Hello mates, it’s been one full year now trying to understand forex, each time I get so close to profitability then my strategy becomes useless. I have alot of courses in my drive. They look good when the mentor’s show it via prerecorded trading but in reality aren’t just effective. Right now I’m so depressed. Don’t know what I’ll do now but I know I won’t quit. 18 hrs a day learning for the past year and loads of money and time spent on courses that never helped me. Guys I’m depressed, help!!!
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Avoid day-trading. Find smooth trends with a positive slope to a medium-length EMA like 20EMA. Buy as price rises telling you the trend is resuming after the next pull-back. Set a stop-loss where price tells that the trend resumption has failed. Limit your risk to 1% of your account capital. Exit on weakness and re-enter when the trend resumes.
Ignore news and announcements but be in cash across the NFPR and your positions’ currencies’ interest rate announcements.
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Hi, how are you preparing to trade? Regards Greg
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I have to say that this part of the sentence have draw attention:
“each time I get so close to profitability then my strategy becomes useless”
What happens that your strategy comes close to the profitability? What do you mean close to profitability?
It is profitable or it is not. If it is profitable at small scale then it could happen that you are over trading and not following your trading strategy.
If it is not profitable then it will not be in a year or two. Do not waste your time.
Do not be depressed. You need to accept that the trading strategy is not correct and you need to invest more time to find another one.
If the trading strategy that is shown by someone is profitable then there are rules you need to follow. You need to test it on demo account on the future price and confirm that it is still valid.
Tired Eye
To much time you invest in trading. When you do it to much you start losing the eye for something obvious. You need to get rest and come to the screen with fresh eyes.
Move away from trading a little bit and think about trading when you are doing something else. That way you will get new ideas and maybe you will see what are you doing wrong.
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Maybe you can oOpen a virtual account and build your trading skills with practice.
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Dont worry, you havent even scratched the surface. It took me 3 years to become consistently profitable. You’ve only done one year.
Dont buy any more courses or waste money. Start your free education [here.] (Forex Trader: Beginner education)
Take your time, go through it patiently on a demo account and take notes. I wish you the best of luck.
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Trading is a mind game, I am on the screens everyday as a full time job. Happy to trade live with you and point in the right direction. Sometimes all you need is a extra set of eyes on the chart as we all see different things that trigger our interest. I trade the London session on forex , oil and FTSE
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who am i to patronise you, but its good that you seem to have the passion to succeed. Maybe you taking too much information in or from different sources.Maybe your expectations are too high its probably a gradual progression,it might be a wise idea to detach, from the trading platform for a while and reflect were things may not be working
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void day trading, read and practice well. Watch out for bad brokers too
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18 hours a day learning for a year? By learning do you meaning trading?
Its not the hours that count but the quality of those hours.
When you say dont understand what do u mean?
You mean why havent u made money? There not the same.
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Hi,
Have you had a look at your psychology? Just been re-reading Mark Douglas’ Trading in the Zone and it he says it’s about how you control your emotions. Worth a look if you haven’t already.
Cheers
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Sometimes the problem is too much information. You have a bunch of courses and they most likely conflict with each other. There is no way 18 hours a day is meaningful work.
I recommend throwing out all the indicators and other squiggles you have on your charts. Stop watching 20 markets and 10 timeframes. Spend more time working on your strategy and market replays than watching the market. Keep it simple. Remove all complexity.