I have been trading the forex for 3 years...profitable every weeks for the last 8 months. However for 3 weeks now, I am getting sick. I finish every day negative and I feel like I am back at the beguining. I know that it is the market that does not fit my strategy and that I will have better time later...but I just want to know if people are able to manage gain in this type of market and what kind of strategy you are using (scalp ?)
While the past 8 months seem amazing for you and u made money every week, thats great. But this is trading and things change and it just might be a little blip thats all. You also have to adapt to the market. Sure the market is tougher for some and better for others but we all have our trading plan and stick to it. But to adapt u need to devise a trading plan for choppy ranging markets as well as trending ones. I had to adjust slightly whether it be the profit target I am looking for the setups I like just have to go with what the market gives you. Do not let yourself go undisicplined and revenge trade. If you havent made money in the past few weeks you waited to long to adapt. A few days of losers u should realize your system is not working and you need to re think things for this type of market. Just my 2 cents. But you were doing something right for 8 months, go with that. If you have proper moneymanagent even though u lost for the past few weeks you should still have plenty of those gains left.
Just as an example... I've noticed since late January in the EUR/USD cross that it's acted choppier and has less longer term trend action than in previous months. I don't know the time frames you trade or type of trading methods you use but very often what works well for a certain length of time will often stop working when the characteristics of the market begin to change. Markets can go from fairly smoothly trending to choppy and range bound to wildly volatile... and you either need to recognize those changes in the market and trade them using a different method or else accept the drawdown and have faith the markets will get back to again having the characteristics that allow your trading method to profit from them. Markets are much like people... they have personalities that are always changing over time.
Every professional goes through drawdown periods. If you have been cranking out that many winning weeks in a row, just make sure you are still taking the same trades you took before and the losing hasn't compromised your ability to do so or has resulted in revenge trading out of a lack of frustration. Might try cutting your trade size in half til you start posting more winning days/weeks in a row as the markets trading conditions are more suitable to your initial trading plan. Just make sure you arent over leveraged and you'll be just fine.
My Feburary 2009 results are -22% loss for forex. Other forex trader suffered -97% loss for January 2009. I think majority of forex traders are suffering huge losses from unpredictable world finnacial markets.
I was searching for forex forums by Google. there were some 7 to 10 forums available. Not sure of the website.
Ok, thanks anyway. Anyone who loses 97% in a month or two isn't a trader, they're a reckless gambler!