Should I quit trading forex?

Double like to you

Don't rely on any EA or Robot ...
Find your own trading strategy and back/forward testing it on your favorite timeframe and higher ... (on the demo account, of course) ...
Just beware that it could take years ...

Couldn't have said it better.

You keep spewing statistics that are of no value to profitable trading. Is it your desire to become an exchange, broker, or regulator? If yes, then okay. If no, then you are studying the wrong stuff and completely wasting your time.

dkrock: Wasn't that the biggest US Retail Forex broker in terms of traded volume back in 2014?

https://www.forexfactory.com/news.php?do=news&id=663499
http://financefeeds.com/global-broke...-four-actions/

This manipulated, fraud soaked, on every level cheating industry and the people working in it will have to pay the bill one day. We will see how this plays out on FXCM or now rebranded "globalbrokerage"..... this is what happens if your business model is just built on ripping your customer and use 60% of your gross profits to maintain an illusion and lure in new victims.

This industry isn't build for the benefit of their customers - that has to change. As long as fraud persists on the current level (currently still on a epic scale), I am certainly not wasting my time fighting it.

I predict that the industry will split up in:

1. A pure forex gambling business - that will finally be regulated and taxed as a gambling business. This is where all the gamblers will end up, so >90% of all retail traders....

2. A tamed and far more regulated forex business where every conflict of interest between brokers and retail traders have to be eliminated by strict regulation. This is where all "real" traders will end up. They don't need leverage >5. They need absoulute transparency and as low as possible, fair transaction and rollover costs. They don't need brokerswho sell their exposure and positioning to third parties. They don't need HFT firms allowed to front run their orders. They don't need silly bonus programs. They don't need all that social bullshit on the platforms. They need a fair, transparent, stable, secure and cost effective plattform. So those who can provide that will win in the long run. Those who continue to cheat will vanish like FXCM and / or end up in jail.

Open your eyes and quit retail forex. This will help to transfrom this industry faster.

Why so grim face? Not all retail brokers are scammers and not all investment banks offer great trading conditions. I have traded on Deutsche Bank's Autobahn and Barclays BARX FX platform and didn't like then at all. Their client support servise is not suitable for retail clients. They can also be very polite and arrogant at the same time, when you need some technical help or information. You mean nothing to them. I trade with butique swiss bank called Dukascopy now and they provide much better service for retail trader then those too big to fail banks.

Hi.. If you are a professional trader, I don't think you must quit trading. You must study your losses and learn from your mistakes.. Mistake is one of the best way to learn about the business. So you should start learning again and again and continue trading

Yes I agree with you , past mistake can be a great source to learn a great lesions. But if you do same mistake again and again that’s not possible at all to come out from losses.

If you not a programmer yourself you should not use an EA at all, you need to understand the market yourself and if you do understand it you can have an EA based on your own knowledge.

So you did end up losing a lot of money, but that was more because you gave a computer money and said, here do what ever you want with it.

And do you really think if a programmer builds an EA that works, that he/she will give that away like candy?

Hi
In my opinion, trading with EA is a waste of time. I don't think they are reliable. You are the one who should understand the market and trade based on your knowledge.

The best way to trade (in my opinion) is using a simple system and trading the daily charts and higher time frames. If you are greedy then you have to work on reducing it. Just understand that money is not everything in life, although important. There are many ways to make money. Trading should not be treated like a casino. If you develop a good discipline and have good money mangement together with a simple profitable trading system, you will most probably be profitable. A honest broker is also very important for at least one reason: some can cheat you.
When you trade the daily timeframe, you check the charts only once per day, if you see a setup, set a proper stop loss and enter the trade. Then close your computer and come back next day. That's it.
By trading the daily chart, you won't need to check the charts every minute or hour, this way you will have more peace of mind, not to mention time!

I suggest you to use your common sense: if you can't be profitable with EA then quit. Really. Your money are worth a lot. I guess you worked hard to earn them so don't lose them for nothing.

In my opinion, you are right to some extent because these EAs are hard to trust if you aren't any developer and many EA usually double the trouble in the middle of trading.

No matter what people say, you will not quit trading forex. It is so addictive.

If you love gambling you will love forex. 95% of punters think they have a winning strategy when they really don't.

The OP got a couple of sympathetic replies, which was apparently all that he was seeking, and then (according to info on his profile) hasn't visited the forum since.

I quit a year ago. I guess it's a long story, but I'm back, and that's the short version.

I heard your story let me tell you my situation.
I am bike lover. I did my education in Mechanical Engineering ( no use of it) i was searching for something that help me to fullfill my dream that I could get a Suzuki GSXR1000 with job it's impossible take 5-8 years salary To buy it. I found this holy grail force market in that you could possibly achieve your dreams. Not knowing risk and information of it i entererd here. March 2017. As soon as I deposited my cash hard earned. I started lossing my money then I add more money loss. This happening again and again .I started learning charts. And technical data. Still losses are keep running with me. This all losses just because I am not mentally prepared. Reckless, emotional, and fear decision get you out of this game. See my today's stats i am big looser if you are prepared your mindset then you will beat this. Otherwise there will be no such system or ra or algo or software that would help you. Better to stop trading for a month have a good vacation. Relax then try.

You should never quit trading, instead we should try to learn about the Forex Market, thus you need to have proper amount of practice to become successful.

you sound like your looking for easy money with an EA.. FOrex is really hard... lots of work.. you should quit if your looking for easy money..

if you can stare at a chart for 12 hours a day for 4 years... you may be profitible eventually.

[quote=Harszel;10479523.....This all losses just because I am not mentally prepared. Reckless, emotional, and fear decision get you out of this game. See my today's stats i am big looser if you are prepared your mindset then you will beat this. Otherwise there will be no such system or ra or algo or software that would help you..... {image}[/quote]

Hi Harszel,
At least you have an idea of why you are failing and understand there is no magic system out there waiting for you. They are bigger achievements than you might think.
Question for you now is: do you really want to knuckle down and work hard to learn how to trade properly with discipline, consistency and excellent risk control? If so, start again on a dummy portfolio and learn the ropes properly. If not, quit now and be happy that you tried, learned it's not for you, and you've not lost too much.

everyone goes thru the same stuff but on their own very specific psychology and even physically, the road is hazardous, when I quit last year, I really quit. Well, I just traded and it was ok, but I'm not obsessed with it any more, I have another thing I'm doing and so trading is not a part of my identity any more, let it go, really let it go and then maybe someday it will be better, insane advice, but find what works for you and be creative about it. Not that quitting is so creative, but it helped me somehow.