Your not competing they are the market movers just hang on to their coat tails and follow the moves
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you are right it is like opening a hot dog place near a McDonald
basically you need no less than 10000 dollars to be able to make 700 to 1000 dollars in 5 months with an expert robot who is doing all the work using some of the safest strategies == and with a regulated broker who will not stop your robot from time to time == anyway do not quit your day job guys
Are you going to trade any other assets on your own? Trading stocks with technical analysis may be more difficult. Going the fundamental route of using stock ratings might have more success… if you know when to get out.
This year, I wish it had been clear to me how the Forex market was going to react to the Covid-19 pandemic. AUD and NZD plummeted more than expected, and it seemed ultimately an effort to stop-out anyone buying at what appeared to be a bottom for these currencies. The good news for Forex in 2020 is that daily ranges have increased, and for indicators to work, that’s what we need - activity. I like trading 4-hour charts on EUR/CAD, and won’t be stopping.
Before you give up I’d check out No Nonsense Forex, first of all he’s not selling anything, after 10+ years of trading his is the best i’ ve seen for applying the right strategy and approach for forex, for example no one tells you majority of indicators are outdated and designed for equity markets, not forex, he breaks it all down, read his blog or watch on youtube, all free It might give you a new perspective and get you on the right track.
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The forex market is vast that is why you need to carefully study the market yourself and figure out the methods that works for you best and with time you will start profiting…
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i am totally new to this but i have been learning through babypips and using the demo trade on Trading212 so far i have made £250 for the week using £10 trades and looking at all the markets from Ma
jor, Minor and Exotic. The way i look at it currencies go up and down, if i get the trade wrong and it goes down i just wait for it to go back up again which can take a few days, seems to work or am i being naive?
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Yes, I would agree with you about Forex. I have been trying on and off to making money out of it for years. I have even paid for education, with people who were well-meaning, who were not scam artists, but I had no idea how their systems could make money. In fact, my forex losses, though small, came from paying for the education. In terms of the actual trading, I never made or lost significant amounts of money. For me, I have absolutely no idea whether a forex pair is going up or down. All the charts in the world won’t tell me. It is a random choice.
But from my experience of forex, the gold rules seem to be to have longer time frames, not to use leverage beyond 3 to 1, avoid stop losses, and to remember that the stablest of currencies, for example the Swiss Franc, can move 20% in the blink of an eye.
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Very well said,
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Sounds like you have given up and trying to convince others to join you? … Or need validation to quit. (you know the saying misery loves company).
Completely wrong thinking.change it
I do feel your pain.
We have all, the succesful, pierced through it and embraced it. Things are hard here in this industry and there are no free meals or easy meals!!!
Let me ask you this, roughly how many people pursue and working towards becoming Billionaires? (how many actually make it?)
How many entrepreneurs start businesses, how many are running business as we speak(before covid saga/mess) , and how many of those businesses are actually profitable?
how many actually make it as succesful entrepreneurs with successful profitable businesses?
Research that....
The sweetest thing about our industry is that, it doesn’t care whether you have a degree or not, does not care whether you are the smartest of the bunch or last to learn on things or crasp new things.
It only cares how disciplined and healthy you are or can be, in your mind!
Any one who is struggling please take notes:
- forex trading (particularly forex trading amongst all the tradable finacial classes out there), IS THE HARDEST (MENTALY/PSYCHOLOGICALLY) THING YOU HAVE MADE A CHOICE TO PURSUE.
-If you have a degree and you are one of those, im highly educated and think you deserve a pass in life type of peoples, who think you are the smartest, beware you are going to suffer even more in your learning curve, why bevause you are used to 1+1 always being equals to 2.The marjets dint work like that.
-Fx Markets are random, you always have to amend, compromise and settle for none scripted pop-up changes in your trading guide…e.g you cannot alwys extract 25k usd, for those of us who trade large volume, or 100kusd for those micro accounts, sometimes you settle for 50 or 30usd, simply because there are no guarantees on individual trade behaviours or moves at aNy given point in time.
-It takes a normal healthy human mind 2-3 years to get acquainted to the mental ups and downs of forex trading. No matter how hard you think you are physically working/studying/learning … There are sime things about this career that you just cant skip or accekerate. YOUR MIND NEEDS TO ADJUAT TO THIS WORLD… Ever heard the saying human beings are horrible traders by nature… Thats is absolutely true. The very nature of the markets is against your entire psychologucal make up as a human being.
-There is no 1 trading formula to trading, a lot of different things , strategies can all work for many different people, at any different times.
-You cannot expect to win everyday, no matter how good you think your strategy is, especially in Forex, our msni focus for today.
-just like in life and business, in order to master 1 thing and succeed you need to actuslly focus on mastering that onething… Meanig most of you trade 100 pairs any given week and expect to succeed, i know millionsires that just trade GbpUsd and EuroUsd… Thus to say start by perfecting and mastering 1-2 currency pairs first.We all struggle, but new strugglers, and newbies, diversification is a killer here, in early stages, specialization is the way, if the pairs tgat you specialize in aee experiencing sideways moves and not trending, pick another 2 different pairs to master and Learn till your original pairs trend again are tradable.
-You become and actual profitable trader by withdrawing, not by building equity curves to impress your mates… The equity growth curve will handle itself if you handle youserlf. You don’t need to focus on that. A consistently profitable,trader is someone who hits _ withdraws and repeats , aNd can do this all year round.
When you have mastered doing this repeatedly, congratulations, you are a consistently profitable trader, you can now focus on growing your account without withdrawing, traders with no pressure to perform actually make the best traders out there.
Traders who need to buy croceries month end or pay rents are the most troubled and at risk and worst group of traders out tgere, with a high chance of failing or quiting as traders out there.
I can go all day, i have left so many factors out here, as i cant all fit them in an essay.
So we are struggling , what can we do.
My answer:
Just because you suck at forex trafing, doesn’t mean you suck generally as a trader.
(I know people who quit in fx and are stock or options trading guru millionaires.vise versa)
Go try stocks and options to begin with, forex trading in my experience is the toughest form of financial trading you can ever find.
And lastly to all those that talk bad about forex trading and how impossible it is, please know that this type of trading has the longest learning curve, its the most cruel and pain full 1,BUT that doesn’t mean its impossible or or a scam, i hear a lot of stock gurus pro claiming FX trading is a scam!,
… No buddy, you quit and switched too early, this is much harder than stocks!! Its the hardest thing you can ever try and master.
So there you have it, still wanna quit!?
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Those who say it can’t be done should not interrupt those that are trying to do it. No business is smooth. You will pass through many obstacles before reaching your destination.
Forex is not a get rich quick scheme. Keep practicing. Short of words.
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forget about the “the smartest people, PhD’s in Maths, computer science, economics”, they are no better at predicting the markets. & I also had my own business - means nothing when it comes to trading…
I make most of my income from CFDs but still manage to add to it by currency futures.
Allows one to be more patient on a trade. The frantic nature of spot forex is not for me.
However, I’ve always believed that one should gain overall trading experience before diving into forex…
& stay away from the “pop-up” ads from so-called brokers, find a reliable broker - your own bank for example,
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I am not consistent but I do make little money from Forex. If I may ask why are you comparing yourself to the BIG PLAYERS in the Market?? Secondly, I believe your whole mentality about Forex is just wrong (thinking about being Profitable 1,2 or 3 years in a row) I doubt the BIG INSTITUTIONS can even account for such consistencies.
If you have really back tested strategies for how long you claim you should have found something that works for you right now, bearing in mind that no strategy has 100% win rate. As retail traders its all about making sure your WINS outweighs your LOSSES and proper MONEY MANAGEMENT, check your LOT SIZE in regards to your Account. Even when you are sure of a trade go with a SMALL LOT SIZE and ask yourself how much LOSS you can take not HOW MUCH PROFIT you can make. YOUTUBE is a waste of time btw.
When I first started trading I used so many strategies and traded the London Breakout in the mornings with all my pending orders getting filled in the wrong direction and lost money as I used large Lot sizes to make a quick buck, It took me a while to stick to one strategy which also limited the amount of trades I took and limited my losses cuz trading all the time was likewise a bad idea. I noticed my win rate got better with time.
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I can certainly understand your frustration. I don’t think there is a trader out there that can deny that it’s a difficult business venture. Many people say that you can’t predict where the market will go and they are entirely correct. If that is what you or anyone are attempting to do, you will be disappointed…and maybe worse. But, what you can do is observe where the market is going, find an entry point and ride the wave. I have been doing this for 2 years now and I have to say it took me all of that to get to a point where I am confident that most any day I can snip 25-50 PIPS/day out of the market…and I work full time in the healthcare field. Another thing I think many traders that are successful will agree with is forget most indicators. What good is lagging information? Market structure, currency strength differential, price, volume, momentum. That is what I look at. The rest is all psych. Someone mentioned a couple of books about that. Also…finally…be cautious about upselling, fraud with Youtube vids. Where there is opportunity, there is evil. Best of success to you!
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One more thing…it’s funny, you ask “what am I looking at on this pair”. I see profit here, there, everywhere. Do I get it all? No, but my job is to take snips out of the places where I know I can profit the majority of the time. That chart is full of opportunities in my opinion.
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Somewhat truth. A LOT of Indicators are garbage and tell the same information. For me and other traders who have consistent success, I have found that Trading the higher time frames, risking of 1-2% MAX and sticking to your trading plan will see profit. Smaller account? risk more 2-5%. Large account? 1-2%. Don’t get emotional. You don’t need to know all the technical setups just a few of the basic ideas. Fibs, SMA’s EMA’s, RSI Etc. They do work, but do not rely on one Indicator or time frame alone. And remember, you do NOT always need to be in a trade.
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I’m just another newbie trader who’s trying to demo his way to competence, so what I have to say doesn’t mean much. But here’s my take:
I enjoy watching Langer’s Scruffy Trader videos. Not because I’m learning from them (though I am), and not because he knows what he’s talking about and presents it in a comprehensible, down to earth way. (Shoot, for all I know, he may just be blowing smoke. But I don’t think he is.) I like watching him because he enjoys what he does, and he’s passionate about it. Every video of his that I’ve seen ends with “do what you love and the money will follow.” I’ve taken that philosophy to heart. Do I want to make a bazillion dollars at this? Sure I do. But if all I focus on is how much money I’m not making, I’ll never get anywhere. And I sure won’t have any fun doing it. I’m learning Forex right now because it’s a fascinating puzzle. I’m enjoying it. somehow I feel like if I become insanely profitable at this, but hate every minute of it, I’ve still lost.
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I am also “well educated & experience in business”, having coached businesses of all sizes for 18 years, full time.
However, when I first started trading, the only relevance being “well educated & experience in business” is to understand economic news & ratios faster, as far as trading goes, it’s the start of another journey, taking years to master, with something new to learn everyday.
You sound like someone who have delusions of getting rick quick, a victim of all the get-rich-quick programs you can find, and now, instead of being honest it is about you, you decided the entire world is against you.
Such attitude will not get you far anywhere in life, good luck buddy.
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This post was a meme.
You should not trade.
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Well said.
A famous Henry Ford quote, “Whether you think you can, or you think you can’t – you’re right,” emphasizes how much attitude determines success or failure.
I think MASON384 has found it difficult and is justifying his decision to withdraw from FX trading by saying if I can’t do it, nobody can. I’m hoping that those who are reading this discussion see through this and apply themselves to the skills they need to develop to become successful at this.
I’m struggling to get my golfing handicap below 15 - should I be walking away from golf altogether, lambasting the sellers of expensive golf clubs and the golf club pros who are promising me improvements? I think not.
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You may have fallen for the common fallacy of education = success. It is not. As a wise man once said :
I have seen something further under the sun, that the swift do not always win the race, nor do the mighty win the battle, nor do the wise always have the food, nor do the intelligent always have the riches, nor do those with knowledge always have success, because time and unexpected events overtake them all. - Ecclesiastes 9:11
And pseudo-random, is not truly random.
I urge you to try again harder.
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