I gave up, said f this.
Then picked it back up.
Said F this.
Then came back, said I failed.
Then I said wait a minute…
OHHHHH F YEAH
You trade this full time?
How do you factor spread in, mine is showing 1.9 at the moment?
When you are talking about a typical week are those figures for one trade a day or do you make a few and that is the end result?
Sorry for loads of questions.
its a common issue mate with trading. in order to succeed alot of price action needs to be read. But with my experience we fail to give time to the market and test systems with hindsight and never look at the downsides of every system. Just like we all hunt for a good entry, while the professionals always hunt a perfect SL. If you have a good SL then your trade can only go one way!!!
The main mistake people make is they dont learn enough, they trade without extensive knowledge of the market, they have no strategy that is tested for a decent period of time with success(with more wins than losses) and on top they have no clue on money management designed for their strategy or trading method.
Please guys take heed to my advice and learn, experience, practice, Test your system for a decent period, only then apply to the live market. YOU WILL BE AMONG THE BEST IF YOU FOLLOW THIS SIMPLE RULE!
How do you not quit? You just dont. lol
I put in 8 hours minimum everyday for the past 2 years in the markets. I just started getting proficient a month ago. It takes a while to get used to the markets, unfortunately you cant really rush it. Think of forex proficiency as if it is the formation of a diamond. Once formed it will be the most valuable asset you own, But in order to form you have to continuosly apply mounds of effort and pressure over a long (varying) period of time.
Watch videos, read books, but most important of all PRACTICE! PRACTICE! PRACTICE!
I simply keep going. Pick myself up and dont waste any time.
When I have a string of loses there is two routes I take
one… I decrease risk dramatically
two…I go demo and build up my confidence
I will also look back on my trade journal and just see where I went wrong…I ask a few questions
- When did I start reading the market wrong
- Why did I start reading the market wrong (misinterpreting bias, technicals, etc, or my children had me frustrated this morning and my wife is driving me nuts…
- am I really stressed…am I trading with a monkey mind or a calm mind
- did I have at least three good reason to enter my last string of loses (if yes then it is time to review the system…or how you are working the system)
- and the last one do I really need to deal with the stress and loses at the moment…if no then it is time to sit it out and WATCH…get your feel for the market again.
Draw downs happen you need a plan for what is except able if not then you will wipe out your account.
I had a moment a few weeks back where I wiped out 75% of my hard earned profits made the two weeks before…I had to take a step back and think…if I would have kept going I would have done the same thing I have done numerous times…wiped out my account, but I stopped (even though I went beyond my max draw down because of fear and greed) but I reflected…went over my trade journal…went out and enjoyed life for a day or two and came back with the right mind set and made back some of those pips I had lost.
Don’t let the market play you…play the market…
Whenever you feel like giving up, just watch a movie, sleep, play online games, listen to music, work out or do anything that will forget your frustrations. It will somehow help your mind feel refreshed and relaxed.
When I feel like giving up after to wiping my micro account again and again, I just stop trading until I have money again to fund my account. Then the gambling resumes.
- The fool who persists in his folly will someday become wise.
I sometimes do give up for a while, be it a week or a month, then go back to it because I can never give up completely.
I wish this were true
Unfortunately, fools rarely learn from their mistakes, hence…
“If you keep on doing what you’ve always done, you’ll keep on getting what you’ve always got”
Yes same with me, sometime in desperation when facing many times failure, but after break awhile still like as missing forex and leading me come back again with trying new strategy, might I am already addicted with forex
When it comes to the forex market, I believe that I’m learning more which is why I like it. For example I have to go out the way to read about economic data, I even tend to bring up unemployment figures in everyday conversation. I feel greatly informed of the economic situations throughout multiple countries. I never knew how interesting and exciting something that I would have found boring in high school actually is.
Taking a plunge into to trading you have to sacrifice with your personal life, stable fixed income sources like offie job etc, family time, etc. You have to be obsessed with it, be an enthusiast who is ready to devote his life to challenge. You exchange all of your comfort to the tiny chance of entering one percent of most flexible and smart guys which managed to understand this chaotic market. It requires a lot of gathering and analyzing tons of information, eroding your mental state by failures and ups. You turn your life into game where to stay competitive you need to learn everyday. Basically it is impossible to completely learn trading.