Hey there fellow FX Traders,
Jordan here. Just wanted to layout my 1st forex year and my habits.
I started here looking for strategies, and now I'm just searching the net for info on different strategies and indicators and piecing them together to make what ii think will work. The thing is when I come up with a new strat, the first couple trades are golden but after that its all down hill. And I think its has to do with reasons other than a bad system. I can through on trades now and not bat an eye but I'm always thinking not about losing the money but about gaining money I think I'm more depressed. About losing period than losing money, anyway I'm also thinking ooo I'm gunna wake up tomorrow and see this trade highlighted in green. Uh. I've given my self three months to consecutively make half my measley income a whopping 1600 bucks a month, then I can go semi part time and be around forex for a better part of the day, but that isn't stuck on my mind I'm not like I gotta do this I gotta do this. I just want to be successful. The thing is these strats win at first and then start raining losers and I switch to a different strat. When I go back to forex I go back with a smile on my face because I can taste the success I see it in the distance but like the window in the hall I'm running towards it never gets any closer, it discouraging but shakable. I'm now on this fibo kick, high, low test pull back strat, I've only done it once and it worked perfectly I mean almost to the pip. And when I go home today I'm gunna study into support and resistance on my charts.
Well fella’s and fellettes feel free to comment. (You too phil) lol
Jordan A. Reynolds
(Jar if you will)
I feel your pain; I haven’t been trading as long as you so I may yet run into this issue again, however my first month was awful. I didn’t take the advice to “trade a demo for at least 2 months” and jumped in after only two weeks of demo trades (really good ones too).
Well needless to say I had to come down hard and analyze what I was doing wrong; which in may case came down to the following:
1 - no clear dedication to a specific system. I was trying quite a few different ones, and didn’t give them much of a chance before switching to something else.
2 - not enough attention to the fundamentals. I was caught up in the technicals only and despite having read all the warnings I didn’t pay enough heed to the fundamental aspects.
3 - didn’t follow all the advice for each system. I would try to “push” the system to do what it could not. For instance I was giving too much weight to seemingly good cowabunga signals when the overall trends were not co-operating.
4- didn’t properly analyze my style of investing. Was I a daytrader? Swing? Scalper? There was times I was simply trying to catch the range trades and it when bad almost everytime.
5- money management. Probably the most imortant item here. I started with too small of an initial investment which made the trades extremely difficult to manage properly; keeping it at only a 1% risk was hard to do and I ended up risking a lot more than that on trades.
Well needless to say I beleive I’ve sorted that out and have recently become profitable after a strict regimen. Not going to get rich any time soon, but I believe my approach will keep me green if I stick to it.
Good luck, hopefully things will turn around for you!
My piece of advice… slow down.
Don’t even think about trading fulltime in a short period of time. This is a serious business and needs to be treated as such.
The joy of Forex is that anyone can participate, however that is also its very drawback.
You will not turn rich overnight or take a nominal amount of money and turn it into wealth over a few months. And if you have achieved such a feat you were lucky. And if you are relying on luck for monetary success, perhaps a casino is where you want to be.
Study. Practice. Learn how to trade.
Dream big, but do not allow your dreams to rush you or cloud your judgement.
Success in Forex will be a challenge that most fail at. Don’t fall for the same tactics others have used that left them in failure.