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Should I quit trading forex?

  • #81
  • Oct 17, 2016 5:37am Oct 17, 2016 5:37am
Feeling discouraged and wanting to quit is a usual reaction when one experience a constant loss from trades. it can even affect your self-confidence in capabilities and intended strategy. But the best thing for you to do is to stay motivated, reexamine your moves and focus on your trading goals. Never quit. Failure should be your teacher, not your undertaker. Failure is only meant to delay, not defeat us. Never say that you can’t trade forex. Anything in the world is possible if you put your heart to it. Never be a victim of Forex; be its conqueror.
  • #82
  • Oct 18, 2016 9:22am Oct 18, 2016 9:22am
I've "quit" so many times I can't count them, then I reset my priorities in life, and approach it with a better attitude, which is ususally less emotion, fewer expectations, less obsessive energy, specific goals, and then I'm much improved, then I have some gains, get drunk from them, obsess again, quit and repeat.
big money makes big moves and then hides during small money chasing.
  • #83
  • Nov 2, 2016 3:29am Nov 2, 2016 3:29am
Becoming a trading expert overnight is unheard-of. It'd be logical to be patient and work hard until your skills and talents have developed before considering quitting.
  • #84
  • Nov 2, 2016 4:10am Nov 2, 2016 4:10am
I agree. It often takes months, even years to learn enough and accumulate enough experience to start trading profitably on a regular basis. It's not an easy road to take.
  • #85
  • Nov 2, 2016 6:17am Nov 2, 2016 6:17am
ronm7d, you don't know anything about forex trading that's why you jumped into the hot water. don't quit; because quitter never wins and winner don't quit. start all over again, but with demo account and when you're perfect, making money then you can start real trading. but it's not easy brother. I was like you too; brother.
  • #86
  • Nov 2, 2016 6:26am Nov 2, 2016 6:26am
forex need a little knowledge and money management only if you greed u always loser in forex. 99% loss because want to be rich fast
  • #87
  • Nov 2, 2016 6:40am Nov 2, 2016 6:40am
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
Try the EA from fxidgroup.com
daily target 1% very consistent and reliable.
  • #88
  • Nov 2, 2016 12:03pm Nov 2, 2016 12:03pm
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
If you have doubts you should quit.

Unfortunately you have started on the wrong foot, as almost all the newbies in this business, you've fallen, probably, for the gurus that promote the holly grail-90% winning rate.
First of all you must propperly learn how to trade: what is a trend, what is a range, what is a breakout, how to trade a trend, a breakout, a range, to learn the chart and candlestick patterns and most of all to learn to be pacient, to have iron mental disciplin and iron emotional discipline. I don't know since when you started to "trade" but trading takes a lot of time to learn.

All the best!!!

P.S. I don't realy think you will find an EA that will make money for you. Those who have such EA's does not sell, why would they sell the golden guss!? Those that develop such EA's and are selling them knows this EA's doesn't make any money.
  • #89
  • Nov 2, 2016 12:27pm Nov 2, 2016 12:27pm
Quoting Artcool
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.

The bit on time is priceless. If you dont have a love for this game, dont go down the rabbit hole b/c when you look up you won't believe how much time has passed.
  • #90
  • Nov 2, 2016 1:09pm Nov 2, 2016 1:09pm
Quoting skyway
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.
For god's sake, people like you are being brainwashed that 95% of traders are loosing their money. That's a lie.

From what I've seen, there are 30% of profitable traders.
  • #91
  • Nov 2, 2016 1:48pm Nov 2, 2016 1:48pm
Take time off, but don't quit. I'd been losing for many years too, though I manage to keep my losses small by keeping my position size to the minimum. And luckily it never hurt me financially, but I can still feel the horror of the emotional roller coaster associated with trading esp when I'm in a losing streak.

Now the best thing that had ever happen to my trading career was the birth of my first child. It forced me to stop trading for a while and during that time with an unbiased, cooled mind, I managed to see the market in a whole new perspective. That's when I started to have a little consistency to my trading results, although it's still too early to tell if my results is sustainable in the longer term. But heck, this is my best result ever.

While I don't claim to be an expert, but I'd like to share my thought of what is important to succeed in this endeavour.

1) Trade small. If you can't even win with small capital, don't even think for a sec that it'll be any different if you have milllions in your account. And even if you do have the millions, it'll be a lot easier physcologically if you set aside an amount that will cover your expenses for a few years, and then trade whatever you think is 'lossable' and try to grow you account without having to withdraw the profit for your living expenses for years to come.

2) Don't rely an EA to do all the work for you. Instead, learn how to identify trend and pullbacks, then use an EA as an entry and exit signal. I'd like to call this semi-automated trading where you wait for a proper setup and determine the direction of the trade (yes, WAIT. Don't jump into a trade just because you're afraid of losing the opportunity to make money) and then let EA to decide the timing of your entry. Just remember to set your EA to Long Only or Short Only mode. Remember, No Trend No Trade.

3) Don't rely on others. No one is going to give you their secrects for free. Heck not even for $999 (after all those discounts) that you so often see advertised by the market gurus. If they are half as good as they claim to be, they don't have to sell their trading systems and they are definitely not Christ incarnate that they have the calling to help us pathetic traders.

4) Never give up. If you are feeling pressured that it affect your lifestyle in any way, you know it's time to scale down you position. If you feel you are stuck with your progress, take a break from trading and let you head cool off. But always come back after you are refreshed. Successful traders are not made in single day. I've been trading for 6-7 years, and even now I'm not sure I've really made it yet. I dreamed of becoming a great trader, or I die dreaming. It's just that simple.
  • #92
  • Nov 2, 2016 2:06pm Nov 2, 2016 2:06pm
Quoting Noorx
{quote} For god's sake, people like you are being brainwashed that 95% of traders are loosing their money. That's a lie. From what I've seen, there are 30% of profitable traders.
Ohh.....unfortunately 95% is probably correct. Maybe even too optimistic.
Short term (1-3 months) it is perfectly normal for 20-30% to be profitable, but long term just not possible. (the law of large numbers in combinations with the negative exp. per trade kills almost everyone)
I know a person who owns small brokerage house (a few thousand clients) and he told me that approximately 98% percent of their fx traders are in the red after 1 year of trading.
He also said that the net profit generated by the small group(2 %) of profitable traders is less than 10% of total net loss generated by the other 98%.
This was a few years ago.
Today the trading contiditions are better,(narrow spread.s, fast auto ndd exection..ect. ) so, maybe some brokers have better traders, but I highly doubt that more than 3-4% are profitable after 1 or 2 years of trading.
These are the facts.
  • #93
  • Edited 10:11pm Nov 2, 2016 9:58pm | Edited 10:11pm
Quoting alphaomega
{quote} Ohh.....unfortunately 95% is probably correct. Maybe even too optimistic. Short term (1-3 months) it is perfectly normal for 20-30% to be profitable, but long term just not possible. (the law of large numbers in combinations with the negative exp. per trade kills almost everyone) I know a person who owns small brokerage house (a few thousand clients) and he told me that approximately 98% percent of their fx traders are in the red after 1 year of trading. He also said that the net profit generated by the small group(2 %) of profitable traders...

I thought I was the only one in the desert (:
I will go 1 step further by stating that over time ALL the retail accounts get turned over to the broker
Anyone can be a winner in retail forex short term. No one is a winner in retail forex long term.
The winner / loser ratio is a simple Gaussian distribution. The humble law or averages will make sure that a few individuals at any given moment will be winners - and even big winners!
It's obvious that at any given time you will have a percentage of losers and winners (always more losers than winners). But what does it really mean? There is no doubt that a few players are successful for a while .. Unfortunately, being profitable during any given period does not mean it's sustainable for any particular individual.
What most fail to understand is that from period to period you are not looking at the same individual losers and the same individual winners. The winners of today become the losers of tomorrow and ever fewer losers may become winners to replace the defunct winners that have joined the rank of the losers. How do I know this? It's because the true data always shows more losers than winners! One caveat: A requirement is that new traders have to constantly join the game. The new traders are the fuel (new money) of the dwindling spiral. It will continue to spin downward -- and feed the forex industry -- as long as new players come in-- incidentally this explains why the forex world has a proliferation of commercial calls to the masses to "give forex a try". "The water is fine" message is always loud and clear. Getting new bodies in the game is essential for the survival of the industry. The real money is not made in the trading, but in the selling of retail forex related goods and services.
  • #94
  • Nov 3, 2016 7:11am Nov 3, 2016 7:11am
Quoting Mingary
{quote} I thought I was the only one in the desert (: I will go 1 step further by stating that over time ALL the retail accounts get turned over to the broker Anyone can be a winner in retail forex short term. No one is a winner in retail forex long term. The winner / loser ratio is a simple Gaussian distribution. The humble law or averages will make sure that a few individuals at any given moment will be winners - and even big winners! It's obvious that at any given time you will have a percentage of losers and winners (always more losers...
Hello, Mingary. I wasn't expecting you to post such, but I have to agree with you and alphaomega because he stated what I didn't know. Long term and short, obviously. Those two make a huge difference when trading because we're all brainwashed.

Quoting alphaomega
{quote} Ohh.....unfortunately 95% is probably correct. Maybe even too optimistic. Short term (1-3 months) it is perfectly normal for 20-30% to be profitable, but long term just not possible. (the law of large numbers in combinations with the negative exp. per trade kills almost everyone)
alphaomega also stated that 95% traders loose over the long term because of negative experiences when trading the markets, but you do know that you don't need to trade on bad market conditions, correct? For example, U.S. CPI data can change direction of trend to positive IF it was weak and that'll mean that we can trade safely without being screwed over. But I know that not all novice/rookie traders know how to trade, because as mentioned, the blind is always leading the blind and *** them over in the end. It's their problem really, they're the ones who jump in like idiots sitting at their bedroom depositing a few hundred bucks and loosing it all, because the industry needs idiots' money to ''survive''.

Just wanted to get that off my chest, sorry. You guys are right because we live in a different world than any normal person.
  • #95
  • Nov 4, 2016 2:54am Nov 4, 2016 2:54am
I dont know what the statistics say, but i am consistent profitable for 2 years now.
The only things that may affect me are : A massive black swan event and a broker running away with my Money.
If these events take place every 2 years , i am still profitable.
My answer to the primal question : DONT QUIT !
I am trading for the last 24 years . I am been trading Forex for the last 8 years and took me 6 years to become profitable.
I have been through all the emocional dispair of not being able to see order in chaos , but i finally did it
DONT QUIT ! KEEP ON DOING IT but with minimal risk until you dont figure it out
GOOD LUCK
  • #96
  • Nov 4, 2016 6:33am Nov 4, 2016 6:33am
Mods really need to start closing pointless threads like this. The OP has not returned to the forum since the 6th of October let alone thanked anyone for their encouragement.
Come on guys.
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  • #97
  • Nov 4, 2016 6:52am Nov 4, 2016 6:52am
Quoting Dimi.A
Mods really need to start closing pointless threads like this. The OP has not returned to the forum since the 6th of October let alone thanked anyone for their encouragement. Come on guys. {image}
It's always the same with threads like this. Personally I think these are trolls. but as members love having their say on what is an impossible question to answer unless you know the person concerned personally, the ' Should I quit now ' thread will always attract a lot of replies, probably because the majority of people here on ff are asking themselves the very same question!
  • #98
  • Nov 4, 2016 6:58am Nov 4, 2016 6:58am
Quoting cat
{quote} It's always the same with threads like this. Personally I think these are trolls. but as members love having their say on what is an impossible question to answer unless you know the person concerned personally, the ' Should I quit now ' thread will always attract a lot of replies, probably because the majority of people here on ff are asking themselves the very same question!
Spot on mate, I totally agree!
  • #99
  • Nov 4, 2016 7:33am Nov 4, 2016 7:33am
Despite the user who asks the question is long gone , the question is transversal to many other traders, so , i think there is still a good point of answering the question
  • #100
  • Nov 4, 2016 8:57am Nov 4, 2016 8:57am
Quit is very easy road
continue is very very tough road
but both brings you different result.
Just ask yourself, from the first beginning, we are always bombarded with all kinds of challenges. It's just up to us that we need to make wise decisions.
always take the challenge.. Then, when u success, u realise that all your effort is worth it. Keep moving, don't stop
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