I plan to quit forex! | Page 29 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Should I quit trading forex? 219 replies

How many pips or % to quit? 17 replies

Quit Job , go Back to School, Trade Forex? 33 replies

bad position - quit now or wait ? 14 replies

Attachments: I plan to quit forex!
Exit Attachments

I plan to quit forex!

  • #561
  • Mar 14, 2016 12:35am Mar 14, 2016 12:35am
Quoting MasterGuru
{quote} And how do you know - for sure - that those books and interviews are not just "fictions"...?
Yes, I do admit that I haven't personally seen their trading statements or their bank accounts and in that sense I cannot personally verify they are successful traders. BUT, the fact is that it is widely known that many of the traders in those books HAVE made their money through trading and are successful as a result of their trading. There is no dispute among anyone that Paul Tudor Jones, Bruce Kovner, Richard Dennis, and Ed Seykota (these people are in the Market Wizards book) have indeed made a ton of money through trading. It is just widely known. I have been in forex for 11 years and I've read a lot of forex forums and various threads of these forums, and I have yet to see anyone say that any of the traders in the various Market Wizards books are "fictions" and "frauds". You can bet that if any of the traders in these books were lying, that they would be quickly found out and exposed as liars. And also the author of these books - Jack D. Schawager - would be pointed out as a fraud. Yet, there is no evidence whatsoever that the author OR the traders he interviewed are frauds.

These books were written years ago. There has been more than enough time for anyone to come forward and say these books are a sham. Yet, it hasn't happened. If it has then please point it out to me. It is just highly, HIGHLY unlikely that the Market Wizards books are a lie.
"Success is not a fantasy, it's a formula." - MTI
  • #562
  • Mar 14, 2016 3:40am Mar 14, 2016 3:40am
Quoting MasterGuru
{quote} {image} @bagman Oh, Thanks for the screenshot as a "SOLID PROOF"! Now I am convinced that it is possible to make a nice living as a retail trader... (Even on a Demo account...)
If you are trying to bait people into revealing their secrets it is not going to work.


Quote
And how do you know - for sure - that those books and interviews are not just "fictions"...?

For one, stop treating it like a cosmic force that is preventing you from achieving things. If you can't make money, keep staring at the charts until you see what you are doing wrong. Perhaps you will figure it out, perhaps you will not. Just do not become a burnt out cynical wreck like that other guy who declared everything impossible he can not figure out.
Price-Action Extremist
  • #563
  • Edited 5:22am Mar 14, 2016 4:08am | Edited 5:22am
Quoting Piquant
{quote} The word constant really got me. Thank you ! I will try.
Try everything you can think of. The only important thing is to have very long term a consistent-constant result.
direction doesn't matter.
NOBODY LOSSES ALL THE TIME! ...oh, sorry, they do!
But if you're loseing all the time, (that's why you need an experimental demo account) consider yourself a lucky guy because you got a constant outcome and you can overturn everything you do anytime,
just flip it over!
(but you really need to make sure that the results of the strategy you're running are going constantly in one way for some time like one year, two years back ...well, that's seems easy but is not)
Just try it!
...it worked for me
Member
  • #564
  • Mar 14, 2016 4:16am Mar 14, 2016 4:16am
OMG!!! This thread is still active......
  • #565
  • Mar 14, 2016 4:27am Mar 14, 2016 4:27am
Quoting Dilmeshsingh
OMG!!! This thread is still active......
People love to talk about it
(trading is not a team work, so loneliness, frustration and tension accumulates escapeing in chatter'n'gossip )
Member
  • #566
  • Mar 14, 2016 7:43am Mar 14, 2016 7:43am
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,...
Hi, Octavejay, are you MTI student? The way you answer reminds my mentors from MTI
  • #567
  • Mar 14, 2016 7:52am Mar 14, 2016 7:52am
Quoting Dilmeshsingh
OMG!!! This thread is still active......
The OP is long gone but it just keeps going on and on hahaha
20 Pips a day keeps centerlink away
  • #568
  • Edited 2:23pm Mar 14, 2016 12:58pm | Edited 2:23pm
Quoting Fx 35
{quote} Hi, Octavejay, are you MTI student? The way you answer reminds my mentors from MTI
Haha! I went to their programs for a few weeks....Did learn a lot from Josh!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #569
  • Mar 14, 2016 2:59pm Mar 14, 2016 2:59pm
Quoting OctaveJay509
{quote} Haha! I went to their programs for a few weeks....Did learn a lot from Josh!
Yes man, I'm 5 years with MTI, it's the best thing I've ever done in my life, as you said, "success is not a fantasy, its a formula"
  • #570
  • Mar 14, 2016 4:40pm Mar 14, 2016 4:40pm
Quoting Fx 35
{quote} Yes man, I'm 5 years with MTI, it's the best thing I've ever done in my life, as you said, "success is not a fantasy, its a formula"
Are you refering to
"MIT - Massachusetts Institute of Technology"?
Markets are not efficient, rather they are effective - Jones
  • #571
  • Mar 14, 2016 4:48pm Mar 14, 2016 4:48pm
Quoting PaulDaemon
The OP is long gone but it just keeps going on and on hahaha
I am going to stop masturbating! Seriously, I can do it!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #572
  • Mar 14, 2016 7:20pm Mar 14, 2016 7:20pm
Quoting seahorse
{quote} Is garbage.
Even with results and evidence posted directly under the nose of some, there will still be people who cannot read, cannot comprehend what they've read and cannot fathom ever thinking outside the box of convention:

Attached Image (click to enlarge)
Click to Enlarge Name: 14myhpw.jpg Size: 98 KB


It is tantamount to jumping into the Atlantic Ocean, getting soaked and then proclaiming, "I am not wet."

I just don't know what to tell you.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #573
  • Mar 14, 2016 7:36pm Mar 14, 2016 7:36pm
Refocus on what the OP needs help with. The OP was looking for help. Nobody comes to a trading forum stating that they plan to quit, unless they are looking for help. Clearly, he screaming for help and all I see in this thread is a bunch of hyperbole and few answers.

Had the OP gone back to read my thread, he'd at least be able to develop a basic "method" for making more consistently predictable trades. He would then have to do his own homework, to find out why and how he could augment this "method" into a full blown trading system that was about 82% accurate that last time I checked.

Attached Image (click to enlarge)
Click to Enlarge Name: 121pgf8.jpg Size: 79 KB


Now, if the OP took my earlier advice on learning how and why MAE/MFE analysis was important on the trade signal he relies upon, then he could cut his "absolute loss rate' down to probably 12% of total signals generated and increase the overall magnitude of his net profits per trade.

Of course, that would require doing the homework and homework is anathema to the vast majority of Retail Traders. Random Walk that.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #574
  • Mar 14, 2016 7:49pm Mar 14, 2016 7:49pm
I wonder what the heck I should be doing with the EURUSD?


Attached Image (click to enlarge)
Click to Enlarge Name: 2l8dbph.jpg Size: 138 KB


The OP asked for help. Help the OP. Give him a reason to be inspired, motivated and hopeful based on empirically tested and proven methodologies that can get him to turn the corner. He's clearly looking for something outside the box because what's inside the box has not done the job for him.

Getting outside the box hurts at first. Most Retail Traders have been conditioned and programmed to think and behave a certain way. So, getting outside the box seems hard, difficult and pointless. Besides, you need something different to help you get outside the box.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #575
  • Mar 14, 2016 7:56pm Mar 14, 2016 7:56pm
The OP asked for help. Where's the help? Getting outside the box of convention might help. At the very least, it will cause the OP to start looking at price dynamics different than he used to and that just might be the thing he needs to get beyond the Retail Trading level. When one goes, the other one will follow. They typically do:

Attached Image (click to enlarge)
Click to Enlarge Name: jt2iye.jpg Size: 105 KB



- Can't predict the future in Forex?
- Can't know what going to happen before it happens with a high degree of probability in Forex?
- Want to quit Forex?
- Want to give up?
- Ready to toss in the towel?

Think again. Only this time, Think Outside The Box.

Does the market have Structure, OP? Not just yes. Heck Yes.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #576
  • Mar 14, 2016 8:02pm Mar 14, 2016 8:02pm
The size of that big Geo-Structure leaves clues bout Timing.

Either you are going to get off your butts and figure out WHY the market does what it does, or you will forever be saying to yourselves: "This is bullshit. The entire market is bullshit and I want my money back!"

No, get out there and GET OUTSIDE THE DAMN BOX. Literally. I mean literally (WAIT) and GET "OUTSIDE" the box. THEN, go after an empirically evaluated target level for whatever it is worth.

Geepers, people. This is not rocket science.

It is sitting RIGHT THERE in front you. Don't you see it for what it is?

Unreal.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #577
  • Mar 14, 2016 8:08pm Mar 14, 2016 8:08pm
Last post.

You cannot dictate to the market what it should do. But, you can rely upon the market to maintain its Structural Integrity. Any market that fails to demonstrate a long history of maintaining its Structural Integrity, if I were a Directional Trader, would THEN get tossed into the garbage can.

As long as it is Structural and as long as it respects itself, then you should be able to apply Structural Tools for measuring its expected behavior within a relatively mild margin of error.

The rest is MAE/MFE Analysis. If you are not doing that against the signals you use, you are kidding yourself. You need hard evidence of an empirical nature before entering any Directional Trade.

Now, get out there and live a little - Outside The Box.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #578
  • Mar 14, 2016 8:08pm Mar 14, 2016 8:08pm
Attached Image
  • #579
  • Edited 8:44pm Mar 14, 2016 8:33pm | Edited 8:44pm
Trading should not be like a Box of Chocolates. You should know what you are going to get:

Attached Image (click to enlarge)
Click to Enlarge Name: 2a4o46v.jpg Size: 140 KB



Note 1: Though I could post these all day long and in just about any market, I don't have the time to do so. This random Short Entry is somewhat late, but it could have been triggered by a number of different lower time frame triggers much earlier than the date of my post. This is just to give the OP a living example of the overall idea.

Risk is 109 pips for 172 pips remaining to Fall Line, which equals a net roll at a 1.57 profit factor. Nothing to write home about, but I was a bit late. If Upside Rest level is seen first, then risk goes to near ZERO for the Fall Line and profit factor goes to the moon. Of course, the earlier you find your entry the better. So, this one lags on the Entry, but you should learn something anyway.

That was definitely the last post until April 1st-ish.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #580
  • Mar 14, 2016 8:39pm Mar 14, 2016 8:39pm
Update: Note 1.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
2 traders viewing now