I'm sick of waking up to an account that continues to plummet into the red....help!

Beginner Questions
1

Alrighty guys so I have been contemplating writing on the forum for a while, and now that time has finally come. I have read a handful of books (10 Essentials of Forex Trading by J. Martinez, How to Trade Chart Patterns Like the Pros by Suri Dudella, and Forex Made Easy by James ****s) and this website numerous times, yet to no avail. I’m beginning to think this market is way too unpredictable and I’m finding it nearly impossible to maintain consistent profits.

Are there any other educational resources you guys recommend I check out? Books, websites, classes, etc?

Anything helps, thanks!

2

Don’t know where on the planet you hail from so I would suggest this. Don’t trade Sunday (unless your a proficient gap trader), don’t trade the Asian as it moves up and down at generally a snails pace on micro levels of S/R. So that just leaves London open and London/ New York followed by New York. These are the higher liquidity times. Without details of your strat thats the best I can offer.

3

Definitely follow RC’s advice, he knows what he’s talking about. As for educational resources I’d recommend:

http://forums.babypips.com/newbie-island/36328-what-every-new-aspiring-forex-trader-still-wants-know.html

Everything you need to know is in this thread. Mostly, on the first page in the videos. Go through them 1 by 1 from top to bottom. After that there are a couple other threads that I’d recommend you read as they will help you too.

4

I second that, but also get involved in the threads, that is one of the best ways to learn, in the discussions.

5

Absolutely. Read read and read. And then discuss and ask.

6

And another thing, don’t trade EAs.

7

Hello,

Well first of all: if it’s any consolation we’ve ALL been there at SOME point another!!! LOL!!!

Of course: there’s the hard way (‘information overload’) or there’s the easy way (i.e. visit my homepage)!!! LOL!!! No ‘secretive’ PMs required (as I’m about to note on another thread on very much the same topic).

But do bear in mind: I’m a long-term trend trader so if you’re looking to make 900% ROI every day that you trade then don’t bother visiiting my homepage because ‘it ain’t gonna happen’!!! LOL!!! Put it this way: I believe it’s about as close to ‘trade by number’ (you know: ‘paint by number’) as you’re going to get BUT DO YOURSELF a HUGE favour. It doesn’t matter WHO give you advice or assistance or trading systems that are (supposedly???) profitable. Unfortunatey you DO have to do a whole lot of work on your own not LEAST of which is to PAPER-TRADE (not automatcally backtest) ANY trading system over a GOOD LONG period of time. Asking somebody for trading results and proven track records??? Such repcords are very easily ‘massaged’ ESPECIALLY if there is a ‘fee’ involved. Also: by PAPER-TRADING you’re getting to know, and building faith in, whatever your trading system of choice is so that ‘at the end of the day’ you just take the signals and don’t try to ‘second guess’ your trading system using some form of ‘fu*ked up human logic’ (because nine times out of then your logic will be wrong)!!! LOL!!!

So while I feel for you: it’s ‘doable’ and ‘solveable’ believe it or not!!!

Regards,

Dale.

8

Very well said, I will say.

9

Wow, thanks for all the good info guys! I am in the process of watching videos from ITC. Time to head back to the demo account for now…

10

Easiest way to stop being in the red is by getting your money out of the market. Demo and learn. It’s free. Think about that for a moment. What other industries do you get to have real world experience to determine success without even putting up a dime. Demo trade till you get the hang of it. I think new traders, myself included at on point, thought that you had to have money at risk to think you were actually serious about trading.