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? - page 2

New comment
 

JUST REMEMBER FEW POINTS...MAY BE IT WILL HELP U....

1-YOUR EMOTIONAL MAKEUP AT THE TIME OF RUNNING A TRADE IS EVEN MORE IMPORTANT THAN YOUR KNOWLEDGE OF THE CHART..

2-TAKE ADVANTAGE OF EVERY LOSS TO IMPROVE YOUR KNOWLEDGE,EXPECT AND ACCEPT LOSS GRATEFULLY..

3-THE MOST IMPORTANT DIFFICULT PART IN SPECULATION IS NOT PREDICTION BUT SELF CONTROL..

4-ENTRY AND EXIST SHOULD BE ALIGNED WITH SUPPORT AND RESISTANCE..

5-DO NOT OVERTRADE..

6-TWO THING CAN DEFEAT A TRADER I.E IGNORANCE AND EMOTION..

7-DONT BLAME ANYONE,TAKE RESPONSIBILITY,ACCEPT LOSS,LEARN FROM MISTAKE,NOT LEAST BE CALM AND PATIENCE..

8-MY FAVARIOTE-" WISDOM IS NOT A PRODUCT OF SCHOOLING BUT OF THE LIFELONG ATTEMPT TO ACCQUIRE IT..

 

Saying that after seven years means you like trading a lot. Every hobby has its cost :)

But seriously, the problem might be you were a gambler rather than a trader (my problem sometimes). and it is hard to cure. Depends on personality.

 
To the OP:
The only question I do like to ask,  when you trade you listening to indicators, fundamentals or both?
 

Consider seriously semi-automated Trading and Technical Analysis.

Consider not trading 24/5 but just 5/5 or so fully automated.

 
Well, Honestly the question you ask is the same everyone of us makes to ourselves everyday. Should we quit trading because we are losing money or should we continue and give another try, and another try and another try. My awnswer, If I had the certainty that it is impossible to make money on Forex I would certainly advice you to quit as soon as possible. It affects health, it affects emotions, it is very similar to gambling and all the things you already know Matthew. But at the same time we all have had those 10 to 20 days or good trading where it seemed possible. At the moment I am making money, And I need it to survive. It is not Much, But at the same time I never know when the bad day will come and I lose a big percentage. We all have the same issue Matthew. And many people answer with advice but at the same time they have not made it yet like me. If I had certainty that this Forex Business will not get me anywhere in the long term I would quit it right now. But I think some people make it and itis hard work. My intuition tells me it is about knowledge, And a day dedicated to learning how the markets work is more useful than 100 days of experience in Trading. I have not made it yet so I am no one to listen to in terms of Trading advice. Sincerely Tomás. 
 
And listen, Many people as soon as they get a few good results, think they can go on forever like that. I have followed accounts for a long time now, and I know only a few that have resisted for more than 1 year with the same amount of profit. The markets ends up winning. Probably it is more a logical matter if it is really possible in this system to make consistent profits. Probably it is complex logical problem with no real solution. And think that you will feel as good if you win in forex as if you quit forex. It feels as good to liberate yourself from the idea that you are missing that opportunity to be rich, that initially got you in this mess. 
 
Tomas Rodriguez Doherty:
Well, Honestly the question you ask is the same everyone of us makes to ourselves everyday. Should we quit trading because we are losing money or should we continue and give another try, and another try and another try. My awnswer, If I had the certainty that it is impossible to make money on Forex I would certainly advice you to quit as soon as possible. It affects health, it affects emotions, it is very similar to gambling and all the things you already know Matthew. But at the same time we all have had those 10 to 20 days or good trading where it seemed possible. At the moment I am making money, And I need it to survive. It is not Much, But at the same time I never know when the bad day will come and I lose a big percentage. We all have the same issue Matthew. And many people answer with advice but at the same time they have not made it yet like me. If I had certainty that this Forex Business will not get me anywhere in the long term I would quit it right now. But I think some people make it and itis hard work. My intuition tells me it is about knowledge, And a day dedicated to learning how the markets work is more useful than 100 days of experience in Trading. I have not made it yet so I am no one to listen to in terms of Trading advice. Sincerely Tomás. 

  Fx market is comparatively safer than Commodity market. Commodity market is comparatively  safer than stock market.

Warren Buffet has become the 2nd richest person in the world by trading in stock market.

If things are so, Atleast, why one cannot meet ones monthly needs by trading in a comparatively safer Fx market ? 

Dont blame the market for ones own failure. If u have strict Do's and Dont's that you develop for yourself from your learnings and experience, you can survive in this field quite comfortably.

 
This is not to earn monthly
In fact, the Forex market is the second job.
 

Thank you to everyone that voted honestly!

Your advice is very much appreciated! I hope this can help myself and anyone else in the same situation (I'm sure I'm not the only one!).

 

learn to write an expert, paint nice pictures, that shows, how many millions you have made with this EA, give it a nice name like "million maker", "the only one", etc and sell this f**king sh*t for 499,-

12345
New comment
Reason: