I regret to announce that I am going to be closing my live forex account and going back to just trading stocks. I don’t know if anybody on here really recognizes me as a poster here or followed anything I did, but I figured I might as well announce it anyway.
It started off in February when I opened my demo account. I was making a consistent profit week-after-week, with the exception of two small losing weeks. In June I felt confident enough to open up a live account. Things were going great, I had 3 or 4 weeks of modest gains (about 5% a week). Then all of a sudden it was like a lightswitch flipped… I’ve had 4 or 5 weeks straight of losses. It’s apparent that my system no longer works, or something has changed. I tried using an entirely different trading technique and being very cautious, but I still came out either losing or breaking even. I had a forex blog that was getting a hundred or more views per day in it’s prime, now it rarely clears 20 per day. I’ve lost about half of what I put in. So I think it’s time to call it quits, and go back to concentrating on stocks rather than forex. I also have thoughts of broker manipulation, although I know it’s probably not the case.
My advice: Trade demo ONE YEAR before opening a live account. Please listen to this if you are new to forex.
This means I won’t be regularly posting or browsing this forum any more. I may still check on it once and a while just out of curiousity, but unless I open another demo account in the future there isn’t much point. Besides, this has basically become a forum full of newbies anyway. By “full”, I don’t mean “all”… but I would say 90-95% of this forum doesn’t have a clue any more. Of course there are many smart traders here that I respect. Many have already left, been banned, or otherwise. Two that come to mind that are still around that I really respect are PipHacker and MyTwoPips. Listen to those guys, they know what they are talking about. Also most people who regular the chat room know what they are talking about as well, especially when it comes to scalping.
So I guess I’m part of the 90% of forex traders that don’t make it in this zero-sum game
Weird, how can a system just stop working… how can a market “change” (other than oscillating from trending to ranging)?
Did you build your system yourself? Did you know everything about the system and how it worked? How all the indicators worked and how they interacted between them? Did you use technicals only or you mixed it with fundamentals?
I’m curious because this is what i’m doing and i want to see what may be ahead of me in the road. Thanks in advance.
Did you build your system yourself? - [B]Yes. I started by looking at the Cowabunga system on this site and then modified it for my own use, eventually ending up with my “Lucre Producer�” system.[/B]
Did you know everything about the system and how it worked? How all the indicators worked and how they interacted between them? - [B]Yes. I understand how MACD, stochastics, and moving averages are calculated. I know how to read the indicators. I have even made EAs for people in the past.[/B]
Did you use technicals only or you mixed it with fundamentals? -[B] I used only technical analysis primarily. I have come to the conclusion that technical analysis DOES NOT WORK, it is just a religion. It works because enough people believe it works, and all make their trades based on it.[/B]
This year has been a challenge and the environment is definitely different from even a couple of years ago when the volatility was much, much lower and is now constantly changing. But then again, that’s the biggest challenge of trading - making definitive decisions in an uncertain and changing world. This is why I agree with ya that demoing for a year is probably the best way to go, especially if you are starting from scratch.
We do hope your curiosity does bring ya back to the Forex market place and to BabyPips. We wish you the best of luck and good trading!
I hate to see you go. Aside from some of the RTFM type replies, you where generally an inspiration to me as a newbie. I learned some good stuff following your threads and enjoyed reading them along with your blog. I didn’t think you would pack it in, but you do have stocks like you said.
Good luck to you if your really throwing in the towel.
I agree partially. I believe that the only reliable technical analysis is the one that’s based on trader’s psychology. Among them, i think these are really good: Candlestick analysis, support and resistance lines (NOT fibonacci, just old support and resistance levels), elliot wave analysis, and others. What do you think? Do you think these are more reliable than others like MACD, RSI, Stochs, etc?
I always admired the fact you posted your trades live on a blog - that takes some big cahunas.
This may be of no interest to you now, but I went through a similar phase with Macd, stochs, MAs and a load of other esoteric garbage in the beginning, without realising I could boot it all out for some simple support and resistance and trend lines.
Tess and co’s thread is the best on this forum by a mile (Alternative technical templates)
Sorry to see you go Yarcoffin. If it is any help I couldn’t use the cowabunga system either. I dl the indicator that was posted and lost every time i traded what it said. Then i figured the indicator was backwards, so when it said to go short I went long and started to make money with it. Thent hat jsut got annoying because i had 20 people asking my why I was buying if the EA said to go short so i decided to get back to the basics. Maybe your problem was similar, although maybe not since you have coded before. I wish you the best of luck and hopefully we will see you around, Raven
In your opinion, what is the difference between you and all the successful traders that actually turn profits? And furthermore, what is it that stops you from learning from those differences?
I’m going through a similar phase now where I’m down almost half of my live account. So I’m back to demo’ing, applying the same system, and coming out positive. I realised the reasons why I lost were all psychological, and nothing to do with the validity of my system.
I’m hoping to get back to live trading again once I feel confident enough to do so.
The point is, figure out what went wrong, go back to trial and error, and get back fighting. This business is potentially too lucrative to give up on.
Troll…that is sooo fitting. Yeah everyone with less than $5k quit.
If you were uncertain about your trading ability, why would you start with a larger sum of money? It seems to me that micro and mini accounts started with a few hundred dollars would save most traders the $4,800 you would have them throw at their accounts.
I hate to sound like this but. You had a few bad weeks so what change you game plan and get back to it. The saying I remember is a big shot started out as a little shot who never stopped shooting. Keep shooting.
I have to comment on the statement , That Technicals don’t work, I am sorry that is all I use and I am a successfull Trader. I still can’t live off it . But On a day to day basis I can grow my account 10 to 20 % I do use a little high perecentage 5% of my account per trade though… I still can’t live off it because of ME. Phsycological issue… Getting alot better though now latelly to Just Fridays… Really weird do everything right. But the last few fridays totally throw the rules out… But will get it very soon…Alot better than 6 months ago. Now I don’t blow the whole account just some.
Anyway my point is maybe re-examine your system and try again… I know this can be done by anyone who actually puts time to learn into it and you did that… Trading just trendlines can be a very easy and successfull system , Trade the bounces and the breaks. With money management you can’t lose… Draw a line connecting tops or bottoms at a angle or straight ( S&R ) Trade the bounce once it touches, 1 failed trade per line when it breaks, another signal to get in… Check it out need just 2 points to draw line then trade from there on. Also trade with the trend if it is down take the trade from the top… trendline.
Take care and good luck with your other trading… Ken
By reading some of your previous posts I formed impression that you are know all and personally did not like you. How much did you lose any way to put out such a cry…$200 $500… if that much.You are putting newbies down as though you are some expert millionaire trader. LOL.
This is a game of 2 sides…While 1 lose the other wins.While you were winning someone else was at the losing end.You did not cry then did you?
Now you are going to trade stocks with $80 remaining in your account.That is going to control thousands of Google shares.
