Think twice working on Forex!

[MrMoneyMaker]

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.

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!

[MrMoneyMaker]

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..

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

[MrMoneyMaker]

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

[imbest]

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.

[oceanmen]

Hello MrMoneyMaker

I think you got some good tips from Archie, Pipdiddy and others here. Sorry to hear about your loss. Just dont give up. If you dont want to take a break, start again with a smaller amount or with the same amount but with lower expectations (10% a year is not bad at all vs the risk free rate) and tighter risk management.

[David_Branco]

This post was flagged by the community and is temporarily hidden.

[rihan]

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

Hi,

I turned to learning some good manual systems and it looks promising. A bit early to tell, but so far all is well. I wish it happened sooner, so I started with my manual system sooner.
It was back to the drawing board for me.. Everything I knew was just background info.
Hopefully I have found a system that works for me..

[MrMoneyMaker]

Hello MrMoneyMaker

I think you got some good tips from Archie, Pipdiddy and others here. Sorry to hear about your loss. Just dont give up. If you dont want to take a break, start again with a smaller amount or with the same amount but with lower expectations (10% a year is not bad at all vs the risk free rate) and tighter risk management.

Hello oceanmen, thanks for your comment.
Can you be more specific about (10% a year is not bad at all vs the risk free rate)... you mean, if I win 10% it´s good? The thing is that I get commissions each trade I put, and the result for my clients is apart, no matter if the trade won or lost, I mean I can get 3% of the account on commissions, and the result for the client is apart, could be -10% of his capital or 7% won

[MrMoneyMaker]

Ok, so I havent prove it yet?
No doubt that hope dies last...
I wish you luck on this. I have started again, and now my lot size is smaller, and I put a tp and sl, and I´m only a intraday trader... this at least have me a little down on the account and getting commissions.. but I still need to improve

[RiskYourProfit]

One of the first steps you should do is go through the "School of Pipsology". The once you have read and completed every second open up a demo account and practice one of the many free strategy's listed in the forums or develop your own.

I have been near of the market about 5 years, but never putting all my effort in trading.

One of the main problems is in your first sentence. Why would you manage other peoples money when your not going to give it your all. If I was letting you manage my money and saw your not putting all your effort into trading I would withdraw my money, and let others no they are wasting theirs to be honest. You must have had some sort of track record that shows you have had profitability over the long run with your own account right?

Do you are profitable actually?

For a more clearer image see here https://www.mql5.com/en/charts/4009103/xauusdecn-m5-tallinex-limited
You can be profitable,you must have the right mentality.

[anon90059342]

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.

This is great advice. I'd also start a journal that documents your thoughts and actions as you work through your charts.

[David_Branco]

This post was flagged by the community and is temporarily hidden.

[Robin.Darby69]

Hey, man. Sorry for your loss. I understand you - I`ve lost almost 10k at trading and gave up. Of course it is not compared to your loss. I started autotrading wit AI software - no stress at all and 4% profit per mont (I think its even better than 10% ))) ) + they cover losses if the trading day is unprofitable.

[Nathaniel_Imas]

Forex being the largest currency market of course has some inherent risk elements which make it a highly competitive and risky market place. So while you are thinking about coming into this world market you have to think twice about its infrastructural benefits and disadvantages of it also. I believe that if your learning is appropriate then you will certainly survive here but a little bit cautions will be required with good trading platform and trading techniques.

[Butter_Kiss]

No doubt Forex is the largest market in the world but it also has some risk facts which must be considered before joining this work. Not every other person who join this market can survive it till the end.

[Navs24]

Hey dude, this post was createt 2015. What about now? Are u still trading?

[Navs24]

And what about money… have u returned it?

[Chris_Lynn]

Every faction in Fx trading contains huge risk, I admit. But if we can observe some mandatory trading rules Fx trading can be profitable but practically majority become loser from here , because they try to earn maximal result without learning.

[FerdousAzam]

No one should manage other people fund unless he or she has proved himself or herself. If you are consistently marking money over few years, only then you can manage other people fund. It seems you do not have any proven trading methods. Trading requires specific knowledge and skills. Along with Knowledge and skills, trading psychology is also very important. You should take a pause and rethink.

[Butter_Kiss]

It was an old post to reply. No need to push any old thread because it might be the person is not active.