Should I quit trading forex? | Forex Factory

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Should I quit trading forex?

  • #1
  • First Post: Oct 3, 2016 11:11pm Oct 3, 2016 11:11pm
Dear Fellow Trader,
I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
  • #2
  • Oct 4, 2016 12:52am Oct 4, 2016 12:52am
Hi ronm7d, at the beginning forget about searching any kind of holy grail EA.
I recommend from my point of view:

  1. learn basics of PriceAction and try to apply it on major pairs.
  2. don't go below 30m time-frame. Try it with 1h, 4h and daily graphs
  3. apply moneymanagement. First rule is not to gain astronomic profits, but protect your account/portfolio.

Hope you will go well. If this doesn't help to be at the worst on the BE, it will be maybe better to consider quit forex game and put your energy somewhere else.
Good luck

  • #3
  • Oct 4, 2016 1:16am Oct 4, 2016 1:16am
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
You better quit...I don't think you will ever find what you're looking for.
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #4
  • Oct 4, 2016 2:49am Oct 4, 2016 2:49am
I've been trading forex for almost 8 years still not making any money. But the word "QUIT" has not come to my mind yet. If you want to find a Holy Grail in forex then the answer is nil. I think Swing Hop has given you some great recommendations. Peace be with you.
  • #5
  • Oct 4, 2016 3:20am Oct 4, 2016 3:20am
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Dragon Rider
  • #6
  • Oct 4, 2016 4:10am Oct 4, 2016 4:10am
Ron, do not quit, yet. Try to build your own EA(s) before getting out of this game. Never use other traders' EAs. Do not read books, forums, opinions. Read nothing. Sit somewhere and plunge into deep thinking. Start from the beginning. Think-act-review-rethink. Repeat this every single day. Thinking is hard. It takes time, too.
Maadik Hugiis. IQ 69.
  • #7
  • Oct 4, 2016 4:17am Oct 4, 2016 4:17am
You're the only one who knows what your situation is and what is best for you. If you do decide to continue trading, however, I strongly recommend going back to a demo account trading for a long while. Study and practise, practise and study. Once you see you've gotten consistent on the demo account, invest a small sum and trade with small lots to gradually move onto a live account.
  • #8
  • Oct 4, 2016 6:05am Oct 4, 2016 6:05am
The fact that you got margin called proves that you haven't educated yourself at all.
Your risk management is poor.
The fact that you're looking for some awesome EA that works all the time proves that you probably don't know how to read price action.
Which means you don't know the basics.
You probably never traded a demo account and just jumped in with a real account.
You probably never tested the strategy/EA that you found which is not very clever.

What I suggest you do is get an education!
-Learn the terminology.
-Learn how to read price action.
-Learn the type of traders out there and figure out what kind of trader you are.
-Learn to develop a strategy that works for YOU not someone else.
-Learn to test that strategy and refine it.
-Test that strategy in a demo account until you're confident you can execute it with a real account with no problems and actually stick to the plan.
-Learn proper risk management.
-Learn to not risk money you can't afford to lose.
etc
etc

You have a lot to learn and probably very little patience to do so.
Don't give up.

Good luck.
-AntiVi
  • #9
  • Oct 4, 2016 6:29am Oct 4, 2016 6:29am
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
It depends on you. Do you love Forex? You love it because you are passionate for encoding the market, because you want to anticipate the market trend, you want to understand this market thoroughly and deeply ... IF it's a pure passion, never quit.

In reverse, if you participate in Forex because you just simply want to make money and you want to be rich quickly, then you should quit. Or you can find the best trader who trades for you, the only thing you should do is learning how to find the best traders and how to manage risk.

To sum up, if it's a passion, don't quit. Learn to trade on Demo Account until you are confident to trade live again.
  • #10
  • Oct 4, 2016 7:55am Oct 4, 2016 7:55am
by guilt Forex is not a good way.first learn trading then trade on real account u will get good result hopefully.
  • #11
  • Edited 11:47am Oct 4, 2016 11:31am | Edited 11:47am
95% fail in this business. Quit means you stop yourself from failing which has a 95% chance of happening again, that's putting massive odds in your favour.
  • #12
  • Oct 4, 2016 11:51am Oct 4, 2016 11:51am
I guess your motives are wrong. Of course we all dream of the millions we could make, but don't make it your number one priority. If you NEED the money, you certainly shouldn't think about forex. Only invest money are willing to lose, or better yet, consider it LOST the minute you put it into your trading account! Think you will never see it again.

Next, if you want an interesting "savings" plan, forex isn't the road to go either, unless you have already done all of the necessary backup savings first. (think disaster savings, retirement plans, health insurance, etc...). Really the only reason to move forward with forex is when you've got money left to do crazy stuff.
  • #13
  • Oct 4, 2016 4:55pm Oct 4, 2016 4:55pm
I think you should think about this in a professional, what I mean is that a professional knows that often lose their strength and not in always win if you do not win more often than lose.

Whenever you lose money you got the chance to learn something, some mistake you made, something you did not have in mind and that you return to present you convinced that now more experienced you can minimize the risk.

we have all lost at least once, maybe in your case "once" means a period.

success!
  • #14
  • Oct 4, 2016 5:58pm Oct 4, 2016 5:58pm
My personal opinion is if you are trading for the money, and not to solve the puzzle, then you probably should quit. Without an edge, you have no chance. You would have to be VERY lucky to find an EA that works 24 hours a day. As far as I know, there is none, and if there is one, you probably will never see it.

The reason most EA's cannot work is because they are written on moving average arrays and there is no magical moving average. You can get close, using your brain, but when you turn it into "go / no go" it will fail because the market is full of false signals. Complicate it further by using a high time frame that can trigger multiple trades as price moves up and down a single candle, and you can be wiped out fast.

If you are trading simply to make money, you are better off playing Poker or Black Jack. Trading requires commitment to the process, not the pips. Good Luck
You cannot be extraordinary by being normal
  • #15
  • Oct 4, 2016 6:15pm Oct 4, 2016 6:15pm
dont quit, i need your money.
  • #16
  • Oct 4, 2016 6:48pm Oct 4, 2016 6:48pm
If you have lost a lot of money then you are certainly risking too much especially without a tested game plan. My recommendation would be to only do demo trading until you have a tried and tested game plan. Or you could spend your time working a real job that makes real money instead of losing money. Just a thought.
  • #17
  • Oct 4, 2016 7:09pm Oct 4, 2016 7:09pm
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
Mate...DONT rely on someones EA... Thats a poker machine and are set to lose.

Try a tiny position with low leverage and see what happens
  • #18
  • Oct 4, 2016 7:35pm Oct 4, 2016 7:35pm
Im totally on the ball with you. I feel like quitting as well but i know if i do i will be at the same place i am right now, so i don't. I had a big loss today and lost what i was making for a week. This day every trade i opened turned around on me, RIGHT WHEN I GOT IN! This may seem like nothing to some professional traders i'm pretty sure but to me it was like building a house for a year that I sold for $0. Lost money. When the good days are in I am a happy camper jumping up and down but when the losses hit I go sit in my dark room all depressed and just scan the charts to see what i did wrong. I always come up with a conclusion but when I do things differently it happens again...

How do you guys deal with this? Has this even happened? Where every trade you place goes against you? I don't use stop loss because i've had instances before where the market dropped for a second sold my pips at a negative and then sky rocketed.... That really pissed me off. Sometimes it feels as if the brokers control the market so you fail. Anyone had this happen before?
  • #19
  • Oct 4, 2016 7:41pm Oct 4, 2016 7:41pm
Yes, better quit. Forex is not for you. You will save money but much more important, you will save time. Most of people complain of losing money trading forex, but few realize they are actually losing their most precious asset that no money in the world can buy, their time.
Don't give up on your dreams. Keep sleeping.
  • #20
  • Oct 4, 2016 7:43pm Oct 4, 2016 7:43pm
Quoting ronm7d
Should I quit trading forex?
Yes.
I'm not trying to convince anyone. I'm not in the "convincing" business.
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