Same here man. I’m not sure what to do at this point either. But I can’t stop now, the sunk costs are too great. I simply won’t be able to reconcile those losses psychologically if I just stop trading completely. I have to crack it, there has to be a way…
With respect to finding an “edge”, here’s a small piece of advice that really helped me and changed my perspective on trading:
Winning % is OVERRATED.
Some of the best traders on the planet have a winning % around 30 to 40%.
This realization has been the most significant aha moment of my trading career.
Good luck to everyone and happy trading 
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If you really want to succeed the answer is very simple: get a mentor.
If you travel this path alone it will take you much longer, and your odds to succeed will be lower too.
And not all mentors are good, you need a proven successful mentor who has wide experience and has achieved consistency.
I know by experience (and common sense) that one person can learn almost anything if he has the right coach.
If you’re really determined to reach this goal, hire a mentor, a true trader one. For sure that will be good spent money.
Where to find them? Just ask successful traders on the internet, sure one of them will agree.
Wish you the best.
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Yes market is the combination of mass people emotions. The ability to accept loss doesn’t come easily. You can do so when you know your strength and weakness. You should know what you are not able to do. Suppose I trade only GBPUSD. Now if i think that other people are making more pips by trading several pairs so I will also do. Here you are taking decision by peer pressure not by your ability.
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Find a really simple strategy that works, like 3 ducks or ribbon systems that are both here, just type in the search box
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Without solid mentorship profitable trading becomes hard to achieve, you’ll take much longer to get used to it. Check for Projack videos on YouTube. Look at tradingview.com you’ll see a lot profitable traders sharing their trades for free. I use price action as my trading strategy. You don’t have to use it, but you can begin there.
Have you followed any of the articles written by the FX-Men on this site?
If you’re spending that much time and still end up with bad outcomes, itt’s probably due to:
- Inadequate reflection
- Poor risk management (excessive position sizing)
- Lack of discipline to stick with a system and constantly switching to new ones
As trader journey has many kinds story, there are so many worst story like as fail and fail again, if look on statistic more than 90% trader are fail and only left 5% trader that able generated good income from forex, I think this is not kidding but closer to be true, main problem is market very dynamic and unpredictable, but still possible making good trading result if we understand what we do, only enter according our system and learn to recognized kinds of trend market
Learn one setup, master it, trade only that setup… and you will succeed.
That is all you have to know, one setup.and use it over and over and over.
You do not have to know very much, just one setup in order to make your money. Practice the one setup until you know all about it… Forget being an expert, forget all the forex books, just learn one setup!
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This what you will do, first, go to forexfactory.com and see currencies that are volatile and also the ones that are weak or strong, then ensure you buy strong currencies or sell weak ones, then use your indicators to ensure that they confirm to the order you are about to make, always check for candle stick structures, and ensure that the forming candle closes above the the high of the bearish candle at your left if you are going long and vice versa, you can start with a target of 10 pips, then with time you build your confidence. Also go to YouTube to see videos of other traders to have a better understanding.
AMIGO saludos igual lamento que estes desiluionado o desanimado…esto requiere mucho sacrificio y constacia…si desea puedo ayudarte con lo que yo aplico metodo y estrategia…me avisas y lo hacemos por un zoom…siempre a las ordenes …pero si te gusta esto no te des por vencido lucha…
I agree, it is difficult to implement in a Forex candy shop but it is true.
We all or should I say 99% of us get lost playing this game. Take a break is the first step, clear your mind. Regain your mojo and go again. The magic is not letting the loss hurt you, like a boxer you have to take the hit, get back up off the floor and hit back. Look at your charts, look at your losses, what happens with price once your stop loss is hit ? It either keeps running or turns around. Make a plan B for what to do next time your stopped out…and do it.
Just search “The Forex Cycle of Doom” at Youtube. Perhaps this video might be helpful in analysing your failure in Forex market.
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@tommor, the simplest strategy. All trading is bottom line based of price action without it there is no market, no traders.
The market ebbs and flows, it goes up, goes down or sideways. Learning to read the structure is key.
Why are you telling me this?
You’re not wrong, its just a truism.
@tommor, thanks for the clarification, yes I agree as a truism. As a new trader it only took me a year to figure that out. I see so many new traders that just want to use indicators instead of learning to read the road signs. My target was to help traders and not necessarily you understand just how simple it can be.
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There’s nothing scary about a trader losing his or her deposit, it happens a lot, especially amont unexperienced traders. The important thig is to conduct an analysis and identify mistakes.