I have been near of the market about 5 years, but never putting all my effort in trading.
I begin with an amount of 100k usd to “manage”… but sadly it all gone… the price of learning here?
Now I have since the beginning of the year being more cautious and trying to improve my trading on my actual account. As you can imagine I dedicate my young life to trying to live of this, and as a money manager because of the big amounts, I can get some commissions, but I found it very hard to increase the account without diminishing gradually the original amount.
So now Im almost crazy, because I need to start being profitable or at least mantain the capital getting my commission clean and bring more money to have a good monthly income and the possibility of return some money lost.
I start on forex instead of other job for the best chance of making money, but now I´m worse than if I had been in another job, financially and mentally!!!
Definately this is not easy, and I have serious doubts about someone being profitable on forex… It seems like sooner or later you will lose part, or all of your money!
As I´m in it, I´m trying to be optimistic and improve every single day, but because of my actual situation many doubts invade my mind. Anyone can say something?
Comments, advice, tips, encouragement, all is welcome!!!
As I understand from these 2 sentences, maybe you should take a little rest for half or a year? It does not worth it. All in all, even the Great Suleiman of Ottoman Empire couldn’t bring anything to his grave. So just relax, nothing is more important than your health.
Yikes! Sorry to hear about your losses. It seems that you’re in a bit of a rush to make a lot of money or commissions so I recommend that you take it easy and focus on developing your strategy and risk management techniques first. I do agree that it’s definitely not easy, but it is certainly rewarding when you’ve put in the time and effort to fine-tune your process. Just stick to it, record your results and trading decisions, identify your weak spots, build on your strengths, and don’t lose hope!
Forex trading is rewarding but for this, you need extreme patience. Remaining in a trade every day won’t bring money in your account. You have to be selective. As you said you have access to big capital so less trades per month but good one can bring you good commission.
Thanks gokay, but I don´t see the point of taking a little rest…
Im 31 years old, so I need to work, otherwise what thing will be my livelihood?
I prefer maybe take 1 month of, practice only on demo or something like that… because nowadays due to my situation, I think that the market is vs me in each trade. And Its incredible, but I can´t win a day of an important way, I mean, maybe I win just 7 pips or something, but when I lose its for 20 or 30 pips… so I dont know whats happening to me?
Hello PipDiddy, thanks for the attention… I think that you are one of the living proof that you can live of the market?
Anyway… as I see you are a honorary member here, I would like to know your opinion especifically about my case, but I dont know how because I dont know what you can do or dont here in the forums… So please let me know your comments… Gratitude!..
Hello forexcrisp, thanks for participating…
Actually you are right, I need more capital to be more selective with the trades I take. But the thing now is that I´m having trouble winning a single opperation!!!
Are you profitable now? You live of this?
Regards
Hello David, thanks.
Do you are profitable actually?
I would like to take between 3 and 5 trades per day, with a small lot size each one(depending my portfolio) but win the day already with my commissions…
Change your focus from profit to risk. Focusing on risk is what in the long term will give you profit. A successful money management can plan can be verified by results and is more than a certain % of your account. You can learn patience and discipline, which is different for every trader, you have to learn and practice what works for you. You can test and tweak a money management, patience and discipline strategies, by using a trading method which again is different for everyone on a demo or a small live account which ever works for you.
Sure thing! It is indeed very possible to make a living off forex trading but, as some of the folks here already mentioned, you also need to invest a lot of time and effort in developing your strategy first. And that’s on top of the capital you need to build in order to make the most out of percentage gains. It also takes a bit of time to hone the psychological and mental fortitude needed to stay on top of the game even if the markets are volatile or unpredictable.
My suggestion, it is better to learn about forex in knowledge and then try to implement it in demo account before you decided to become forex trader with real account so you will know the risk in trading (not only from theory) personally and you can consider to become trader in this business. With this thing, you won’t regret your decision to run forex business so don’t look on other’s result of trading only because different person can be different result.
I, also after losing a small fortune by relying on commercial EA’s decided to come to a complete halt and start over, this time manual trading. What I have learned the last few years is merely background.
I would suggest you go through the school of pipsology - I thought I knew a lot, and boy… was I wrong.
Once you have figured out a strategy for yourself, open a live cent account (it immediately deals with the “real-money-psychology” then take it from there. As mentioned here by someone else, link this account to a analytic tool and analyze where you have gone wrong.
It certainly is not an easy road, many give up - but if you arm yourself with a lot of knowledge that you can apply, it can only go better…
Hi Mr MoneyMaker, just a thought, but is the broker you use reliable?
I have heard that some can use particularly nasty tricks to make you lose your money…
and if you have had such a bad run after such perseverance, maybe this is why.
To be honest if you are trading with a ECN Forex Broker then you will not have any such kind of problems and you can carry your trades and earn a good income from them
Hello daveylibra, I was introduced with the broker through an IB (people that i Know) and being honest, maybe they made small tricks, but nothing big to make me loose the money, I mean it was not their fault. Thanks for the comment!
Hello Rihan, how is it going now?
I read your case and I´m sorry, we have similar cases. Are you now strong emotionally? and are you getting better as a trader?
Let me know your actual situation
Regards
Actually my broker is forex.com, do you know them?
They are a big broker house and until now my contact there is very kind and effective…
The technical problems are almost insignificant
What ever broker you are working with the main thing is your skill of trading . Analyze market well .Think and plan before trading what risk ,leverage and lot you will use in any trade. You can get benefits of experts and technicals if you are sharp to understand these tools. patience and discipline is very important to make profits with your investment.
