I have been losing at forex since August 2008, and I still have $0 in the bank. What should I do now it has been seven years?

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  • 18% (16)
Total voters: 89
 

heres my advise if it let you think more.

1.stop trading on real account for a while , may be some few months.

2.get hold of your good strategy

3.try it out on demo account

4.Analyse your trade for each loss(loss is inevitable in forex trading.nothing to be ashame of.in fact loss taking is more essential for long term consistent profits/success than profit taking!)

5.learn lessons from each loss

6.write down the reasons

7.do not repeat the same mistakes

8.control greed and ego(they are the worst enemy of a trader)

9.after you again become confident of your ability

10.start trading on real account again with the same strategy

these are just some suggestions.

Happy Trading!

 
Indanguang Samrow Panmei:

heres my advise if it let you think more.

1.stop trading on real account for a while , may be some few months.

2.get hold of your good strategy

3.try it out on demo account

4.Analyse your trade for each loss(loss is inevitable in forex trading.nothing to be ashame of.in fact loss taking is more essential for long term consistent profits/success than profit taking!)

5.learn lessons from each loss

6.write down the reasons

7.do not repeat the same mistakes

8.control greed and ego(they are the worst enemy of a trader)

9.after you again become confident of your ability

10.start trading on real account again with the same strategy

these are just some suggestions.

Happy Trading!

I agree with you. good lessons for loosers.
 

Try to master Harmonic Trading.

Dont use Robots. 

 
balachandran chandrasekar:

Try to master Harmonic Trading.

Dont use Robots. 

There is nothing wrong in using robots.

EAs are like sharp knife, if you don't know what you are doing, you are going to bleed.

Can't blame knife for bad cooking skills.

 

Other? (please explain)

Learn to control the universe. 

 
Hi Matthew,

Do you know why are you losing money?

Are you using a tested strategy? Most people on forums like to blame on emotions by default. But the reality is, if you don't have a good trading strategy, you will lose money!

Try finding the reason behind your losses.  Is it bad strategy, emotions or just bad luck?

Most people don't even bother backtesting their strategy long enough before going live.
Another biggest reason people lose money is lack of fundamental analysis.

If you are developing direction bias by fundamental analysis, you will make money!

You should never make a trade just based on only technical indicators and analysis. You need to understand monetary policies and traders expectation regarding the future policy.You need to keep eye on central banks, inflation rates, interest rates etc to develop direction bias.

Nothing matters more than trader's expectation. The market moves based on what traders think might happen in future, not reality.

For now, I would suggest you to stop trading and gather money. Educate yourself in free time, follow the economic calendar, follow the speech by Central bank leaders, follow the monetary policy.

When you get a grip on fundamental part, I would suggest testing yourself for few months and then go live.

Stop looking for shortcuts. You will have to study and train/educate yourself if you want to trade.

Knowledge is your only edge in trading.

 

I will suggest stop trading for a while and reflect.

7 years.. what did you learn? i am sure that is a lot of chart time looking at candles,( this experience is valuable)

can you control your own trader's fear?

can you control your own trader's greed?

for me it is the fear and greed that kills my account

Hope you find your path.

 

Happy trading. 

 

Voted for "Others". Like to counter>>>>> Give up forex and start saving money in the bank?<<<<<

Just think, if you keep money, how much interest you will be getting from Bank? Maybe not more than 12% per year?

Now try to earn 1% from forex with that capital, hope its not a matter to earn 1% per month, right?

If you take care about your money, hope monthly 5 to 10% you can earn. If you think, you need to recover all amount whatever losses in forex, it will kill you continue. 

Forget past, try to earn small %, this will help you to continue in the forex market.

Thanks. 

 
If at ten years you keep losing real money then it's time to give up, but if you have learnt new things since the very first time you traded, then is not a loss yet, but an investment.
 
If your a technical trader, start over. Delete all indicators, and EA's. Seriously demo trade for at least a year, using support and resistance only. Demo with a realistic amount that is suitable for you personally. Learn MM,  patience and emotion control. Hope this helps, it did for me.
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