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Should I quit trading forex? 219 replies

How many pips or % to quit? 17 replies

Quit Job , go Back to School, Trade Forex? 33 replies

bad position - quit now or wait ? 14 replies

Attachments: I plan to quit forex!
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I plan to quit forex!

Quoting jmn5611
{quote} True, and what is sad about young traders is that they crave wasting assets in exchange for their trading. Women, cars, and boats are all wasting assets.
I doubt that anyone even get to that point. The "trader's lifestyle" is all hype to entice the gullible and the greedy
Quoting jmn5611
{quote} Staying on the right side of the market is the only plan I have. Keep winners. Cut losers. Stay small. I cycle through all 28 pairs and adjust my portfolio daily. Non performers are released. Good players stay.
I see. Well, if this works for you, why not?
Quoting mlawson71
{quote} I see. Well, if this works for you, why not?
It works for every trader that tries it.
If you are good at something, never do it for free--Joker
According to me, if you want to make profit very rapidly from here ,
you will obviously quit from here. Because,
success in FOREX is a long term process.
It's definitely not an easy road... Attracts the greedy. Most people even replying to this chat are losing more than they are winning. By statistics maybe 1-2 people on this thread is a winning trader (just to put things in perspective).
Quoting fxstaton
I plan to quite foroex!.... I have no luck in forex.
That might speak to why you feel the need to quit - you have been relying all this time on "luck," as if this is some kind of Casino Game. Long term consistency as a Trader is no predicated upon "luck." Skill, knowledge and expertise are requirements and those things are obtained only after commitment is made to massive underlying research, study, development and the honing of your talents.

Man up. Get back in there and this time start with pure research of Market Data, not off the shelf indicators that you have never taken the time to dismantle, dissect or understand their mathematical derivation. There has to be at least a billion different ways to trade the markets. All that is required, is that you take trading seriously enough to dedicate yourself to becoming a Master of just one (1) of them. You don't need all 1 billion different ways to trade. You just need one (1) good reliable way that works for you in most market conditions. That is WHY the homework, study and research of Market Data is so important.

You have to learn the business you are in. This is not a Game. This is a Business and a very serious Business at that. Quite frankly, it is a form of Warfare. Either gear up for that fight mentally/intellectually, or decide to simply stay home.

One way or another, you are in the financial markets every day of your life. Like it or not, at some point you will whip out your wallet and pay for something using cash or a card - welcome to the fight. Welcome to the "currency exchange." You just exchanged "currency" for "something" you believed to have value. You engaged in a Trade.

You are going to Trade, one way or another. You might as well learn how to be the beneficiary of that Trade, instead of always being the supplier of Liquidity, to those who do benefit from your willful neglect to gear up and fight.

Seek the skills, knowledge and expertise required to no longer have to blindly rely on "luck." And, then grow your way out of Retail Hell. That's a Battle Plan.

Now, watch this video, sober up and then come out committed to your own success: https://www.forexfactory.com/showthread.php?t=663272
The Event Horizon
I've gone through quite a few ups and downs myself. If I had known trading would be as difficult as it is, I would have never have started it. I paid good money and believed more than one mentor who said it was easy to make money. It ain't. I have struggled at this game for several years now. Still, I learn something every day. I improve my methods constantly. I do appreciate all the people I have learned from, including many from Forex Factory. Everything I learn causes me to see the market in a different light. I now see patterns, where once I only saw random data. Most people who really get the trading bug and stay with it to overcome the first five year blues, are traders for life. Many of these people are very successful. It always takes time. If it was easy, everyone would be doing it.
Quoting FXRooster
I've gone through quite a few ups and downs myself. If I had known trading would be as difficult as it is, I would have never have started it. I paid good money and believed more than one mentor who said it was easy to make money. It ain't. I have struggled at this game for several years now. Still, I learn something every day. I improve my methods constantly. I do appreciate all the people I have learned from, including many from Forex Factory. Everything I learn causes me to see the market in a different light. I now see patterns, where once I...
Truer words have never been spoken. Thank you for speaking so candidly about this. I completely agree with you.
Newbies need to be aware how long and difficult the path to success is when you learn Forex trading.
  • #1,049
  • Quote
  • May 15, 2017 11:16am May 15, 2017 11:16am
Till now you are not on the right track, that’s way you are talking about your luck! Believe me, there is nothing like luck in Forex business, it’s all about trading knowledge! Here all of knowledgeable Forex traders are lucky and low skilled Forex traders are unlucky, so be knowledgeable if you wanna be a lucky trader!
  • #1,050
  • Quote
  • May 15, 2017 11:22am May 15, 2017 11:22am
I think you should know which trading style best suits you, try taking these quizes

http://www.babypips.com/school/gradu...t-for-you.html

and you also discipline yourself and never be greedy focus on the pips and the profit.
Luck? Whoever wants to try out luck should go to the casino instead. Although luck can definitely help you, it shouldn't be a deciding factor.

Three rules are the most important here:
1. Do not overtrade and risk too much. 2. Do not revenge trade. 3. Do not trade without a well thought plan.

When you fail to follow any of these three, disaster usually comes. And, if you cannot stick to these three, no matter how hard you try, well, the door are that way. Sorry.

All of this that I am speaking is forged by experience and nothing else. Experience in the financial markets is the best teacher you will ever have, no matter how difficult and painful it is.
"Don't lose your cool, and you will fare well".
Quoting diana91
Luck? Whoever wants to try out luck should go to the casino instead. Although luck can definitely help you, it shouldn't be a deciding factor. Three rules are the most important here: 1. Do not overtrade and risk too much. 2. Do not revenge trade. 3. Do not trade without a well thought plan. When you fail to follow any of these three, disaster usually comes. And, if you cannot stick to these three, no matter how hard you try, well, the door are that way. Sorry. All of this that I am speaking is forged by experience and nothing else. Experience in...
Great advice! A trader cannot rely on luck, as trading is not gambling.
I would also add 4. Always strive to be as calm as possible when you trade, because emotions will cloud your judgement.
Quoting mlawson71
{quote} Great advice! A trader cannot rely on luck, as trading is not gambling. I would also add 4. Always strive to be as calm as possible when you trade, because emotions will cloud your judgement.
If you pay attention well enough to SR level, do enough hard work = luck on your side.
This is not investment/trading advise. Will not hold accountable for loss
Quoting yousername
{quote} If you pay attention well enough to SR level, do enough hard work = luck on your side.
Would that be considered luck though, or just hard work? Luck is a matter of chance, regardless of the work you do.
  • #1,055
  • Quote
  • Edited 10:36am May 17, 2017 10:07am | Edited 10:36am
Quoting mlawson71
{quote} Would that be considered luck though, or just hard work? Luck is a matter of chance, regardless of the work you do.
Consider this dear friend.

Let say you drive your car and didnt pay attention to the road ahead. Then suddenly you crashed and died. From 3rd person POV i said ohhh that man had bad luck.

If I knew the truth the caused of the accident, i wouldn't say bad luck. I'd say you deserve that for not paying attention while driving.

Same principle to trading. If you had pay attention, then luck is on your side (you still be alive).

I don't mind if you disagree. Cheers
This is not investment/trading advise. Will not hold accountable for loss
quiting is not easy once you are in. you keep thinking about the losses and you want to recover. hence getting into a negative spiral of losing more.
use leverage with caution...
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
The truth is, becoming a professional trader may take years of constant learning and engagement in the market, trading is no ordinary profession that can be mastered by most people, that is why you need a strong desire,sacrifice and commitment in pursuing your goal to succeed in this profession.
Quoting yousername
{quote} Consider this dear friend. Let say you drive your car and didnt pay attention to the road ahead. Then suddenly you crashed and died. From 3rd person POV i said ohhh that man had bad luck. If I knew the truth the caused of the accident, i wouldn't say bad luck. I'd say you deserve that for not paying attention while driving. Same principle to trading. If you had pay attention, then luck is on your side (you still be alive). I don't mind if you disagree. Cheers
I don't completely agree, I think. What you are describing is driver error which can often be proven after an investigation. Bad luck would be for one's car to be randomly crushed by falling debris from a building or whatever scenery you're driving near. The same applies to trading - one's mistakes as a trader, be it lack of knowledge or lack of discipline, aren't bad luck, as they were preventable. A random spike in the price over which you had no control whatsoever would be bad luck. That's what I think, at least.
Quoting mlawson71
{quote} I don't completely agree, I think. What you are describing is driver error which can often be proven after an investigation. Bad luck would be for one's car to be randomly crushed by falling debris from a building or whatever scenery you're driving near. The same applies to trading - one's mistakes as a trader, be it lack of knowledge or lack of discipline, aren't bad luck, as they were preventable. A random spike in the price over which you had no control whatsoever would be bad luck. That's what I think, at least.
ok boss
This is not investment/trading advise. Will not hold accountable for loss
Maybe you were right or wrong! But, I would be better if you explained here your learning process! If you tried with others trading strategy or system, then no surprised!
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