i gave up from Forex so many times but couldn’t not completely. actually Forex is an addiction. now i am trying to start Fx again within some new plans.
Just search “The Forex Cycle of Doom” at Youtube. Perhaps this video might be helpful in analysing your failure in Forex market.
However, here is a motivational video for you … Don’t Give up
really motivated by this video. but after having some losses it is quite difficult to keep positive mood.
After having a loses you can get nothing but of course can get a great lesion that can ensure a good experience. so, don’t be upset when making a losses.
most of the time i did huge losses when tried to take revenge from this market. this emotions made me loser so many times in here. still i am trying to come out from this worst habit.
Revenge trading is a very common problems for the traders who are especially newcomers I trading , it’s a common issue that we can’t avoid when trading , but it causes a great losses if we use it in a real account , that’s why trade in a demo minimum 6 month and learn a lesson from here how works revenge trading , hope you will get the real answer. Good luck
this is a trading place where we trade currency pair and making profit or loss, this place is not a action movie where we need to take revenge .
got your point hadden , but there is much different between demo and live experience. so sometimes its quite difficult to believe the demos experience.
Yes, you’re right Hadden, revenge trading is quite a common mistake among newbies indeed. It’s necessary to work with psychology to avoid it.
… I don’t know what to say… But maybe you just make a weekend? Don’t leave forex. I mean it can be really iseful and profitable for you if you will analisy your actions and tradings
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Had to laff [Removed for Forums Policy violation]
Giving up…been there…done that…logically it made sense to give up. After so many losses etc…human nature to want to give up…but…
Because I worked as an Economist at my Central Bank
Because I worked with Exchange Rates…
Because I read Monetary and Exchange Rate Policy Reports of other Central Banks
Because I used Regression Analysis/Econometrics to model and predict exchange rates.
…I therefore knew that understanding and predicting exchange rates was possible. However, because we used longterm data - which was more reliable - and also focused on the longterm price movements, it was easier to predict rates with a greater degree of accuracy.
The challenge for me was how to translate that into short term trading accuracy at the Retail Forex Trading Level …
Using short term price movements that are less reliable
Not using Regression Analysis but using tools like Candlestick Patterns, Trend Lines, Indicators etc. that Central Bank Economists have never used!
Trying to u derstanding the relationship that exists between multiple short term Time Frames.
Trying to decide on optimal Pip Targets and Strategies given Time Zone Constraints etc…
These were the 4 main problems and challenges that had to be resolved.
What had to be done?
I had to go through years of trial and error to come up with the right combination of Tools, Candles vs Indicators comparisons, etc…that provided…
Maximum Pips Per Trade
Minimum False Signals
Enough Time to recover from the emotions of Gains and Losses
Enough time to have a life outside of trading
Targeting 100 to 200 Pips Per Trade (the more reliable trends provided these gains)
Using the Stable Higher Time Frames of the Daily and 4 Hour Charts ( the Forex Trading equivalent of Long Term Regression Forecasting)
Using Candlestick Patterns, Trend Lines, Consolidation Setups instead of Indicators ( chsrts are clean and easier to read. Indicators are less reliable in the shirt term
Larger Rates of Returns with few losses compared to when I did Day Trading
Profitable Trading during even the European Debt Crisis
Trading Contest and Article Contest Prizes with Dukascopy Bank.
A 231 Pip Gain on the NZD CHF shortly before the Swiss Bank Ezchange Rate Peg Removal which proved the accuracy of my Forecasting and Exit Strategies
- Average Rates of Return of 40% Annually
- A 13% Return in just 3 Months with a more aggressive set of strategies (I now also target less than 100 Pips only when has a very high chance of being profitable) that started in February this year…with only 1 real loss (the 2nd was a quick change of mind where I exited 5 minutes afterward)
- Large and Quick Trades that take less than 2 Days to hit their targets - Latest from the EURO JPY last week.
- The Ability to Accurately Predict Signals and Market Direction…such as the EURO AUD rally nlw taking place…
Stay Away from the Lower Time Frames and Day Trading/Scalping
this is the most promoted approach because the more frequently we trade, the more money brokers earn from spreads and commissions from us.
the reality is that price movements are a lot more volatile and dangerous with more false signals on these time frames.
Use Candlesticks, Trend Lines and Consolidations instead of Indicators
a lot easier to use with fewer false signals especially when used on the stable higher time frames.
Use and Understand how the Larger Time Frames work.
these move slowly but steadily and are easier to understand than the fast moving, more unpredictable lower charts.
Use a Reliable/ Methodical Approach to Identifying Market Direction and Choosing your Targets.
this ensures you always understand what is taking place in the market and that you will make the right decision most of the time.
This is not to brag or promote. This is just to state objectively what has been my experience and approach…and that since I believe it has been successful so far, I highly recommend you take a similar approach to ensure trading success over the long run.
Note: I use FXCM charts for my analysis but I have used Dukascopy and now FXPro for my Live Trading over the years (hence the different platforms you see above)
FXCM uses the best version of the New York Close of the Daily Candle - important for strategies like mine - compared to other platforms ( dont know why…they just do). FxPro has better interface plus email alerts that let me know when a trade has been closed without having to constantly check my charts…
This is crucial to avoiding the temptation to change things on your trade (avoiding emotional decisions also crucial to success) before it has a chance to hit your targets.
If your platform does not offer this, then establish a holding period for your trade and ONLY check after that period has ended…NEVER before!
All the best…
Happy to hear you enjoy FXCM’s charting. I wanted to let you know that our Trading Station desktop platform also offers email alerts. Instructions on how to set it up can be found Here.
Ok…great to hear…
But it still doesnot allow you to see exqctly the % Risk and Return in percentage terms.
Oh you need to take some rest man, it’s not so easy to quit Forex. If you want to quit forex that was unprofitable for you, throw away all desires and miracles of making a fortune there. Trading is like a regular routine job with bigger salary but also increased stress.
Nice one Bro @AhsanMalik
I think we should pick pips only
So he demo’d for 2 years, never went live, then quit.