Lost my Forex Confidence

Beginner Questions
1

Hi All,

After trading a while with the Infinite Prosperity strategie it wasn’t really a succes. In the beginning I was really motivated but by the time I start having a doubt about those guys… And start to believe it was a good marketing / scam

Afterwards I start reading normal Forex books, and continue Baby Pips school.

but…
I do not know anymore what kind of indicators I should use (EMA,ATR, etc.). Or to make my own strategie. My mind is a bit twisted

I really would like to swing trade by using 4H,1Day,1Week chart. Who can help me back on track again ?
Using support and resistance to make an entry, but when Should I take entry. For example.

It was a waste of money / bad investment on those guys.

2

Hi Kev.
Sorry to hear about your problems, hope they didn’t take you for too much.
Stick with the school, or take a look at my own Newbies Guide.
I wouldn’t over concern yourself with indicators, if your looking for a simple, solid, system to get you started again you might want to take a look at the 3 ducks system

3

Sorry to hear that…

You may like to read this old (but very relevant thread):

http://forums.babypips.com/newbie-island/46497-thoughts-amy-sangster-infiniteprosperity-com-au.html

4

Hi PipMeHappy,

Thanks for your post. I read it before making this Thread. Should I see it as a confirm?

@Eddi
I’ve just read the 3 Duck System, but if I’m right it’s quiet short term right ? 4H,1H,5M. Anyway it doesn’t mean i’m not interested in the Strategy.

5

Hi,
Its shorter timeframes than you’re using, but you can hold the trades as long as you like. I use it as the basis for many of my Balls of Steel trades and my average hold time is 6-7 days

6

Investing meny in forex if obey golden rules just spent money that afford to lose, might if get fail and waste money it will not too much in regret I think, and learn standalone with demo account will better as early preparation because we will directly practice in real market condition use virtual money

7

Did you post in the right thread, Bearish? What on Earth has any of that (whatever it means) to do with the OP’s question?! :31:

8

Bearish is echoing what many of us have been taught.

First up is to use money that we can afford to lose - not a good way to approach any business, if I go into a casino then likely I would adopt such an attitude.

Then the ‘demo’ account, here maybe the thinking is way better, he suggests that the way forward in preparing for the business of trading is to use a demo account for the purposes of practising.

The confidence thing in trading is a major issue, I’d say that most of us have to face that somewhere along the line, it’s how we deal with it is the key - apparently around 90% give up.

Lexy, enjoy your posts.

9

Okay, there is one, right here :slight_smile:

Even Babypips, however, will never be like a real school,

where you are surrounded by peers learning the same

things and where you can ask questions AS AND WHEN

you need answers for them…

What a lot of us newbie retail traders would like, really,

is a place where you could go and interact with other

people at the start of this journey, while being taught

by experienced traders, discussing live trades as they

happen, getting told what we did right and what we

did wrong, there and then…

The wasted time and effort, and the lack of confidence

that comes from this, is majorly due to us having to learn

everything by ourselves on this journey… As much as I

talk online with people on Babypips, I would love to discuss

trades with them sitting next to each other, computers on,

same charts on our individual screens, so that we would be

exchanging ideas on the same trades…

How can you be a judge of your learning quality without

a teacher? Can you imagine a school where pupils only

learnt individually, without a classroom, without a teacher,

only from books and websites? It would not work, and it

would not work for a reason…

Learning is intellectual and fact based, but it is also greatly

a social activity, where validation and exchange of ideas

take place with a mentor/teacher/leader and learning peers

around you.

For this reason, retail traders trading without this support

are at the mercy of their own fears, of panic, of greed, of

irrational tendencies, of grandeur, of paranoia, and really

feel quite lonely both in their triumphs as in their downfalls.

Just my thoughts…

10

I give you…The Open University
Study entirely at home, alone, using a combination of text books, videos, and web based materials.
Thats were I earned my 2 degrees, one of which required 2 courses in French…part of the exams for those was a skype call with a tutor were he played the part of a prospective holidaymaker and I was the travel agent helping select the most suitable holiday based on his preferences, fellow travellers needs, cost, etc.

11

I also think that I have lost confidence.

Learning and trading since January 2016 and still losing money.

Now I feel that it is impossible to become a successful trader.

12

Nice one Eddie!

I applied to teach at OU and know the structure…they still have tutorials, it is not all hands off…

Plus, I was talking about schools, not universities…

As a teacher of music I can tell you that self-taught musicians eventually need a tutor if they want to shorten their journey or resolve specific problems… You cannot learn everything by yourself… A lot of the stories in the Chat With Traders series have one thing in common: that those traders’ problems.often only got resolved when they had a mentor…

Not everyone can learn trading by themselves, or do so within a reasonable time…

13

Make money with forex is not easy, I think will better if only work as hobby, using demo account, take part in contest demo and never investing money that will used on near future, indeed sometime we will down and less confidence with our loss, but sometime profit also will making us become over confident.

14

Yes it is a fact that many of the Forex traders are having a hard time in earning profits from their trading. This is also a reason why they have to make use of the Demo trading accounts if they want to become successful here :slight_smile:

15

5 months is nothing.

calculate at least 2 yearsbefore you see any profits and that only with a lot of work on yourself and learning going through books.

16

Thank you for sharing this! I do follow them very closely but haven’t put in any money in them or to be clear wouldn’t put in any money in any of the trading teachers/professionals out there.

But that Lewis guy from IP does have some good inputs in terms of mindset and approach! Gotta read up on that thread!

17

@r2theb2thec

About Lewis,
I really learned some mindset things. The way he approaches the market, how he started in the beginning. The IP Journal isn’t that bad.

But after a few months the “Power trend, Bounce, Reversal strategy” don’t really work by me.

18

My first 5 months trading Forex was no picnic either, taking lots of trades off of 5 and 15 min charts using over sold/over bought indicators was eating away at my account, fortunately I came to Forex with years of equity trading experience and good money management practices that helped keep my loses minimal. Finally I took a full two months off from trading and reeducated myself, First move was discovering Strong Weak Analysis, which is simply the practice of identifying a strong currency and matching it to a weak one, Second was learning to trade on price action only ( no indicators) and finally I stop looking at short term charts, I now use weekly and daily charts for tradable setups and drop down to 4hr and 1hr charts for final entry point. In summary I am trading with the long term trend, match a strong to a weak currency, and patently waiting for the ideal setup/entry using price action

Knowing what to trade is a big part of making money in Forex, here are the 5 biggest movers by % YTD. There is money to be made here

19

Have you ever read Trading In The Zone by Mark Douglas? It’s something every new trader and struggling trader needs to read. Have you backtested these strategies from this course before trading real money? Also, trading is 90% mindset and 10% strategy. To be honest you probably don’t have a strategy problem, more like mental blocks and fear issues, but hey I have to go by your word because you seem like a dissatisfied customer. There’s a whole bunch of strategies on Babypips, pick one that seems to suit you and back test it. If it gives you a positive result, your on your way to making $$$. If not then backtested some more. There’s the cowabunga system you should look into. And how many pairs do you trade? What is your money management plan?

20

I suffered by too many defeats even this month. It is very important for trader to be confident when trade. If you lose your confident then you can lose. Experience can give you confidence. So trader have to learn more and more.