close to quitting...
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Thread: close to quitting...

  1. #1
    I'm fairly new to Forex, and trading in general but I've spent the past six months studying as far as I could, trading a demo account, studying as many trading publiions and forums as I could, and basically being completely committed to finding out as far as I can. In a nutshell, I've been eating, breathing and sleeping FX. I'm driven to succeed at this, and it's gripped me like nothing else. Do not get me wrong though, I am in no hurry to trade my cash, maybe not until I start to make some profits, but I am can't know why it's so damn hard!lt;? Xml:namespace prefix = o ns = urn:schemas-microsoft-com:office:office /gt;lt;ogt;lt;/ogt;

    lt;ogt;lt;/ogt;

    At the onset of the month, once I start a new presentation, I have about a week of successful trades, but then it all goes awry, and from the month's end, I am usually down at $4000, on a $10,000 demo account. I really don't make crazy trades, I am disciplined and conscious of risk, but that I just can't turn it around!lt;ogt;lt;/ogt;

    lt;ogt;lt;/ogt;

    I really don't expect to be great at trading in the short time that I've been studying, but I did not expect to be quite as bad as I'm either. It seems that as soon as I place a trade on with SECONDS it is moving in the opposite way. I watch it move from --3 or --5, to --12, -15... and on, until it has stopped out. I know plogy has a significant part in trading, and now I've been studying as far as I can on the topic... but this sounds beyond plogy!!! It's just hopeless!!! I believe I'd probably have more success when I just put random trades on! Lt;ogt;lt;/ogt;

    lt;ogt;lt;/ogt;

    Can I just not cut out for trading? Should I just quit wasting my time? Should I give up? Has anyone else had this experience but are currently successful? It's so fruing!

  2. #2
    Quote Originally Posted by ;
    In case your always losing, it is not because you're a poor trader, it's because you're taking bad trades. You only have 2 posts, so I can not too deeply examine what you're doing, but my guess is that you're doing everything that everybody says you should. The problem is that you're taking it too literally.

    For the most part technical analysis and the probability distribution shit it's built off of is of zero importance in making money. Have you ever thought about why floor traders can pull money out of the market each and every day while the top technicians are heroes when they reach 60%? It is because the market is not moved by technical patterns, it's moved by order flow.

    Lt;ogt;lt;/ogt;Once you find a standard technical pattern form, you take your trades with the expectation which the odds is on your side for it to perform as described. Being the diligent and disciplined trader you place your stops at the specific point where the transaction should neglect. Unfortunately you just opened your wallet and handed me your money. Was it because you didn't understand sufficient technical analysis? Was there any fundamental news that happened to transfer price against you? No, you got smoked because you don't understand the pattern was constructed to trap you and take your money.

    Lt;ogt;lt;/ogt;You have been playing the game for 6 months and if you've researched as much as you say that you have, then you already know just as much technical and fundamental information as you will ever require. What you lack is an eduion concerning the market information that does not show up on the chart; Sentimentnews, economics/politics, and most significant of order flow. Pick up a news client for forexwatch and begin watching the financial news channels. Start analyzing exactly what the market is thinking and how that impacts prices. Try to find where the”actual” support and resistance levels are and why they exist. Combine that with all the core technical fundamentals on longer term charts and you'll earn more money then you ever dreamed of.

    Lt;ogt;lt;/ogt;The game is not that difficult. What's difficult is moving past the rigid structure you try to inflict the market. It is not a mathematical mystery to be solved along with even a science of price movement. Never forget that you are speculator looking for an opportunity to capitalize on the mispricing of securities. If you can not do that, you're not a trader; you're a gambler in a negative expectation game of chance.

    Lt;ogt;lt;/ogt;

    Good fortune.

    Lt;ogt;lt;/ogt;

    PS- Do not ask me to train you. Teaching is another mans racket. I only point the way.
    Could you describe just a little bit more by what you mean by analyzing Order Flow? The definitions I'm reading say this is when a broker transfers orders to a larger company in exchange for a cash rebate. How does understanding where your orders have been placed help in making trading decisions?

    Also, how are you determining sentiment? I was under the belief that you needed access to real volume information, across all the banks, to ascertain this. Otherwise are you simply relying on a specific news source to let you know what this sentiment is?

    Jason

  3. #3
    Don't quit... I was in the same situation... But the moment I stoped looking at the indiors, and started to concentrate on the price movement , things started to change...

    Check out this program:
    https://www.nigeriaforextrading.com/...g-journal.html


    Right now I'm recoving Indiorholic...

  4. #4
    Well, not needing to add to the confusion which you could be feeling after receiving all this advice, but I find that those who trade LEFT Brain Trading - having done the course, which deals very strongly with the plogical stuff - loe it's not too trying to make pips. The book is a superb introduction which eliminates a lot of the confusion for you.

  5. #5
    Quote Originally Posted by ;
    I do not make crazy trades, I am disciplined and conscious of risk, but that I just can't flip it around!lt;? Xml:namespace prefix = o ns = urn:schemas-microsoft-comfficeffice /gt;lt;ogt;lt;/ogt;
    if you're losing 40% in a month, yes you're doing crazy trades, no, you are not disciplined and you're unaware of the risk. Look deeper

  6. #6
    Quote Originally Posted by ;
    Kimmie, in the Market I read one statement that really made a huge difference in how I analyze the price action infront of me...

    To be successful trading the market, you need to be one step ahead of everyone else...

    It's very true, you will need to be one step forward. . .This necessitates risk tolerance, this takes you to be a contrariarian, buying when the whole world is selling which nobody is left to market selling when everyone is buying that nobody is left to buy....It takes courage for a contrariarian. . .It takes courage to enter a trade on the first pullback after the start of a trend when everyone on the market is afraid the trend is imitation is only a correction....Thinking differently than everyone else is what makes you the money....

    Happy trading...


    Thanks,

    Nader
    Well said. Your announcement is probably as close as you can reach the Holy Grail of trading.
    If you do what you have always done, you will get what you have

  7. #7
    Kimmie, in the Market I read one statement that really made a massive difference in the way I analyze the price action infront of me...

    To be successful trading the market, you need to be one step ahead of everyone else...

    It's quite true, you'll need to be one step ahead. . .This necessitates risk tolerance, that requires you to be a contrariarian, buying when the whole world is selling that nobody is left to market selling when everybody is buying that nobody is compelled to buy....It takes courage for a contrariarian. . .It takes courage to enter a trade on the first pullback after the start of a trend when everybody on the market is afraid the trend is fake is just a correction....Thinking differently than everybody else is what makes you the cash....

    Happy trading...


    Thanks,

    Nader

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