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Should I quit trading forex?

  • #21
  • Oct 4, 2016 5:48pm Oct 4, 2016 5:48pm
Quoting dkrock
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...
+1
  • #22
  • Oct 4, 2016 6:06pm Oct 4, 2016 6:06pm
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

"Should I quit trading forex?".....Well, if you have to ask that question, then perhaps you should quit trading forex. Trading FX is not easy to learn, it's extremely difficult for many reasons, one being that there is nowhere you can go to learn this craft. I mean, there's no university degree's or diploma's etc and therefore there is no formal training available, unless you're lucky enough to be working for a bank who may see some potential in you and introduce you to the trading room managers etc.

But, if you're like a dog with a bone, and you are willing to put in thousands of hours to learn your craft, then there is a chance you can make it.

An analogy: Hundreds of thousands of people can play guitar, right? A good number of them are excellent players, and some of the excellent players go on to make it in the music business and make big money.....like Eric Clapton, for example. So why not pick up a guitar and get started on this journey? Why not indeed! But, learning to play the guitar even moderately well takes thousands of hours of practice...and most of that practice shows little, if any improvement. But looking back, the improvement is there to see. Most aspiring guitarists however, quit, long before they even get to the point of being able to strum a simple pattern or fret more than 6 chords. Yet, it can be done, as we know. It doesn't so much require talent, it requires tenacity! Trading is similar.....it requires dedication, focus, self belief and the ability to get up off the floor when you get smacked down!

So, should you quit trading forex? The answer is not here....it's in you.

Best of luck to you
Doing what you like is Freedom. Liking what you do is Happiness.
  • #23
  • Oct 4, 2016 6:40pm Oct 4, 2016 6:40pm
you asking useless question - what you want to hear? someone tell you to stay? or someone tell you to quit?
and why you are lazy? why you just not work hard instead of looking for EA?
if you want and planing to use EA yes better to quit.
except that you should go and work hard to build your own strategy , for 3 years i kept losing i lost hope many times, but finally now i can make profit not big profit not double every month , but i know now how invest my money for long term. i know how manage my money and risks . and i still working to improve my way .
only you have all answers on your questions except that you will hear a lot answers , someone will tell you learn harmonic , other will tell you learn price action other one will say elliot , someone will say to you no don't quit other one will say to you yes quit . blah blah blah

remember: Great people work in silent
  • #24
  • Oct 4, 2016 7:06pm Oct 4, 2016 7:06pm
Quoting rtkwar
you asking useless question - what you want to hear? someone tell you to stay? or someone tell you to quit? and why you are lazy? why you just not work hard instead of looking for EA? if you want and planing to use EA yes better to quit. except that you should go and work hard to build your own strategy , for 3 years i kept losing i lost hope many times, but finally now i can make profit not big profit not double every month , but i know now how invest my money for long term. i know how manage my money and risks . and i still working to improve...
  • #25
  • Oct 4, 2016 8:39pm Oct 4, 2016 8:39pm
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  • #26
  • Oct 4, 2016 8:40pm Oct 4, 2016 8:40pm
Lean all abot gaals it show mony fo nutty is on tv .... BUt donno why here today .... strange .....


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  • #27
  • Oct 4, 2016 8:41pm Oct 4, 2016 8:41pm
Oppppssss ... hang tese to wall , dont shake it more then 2 times ... peoples will think u wannapaint the wallll ..... again ... dono why here today ....
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  • #28
  • Oct 4, 2016 8:41pm Oct 4, 2016 8:41pm
u gotta ... pimp da data... , pimp ...pimp huuraaa ....

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  • #29
  • Oct 4, 2016 8:47pm Oct 4, 2016 8:47pm
da prayer ......

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  • #30
  • Oct 4, 2016 8:49pm Oct 4, 2016 8:49pm
try trading crypto-currencies.. its about 900x easier and more profitable
  • #31
  • Oct 4, 2016 8:53pm Oct 4, 2016 8:53pm
i started forex since 2005. accumulated loss about 7k usd but still fighting!
  • #32
  • Oct 4, 2016 9:15pm Oct 4, 2016 9:15pm
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
By the looks of things you have joined FF a long time ago.

Forget EA's I have never seen one that works on a live account. Please read my blog post about this. http://www.forextradingforprofit.com...ot-forex-scams Its only a small section on ea's but I will be writing more about this at a later date.

If you are blowing your accounts it means only one thing you have poor money management.

Forget the pipe dream of becoming a millionaire with 100$ you have more chance buying a lottery ticket.

If you want to make it in forex don't think about getting rich. Only think about making profit, in comparison to you account size. if you have $100 aim for $1 profit if you have 100k aim for $1000 profit .
20 Pips a day keeps centerlink away
  • #33
  • Oct 4, 2016 9:16pm Oct 4, 2016 9:16pm
By loosing is not failing you can only learn from this.

Forex trading can be seen in two ways.
1) Gambling: Some people look at this as a quick way to make a buck. But in fact its a business and some times there are going to be losses.
2) Business: I see it as a business / additional income stream to my life:
- I spend three hours a day reading and making trades at the same time.
- I have surplus funds to cover a margin call.
- Do not panic when the market is heading into a another direction. Believe it not with a bit of patience you may make a profit from that trade.
  • #34
  • Oct 4, 2016 10:00pm Oct 4, 2016 10:00pm
Always be patient about your success.

There are many people who have been forward testing their systems for years before doing live trades.
They have lost before. And that is why they are more careful now.

As long as you believe in hope, you can always have a comeback once you are sure your trading solution works.

God bless.
  • #35
  • Oct 5, 2016 12:05am Oct 5, 2016 12:05am
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
do you know what you are doing or are you merely looking for that perfect indicator setting/perfect EA/perfect strategy.?


I used to work in a bank's trading desk and i can tell you, even banks get it wrong. even with my knowledge acquired, having the confidence to start my own trading firm, we still get it wrong from time to time..

the best advice i can give you is to leave forex if you are betting/hoping whenever you take a position, but don't give up on trading, diversify to equities.

however if you insist on sticking to forex. i suggest you overhaul your strategy. be alert to oncoming fundementals/technicals and paper trade for a year or two.

everyone has the misconception that a banker's job is to rake in profits. however in actual fact, it is to diversify risk. if the pro's objective is in risk diversification, i don't see why retail traders emphasis is on profits.
  • #36
  • Oct 5, 2016 12:28am Oct 5, 2016 12:28am
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
YES
A good trader follows his rules, but great trader knows when to break them
  • #37
  • Oct 5, 2016 12:38am Oct 5, 2016 12:38am
Banks also speculate, but when acting as a market maker they will hedge their position.
20 Pips a day keeps centerlink away
  • #38
  • Oct 5, 2016 1:29am Oct 5, 2016 1:29am
Thanks all for your kind reply to my answer. A supportive suggestion is very welcome and glad to hear that there are a lot of people concern about other people.
  • #39
  • Oct 5, 2016 1:49am Oct 5, 2016 1:49am
There have been many good posts here from traders, i agree with alot of it..

- be properly funded. Think of percentages, how much is 10% growth per month relative to your account size for example..
- keep position sizes small relative to your account size, and keep your leverage low.
- use higher time frame to then be able to maximize targetted entries on lower tf.. get better entries.
- patience, patience lots of patience
- the exit is the most important thing, you may not get trades that immediately turn your way first, averaging in helps here,
but its advisable to be on the right side of the main trend and keep sizing manageable. many bad trades can turn into b.e. or winners.
- screen time, a shit load of screen time cannot stress this one enough. nothings comes for free. work hard to get proficient. (like anything in life)
- dont listen to others on their biases, dont rely on indi's.
- dont try to make a lot of money, try to stay alive, then steady pip gains, focus on your losers, not your winners. keep a log. review regularly.
good luck to you.
  • #40
  • Oct 5, 2016 3:46am Oct 5, 2016 3:46am
Quoting Alex4Cash
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...
Always use SL, except if you use extra small manageable positions.

Trade hit SL and then turned around? Tough luck! That means your stop loss was poorly placed. Don't just place stop loss 5 pips below the support or above resisatance. You must know by know that most of the time price spikes through this levels and then retraces back and turns around.

Never risk more than 5 % ( and that is REAAAALY agressive ) of account. And you'll never ever be worried and sweating.

So my advice for you is:

USE SL always
PLACE SL and TP on logical levels not just that it is placed
BE PATIENT and I repeat PATIENCE is the key - price didn't reach your level yet? WAIT! still is almost there but not quite? WAIT!!!! And then when it comes your level THEN buy/sell the fuck out of it. Because you deserve this position if you waited so long. Understand?

Have fun, but mostly stay in the game over long haul. You don't need to double your account every day. If you do it in a year you will have job offers from every bank institution! I promise!

ValentinoFx
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