If anyone have another idea, let me know it with proves.
The truly winners on forex are broker houses, mostly those ones which take the opposite action in your trade.
Then, maybe 1 about 100 traders is a profitable trader.
Other 15 - 20 is fighting each f… day not to lose
The rest (majority) is loosing their small or big money with dreams and ambition in a fool way
I started on forex business in 2010, the idiots who put me in here talk to me about making a lot of money getting commissions while trading (i get comm no matter the results to the client account). I have to tell you that I´m not patient neither analytical person so maybe i have not take the correct studies to manage an account and trade, but I use some techniques supposedly useful, but 5 years later I cannot control the market, or whatever you want to name it… for being profitable. I started this stupid business with the great ambition and the idea of becomming millionaire, at least rich, and now I´m worse than 5 years ago, because I owe their money to my investors… And I´m still not profitable. SO MY BEST ADVICE DO SOMETHING ELSE TO EARN MONEY, OR IF YOU WANT TO BE HERE NO MATTER WHAT, PROVE YOURSELF ON DEMO AND WHEN YOU DISCOVER YOUR PROFITABLE STRATEGY THEN GO ON REAL…
I see in here some friends on this page, cyclopip, pipzilla, pippin, pipdiddy, hucklekiwi, pipslow, happypip, the surfer, etc… I wonder if they really live of forex and if they´re profitable, or if they are only surviving in the market. I would like to know somebody profitable…
Well yes pretty much everything you have said is true. I can see that you are quite emotional and very frustrated but I can assure you that many many people trying to learn forex trading are also feeling the same way. It is definitely a tough game to master!
I have been forex trading for about 4 years. First 3 years I just experimented on demo because I was studying in university and I didn’t really have much money to put into a trading account anyway. There were many times where I got really depressed when I found that my system/strategy wasn’t working. I would have some great idea which worked for a while but then it would fail really badly. It was a vicious cycle and there were many times where I wanted to give up.
Eventually though I can say that after much blood, sweat and tears, I am finally making some really good progress. What I did was really try to understand what was happening in the market. I stopped trying to constantly pick tops and bottoms, getting in and out taking 30-40 pips here and there. Instead, I would monitor key levels in market structure and wait for technical changes in trend supported by fundamentals. Then I would simply wait for a reasonable pullback and enter and then put my stop below the most recent turning point. A lot of the time my stop loss is 80-100 pips and I aim for like 200-300 pips profit.
I can happily say that my trading is so much better now and I am steadily making profits. Maybe in 5 years time I can start to trade full time.
My advice to you would be to take a break, maybe 2 weeks off. Then come back and try to approach forex from a slightly more longer term view. Look at the daily and weekly charts, then use the 1hr chart to look for trend changes when key levels are broken.
Good luck and don’t give up yet! Try at least one more time!
The bit of that that jumps out at me is this section:
[QUOTE=“MrMoneyMaker;735978”]I started this stupid business with the great ambition and the idea of becomming millionaire, at least rich[/QUOTE]
You’ve come in with unrealistic expectations. It takes money to make money. If you have aspirations of being a millionaire from forex trading then chances are that you had better be bringing a good couple of hundred thousand with you to start off with.
I agree with InSearchofPips too, you need to take a break. Psychological, your mindset isn’t in the right place & that will transpire in your trading too.
For every transaction you make brokers do make money , you make it or not, but then we have got a chance too, it is tough to make money in the market, but we have to take the risk.
You just need to realize that you ARE taking your own risk when open position in forex market. and that’s why you need to learn how to minimize those risks…