I plan to quit forex!

MG, this article is very encouraging. To me personally, it shows how the losses dominate everything in trading, actually. Shortly put, traders do fail, cause they have no clue how the handle the draw downs...

Great video, And its happened to us all. Thats why FX is about 5% of my trading these days. Since moving from FX and back to shares and futures my trading accounts have grown many %. And 4 using 4xsentinel , I have a better option, Just don't trade the scam market till its been cleaned up and save your $100.

Am I the only one who have never been scammed ? I have been trading >2 lots, never had any problem with well known and/or highly regulated brokers, only my first broker was clearly playing against me, but I was going to lose anyway.

This thread is almost 2 months old. Good to see that the thread starter has not quit as he mentioned. My message to him and others who feel the same :

the moral of the story, only when you trade well , start doing it with real cash

When you want to succeed as much as you want to breathe then you will be successful !

Back then, when you first posted your thoughts of leaving, I had you contact me through my personal email, and you did. I suggested to you some basic education that you needed and where you could get it, but you stopped communicating. With that kind of interest, I agree with you that it may be time to leave. As one other poster put it, "When your desire for success is as strong as your desire to breathe, you will be successful". I do not see you demonstrating such desire.

I like your analogy, it applies perfectly to forex.

Let's imagine that forex trading is like water.
Therefore as a forex trader you must get into the water.

"When your desire for success is as strong as your desire to breathe, you will be successful".

In forex, therefore, you try to breathe (succeed), you die (lose).

Thing with this business is, you cant try hard. You cant work hard cause there is no right way. No one knows the best advice for you.

I mean yeah try and working hard on something with persistence for years is a sure way to succeed in other things in life but in forex you have to be working hard on the right thing (and you have to be lucky for that) if you dont, you could end up wasting 5 years and not get anywhere.

And the hardest thing is that it costs money (blowing accounts) to find out where you are and still you wont know how far are you from where you want to be.

Ok i might not be making any sense here so here is what i really want to say.

If there is something about trading that will take you to 3 years and loose 5000$ to learn. Than IT WILL take 3 years and money. There IS NO WAY YOU CAN LEARN IT EARLIER. Because you may have access to that information and data after 1 year but you probably are not ready to process it in the right way at that time. You revisit the same approach/methodology/psych aspect after a few years and bang.

Its been 8 years im reading ROASO and still i get something new from it time to time.

So its gonna take time and IT WILL BE YEARS.

Can you put in that much time and wait for the things to come slowly to you?

Btw: From my 1 to 1 counseling sessions and personal experience many people at this moment think, he is right but I am smarter than the rest so it will take less time.

YOU"RE NOT. You maybe but market does't care.

One life advice that certainly doesn't apply to trading is the mantra of perseverance.
If you're a dope and you tell yourself to just keep persevering you will become really good at becoming the best dope but not a good trader.
It's just not enough to simply preserve.

Look, Nasir. If you wanted to become a brain surgeon you would have to spend thousands of dollars and around 10 years to become a truly competent surgeon. You would be doing both; spending money and working hard. Successful trading requires the same, plus very strong personal discipline.
1. Find or develop a system that is logical, which you can back test for several months in a practice account. This means that you are losing no real money while you are learning what works and what does not.
2. Refine what works and discard what does not, and stop looking for the Holy Grail among all the ideas and approaches that are offered free or at some exorbitant cost. Many of the claims that are made on this and other sites are simply bragging sessions, with no evidence of consistency.
3. When you lose, spend much time analyzing the reason and cause for your loss. It is not the market that causes you to lose, rather it is your own attitude toward the market that causes losses. It is not the bend down the road that caused you to drive off the cliff, rather it is the fact that you did not turn the steering wheel while slowing down. By doing this analysis you will, hopefully, stop doing the things that don't work.
4. Realize that some losses are inevitable in this business. Actually, in any and all business.
5. Once you have definite parameters for entering/exiting a trade, do not get whipsawed around by daily news announcements, but do remain aware of major moves in the economy.

After a while, trading becomes a mechanical approach and a habitual sequence of actions, and your fear dissipates while your greed is controlled.
In conclusion, stop looking to others for a "turnkey" answer to trading, so that you can get wealthy quickly. Do what is necessary so that you become a confident trader.

"You have to be working hard on the right thing" I agree with you on this 100%. The practice perfect practice is paramount in this field. I was working hard but not necessarily on the right thing, now I found a mentor with a proven track record and has made a huge difference to my view on the market and my own trading. Either way, you will spend money in forms of genuine education or from the lessons the market will throw at you (losses) from time to time. So, spend your money and just as importantly your time wisely.

On the subject of what it takes.

"When your desire for success is as strong as your desire to breathe, you will be successful".

Its a nice thing to say, specially very heart pumping on the audio. But not very practical is it?

Like how? how do you do it literally in trading?


Get to somewhere silent and peaceful for a few days, and ask yourself WHY TRADING?

Easy way to earn, no hard work, like the feeling of putting on a trade and see it go green, like playing with charts. etc

If for example only the first two come to mind than you can stop reading and might as well save some time and money.

The second two are the ones that will be able to keep you going after you have blown a few accounts but they will subside and you will get bored and wont want to do anything with trading unless you can get some real money to "play" with.

SO what the right answer is?

There is't one, there maybe but not a single one for everyone (see the post above).\

So cant tell you what your heart and mind should tell you. What i can tell is what was my mindset.

I was so sure, that i left my small job from a mutual fund, i stopped my studies after high school (it was't going very well any way, i failed alot). I lived on 100-150$ a month for 4 years (between 2010-2014) after that. But i made sure i was trading on the week days and virtual trading on weekends.

It was not easy, a couple of times i cried in the bathroom and asked my self why the hell i had to choose one of hardest profession in the world. I saw people like friends and relatives growing and doing well in their lives simple and easy jobs, saving money for buying things. I would look at them and sometimes wonder how simple their life is doing simple and same things everyday but right than i could't imagine being doing that myself.

at that time different things would motivate different kind of personalities. For some it could be an understanding/supporting GF/BF( who they will dump after they make it.lol) , their mother or many other different things.

I started growing indifferent to what anyone else said or whatever they were doing, it is a stubborn attitude towards what what i wanna do. All i knew was that

this what i want to do and nothing else and when that's how you truly feel than thing will start working for you.

I will post one more the subject when have time.

Good choice. get a job and enjoy regular income.
Stop dreaming of easy riches and leave Forex Factory.You will be happier in your self.

man, do not give up! live is full with up and down, u wont know what will happen in the future. keep falling! one day u will be succeed!

Well, it beats me that people trading the market don't know what spread manipulation is or re-quotes. This is what happens in the market at all levels. A read of Michael Lewis's flash boys will reveal a lot even at the top level of the game, so the question is why do we expect different?

I trade Vanilla Options and I do quite well from it. It is more complicated tan binary but at least it is a derivative. Some one mentioned futures and stocks, well to put things into perspective I made $750,000 buying a stock over 4 years. Well, it was non-margined and the stock grew from $9 a share to $30 so as you can see I did invest a lot in it to start. The stock market is a fools game that's why we all love it. The brokers still charge crazy commissions and the penny stock craze is far from over, just have to look at youtube to see. Futures is a derivative so again there is only so much you can manipulate. The contracts are on an exchange.

The invention of spreads brought all the problems in this business, margin trading added insult to injury but how else would you access a market where the smallest notional amount is 10,000 and you have to wait a week to see a full 3-4 point move in some cases. Gentlemen... Let's be realistic... the spread market can never rival the pay for contract market. Worse the FX dealer market is virtual for all intents and purposes, so that brings us back to derivatives. City monopolist has a great deal of info on Options and the Chicago Mercantile exchange has a lot more on futures. but derivatives are the way forward all though some will argue not. It is not easy but doable. I took a few trades today one was an Option trade going long puts on Sterling Yen a straight Vanilla Option trade well I have almost doubled my premium. It has been volatile today but no difference to me as I make money from volatility. It expires tomorrow at the 10am NY cut but I can even sell the premium now. So no stop hunt or spread worries as the spread for me is the contract cost so no need to really move it around it is a one off cost. Also no margin just the premium cost and all those horrible things that will make you buy a $99 4x sentinel to tell you what you already know and can't change. Seems like a waste. Just do what the other guy says, trade the derivatives. You can do it cheaply and safely.

100% agree...

Yeah... Forex is tricky. Not for leverybody. I'm in it since 2007 and a barely started to go + in last few years...

Hi everyone.

I am OK now and my trades getting better. I can slowly get back what I have loss.

Good for you.
Keep making the progress.