I have been a silent reader of babypips for past 4 months. My story is quite usual, i started on demo, got lucky over next few days, put in some money, and blew it all, since then i took a huge step back to study. I tested throughly more than 5 systems, looked into scalping, day trading, swing trading, price action, millions of indicators, and after all i am leaving it in frustration and desperation.
I have been running 2 businesses until last December, and it all just stalled.
There is no jobs in my country /one of EU famous ones/, and my hope on living on forex is gone. This is sad for me, becouse i really like it, it takes amount of my time, but results are not there. However my demo accounts show 45-80% accuracy in judging trades, i must be doing something wrong, that makes them melting rather than growing.
With a second child coming in 10 weeks, this lack of hope hits my well being quite much.
I wish all Newbies a great success, and i think i am a perfect example of it - it is not a way to make money, at least in your first 4 monts.
yup, FOREX is not for everyone although it’s a greatest investment vehicle for your financial freedom! that’s 95/5 ratio. Best of luck to your future and I hope you’re always keep in mind about babypips and its fan.
cheers
Its not for everyone but i really do believe if you want something so bad you will achieve it. It seems to me you have alot of other commitments such as business and a child so it is hard to fit everything in. Maybe you will come back to it a few months or years down the line. Never give up
Take years to master it, not months. Sorry, if you want to find quick bucks, forex is not an option. Traders usually loose a lot of money in their first years.
Yes, ill hold my hands up and admit that I burnt three $1k accounts in my first two years of live trading. Another two years later down the line, and with more ‘realistic expectations’ im making profits which are far more consistent with a trading plan that’s been cut down to about one third of what it was when I first started.
It really goes without saying that the unspoken rules of trading are:
Keep it simple
You wont make fast bucks from the offset
I remember when I was at that naive stage of being Mr Know.It.All. Reality can sometimes hurt, but you need to face it in order to learn and move on.
Don’t look it as right or wrong. Accept the fact the vast majority of your ideas will be wrong and start reliying on the fact that the few right ideas must overcome the wrong ones.
Each of us entered trading looking for “easy” and “quick” money. Forex is not about those two at all i know that now, and you knew it earlier.
I absolutely love my charts, i like making them more homy by adding SR levels, drawing a bit here and there. I dont know, i just like it
…your comments made me realise something very obvious:
On demo account, my profitable trades % was beetween 40-80, i liked to take a peak at the end of trading day. That result includes all silly tests, walk aways from pc and returning next morning - just to see what will happen, especially at the very initial stage.
But my point is… if i have up to 80% accuracy days, that means that the only thing that needs polishing is… money management + tighter SL points.
is there a hope then? would i be right?
Yeah there is hope, it just takes time man, simple as that…
Just give your system time to evolve, IN YOUR MIND.
Keep chippin away, day by day, and dont expect the pot of gold just yet…
Your obviously involved, and there seems to be some sort of a Love for the Game, But you need to look yourself in the mirror, and decide to jump in feet first, and concure this Business, With all you got, or just walk away.
With Forex, I believe you must prime the brain daily, as it can take many many chart hours to build an intuition, and patience.
The only Person that knows what you want, is YOU.
The business is right in front of your face, so decide to grab the bull by the horn, and get crackin…
My advice, start out with money that won’t matter to you if you lose it to the market.
If you had 80% accuracy on the demos it is clear that your emotions and MM got in the way.
Just don’t try to make millions until you gain some confidence and are sure that your system works.
i know that now, and you knew it earlier.