Tears And Laughter In Forex Trading | Forex Factory

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Tears And Laughter In Forex Trading

  • #1
  • First Post: Aug 24, 2006 8:29pm Aug 24, 2006 8:29pm
To all forex trader i appreciate if you can share your tears and laughter (your experience) in this forum. This is good for the newbie to learn something from professional trader.

Thank you very much.

Tsunami FX.
  • #2
  • Aug 24, 2006 8:43pm Aug 24, 2006 8:43pm
Dude, you can't steal another forum members avatar. That just wrong.
  • #3
  • Aug 24, 2006 8:48pm Aug 24, 2006 8:48pm
Hey sorry brother i did'nt know someone using the same avatar how i have changed mine. Thanks.



Quoting Darkstar
Dude, you can't steal another forum members avatar. That just wrong.
  • #4
  • Aug 24, 2006 9:08pm Aug 24, 2006 9:08pm
Quoting Tsunami FX
Hey sorry brother i did'nt know someone using the same avatar how i have changed mine. Thanks.
Your a good man. Welcome to the factory!
  • #5
  • Aug 24, 2006 9:17pm Aug 24, 2006 9:17pm
The most pain comes when you start out. All the time it takes to learn about this business. For a person that knows they need to study many things and read as much as they can get their hands on is the toughest part.

I don't have the experience of blowing my account (yet). But, I guarantee you, the time I have sacrificed away from my daughter is a whole hell of alot more important to me than losing some money. I can always get more money. I can't go back and get the time lost away from my daughter.

If I don't spend the time now to learn everything I can, I will not succeed at forex and have my job for the rest of my life. If I use my time now to learn and become a profitable trader, I will have so much more time in the future for my daughter, and the money WILL start to flow.

Then we have all those people that roll their eyes at you when you tell them about trading forex and they say we are just gambling. When that day comes when they ask me why I don't have to go to work anymore....

THAT is when the laughter comes.
JOHN 3:16
  • #6
  • Aug 24, 2006 9:29pm Aug 24, 2006 9:29pm
Renasdad, i love reading your story and thank you very much for sharing. I hope everyone here in FF will always success in this business. Knoledge is very important.

May god bless you.

TsunamiFX.

Quoting renasdad
The most pain comes when you start out. All the time it takes to learn about this business. For a person that knows they need to study many things and read as much as they can get their hands on is the toughest part.

I don't have the experience of blowing my account (yet). But, I guarantee you, the time I have sacrificed away from my daughter is a whole hell of alot more important to me than losing some money. I can always get more money. I can't go back and get the time lost away from my daughter.

If I don't spend the time now to learn everything I can, I will not succeed at forex and have my job for the rest of my life. If I use my time now to learn and become a profitable trader, I will have so much more time in the future for my daughter, and the money WILL start to flow.

Then we have all those people that roll their eyes at you when you tell them about trading forex and they say we are just gambling. When that day comes when they ask me why I don't have to go to work anymore....

THAT is when the laughter comes.
  • #7
  • Aug 25, 2006 6:28am Aug 25, 2006 6:28am
Hi All

I am a complete newbie not only on the forum but also in FOREX trade. I have just been reading and reading since i signed up yesterday.

But Tsunami FX's thread is very good for all of us newbies. Thanks Tsunami FX--I'll not post here but will surely read everyday.
  • #8
  • Aug 25, 2006 7:02am Aug 25, 2006 7:02am
Quoting renasdad
The most pain comes when you start out. All the time it takes to learn about this business. For a person that knows they need to study many things and read as much as they can get their hands on is the toughest part.

I don't have the experience of blowing my account (yet). But, I guarantee you, the time I have sacrificed away from my daughter is a whole hell of alot more important to me than losing some money. I can always get more money. I can't go back and get the time lost away from my daughter.

If I don't spend the time now to learn everything I can, I will not succeed at forex and have my job for the rest of my life. If I use my time now to learn and become a profitable trader, I will have so much more time in the future for my daughter, and the money WILL start to flow.

Then we have all those people that roll their eyes at you when you tell them about trading forex and they say we are just gambling. When that day comes when they ask me why I don't have to go to work anymore....

THAT is when the laughter comes.
I think where many potential traders go wrong is that we forget that time is also part of the investment. When I was introduced to Forex it opened a whole new world to me. Reading (forums/business papers), listening (Bloomberg Radio) and watching (Bloomberg / Reuters TV) is the key.

For me personally I chose an instructor-led course as I feel the interaction with people is better than merely studies CD tutorials. Another key element in trading for me is to find a strategy that you feel comfortable with and suits your lifestyle and to stick with it. Works for me.

I'm well on my way to financial independance . . . soon.
a journey of a thousand trades begins with a single pip
  • #9
  • Aug 25, 2006 7:45am Aug 25, 2006 7:45am
Maya

Thank for your post. What you say is true for the newbie. I buy alot of book to get the secret of the wall street BUT i feel i don't learn anything from the book on how to win the trade ofcourse by reading the book we will learn simple/basic things in trading.

Before i hate to read newspaper or TV in the news sections. I don't know how to read the forex currency. When i step in forex trading then i know why news very important for forex trader.

I learn alot of method i get from this forum. Everyday i use different method on trading which make me always lose on my live trading! i lose half of my money inside my account. WHY? because alot of method in my head which makes me confuse! After that i stick to one method only and the result is "Pipastic" eventhough some trade i get lose but more winning trade.

For the newbie, don't waste your money to buy on books!. Some books is good but also some books what you want to find is not inside there. Actually you don't need book you need a mentor! you need a teacher thats the only way you can learn very fast and remeber learning never end.

The end. :

TsunamiFX
  • #10
  • Aug 25, 2006 8:07am Aug 25, 2006 8:07am
I remember as a kid at school our art teacher taught us about primary colours: red, yellow and blue. He told us how to make different colours, but it was only when he SHOWED us and we were allowed to experiment ourselves, then we understood and remembered, RED & YELLOW make orange, BLUE and YELLOW makes green. When you do it, see it, experience it, then you'll understand it.
a journey of a thousand trades begins with a single pip
  • #11
  • Aug 25, 2006 8:18am Aug 25, 2006 8:18am
As an example, when we were in school why we need to go for tution class? why don't only read the books at home? Same as in Forex. We need a teacher to teach us and explain in deep on the subject. We learn from the elder person/professional.
  • #12
  • Aug 25, 2006 8:21am Aug 25, 2006 8:21am
Quoting Tsunami FX
As an example, when we were in school why we need to go for tution class? why don't only read the books at home? Same as in Forex. We need a teacher to teach us and explain in deep on the subject. We learn from the elder person/professional.
Now that's the Holy Grail of forex trading!
a journey of a thousand trades begins with a single pip
  • #13
  • Aug 29, 2006 10:30am Aug 29, 2006 10:30am
Hi,

Actually this is the best forum for us to read expecially for the newbie also professional. We can take example from them.




Quoting Tsunami FX
To all forex trader i appreciate if you can share your tears and laughter (your experience) in this forum. This is good for the newbie to learn something from professional trader.

Thank you very much.

Tsunami FX.
" master your setup, master your self "
  • #14
  • Aug 29, 2006 10:53am Aug 29, 2006 10:53am
Laughter and Tears:

Here's a strategy I seriously contemplated using after about 3 months or so in the market.

1. Do a thorough analysis of the market.
2. Determine the most probable direction.
3. Pick an entry point.
4. Recognize that I have a 10% success rate on trades.
5. Place an order in the opposite direction of where I think it's going to go.

I think I would have made some pips with that one.

  • #15
  • Aug 29, 2006 10:57am Aug 29, 2006 10:57am
Don't forget your risk management too eitherwise tears will come out. I have experience like this because not using proper risk management.



Quoting stockwet
Laughter and Tears:

Here's a strategy I seriously contemplated using after about 3 months or so in the market.

1. Do a thorough analysis of the market.
2. Determine the most probable direction.
3. Pick an entry point.
4. Recognize that I have a 10% success rate on trades.
5. Place an order in the opposite direction of where I think it's going to go.

I think I would have made some pips with that one.

" master your setup, master your self "
  • #16
  • Aug 29, 2006 3:46pm Aug 29, 2006 3:46pm
My worst moments was when I went from equities to forex and got 0wned many times because I overleveraged too much.

Thank God those days rarely happen anymore and my head is for the most part ok.
Mr. Trend
  • #17
  • Aug 29, 2006 5:41pm Aug 29, 2006 5:41pm
Still learning the pitfalls of Forex.

After coming from trading stocks etc, I'm only now getting artful at stop loss positioning in forex, which has taken a lot of energy and confidence out of me numerous times. :

To top that, the number one "tricky" aspect of Forex for me has been News time.
The volatility during news announcements can totally bite you on the butt if you forget to keep an eye on the calender for the day/week.

As an example: A trade I took last night...

I was so busy going through all the charts and finding the best oppurtunities that, Once again, I forgot to check the calender for upcoming anouncements that could shake me out of the trade.
The trade was a great trade and is winning. ...if I hadn't been stopped out by the news spike back and forward. An A-trade in this method would not be taken at this time. Because it could either create spikes like this OR even totally change the direction of the pair for the day, or even longer.

(I need a big flashing neon sign on my monitor that says "CHECK FOR NEWS EVENTS", )

Hope this adds to the help.
Bundy's status today: "Waiting..."
  • #18
  • Aug 29, 2006 6:10pm Aug 29, 2006 6:10pm
Quoting stockwet
Laughter and Tears:

Here's a strategy I seriously contemplated using after about 3 months or so in the market.

1. Do a thorough analysis of the market.
2. Determine the most probable direction.
3. Pick an entry point.
4. Recognize that I have a 10% success rate on trades.
5. Place an order in the opposite direction of where I think it's going to go.

I think I would have made some pips with that one.

I agree especially with no 5

I gave not been trading long but I have learned
1. NEVER EVER trade the news when you are a newbie
2. Never trade more than 2% MAX of your margin/available cash
3. If the thought crosses your mind to close out a deal - DO IT (lost 50 pips one day by trying to hold out for 70 pips - market turned)
4. Never trade on impulse - Its ok to miss a trade - there is always another one
  • #19
  • Aug 29, 2006 6:23pm Aug 29, 2006 6:23pm
Trading is hard very hard, try not to beat yourself up over the losses, they happen, sometimes due to bad / stupid trades sometimes because the market direction changes unexpectly.

Today is, 4 good trades, 2 bad luck trades, 1 Stupid trade I let get away, small loss on the day still sadly.

Having the money in the account to try again tommorow is key!!

Be Warned when your trying really hard and it goes against you, it's very stressful, sadly I pulled the plug abit too early today, coulda turned it around after the Fed News


Oh well!!!

Good luck, it's possible but expect to still be struggling 2years in, the people that get good at Forex trading eventually make STUPID money, so it's worth the time spent.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #20
  • Aug 29, 2006 6:39pm Aug 29, 2006 6:39pm
I must have missed out on the laughter part. The tears ........... ok, i can identify with that.

Happy trading and keep your head screwed on right all the time. You can succeed with many types of systems;however, I would wager the % of successful traders does not vary that much among legitimate systems and methodology. i.e. every system will have more unsuccessful traders than successful ones.

somebody prove me wrong and I will learn your system!
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