Hi everyone! I m trading forex for about 4 years now and I m not sure if I should quit forex trading or if there is a point on continue trying. I m stuck. I m trying to pass to the other side but I just can't! All these years I ve studied SO many books/videos/webinars etc... Seriously I do not know what else to do. Everything, all the educational material out there are for newbies. Lately I started studying Sam Seiden Supply & Demand technique that seems really interesting and working as well. But needs lot of study (as everything of course) and practice. But is there a point of keep learning new stuff? It s like a never ending story. Could anyone tell me a way out of this? I mean how should I continue? I m in a dead end and ready to quit forex but I ve really spent too much effort and hours. And also is it possible to live on forex or is it just a dream? Any advises / ideas are really welcome. Athan
It isn't for you. Go and do something else. It can be done but it appears you are not suitable. The market isn't a democracy and some are "more equal" than others. (no arguments please - I've had enough of that with the idiot on the other thread who continued gambling after slagging me off something rotten for telling the truth. He eventually lost what he could lose and quit. Would have been cheaper for him to listen but instead he told me to fuck off because I shit all over his childish fantasy. All the other go nowhere losers chimed in to lead him on a merry dance.) There is a whole big world out there and you can find a place in it. Much more to life than trading. If it isn't suited to you, you likely won't find any satisfaction or success in doing it. Find something else in this abundant world. Happy hunting!
I cannot advise you on forex specifically, but an old saying goes "whatever you learn is good for you" in my language. To be more specific, your forex knowledge could become very useful in something else you might go after. It could be stock market related, or a forex related job (not trading forex) etc. Perhaps you will be able to surpass whatever is keeping you behind ofc. In my opinion, any type of trading for a living has to do with a strategy that works well, and its repetition while being adjusted for profit maximization and risk management. if you dont get there it's fine...but you can still capitalize on whAt u have learned until now. It will stay with you for ever
Why did you choose forex? If you really want to continue.. 1. I recommend you read Gary Smith's "How I Trade For A Living". 2. Dr. Steenbarger's traderfeed blog You've been suckered probably by all the rainbow merchants. Trading success is possible but it requires finding what you are best at. Successful trading is all about combinations. I consider myself an expert tape reader on the ES. However, I found out that the way I use it the skill is requires specific combinations. These combinations are often NOT obvious and do not come easy. For example, you might already be using a successful method if you made your stop 4x as wide or reduced your target by 1/2 or if you only traded it at key times. You have to understand all the factors that influence your market and then develop an ability to make a bet that has a better then average chance of working or will pay off better then average. It helps often to think multi-dimensionally. At end of day though, trading is very difficult and requires a lot of capital to do properly. Think about this, a trader with 100k account risking just 3% of his capital per trade --can risk 3k per trade. A trader with 10k account risking 3% only has $300 to risk. If both trader make 33% per trade then the 3k trader makes 1k per trade which can add up to a decent living. The trader with 10k will only make $100 per trade or he will have to risk 20-30% per trade. At any rate.. if you continue you will need to do the following: 1. Self assessment 2. Market assessment 3. Practice and development. Must do things different but keep what you are good at already. 4. Get capital The thing is you have to learn from your mistakes while not changing what really works. So you have to do that work. You have to do figure out which is which. You have to do things differently. Let's say you set your stop just below support and it keeps getting taken out. Then you have to do something different!! Right.. It is not easy though. No one is guaranteed success in the markets.
man, 4 years is a long time go and open a restaurant and devote 4 years making good products and courting clients and you will be much more successful and be known in the community as the restaurant/coffee shop owner. Successful trading consistently over a long period of time is about developing edges and using them to mint money out of mkt. you don't have it in you - 4yrs is pretty long time of life (lets say 80 years, thats like 5% of your lifetime). Go do something else, its whole world outside there for you to explore
Many thanks for all your answers. I just realised that I forgot to mention that I m not trying this full time for the last 4 years but part time. I got another job too. If I would put all my time spent together as a fulltime trader it should be something like 2 years. But yes even part time doing something else I would be more successful I suppose.
Keep away from bloodshedding innocent trader's account in order to line yours. If you love and value yourself/life do something else more worthwhile... Next to porn, trading the stock market is the greatest evil mankind has ever invented...