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Should I quit trading forex?

  • #101
  • Nov 4, 2016 5:30pm Nov 4, 2016 5:30pm
  • #102
  • Nov 4, 2016 10:55pm Nov 4, 2016 10:55pm
If you are not confident enough and are losing a lot lately, it is advisable to stop trading, and get into another business.
  • #103
  • Nov 5, 2016 5:37am Nov 5, 2016 5:37am
Dear all. I was just lost all my capital and it is so big to me ($243,000 USD) just 2 days ago. I want to just disappear from this world.
It was my overconfident,bias,overtrade. Even though, I planned it before. I still watching it go down. Actually, I made it back to 50-60k but with emotion not in checked I thrown away that money.
Now I have only $2500 in my account with zero saving and a huge debt. I know some of you will say I deserve it.
I just want to share my experience
(and if there is any kind person who can help me in anyway I will spend my entire life to pay back to you in every way.)
  • #104
  • Nov 9, 2016 12:39am Nov 9, 2016 12:39am
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 started your forex career on a wrong footing. Starting off using EA's gives the impression you belong to the group of people who see forex as a get-rich-quick scheme.

The best way is to start off with proper education in forex. Learn the basics. Understand price action. Work with the Daily chart as you rmain trend and male entry based on lower time frame like 1hr.
HavilahFX Academy
HavilahFX All Time Return: na
  • #105
  • Nov 9, 2016 1:51am Nov 9, 2016 1:51am
It has been a while since the original post was made. Ronm7d, have you decided what to do?
  • #106
  • Nov 9, 2016 5:55am Nov 9, 2016 5:55am
Quoting havilah
{quote} You started your forex career on a wrong footing. Starting off using EA's gives the impression you belong to the group of people who see forex as a get-rich-quick scheme. The best way is to start off with proper education in forex. Learn the basics. Understand price action. Work with the Daily chart as you rmain trend and male entry based on lower time frame like 1hr.
o start a career in forex trading that first we must note that our ability to master the science of forex trading itself, because then we will be able to trade well. Many ways that we can do to improve trading skills that we have, one of them is to continue to do exercises constantly.
  • #107
  • Nov 9, 2016 6:04am Nov 9, 2016 6:04am
Quoting havilah
{quote} You started your forex career on a wrong footing. Starting off using EA's gives the impression you belong to the group of people who see forex as a get-rich-quick scheme. The best way is to start off with proper education in forex. Learn the basics. Understand price action. Work with the Daily chart as you rmain trend and male entry based on lower time frame like 1hr.
This is fantastic advice.
Price Action is very IMPORTANT role.
Let Market Tell You
  • #108
  • Nov 10, 2016 4:09am Nov 10, 2016 4:09am
No, I do not agree. One should not quit trading so easily. This happens to every trader in the market. However, there are some reasons which say that you should not quit trading.

1. Not being scammed by marketers who promises from rags to riches

2. Don’t quit because it’s impossible to quit. Our economy is more uncertain than it has been in sometime. Therefore, the solution is to learn how economy works.

3. Over trading. It means trading heavily without any prior thoughts. This results in losses & gives thoughts of quitting.

4. The bigger picture is even better. It gives you a lot of opportunity to make profits.
  • #109
  • Nov 10, 2016 8:08am Nov 10, 2016 8:08am
Quoting Monokl
{quote} This is fantastic advice. Price Action is very IMPORTANT role.
Indeed, we are doing forex trading is to follow where the direction of currency prices, we should focus on it. We need to continue to continuously conduct trading training to be able to improve trading skills that we have to get a higher profit.
  • #110
  • Nov 22, 2016 4:01pm Nov 22, 2016 4:01pm
So many advises have gone out here, but I'll quickly say that if you feel the need to quit, maybe it is not the quit you need. But what you need is a break and go back to analyze all the advice given here!
  • #111
  • Nov 22, 2016 9:43pm Nov 22, 2016 9:43pm
It is your life and your choice. If you think you are done with trading then leave it and if you still have feelings for forex than go for it.. Start with new positive attitude for forex. All is in your hand what you want to do with trading.
  • #112
  • Nov 22, 2016 11:40pm Nov 22, 2016 11:40pm
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
Forget using an EA as you are wasting your time and your money. Steer clear of any trading system that claims to make you fortunes without lifting a finger.
You need to learn the basics of trading. Trading is a skill, and all skills have to be learned. If you are not prepaired to put the time in to learn the skill of trading then stop trading, otherwise.............
Learn the skills required to read a price chart and price action
Learn the skills of technical analysis
Develop a trading strategy, back test and forward test it, to determine if the strategy is a profitable.
Develop a trading plan around the strategy
Learn risk management / money management and position sizing, to protect your account and how much you could lose.
Decide what type of trader you are going to be i.e. A swing trader, a momentum trader, or a day trader. Choose a trading style that suits your personality.
That's just to get started!
Good luck on whatever you choose
Don't wait for the wind, take to the oars.
  • #113
  • Dec 20, 2016 3:50pm Dec 20, 2016 3:50pm
Quoting Pleiadian
{quote} Forget using an EA as you are wasting your time and your money. Steer clear of any trading system that claims to make you fortunes without lifting a finger. You need to learn the basics of trading. Trading is a skill, and all skills have to be learned. If you are not prepaired to put the time in to learn the skill of trading then stop trading, otherwise............. Learn the skills required to read a price chart and price action Learn the skills of technical analysis Develop a trading strategy, back test and forward test it, to determine...
Wow!...This is just too good, never seen a well thought out post like this in a long while. What more will a newbie need than this advice, as many don't want to learn, they just want it quick and easy.
  • #114
  • Feb 6, 2017 10:40am Feb 6, 2017 10:40am
Quit as fast as possible and don't come back ever.

This decision will save you a lot of time and money.

It is a negative sum game for retail traders. If the leverage you apply is >5 than you will destroy your account with 99% certainty over a relatively short period of time.

The forex retail trader pays the gains of.....

  1. retail brokers / banks (hundreds of millions USD / year), just look at their marketing budgets.... wow!
  2. for insiders who capitalize on important economic data, political decisions, rate decisions etc. around news releases
  3. for HFT firms frontrunning your orders... a death by a thousand cuts...
  4. for professional hedgefund running highly diversified algo strategies based on big data
  5. outright price manipulation of big pocket players
  6. .....

Scientific evidence is easy to find in the literature that support all these claims, so does pure logic.

However, with several 100 Mio USD marketing a year you can do a lot to keep a fairytale alive and so far the industry still finds enough dumb retailers to keep their businessmodel intact. Regulators globally finally start to wake up and first bans of marketing for binary options and retail forex in European countries are already in place....

  • #115
  • Edited 10:51am Feb 7, 2017 5:42am | Edited 10:51am
Quoting HudithePfupf
Quit as fast as possible and don't come back ever. This decision will save you a lot of time and money. It is a negative sum game for retail traders. If the leverage you apply is >5 than you will destroy your account with 99% certainty over a relatively short period of time. The forex retail trader pays the gains of..... retail brokers / banks (hundreds of millions USD / year), just look at their marketing budgets.... wow! for insiders who capitalize on important economic data, political decisions, rate decisions etc. around news releases for HFT...
1. I have no problem paying my broker 10$ for executing a 100.000$ order.
2. No one is forced to trade around these events.
3. HFT firms front running my orders? Come on...
4/5. And further? If you've found an consistent way to take money out of the market, you already did it in this environment. I don't give a shit about algos from hedge funds or "manipulation" or I maybe even use it to my advantage, on algos you can definitely rely more then on humans when it comes to precision and consistancy

https://www.darwinex.com/en/investor...ard/predefined

Here are just some traders of my broker.
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #116
  • Feb 7, 2017 6:11am Feb 7, 2017 6:11am
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
Have to be brief as heading out but feel compelled to answer as not noticed this thread before. You do realise the majority of people you are seeking an answer from are losers. I don't mean that in a demeaning way just statistically. Try manual trading only and strip your charts of crap, watch price like cat watching mouse, learn to spot nuances, tiny detail and develop feel. GL
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #117
  • Feb 7, 2017 6:24am Feb 7, 2017 6:24am
Don't follow what everyone else is doing. Be independent. Have your own original ideas and test them. EA comes last not first.
You came here for the truth and let me unveil it for you
  • #118
  • Feb 7, 2017 8:46am Feb 7, 2017 8:46am
FXCM in the US is history.......

http://www.forexfactory.com/news.php?do=news&id=637989

Good arguments and facts will bring scam brokers finally down on the ground.

Those customers transfered to Gain..... isn't it time to close your account? Doesn't this confirm what you must have known already for a long time. Based on experience with VT Station from Gain I fear you will still see asymmetric slippage, stop hunting with spread widening, access troubles during rapid price fluctuations.....etc. Same house, new paint.

Good luck.
  • #119
  • Feb 7, 2017 9:24am Feb 7, 2017 9:24am
Quoting michisuperfr
{quote} Here are just some traders of my broker. If you didn't make it, it's only your fault.

  1. Not just some traders, these are the top invested ones.... so only a very smal fraction of all traders at Darwinex
  2. I think it is interesting that even most of these "top traders" have completly irrelevant account sizes of just a few 1000 USD. Why? If even the best ones are trading on pennies....what does that tell you.
  3. Such results over 2 years can still be explained by pure luck (& reasonable leverage / MM), if you consider that there are probably hundreds of traders that failed in the same time...
  4. just look at this table in 1-2 years from now. How many of these top traders will still be on that list?

One day you might understand which edges are constantly working against you in this zero sum game. You will be able to distinguish the difference between systematic, built in edges against you that will persist forever and the tempory prevailing edge you personally digged out through hard work that can vanish anytime by the blink of an eye.....

Michi, it's your decision how you will "invest" your money. I wish you luck.....you will need it.

  • #120
  • Feb 7, 2017 10:42am Feb 7, 2017 10:42am
Quoting HudithePfupf
{quote}Not just some traders, these are the top invested ones.... so only a very smal fraction of all traders at Darwinex
Yes of course, don't get me wrong, it's very clear to me that only a very few can be profitable for a certain amount of time.

Quoting HudithePfupf
{quote} I think it is interesting that even most of these "top traders" have completly irrelevant account sizes of just a few 1000 USD. Why? If even the best ones are trading on pennies....what does that tell you.
That they're probably not dumb enough to put everything in one account at one broker. I personally also have rather many small accounts and spread over 2-3 good brokers than only one big account. Also I think that real "top traders" don't need investors and most of them don't make their account public.

Quoting HudithePfupf
{quote}Such results over 2 years can still be explained by pure luck (& reasonable leverage / MM), if you consider that there are probably hundreds of traders that failed in the same time... just look at this table in 1-2 years from now. How many of these top traders will still be on that list?
Theoretically yes, it could be "luck" but most probably there is more to it. I can't judge it.

Quoting HudithePfupf
{quote} One day you might understand which edges are constantly working against you in this zero sum game. You will be able to distinguish the difference between systematic, built in edges against you that will persist forever and the tempory prevailing edge you personally digged out through hard work...
Maybe I will understand it one day, I'm not saying no. But I also know that it's impossible for the market to beat ALL traders. I think it's crucial to understand how the market beats the majority, because the principles are mostly pretty much the same imo.

Quoting HudithePfupf
{quote} ... that can vanish anytime by the blink of an eye
Yes sure it can, but this can happen in any kind of business. It's more important how much one is prepared for it and then reacts to it. There WILL always be losing days, weeks, months or even years. If one can't accept this, he shouldn't do business. "The reward is in the risk"

Quoting HudithePfupf
{quote} Michi, it's your decision how you will "invest" your money. I wish you luck.....you will need it.
Thanks, I wish you the same!
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
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