:mad:Hello everyone I am new to forex.A few months demo and reading quite a bit here.I feel like I am in a slump or hit a wall in my learning.My profits are basically gone ,more like losses now! I have went threw babypips school and read quite a few threads here.I will not give up, but feeling very frustrated for now with my results after all the effort I have put forward up till now.My question is I guess can anyone else relate to this.Is it just the huge learning curve.Or do I just suck at this!!!:mad:
You definately have the correct attitude to be successful. I can tell you that I have been reading / studying for approx 3 years, i traded with demo for a long time and then lost my first $400 on live account due to the excitment of using real $$$ and not following any of my rules. I felt the same way you did but just kept at it. I am just finally starting to make consistent demo profits because I removed ALL emotion from my trading. I don’t try to get more pips out of a trade, instead I just take my profit when they hit my targets and move those stop to BE ASAP since the number one rule is to protect your capital at all cost. You also have to watch out for news events. You may think your system is failing when really news just came out which could cause your stop to get blown through. Only practice will make you a better trader. Stick to one or two pairs to get the feeling for how they move otherwise you will just confuse yourself and you’ll basicallly just be gambling rather than trading.
Also make sure youu use the K.I.S.S rule (Keep It Simple Stupid :D) since for the longest time I tried every indicator under the sun on my charts and they looked like spaghetti. Now I just have a few MA’s, MACD, and Trendlines which is all I need.
Lastly, Never give up!! I know I won’t
No worries friend, your among some of your kind. Im still demo trading (aka paper trading) and i just broke through my wall, pretty much what you put in is what you will get out of this. i put 200%of my time and dedication in this, i eat sleep and yes literally while im in the bathroom doing my biz reading books and forums.
1-practice practice practice
2-stick to 1-3 different currency pairs and learn their [B]market behavior[/B]
in your case 1 currency pair for now
3- read until your eyes bleed, soak up as much knowledge as you can ( i suggest 4x made easy as a primer)
4- develope a strategy that works best with your psychology ( 90% of trading is mental) start with some of the systems here and add/remove what works for you
5-perfect your strategy, backtest and retest
finally the rest is up to you! hope this helps you find your way if not ask away any and all questions this site god bless it is here to help others
It seems like everytime you find a new system they are profitable for about 2 months and then they fall apart. And yes everybody has the same problem that you are having. Anyone that says that they learned this in no time is lying and you should stay away form them.
As for now study, read and demo until you bored with it. Then study some more. Find what works for you. If you think that you should buy a program or some software then goto youtube.com and just type in indicators and you will have all you need.
It certainly sounds like you are committed to learning and succeeding. On that note, the simplest advice i can give you is to make the concious decision here and now not to quit. A large majority of traders fail not only because they go bust, but also out of frustration from moments much like the one you are experiencing now. Stick with it!! Make the decision now and every time you get into a slump remind yourself of that promise you made to yourself. You have not failed until you decide to quit. Until then everything is just leading you one step closer to success. Difficult times are necessary for you to achieve and appreciate the success that you will ultimately attain by just staying the course.
I’ve been at this now for 3 years and i have only just broken through in the last year. Give yourself some time.
2 more specific suggestions i have are the following:
Make sure you have a well-tested system. This is the only way you will have confidence in your decisions. If it is a discretionary system that is not easily back tested then make sure you forward test it until you have at least 2 consecutive months of profit. Then move to a live account trading very very small position sizes, gradually increasing your position sizes as you gain confidence. Experience is your best teacher.
Since you are already reading alot, make sure you add Mark Douglas’ book “Trading in the Zone”. Trading successfully is alot more about mind set and proper expectations than it is about any kind of system. This book will help put trading in the right perspective for you and might even help you get through the tough times a little easier.
:)Thank you for the responses. I was hoping to get this kind of feedback.I am very determined to make it .I have alot of reasons that push me towards my goal. I understand when you say reading in the bathroom too raging bull.I spend every spare moment studing. My wife says I am addicted.I check my demo when I get up in the middle of the night to take a leak…Maybe I have issues LOL.Well thanks again everyone good trading!!!