Lost hope to win in the forex deadly game - page 2

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hi

"Go back to old school" statement is the right one ...find what's the trend ,support and resistance , how to draw trend line or dow theory ...

all of them are basic knowledge of chart movement but it's very useful to build our trader character before we're going to use any advance tools in trading ...

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Forex Indicators Collection

 

Dont Give Up!

"Hey dude,Listen up" .

I have been at this myself for two years, and I feel the same sometimes as you do, but you got into this for ONE REASON, TO MAKE MONEY, and give yourself the kind of living most could only dream about.

If this was an easy game, every Tom, Dick & Harry would be doing it!

I know what you mean about it looks like there is only one kind of winner in this game, and it does look like it's the ebook, software’s, and the "so called Gurus" all having us believe, "Come with me and I'll show you how to be successful".

We are so desperate to be successful, we become an easy target for these guys, then you got the brokers trying to stitch us up from the word GO, but you know what you gotta filter out the majority of this crap and carry on.

You are probably spending too much time and money chasing the Holy Grail, and I'm sure you've heard it mentioned time and time again;THERE AINT NO SUCH THING!

The Holy grail is you!

I don’t know what chart setups, stop losses, indicators etc you have been using, but may I make a suggestion?

Go back to the old school.

1: Get rid of all your indicators. 98% of them are a waste of time.Just use the basic support/resistance and trendline

indicators & work from those until confidence is restored.

You said earlier, you enter the trade, and no sooner you do that, the

trend changes or the price goes the opposite way, so you close out or

get stopped out for 30 pips. You go in again, hoping that you’re in the right direction this time, and it goes against you again. You’re stopped out for another 30 pips.

Shit I'm 60 pips down in under an hour, I'll be flipping burgers by the end of the day at this rate!

The brokers and bankers know that the majority of traders use anything between 20 and 40-50 pips as stop losses, so this is why you will see price

action swinging between these points regularly throughout the day.

2: Don't spend another dime on any more courses, eBooks, personal tuition etc.

As I said earlier, these are the guys making the regular income @ our expense.

There is one group that will turn your trading around. Their signals are 100%

spot on, and they can back it up with proof from their website, and other genuine trader's comments. Every signal they have given out in two years HAS paid out!

This group DOES not use fancy indicators etc, they take trades based on economic events and the owners have a great deal of knowledge about interest rates, CPI, ECB, FED,NON FARM, Inflation etc, which is the real reason why the markets move. The main member of the group, uses a piece of software that has taken SIX years to develop, and is not for sale to anyone. He has already been offered sums of money that would make us cry. "However" I'm glad that they are willing to share the success of it with the likes of me and you. (Search for fxinsights)

3: Do what I do when your trading is going wrong. Switch off your machine, disconnect the lot, and take it to your "mother's for 14 days!

This way you can have a complete break from trading. Do something else

to occupy your mind in the meantime. There is such thing as over trading, and this is probably where your problems lies.

4: I said earlier about using very few indicators if not any, but just watching the patterns on the candle chart. If and when you decide to continue, switch to a higher time frame, 4hr with the one hour as your exit. this will filter out alot of false signals.

5: search this forum for details on the zup harmonic indicator (not advisable for newbies) and get to understand it, then add it to your chart. It's a very promising way of trading, and it's for free.

6: Portfolio' Leveredge and Risk.

Say you have a $5000 dollar portfolio, which allows you to trade 5 mini lots, I would suggest you only trade 2 mini lots at the most.This then gives you more room to widen your stop to around 100 pips drawdown instead of the measly 20-30 etc witch the majority of brokers and manipulators are ready to take out with not too much effort on their part.

If you trade with the trend and a 100 pip stop loss, you do not have to worry about exact timings, providing you do not get too greedy. 50-80 pips should be attainable 70-80% of the time.

Most of all, you may never know how close you were to succeeding, if you throw the towel in now AFTER SPENDING 4 YEARS @ IT!

For you and anyone else out there who's feeling the same way, the forex

is definitely a patience tester, but the rewards are there. You just have to know when to take it and then also when to back off and take the hard earned break when things are against you!

 

Some good advise from Guru Trader

Guru Trader...

Some good ideas there you mentioned about watching over the shoulder

of a more experienced trader for awhile.

Like your style.

 

thanks gays

thanks to all of you replies

what u all write is exactly my mistakes

-greed i get 100 pipes in gbp jpy and iwwit untill they becoem a zero

hoping they can be 400 pipes

cause some one told me it is wrong to tkae the profit and run the market will trend for days and weeks

but some times yes and most of times no

-i trade for 12 hour per day

i make continous profits for the 2 weeks and loose all and more in the third one cause as u all said over trading

-when i loose a trad i feel like i was hurt and how in the hell i can loose after 4 years of trading but as u all said it happens and u have to enter to the next trade

-also i try to be a smart and when i have a sell signal lasted for 3 or 4hours

i feell like it is the end and donot wanit untill i get opessite buy signal and go buy and i loose much as u said sir no despline

finaly , thank all of you i will take a brake and go back again

and i will read and read your advices cause it realy the solution for my case

thanks again

 

Anyways, its seems like your strategy is lacking position sizing and risk management. When you enter a trade, do you know your stoploss and target profit? And is your stoploss and target profit dynamic? (meaning it is not the same for each trade)

Well, if it is, then you can size your bet according to your stoploss. The bigger the stop loss, the smaller the bet size. So your dollar loss can be equal on each trade if your stop loss is hit.

So it is about winning %.

 

If you don't have an consistent edge, there will not be enough zen stuff to get your profitable. So you gotta look at the 2 weeks of profitability and then that week that you lose it all. Is it the edge or you just changing sometime in the 3rd week? Basically, if you have followed what you had done the first 2 weeks, would have have been profitable or slight loss on the 3rd week?

 

I forgot to ad the most important point we should all consider, the broker data.

People who have traded futures and stocks for 20+ years would never ever even consider using charts and data provided to them by anyone other than a pure data provider.

Because of course it gets tempting for the broker to fiddle with the data in order to not have to even clear any of your trades and just hold them server side make you lose and keep your deposit.

Data does not come under the NFA CFTC regulation because you sign a disclaimer when you sign up that says although they try and maintain the accuracy of market data and charts etc they cannot be held liable for any mistakes in it.

MT4 is a great platform however it easily exploited by the broker.

Eventually when someone gets some expensive programming done to have a bridge to allow pure E-signal feed into MT4 and the trades cleared through a commission based ecn who couldn't care less how you trade or whether you win or lose because they get paid anyway, like MBtrading, they will find EA's and indicators to be alot more profitable.

The markets are hard enough as it is they always have been since they started, to have to be up against some guy sitting in an office altering your data on the fly to make your system generate false signals early exits late entry's etc is beyond the scope of just beating the markets.

People who dismiss this usually are either new to trading or don't trade and encourage people to trade because they are selling something to do with it and don't care if someone loses money because there next sucker is just around the corner.

Backtesting and Demo trading can be considered completely useless you need a live account and paper trade it.How many times ive heard of someone trade a demo into 3-400% profit then go live only to lose the whole account in 1 week.Its not the same.Demo is designed to make it look profitable and easy if they made demo's the same as live no one would ever open an account.

 

Everyone has their own style and their own way of making cash. So all is good advise... I am not being critics of anyones methods. -- My feeling is if you cant make a profit on a 30% win rate -- your money managment is poor and I am not sure how you will make it in this game. I am sure some are; but I never did for at almost 3 years and counting when I venture into the 5-15 mn autoscalping stuff. The lower TF are so tempting and draw you in. -- You see a big move and Whammo! you fall in love with the action -- but after getting your head beat in a thousand times you realize for everyone one of those moves.. .There is about 5 chops your gonna need to survive through that indicators probably wont make it... .It takes a special person to leave em alone. After 4 years, I am the same as crazy bunny when it comes to analysis. -- Tell me what is going to happen --- not what did happen! Trading isnt a monday morning quarterback activity. As far as metrader, I think all brokers play against you with the exception of a very few. I know fxcm will and they are not metatrader. On the other hand, Interbank will and they are metatrader. Also, I hope your not doing this stuff for a living. Up until about a year ago, I would have been living under a bridge had I went out on my own. It takes a lot of thinking, a lot of work, a lot of dead ends and a lot of patience to come up with a system. I spent months studying neely, rashke, gartley, brown, eliot, mark douglas, rhagbee, Systems like wolf waves, 8/8, cat 50, John murphy, woodies wonders, pivot points, vanessa, bunny, turtle, vegas etc Sites like fx boot camp, fff, cci, babypips, tsd any thing.. Ea's and programming time. Anything and everything for the war effort has go to be your motto! Most of this stuff is bullcrap -- but there are nuggets... and like a salesman does.. (I am a acct/financial mgr by trade), you turn over rocks until you find a gold piece!

 

If you have enough money in your account, you would not be playing with bucketshops or use metatrader. That's just my opinion, and seems pretty logical for anyone who trades for a living. Ideally, you would port the system to a secure platform and use an established broker, preferably in the futures.

But that's a whole other subject. I think the trick for metatrader is the keep your strategy on your computer, and don't send any TP or SL data, unless it is the "disaster" SL. Keep all the calculations and TP/SL on your system until the price is hit, then send in the market order. This is not a problem if you just trade manually.

I think all traders should be able to trade manually before moving onto automatic strategies. It will probably cut your "development" time by alot. It would be very complex to mimic what the manual trader is doing and seeing.

 

hmmmm

Lots of advise --- . "no indicators", "be enlighented", "know your risk and find your target"

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