Loss, loss, loss and loss ! could one help me?

Hey guys
I am new member and new in forex world ! my bad story started week age i could not win ! i do not know how can i know if the trend go up or down :confused: as well i used binary option to access to forex.

If you’d search this forum… You’ll find that to succeed in this field you need to study and study and learn and learn… even then the experts traders are still learning since then…

In short, don’t trade binary options. The spreads are a total joke and the game will be heavily tilted against you.

If you want to have some success in Forex and not see it as fun and gambling… I suggest quiting binary options and start reading and learning about Forex…Even after you’ve read everything you won’t be able to know if the trend would go up or down, but you’d get much better at predicting the price movements…
Good luck… :41:

Hello 500!

I agree with the previous posters, especially ‘lucianabianchi’, as no amount of preparation will give you the
’Gift of Premonition’! In other words, if even the best traders cannot prevent a stock crash, all you can think
about is that you learn how to think about damage limitation, also known as ‘risk management’ - please accept
my apologies if you know all this and I am inadvertently patronising you!

As ‘lucianabianchi’ says, Forex is hard work, and you need time to study it… Do not rely on indicators or on whatever the ‘experts’ say, because their advice too needs to be filtered to match what kind of strategy you have… Unfortunately, even with their help and with the free materials on BabyPips school, the finger will always point back to you, as you will need to make a seemingly crippling number of decisions without anyone else holding your hand, for example:

  1. choosing the pairs you want to trade;
  2. choosing which session (Asian, European, US);
  3. choosing the type of stops (Trailing or Fixed);
  4. choosing the number of trades and the size of lots;
  5. choosing the time-scale of investment per trade (scalping, intra-day, swing trading);
  6. choosing the Risk-Reward ratio;
  7. choosing your strategy: Moving Averages crossover, Fibonacci, Elliott Waves, Bollinger (single or double) Bands, etc.;
  8. choosing your broker.

I could go on, but, as ‘lucianabianchi’ said, the best thing to do is to start reading and learning and try to stop trading until you know what you are dealing with…

Cheers and good luck!

I think you should stop trading altogether for a while and spend time learning how to trade. I may be wrong, but it sounds like you just opened an account and started right away.

binary options is a fraud and scam, it’s imposible to win

If you say you can’t tell whether the trend is heading up or down, it simply means that you have very little trading knowledge and you shouldn’t be trading.
Start here: School of Pipsology | Learn Forex Trading and make sure you learn everything first.
heads up: don’t try to recover your losses before reading through the school

Good luck 500

The good news is that you made a cry for help and acknowledged that you may be doing something wrong. In my opinion you are already a winner.

I suggest you read (something I have said a million times) a lot of books on the field, so one, you can firstly understand the kind of broker that suits your needs, secondly you will have a mentor who is likely successful at the cost of a book, in my case Jesse Livermore, and Jack D Schwager have all been great mentors for me, they will guide you in having the right philosophy. Thirdly, you will be able to find the simplest and most profitable method of trading bearing in mind by default the successful people will all have the same traits and strategies (precisely why they are successful), this saves you a lot of time and guards against bad advice. Remember not everyone who commits a crime goes to jail (this is the case for some bad practice traders).

This phase will take you no more than 3 months, so you will get your time in the sun after all speculation is as old as the hills so opportunities will always be available so don’t be too eager to jump in. I think after all that you will no doubt have the correct attitude to trading grounded in solid fundamentals of the financial markets.

Books I recommend all available on amazon

Reminiscences of a stock operator
Market Wizards
Volume price analysis by Anna Coulling
3 dimensional approach to Forex trading by Anna Coulling
Three waves to financial success (an author called Ramki a Morgan Stanley trader, one of the best)

@Emeraldorc Im glad you like anna coulings books. Im a fan of them also, partly as if you get them on the kindle they are dirt cheap.

I agree with all the above advises. :wink:

Do the work necessary to review and improve your trading is what is required to become a trader, but controlling your emotions when, not IF, you lose money, is what will turn a trader to a successful one. A plan that works for you is important as well, but being able to stick to it day in and day out is critical. Another good advice is to take a online course with profecionals. it doesnt cost a lot usually, but really helpful!:5:

The woman is one of the few traders that actually makes sense. In my opinion she is the bucket shop brokers nightmare.

Well if it makes you feel any better, i’ve been trading since over a year and still have no idea of what the market will do next. Its not about predicting what the market will do in the future, its about sticking to your trading system and your trading plan, taking all the signals provided while removing all the emotions out of trading. Trading is a perfect example of persistence and discipline, if you have what it takes you will succeed.

Forget binary options, run as hell please!

best advice! Really, Having what it takes to step up and take risks, and do the work necessary to review and improve your trading is what is required to become a trader, but controlling your emotions when, not IF, you lose money, is what will turn a trader to a successful one. A plan that works for you is important as well, but being able to [B]stick to it [/B]day in and day out is critical.

You also need to develop a profitable strategy on a demo account, so that when you trade with your own money, you have the confidence that the system that you use is profitable.

Hello
Here are some tips:

  1. you need 2 top qualities: Patience & Discipline
    2; write your own strategy on paper (do not copy other people), read it and apply it on demo first; Your strategy must be in tune with your personality. Learning to trade is learning to know yourself
  2. Trade only if you have the right emotional state: the market is a friendly place , believe it!
  3. Remember that trading is simple but not easy, you will have some losses
  4. Keep your charts simple & clear, do not overload them with too many indicators
  5. If you may, find a mentor and/or someone who has exeperience in trading to help you in your first staps

Hope it helps

Erik

I am also a new member in forex market and bear lots of loss in trading. Good news is all of them are demo account money which never give me any pressure and teach me if you don’t learn then you also loss your real money in trading.

Hi,

use 4h and more candle… not use m5. and follow trend.trend is your friends :slight_smile:

win money need time