This is the problem which is hard to answer, because getting the profit from FX market is so hard… But I don’t think to give up.
Please cheer up me, guys.
cris, You don’t really need to trade continuously, but you must keep learning and trying/developing new strategies. With time it’s gonna get easier.
I’ve been looking at the idea of practicing with a simulator, one of those that go through the charts quicker, so you can practice trading more, I don’t want to spending days on end again staring at the charts, getting a trade and losing money, and by the end of the day feel that I’m non the wiser, and trading as you say - continuously. I’m convinced that being able to trade at many times real market speed will help me go through the motions, and also trade the patterns you recognize more often so that when they do turn up in the real market you have more experience to deal with it correctly.
But I’m so busy at the moment, and will be for another couple of weeks by the looks of it, I don’t have time to do research and I don’t want to spend another couple of hundred pounds and find it’s not what I want and then spend another couple of hundred trying another, the one’s Chris Capre one and Forex Tester, but they don’t quite float my boat at the moment, but that’s the direction I’m going in soon as I have the time to spend on it again.
You don’t have to do anything you don’t want to do and the fact that you claim profitability is hard to come by simply shows that you do not know how to do so. Maybe you will learn as time goes on or maybe you will never learn how to do so consistently. The odds are against you if you base it on facts and you need to decide if that encourages you to succeed or discourage you to continue trading.
[QUOTE=“MerryTrader;623803”] I’ve been looking at the idea of practicing with a simulator, one of those that go through the charts quicker, so you can practice trading more, I don’t want to spending days on end again staring at the charts, getting a trade and losing money, and by the end of the day feel that I’m non the wiser, and trading as you say - continuously. I’m convinced that being able to trade at many times real market speed will help me go through the motions, and also trade the patterns you recognize more often so that when they do turn up in the real market you have more experience to deal with it correctly. But I’m so busy at the moment, and will be for another couple of weeks by the looks of it, I don’t have time to do research and I don’t want to spend another couple of hundred pounds and find it’s not what I want and then spend another couple of hundred trying another, the one’s Chris Capre one and Forex Tester, but they don’t quite float my boat at the moment, but that’s the direction I’m going in soon as I have the time to spend on it again.[/QUOTE]
In my experience if you don’t make the time to achieve something, then you generally won’t achieve it. There aren’t any shortcuts in currency trading, IMHO if you don’t make it a major component of your life at some point, for a pretty sustained period, then you will never move beyond the ‘playing at it’ stage.
If you are a day trader the answer is yes. If you are a Swing trader the answer is no. Depends on what kind of trading you are doing and at what frequency you are doing. Day traders and scalpers trade continuously day and night whereas swing traders can only give 30 minutes a day and still manage their trades.
Well, once you know what you’re doing I’d suggest that picking a two, three or four hour session, hitting the market then getting out works better than simply trading morning noon and night but I guess we’re all different.
Absolutely, I agree, but I’ve had to take an enforced break due to no internet connection, BT are in absolute chaos, and now I have to do some painting and decorating to do, once that’s out of the way then it’s back on full time.
In a funny way it’s been quite good, kind of got rid of that addictive trait I have, now I have a more of a take it or leave it attitude towards trading, in the sense that I don’t have to trade, I don’t have to do this much by the end of the month or whatever, it’s helped the emotional side.
I cant think of a better way to test my ideas than to speed trade or manual backtesting, my intention is to start trading again and when I’m not studying the live charts I’ll be fast demoing.
I absolutely agree with chunks of that, but at the same time, personally I’d go watch an Eric Thomas video and then come back and make time to trade a consistent session, so you learn how the market flows, how you flow, how your inputs affect your outcomes, all of that, just work towards the consistency. If you need to paint at night, paint at night. If you need to drop BT (I did!) and switch to a provider whose focus is actually providing, do that. If you need to switch your mobile 'phone off for three hours a day, do it. We can all either make consistent time for this and then look back and feel clever, or we can let the inevitable day-to-day distractions and issues take our focus and take away any chance of consistency. I trade 0530-0830, early afternoons if my baby daughter sleeps, and then an evening session, I’m mechanical and consistent in my approach and execution and I get results, I’m never far from my focus and it is just something I do. I have four young children, I do a lot of the childcare (one big reason why I got into trading in the first place, although not the only one), and we are just coming to the end of a one-year renovation of our old house, which I have done a lot of work towards, and which cost a fair chunk of coin. But I still traded my preferred sessions for most of it, the only time I took off was for (self-appointed!) paternity leave, not because life was giving me unrelated complications.
Anyway, sorry, I’m rambling and ranting and being horribly presumptuous, but I just wanted to pipe up with one point: if you want to make a lot of money at this, chuck out the negative influences, have a laser focus, and bend other stuff around what you need to do.
Obviously ignore this if I’m just coming across as an idiot - someone said all this to me a few years ago and they turned out to be right, so I’m just trying to pass the good stuff along!
ST
If you didn’t loss the hope yet and is experience enough to tarde more than continue it.
I agree, once I’ve got this chunk of work out of the way I will be able to spend all day on it and I won’t have much to bend at all :), I will watch the Eric Thomas video, I’ll add it to my ‘to do’ list for when I have the time again soon.
This is what I’m doing until I’m done with my painting, I’m accumulating and thinking about my approach for when I get going again.
Personally I think that if you want to count on Forex as a constant profit making strategy, you MUST be trading it continuously or at least be following the market non-stop… but if you see it more like a “hobby” or a “game” then I suppose it’s different… But, and this goes for everything, the more effort you put in it, the better results you’ll achieve. I must say that I fall in a category between the two types… it’s LACK of time I suppose… Good luck :41:
Hello to the OP…
I agree with all that has been said before me…
although it is not an equation when it comes to time invested: I know musicians who put in a lot of time into
their practice as they are learning, but they develop some bad habits (because they do not have someone there
to stop them doing things wrong)… In a way, they would develop faster by having someone there all the time
rather than being left to learn all the wrong things and then having to work twice as hard to get rid of those bad
habits (which, often, become so intrinsic to their musical practice that it is very painfully slow to train out of them).
Also, I agree with what lucianabianchi said, but it is not a mathematical equation, of course, that "more time spent =
more profits", so when we talk about “better results” this is not necessarily the same as more profits… Perhaps you
could say that it means “more consistency”…
Happy trading.
The Eric Thomas videos, they’re about motivation rather than forex right? (Just checking to see if I’ve got the right ones)
Michael Jordan practised basketball every single day. You don’t need to trade continuously, but you should be doing something trade-related whenever you can, whether it be backtesting, researching, reading a book etc. If you have the passion, you’ll be doing this anyway.
Yes, sorry, I was not clear - he is not Forex-specific, but between his book and several of his videos he has helped me keep my head in the right place, particularly helpful during the odd stressful moment.
To my mind, the technical side of trading is pretty straightforward, it’s not easy but it’s also not difficult, you just learn it, refine it, then keep it mechanical. It’s the psychology/fluffy side of things that can catch us out if we let it. Can I lose a few trades and still approach the next setup the same way? It used to be tricky, now it’s mechanically easy, and ET is part of the way I got there.
My chunk of work is out of the way, I still have lots to do, but I can work around that now, it’s mostly outside stuff, so let it rain 
I’ve started watching the Eric Thomas video, I’ve seen and heard tons of motivational stuff, but some more won’t do any harm, so why not? Eric Thomas does have a little bit of a different twist to it.
Getting profit from forex trading is going to be always hard for every beginner. It get much easier by the time if you develop a good working trading strategy, and then you can low down your trading hours seeding in front of computer.
I would suggest building a strategy from scratch using a combination of the tools you can see are the most effective based on your study of historical price data. Just combine everything that works and you’ll be surprised how price moves stop seeming so mysterious. Then once you have a trading plan foundation, tweak it constantly for the first 2 years. I would also suggest little to no trading during this developmental stage. Unless you are extremely gifted you wont be able to develop and trade at the same time without slowing yourself down. You want to get the primary strategy built first then start trading and learning discipline,
I do not think so. You can trade in forex when you wish. Sometime it is too difficult for someone to trade continuously. It is a independent platform of trading. You can do what you willing to do. You will need to take some rest to recover your loss sometime in some moment. Even you need to take rest for about 3 to 4 week. It is essential I think for those who loss a huge amount in forex market.