I'm sad and hopeless

i learned a lot in forex and i read a lot of books, i have a lot of knowledge, but i still lose money … i feel hopeless and i don’t know what to do to next… i need your advice

Welcome @abdelrahmanelkady. The first thing you need to do is take a mental break from trading. This doesn’t apply to just trading, and I can attest as a software developer that sometimes when your stress level grows too high you just need to unplug. Sometimes that rest is what you need before you can continue to grow.

Now specifically to your situation, I don’t know what method you are using and all of the details therein, and I don’t really need to know, but I will suggest that you 1)Take a break from live trading, and go to paper just to get your emotions out of this first. 2) do a ground up refresh on the subject material. Go through the babypips school, bottom to top, and take your time to let it sink it. Consider it hitting the reset button. 3) Read through some of the threads on here and decide what trading method works best for you. There are some very mechanical strategies such as 3 ducks and strong/weak analysis, as well as some more traditional trading methods such as Harmonic Patterns, Technical Patterns, Candlestick, etc. You can find good threads on the babypips forums for all of the above mentioned. Then make it your mission to learn and begin mastering one of those strategies until you become long term profitable on your paper account.

As you found out, reading a lot of books doesn’t equal success. My guess is that you have read so much on so many different trading techniques and methods that you’re trading is just a hodgepodge of everything you read. I could be wrong, this is just a guess based on other people I see in your situation. That is why I suggest going back to paper (after a long break!), and then choosing a trading method/discipline and begin mastering that. There are so many other suggestions I could make but in the spirit of not overwhelming you I am just giving you the most broad suggestions to help moving you in the right direction. Do keep us up to speed on how your trading progresses!

8 Likes

1.Find a Strategy that works.

  1. It must be proven to give a Return that you have as your goal from Forex…10%…20% per month or per year etc…

  2. Understand everything about that strategy.

  3. Practice the strategy on a Demo for 3 to 6 Months. Ensure you become familiar with the strategy in all market conditions.

  4. When ready…go back to Live Trading

The problem many of us have is that we dont know what we want from the Forex and/ or choose a strategy that has no evidence of positive results. This causes us to use them for long periods with only losses being the end result.

This I believe is what leads to most of the frustration encountered.

1 Like

How many months? Please, don’t lose your hope yet if it’s less than 2-3 years! Now, you need to practice more and more in the live trading chart, so spend more times on your chart.

That’s not true, that means you have to learn more! How can you say, you have enough knowledge when you are unable to make money?

1 Like

well if you’re just trading just to trade without developing some sort of strategy, then it becomes pointless

If you have a lot of trading knowledge, I don’t know why you hopeless, I think you have to emphasis on trading discipline. Good luck

1 Like

yes , discipline is the key to success in Forex trading but in practically we the traders fail to keep it due to emotions when trading.

Do you use stop loss? Are you sure that you control your emotions? Most of the problems come from an inability to keep control over your unconscious actions, i.e. reaction to stress. It happens when you are losing or vice verse when you make gains and still afraid to lose and forced to close position earlier.

2 Likes

If you have learned a lot then practice it on Demo until you get the desired result then start with real trading.

According to me, if you learned at lot, it is more appropriate to use this knowledge in a live account minimum with small balance; it’s really supportive to acquire real trading experience.

sometimes live account make beginners greedy and emotional , problem is here.

Hang in there! I hope you haven’t lost all your money.
So what do you mean by having a lot of knowledge? What courses did you take? It seems they weren’t very good :S

trading practically is the best course than others , sometimes we think bookish knowledge can play an important role in Forex trading but actually not. only practical trading knowledge is real.

Bookish knowledge tells you what forex is how it is traded practice will tell you . .One can not do practice without knowledge then much practice will make him sharp and successful trading when he will learn all about trading ups and downs.

I will advise you to direct your efforts to News Trading. I was like you once minus the sadness and hopelessness,i knew Forex was a very risky venture so i was psychological prepared. What most people don’t tell beginners is that most people use Technical Analysis,which most of the time is Speculation.
Majority if not all peg their strategies based on Technical Analysis. As a beginner i used this type of trading until i stumbled upon the Economic Calendar and i finally realised what really moves the Market.From CPI,RETAIL SALES,GDPS,EMPLOYMENT REPORTS ETC. I observed these News Releases and sure enough new trends were created based on the outcome of the relevant news. With that said i will urge you to this approach.

1 Like

I guess the economic news are only part of the fundamentals, and they can be complemented with geopolitical news.

Generally bookish knowledge is more appropriate for the traders who are particularly beginners , it’s all about basic information , real trader always try to depend on manual trading , it’s a part of real professionalism.

Have you developed any trading strategy? Or you just use random trading strategy? What’s you risk reward ratio? Do you have anything specific? Do you follow any risk management system? If you don’t have valid answer to all these questions, you are doing it wrongly years after years.

Professional traders rarely do manual trading because of its speed disadvantage. They rely on sophisticated algorithms which spread risk across trades and the flow of trades make the result eventually converge to expectations - profit