Frustrated!!

[phil838]

Originally Posted by Pukey

More good advice.

Lots of good advice here, but there's one thing no one else has pointed out yet...

This has been a really rough few months for the forex market. Up until June I was doing very well, but since then I've barely broken even. Don't write off your trading as a failure just because you can't make money in this ranging market.

[tymen1]

Originally Posted by phil838

Lots of good advice here, but there's one thing no one else has pointed out yet...

This has been a really rough few months for the forex market. Up until June I was doing very well, but since then I've barely broken even. Don't write off your trading as a failure just because you can't make money in this ranging market.

Very interesting and informative comment!!

With Israel poised to attack Iran, I think we are in for much more of this rough ride!!

[Pukey]

You guys are great! I'm feeling like much less of an idiot. I'm starting to understand that maybe I'm just jumping the gun here and expecting too much too soon. And as Phil pointed out, this market whacky at the moment.

[ichweissnicht]

Originally Posted by phil838

Lots of good advice here, but there's one thing no one else has pointed out yet...

This has been a really rough few months for the forex market. Up until June I was doing very well, but since then I've barely broken even. Don't write off your trading as a failure just because you can't make money in this ranging market.

This September is really difficult to trade...
now, i was break-even...I am up 6% on 1st September...then break-even..
this strange market...i don't know how long will it be lasted....!

by the way, regarding giving up trading, it is a hard decision. I am a full-time trader since FEB 2009, I am now break-even...I learn really really a lot...
I am confident to continue to trade....but not in market like in September 2009...When the USD touchs its limit and bottom...hard to trade for me...

Cheers!

[ahgong]

Originally Posted by Pukey

Is anyone else pulling there hair out? I've been trading for about a year with no real success to speak of, and fading hope that this can actually be done for a living without already having enough money to make trading a fun passtime. It seems that everyone on all of these forums is either still searching for a magic system, holding their ground with a tiny account, proclaiming to be a guru without actually teaching anything, or trading with an account that they started with more money than I've ever seen (james 16 at FF, for examlpe).

Every system I've tried seems to work for a little while before falling apart for no reason I can ever put my finger on. I think I'm a reasonably smart guy, business owner, family man. I've gone through times when I have invested as much as 4 hours per day to the charts. Indicators, no indicators, S&R, fibs, I've tried them all for as long as I could stand it. I've seen the same names in these posts for the last year without anyone ever saying that they have finally made it. Did we all start at the same time and it just takes longer than this? What about the "95% fail" rule? Where are the 5%? I really need to here from them if I'm going to stay sane. I need to believe that a person can make alot of money, in whatever time necessary, without already having alot of money. Yes, I understand compounding. What I don't understand is consistant winning. Who's doing that?

Thanks

Jason

Hi,

I totally understand what you mean. And just the last few days (end of last week and beginning of this week), the market has been so crazy, I do not know how to trade it.
Cos even my consistent system that has been working for the past weeks is failing on me almost all the time the last few days.

Well, the only secret to be successful in trading is to be consistent.
And when I say consistent, you really, REALLY have to be consistent.
From all the trading I am doing, and the numerous back testing I am doing, recognizing certain chart patterns is really useful.

Trading, in my opinion, is mostly effort at reading the charts right (70%), recognizing the chart patterns that will most likely be positive trade setups (20% instinct and pattern recognization) and of course, luck (10%).

I just developed a strategy which I was using. Some how, I feel, it is still rough at the edges and not able to handle all the different scenarios that the market can throw at us.
I am still trying to fine tune my strategy. I am more than willing to share. Thing is, I am not really eloquent in writing. If there is a way to share, and get feedback from other people who tried my strategy and are able to improve on it, that would definitely be a win win!

[clayboy]

I totally agree. I don't think anyone here is actually making any real money. I'm still trying but it just appears that all we do is bounce ideas off of each other, try this, try that do this, do that, but that's it. It's rare that someone says I've done this, I've made this, I've grown my account by this, etc. On the rare occasion that someone does say something like "I make 100 pips per day" they start a thread, post for a little while then disappear. The thread might continue but the original started of the thread is gone. As if they're now embarrassed because the system wasn't as profitable as they originally thought. Then we're back to a thread of people just bouncing ideas off each other. Then when I ask if anyone is keeping and log and tracking their progress - no one responds. As if no one is making any money off whatever system is being discussed.

I'll leave and come back to these forums every couple of months looking for the same confirmation that I'm not just wasting my time, and I can never find it. Just people sharing ideas but no real solid proof that these ideas are working for anyone. If I'm actually successful at this one day, I promise to share the proof of my success to inspire the rest. After all this is all I'm looking for right now. Not a hand out just some solid evidence that this is possible.

sorry for the rant

-clayboy

[ahgong]

Originally Posted by clayboy

I totally agree. I don't think anyone here is actually making any real money. I'm still trying but it just appears that all we do is bounce ideas off of each other, try this, try that do this, do that, but that's it. It's rare that someone says I've done this, I've made this, I've grown my account by this, etc. On the rare occasion that someone does say something like "I make 100 pips per day" they start a thread, post for a little while then disappear. The thread might continue but the original started of the thread is gone. As if they're now embarrassed because the system wasn't as profitable as they originally thought. Then we're back to a thread of people just bouncing ideas off each other. Then when I ask if anyone is keeping and log and tracking their progress - no one responds. As if no one is making any money off whatever system is being discussed.

I'll leave and come back to these forums every couple of months looking for the same confirmation that I'm not just wasting my time, and I can never find it. Just people sharing ideas but no real solid proof that these ideas are working for anyone. If I'm actually successful at this one day, I promise to share the proof of my success to inspire the rest. After all this is all I'm looking for right now. Not a hand out just some solid evidence that this is possible.

sorry for the rant

-clayboy

I understand the frustration. That is why I was so grateful when I attended the recent investment fairs and found some very valuable sources of trading strategies which I have adapted to form my own.

All thanks to this site, which got me started.

Bouncing ideas off each other ain't that bad. At least, when we share our ideas, we know if there are any loop holes that we did not see when designing our own strategies.

To be really honest, I met block after block when I first started out.
And after looking at the many various ways of trading, I can safely say, there is no one sure way to guarantee a working system.
Even for schools that teach their systems, charging a fee for it, they too cannot give the assurance that if you follow their system to the tee, you will become a millionaire.
No one can give you that assurance.

That is why experience and a healthy exchange of ideas is important.

[phil838]

Originally Posted by clayboy

I totally agree. I don't think anyone here is actually making any real money. I'm still trying but it just appears that all we do is bounce ideas off of each other, try this, try that do this, do that, but that's it. It's rare that someone says I've done this, I've made this, I've grown my account by this, etc. On the rare occasion that someone does say something like "I make 100 pips per day" they start a thread, post for a little while then disappear. The thread might continue but the original started of the thread is gone. As if they're now embarrassed because the system wasn't as profitable as they originally thought. Then we're back to a thread of people just bouncing ideas off each other. Then when I ask if anyone is keeping and log and tracking their progress - no one responds. As if no one is making any money off whatever system is being discussed.

I'll leave and come back to these forums every couple of months looking for the same confirmation that I'm not just wasting my time, and I can never find it. Just people sharing ideas but no real solid proof that these ideas are working for anyone. If I'm actually successful at this one day, I promise to share the proof of my success to inspire the rest. After all this is all I'm looking for right now. Not a hand out just some solid evidence that this is possible.

sorry for the rant

-clayboy

You're not looking very hard, Clayboy.

Sunday Breakout Strategy

I've had a 30%+ return so far this year with that system, and it's all documented in the thread.

I have a spreadsheet showing all the trades taken on the first post, so if you want solid proof just scroll your charts back and take a look.

[clayboy]

Thanks for the reply, phil. Is the spreadsheet in the zip file? I can't seem to open it. I have winzip, but I'm getting an error. However, I will be reading over the thread.

Thanks,

-clayboy

[phil838]

Originally Posted by clayboy

Thanks for the reply, phil. Is the spreadsheet in the zip file? I can't seem to open it. I have winzip, but I'm getting an error. However, I will be reading over the thread.

Thanks,

-clayboy

Yes, it's in the zip file. I just downloaded it and it opens fine for me.

I just noticed that I haven't uploaded an updated spreadsheet since the beginning of August. I'll put up a current one later today.