And oh yes that'll be $99.99at a discount......lol
  • #532
  • Mar 12, 2016 10:23am Mar 12, 2016 10:23am
If you can't work on Forex - try NYSE, NASDAQ, AMEX, because there are more successfull traders than on Forex.
Forex - 95% lost, 5% win.
Trading stocks - 90% lost, 10% win.
  • #533
  • Mar 12, 2016 10:48am Mar 12, 2016 10:48am
Quoting skyway
{quote} I've been searching hi n lo for this hole indicator. Can you be so kind to share it with us? And oh yes that'll be $99.99at a discount......lol
Of course, no problem.
For free, I can only share the old version
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  • #534
  • Mar 12, 2016 1:09pm Mar 12, 2016 1:09pm
Quoting trader121
{quote} 100% agree. Mingary is one of the very few people here with common sense. However, what is missing in this thread is the mathematical aspect. At the end, every trade is related to math. For example for every trade a spread and comissions are applied. What many traders don't realize is, they are a mathematical disadvantage by Default no matter what they do. Whatever you do, the mathematical disadvantage is still there, you cannot win from a pure mathematical perspective over a long period of time. It Does not have anything to do with if you...
Quoting trader121
Mingary is one of the very few people here with common sense.
No he is not.

What you are discribing is the very dumb concept of random walk. Random walk was thought up by math professors with Ph D. in math and economics who thought they going to win at this game because of their degree. They failed, then started spewing hate on how it can't work because they failed at it. It is their mind constructing this fantasy to protect their self esteem. They basically are like Mingary, but with degrees in science.

Spread and commission don't matter shit if you trade right, and you completely leave out the decisions a trader makes and how it affects the probabilities of winning or losing
Price-Action Extremist
  • #535
  • Mar 12, 2016 1:30pm Mar 12, 2016 1:30pm
Quoting mrhigurashi
{quote} One question if you don't mind. It is the only one that seems to have not been asked. If you do not wish to answer that is fine as it may be something you do not wish to share. What is it exactly that made you decide that there is no way to make money long term from retail Forex trading? And do you blame the system or yourself? If you blame the system, what exactly do you believe it is that makes it impossible to trade profitably long term? Not trying to hold anything against you, just curiosity as i do not believe any one has asked or had...
There is so much evidence that long term profit is nearly impossible.

I will start with simple logic:

Susie and bob open an account at FXCM.
Susie loses all her money in 3 days and she quits never to return.
Bob starts making money and continues to win. Therefore you would expect that winning accounts should be in the majority. If you repeat this process over many thousands of account it is clear that the losing accounts do not get replaced by winning accounts; the data shows the opposite !
The stats from the brokers actually show this! Quarter after quarter the total customer funds never show a profit.
Therefore it's undeniable that winning is temporary. And it's also undeniable that a few must be making a living from forex "now".
As a whole forex traders are making a living with forex until all the money runs out

If one is lucky enough to be profitable, one should quit now, take the money and run (just like one should do at a casino)
  • #536
  • Mar 12, 2016 1:45pm Mar 12, 2016 1:45pm
Nothings is impossible.
Successful people doesn't blames.
Trde live after super tune.
This business not cheap for everyone especially those who got himself in the walls of there opinions.
Challenge to change.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -618
  • #537
  • Mar 12, 2016 2:09pm Mar 12, 2016 2:09pm
I plan to quit forex! factory.

Checking in to rehab today.

Swollen pockets are better than empty pockets.
SPC * Swollen PocketZ Crew!
  • #538
  • Mar 12, 2016 2:35pm Mar 12, 2016 2:35pm
It is sad for me to see that one thread of "planning to quit forex" is almost the most popular thread here... What does it mean (rethorical question, of course)?

I started to learn forex lately with expectation that some day I'll be able to earn a sustanaible amount of money every month, so I could live off of it. I've been reading books and articles, testing strategies, entries and exits on demo account and learning along the way. But when I read the threads like one here I feel very demotivated, because it confirms that in fact there was no one in this thread who showed us hard data - that it is possible to achieve such a goal, just to inspire others.

Some time ago I read a book called "Millionaire Traders - How Everyday People Are Beating Wall Street at its Own Game" by Boris Schlossberg. There are case-studies of people from various backgrounds who in fact did succeed in this business (on the FX market also!) and make profit consistently for many years. On the other hand, I read this thread and I'm confused. I am really starting to think about that the other career options are far better to pursue.

It is sad that this forum - which should be the place of inspiration and the source of great knowledge that will help us all - is the source of demotivation.

Excuse my English, it is not my native language.

----

EDIT: When I was writing this post I didn't notice this:

Quote
well winning 3-6 years is just luck
such beatiful equity curves

http://www.myfxbook.com/members/ichi...451067/1547916
http://www.myfxbook.com/members/back...ascent/1200229
http://www.myfxbook.com/members/adve...-blanc/1515546
http://www.myfxbook.com/members/ProD...ivisas/1231356
http://www.myfxbook.com/members/kelv...-fx-001/493293
http://www.myfxbook.com/members/arot...signal/1010658
http://www.myfxbook.com/members/jmlf...ressive/524700
http://www.myfxbook.com/members/Ocfam/ocfam/1521170
http://www.myfxbook.com/members/rossfx/module5/347645

but of course those are faked accounts

This looks great!
  • #539
  • Mar 12, 2016 2:35pm Mar 12, 2016 2:35pm
Quoting Mingary
{quote} There is so much evidence that long term profit is nearly impossible. I will start with simple logic: Susie and bob open an account at FXCM. Susie loses all her money in 3 days and she quits never to return. Bob starts making money and continues to win. Therefore you would expect that winning accounts should be in the majority. If you repeat this process over many thousands of account it is clear that the losing accounts do not get replaced by winning accounts; the data shows the opposite ! The stats from the brokers actually show this!...
winning 3-6 years is just luck
such beatiful equity curves

http://www.myfxbook.com/members/ichi...451067/1547916
http://www.myfxbook.com/members/back...ascent/1200229
http://www.myfxbook.com/members/adve...-blanc/1515546
http://www.myfxbook.com/members/ProD...ivisas/1231356
http://www.myfxbook.com/members/kelv...-fx-001/493293
http://www.myfxbook.com/members/arot...signal/1010658
http://www.myfxbook.com/members/jmlf...ressive/524700
http://www.myfxbook.com/members/Ocfam/ocfam/1521170
http://www.myfxbook.com/members/rossfx/module5/347645

but of course those statements are faked
the 3rd wave is the crowd's wave
  • #540
  • Mar 12, 2016 2:47pm Mar 12, 2016 2:47pm
Indeed it is very difficult to succeed on your own when not guided. We learn from our mistakes. I also wanted to quit sometime back. But now I think am master of the game. You can check my explorer for proof.
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