Anyone have advice on how to quit trading? I’m a year in a half in, couple thousand hours of screen time, most of which has been demo. I just get the feeling that people who say they are successful are full of crap.
How can a guy sitting in his house with a couple thousand bucks to trade know what the banks know? If the big trading firms, and brokerage firms have access to order flow and can see peoples orders, stops, take profits, how can small fish win consistently?
Anyway, I don’t think its possible. My problem is I’m addicted. I keep chasing the rabbit down the hole thinking if I try this strategy, or that strategy I’ll start being a winner but its not going to happen.
So, anybody know anyone who has quit? If so, how? They say in order to quit a bad habit, you should replace it with something else. Any ideas would be appreciated. Thanks.
Banks cannot see your stop losses. Your orders sit server-side on your brokerage server, which is closely monitored by the regulatory body assuming you chose a proper broker. The only stop hunting that could make sense is the one made by your broker, but they cannot move price at will. If they give you a quote that is different from the one given by the liquidity provider, the regulatory body tears them a new one. It happened to me a few months ago, with Oanda: they stopped me out of a trade because the quote was half a pip off the actual price, and they reimbursed me the entire trade without me having to say a thing.
If you want to quit, quit. Just don’t blame the system. Trading is the single most meritocratic job out there.
Hi the bank’s trading zone is a completely different place than retail investors. Banks have a multi-million capital at their disposal and they have a bigger problem in finding the other party to the transaction than a retail investor. Trying to imitate or predict the behavior of a bank you will only lose time and money. Try to build strategies that have a statistical advantage on the market, combined with good money management, you have a better chance of a positive return on capital. Regards Greg
The answer lies with your self , if not for you then just stop , trading can bring rewards and be very kind as that how I make a living but in the same breath can be very cruel if not treated with respect. Trading is 90% mindset knowing when to kill a trade and when to let one play out. Its not for everyone as the emotions run riot and you need to be able to take the punches when they come
Your opponent in the game is not the big banks, it is your own personality and attitudes, Unfortunately, a lot of what we ingest in early education and professional employment prepare us to fail in trading.
You cannot know more than the banks, you cannot get news earlier than the banks, you cannot move price like they can, you cannot do better analysis (fundamental or technical) than they can. So don’t think that’s what you would need to win.
The banks’ disadvantage is their size - that they cannot do anything without you seeing it in price movement. If they are selling EUR, they will not be able to conceal this. And so, when you see EUR prices falling, it is the banks making this happen. Don’t get in their way and try to stop them, go with them.
Dang Bransor, thanks for not letting me wallow in my own butt-hurtness by showering me with facts that show me just how little I know about Forex markets…geez.
You got any facts on trading these mother effing ranges? I do good in the trends then get burned in the ranges. I know the best advice is stay out of ranges but that’s boring; plus I want to be a pro.
PS… I don’t want to quit, I was just butt hurt from loosing more money.
I see several issues here. First of all, why are you trading with real money if you don’t have a proven system? Of course you’re going to have a mental breakdown at some point, because you have no idea if what you’re doing works or not. My first suggestion would be to go back to a demo account, but only after taking a break from trading. Stay away from charts and any material related to forex for one or two weeks. You clearly sound stressed out and probably overloaded with information. You’ll come back with a much clearer mind.
Well, you have two options: either develop a second strategy, based on ranging markets, or just don’t trade when the market is ranging. I suggest the second one. I am a newbie myself (although my live account is showing promising results with safe risk management), and I stick to a single strategy. Once I am 100% comfortable with it, I will consider developing a second one.
If you want a range-based strategy, you can’t go wrong with two horizontal SR areas at the top and the bottom of the range, and waiting to short the top/long the bottom after a price rejection. Of course, you will find ranges that look ugly, and you’ll have to decide whether to skip them or to find ways to trade them aswell. This is why I suggest using only one strategy: all strategies are deceptively simple, but they all require hundreds of small tweaks.
it it were impossible then there would be no retail traders making money at all. If you have a solid trading plan, then just be consistent, use proper risk management, and manage your money properly. it’s very possible to earn a living trading
I hear you. I’ve had 4 positive months, I did 20.2% in Oct, and 31% in December. Let me tell my head got real big as a result of that, and I did start getting sloppy. That was trading GBPUSD on the hourly using a break out strategy to, like you said, trade with the big dogs. That all fell apart in January, I just got hammered with the range, barely getting stopped out multiple times; in some cases it was almost to the pip before price reversed and went in the direction I thought it would go. Hence my belief that some mofo can see where the stops are for people. Because of this I tried trading on a smaller time frame to see reversals in greater detail, or at least that is what I thought I was doing. In the end I’ve given everything back and then some. If you don’t mind me asking, what time frame do you use? Also, do you use any outside info like that found on FX Street? I have issues trusting anyone so I’m wondering what other traders think of info from those sites.
I’m sure you’re not going to be the last trader to follow a similar course, its the most frustrating game.
I don’t use any news or fundamentals in forex trading. If these are important they will lead to the big players making their moves, and we will all see that as prices react accordingly.
You can switch to cryptocurrency then, you have access to order books there
Sounds like your problem is that you keep changing strategy after a bad trading period and you also spend too much time on your computer.
Search for Federico Sellitti on YouTube.
If you like what you see, you find my contacts in the description box. I share my personal strategies for $10 each (lifetime access).
I already have an idea about the strategy to recommend you, but maybe we can also chat a bit before purchasing any course, just to make sure that it is going to be the right strategy for you.
PS: if you check my profile on Babypips, you can see results for my live trading account. In each course, I share my results for that strategy that I personally use. Losing and winning trades, not just winning trades
If you feel that this is not what you need - do something else. Yes, it’s banal to find a new job. Not everyone can understand this, it should not be considered a problem.
the beauty of trading is the many different variables , the freedom of choice, nobody forces you to execute a trade, you can trade impulsively or wait for days when you feel the set up is right
I would like to share my experience with you because I’m facing a similar situation. I started trading in 2010, however things got intense after 2015 when I discovered the Forex Market. Ever since, anything Forex trading related has interested me. I have invested many hours, and a lot of money learning and after those intense 5 years I can say that I was one of the few affortunates that made some profit. I lost a lot of money in the way and broke 2 accounts, but in the end I profited! So why did I decided to stop? Because the money that I profited doesn’t pay the time, the effort and the risk that I put into this. I strongly believe that if I had spent the same energy into something else, as a career or a business for instance, the pay-out would be way better.
So why didn’t I just quit? I’m trying, but it is hard. As you said it can be literally addictive, and I couldn’t realise that the first time that I tried. Now have been months without look into a graph because I’m dealing with this issue properly. I’ve redirected my energy to a new business that I’m about to open, and I like to think that in the business, every sale I make will be like a profitable trade.
the bank’s trading zone is a completely different place than retail investors. Banks have a multi-million capital at their disposal and they have a bigger problem in finding the other party to the transaction than a retail investor. Trying to imitate or predict the behavior of a bank you will only lose time and money. Try to build strategies that have a statistical advantage on the market, combined with good money management, you have a better chance of a positive return on capital. Regards Greg