Please help and help. I have been practicing for awhile but not consistent profits. am I fit for this forex trading businesses. Since it is a business I am fit in. God bless.
If you enjoy to trade regardless of how much profit you make or dont make, you should keep at it.
If your just in it for the money but dont truly love to trade, this might not be the business for you
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Focus on one simple strategy. List its rules, make sure they are objective. If the strategy is losing, vary one factor at a time until you are sure that is not a main cause of losses. Keep records while you’re doing this.
Also pay attention to the market a s a whole. Right now, most forex pairs are pretty flat on weekly charts so moves will probably be slow and limited, with quick reversals back into range. Even the best farmers don’t grow anything when the whole country has a drought.
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actually the strategies we have not works for all time , its so irritating. sometimes i feel there is nothing in Fx which is permanent. its all about temporary session.
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That feeling is correct, there is nothing permanent in forex. But a strategy that works will always work, you just can’t always apply it: so e.g. if you use a trend-following strategy, you can only apply it when the selected market is in a trend: if the market is not in a trend, that does not mean your strategy failed.
If you use the strategy when it should be applied but it fails to work, then you have a serious problem. You must revise the strategy. In that case it would probably be wrong to say that you had a good strategy which then failed because the market changed - more likely it was a poor strategy which by the law of averages gave you a run of wins. Tossing a coin would do the same thing.
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Did you try to change your approach/strategy?
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First of all you need to find the reason of such situations. In other words, you need to know exactly whether the issue is related to your strategy or the way you use it. So, you can start with the examination of your strategy to find out wthether it is profitable itself. For this purpose, you can backtest it using special software like Forex Tester to check the efficiency of your strategy. As the result, you will get a detailed information on its performance in long term perspective that will help you to improve your trading substantially.
If the strategy works well, the situation could be related to some trading decisions you make or actions you perform. For example, you can open positions too early or close them too late, or make emotional trades. You have to figure out the exact reason of losses to be able to deal with them.
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Hi Adealab-7
I have been trading since 2004, and changed to Forex in 2005.
There are times I am still not profitable, but mostly now I am.
You have not told us anything about how you trade, so I will ask:
- What pairs do you trade?
1a) Are you strongly familiar with one or two pairs, or know just a little bit about all of them? - Which Time Frame (TF) do you trade?
2a) Do you like the lower TF - 5min to 1Hour, or do you like the higher TF - 4Hour to 1Day? - Do you use Indicators?
3a) If you use indicators, how many are on your chart, and what are they? - Are you a patient person, and can wait for a trade to mature?
4a) Or do you like to see quick results and take profits quickly? - Have you completed any training such as Babypips School of Pipsology?
Learn How to Trade the Markets
5a) Or are you self-taught by playing with demo account and watching and reading what others are doing? - Are you using a live account, or a demo account?
The next two questions are very important:
7) Are you risking more than 2% of your account with each trade?
8) Are you trading several pairs at once?
These are the basic things you have to have settled in your mind, so that you can develop consistent and firm knowledge of your currency charts and pairs traded.
One more thing which is vital - do you know the difference between trending and ranging price activity?
I have been where you are now, so I feel for you.
When I started this, I thought: “I am not the brightest person around here, but neither am I a dull person, so if others can do this, so can i be successful.”
But I didn’t realize the very hard work in front of me - in fact more than that - I was so stubborn that I refused to believe the problem was in my mental approach to trading. I used to blame the brokers for hunting my stops.
Brokers really can appear to do this at low volume times in the market, when spreads can widen by more than 20 pips - news releases and at times when Tokyo and Sydney are coming online for the day, for example. At times like those, if your stop-loss orders are too close to real price, the widening of the spread can cause your SL to be hit.
There are so many of these things to become familiar with, and I have no doubt a lot of what I am saying you are already aware of - we traders learn the hard way sometimes.
I’d like to hear back from you to hear how you feel about these questions and so on.
Good luck with your adventure - I am sure you will get some useful suggestions here.
Ivan
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Thank you as treated all that is affecting me. Please can I be contacting you through this forum from time to time because you know all my shortcomings. Thank you and God bless for the encouragement.
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Adealab-7
Of course - you are very welcome to post here.
All you need to do is ask a question in this thread, and I am certain many people will come to help.
You have a lot of information to process from the responses already given.
Are you looking for something specific?
Take courage - help is at hand.
Can you please tell us what you have been doing?
Things like your time frame (15 minutes or hourly candles or maybe 4H) and do you have a strategy you could share, so we can comment?
That would be a good start to a discussion, and perhaps lead to a simple solution to your problem.
Do not blame yourself because trading can be tricky, and all of us have been through this.
Hi @adealab-7 Trading takes patience , if you study the biggest investors they have all had losses.So hang in there.
Are you learning fundamental analysis, as sometimes it makes sense to study how markets work so you know how to trade them ?
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Thank you and God bless you for assuring of the good things to come with patience. Regards.
Grateful for your support and help. Thank you again and again.
Ivan
Brilliant response but I think no. 5 should be the first and most important. Going through a comprehensive curriculum like Babypips should be the starting point for anyone. Youtube tutorials look very attractive but you will surely get lost without a solid foundation.
i love the consistent, but difficult to maintain it.
It’s absolutely normal conditions no matter how do you work with it anyway. We can do something to help you but please answer to the questions of the last poster, I tried to add something but I may not cause all done very cool in that moment.
Thank you and God bless you. Would endeavor.