Guaranteeing a stop loss is a sure sign that you are dealing with a broker who IS a Market Maker where your own best interest may not be put first. Market Makers are something that we retail traders try to collectively avoid, and for good reasons too. Over the past number of years even brokers have moved away from the ‘market maker’ business model as it’s becoming common knowledge that it’s not what the retail market is looking for.
On a side note though, in the real world of trading there is no such thing as a guaranteed Stop Loss. This is something we all have to live with and is one of the risks that is outside of a traders control. Chances are, also, that you’re paying inflated spread for the luxury of a guaranteed Stop Loss with the ultimate disadvantage of price data being manipulated for the benefit of the Market Maker broker.
Forex business is very risky business many people quit trading just because they don’t have proper knowledge and experience so first and foremost step is to learn more and more in demo account and then switch to live account so that we can survive the risky market.
Hello Sparxy! Please, don’t lose your hope too early! Not only you, but also all of new traders start theur trading career with the same result that you made! By the way, tell me about your learning process! Didn’t you complete BabyPips School already?
It is your choice to Give up or not. If you failed so many times then you should start with fresh learning. Take a break and start with education than coming back with a good mood of trading.
There is no need to be disappoint , you should spend some time to demo to gain knowledge and trading practice. When after many efforts you are not able to understand market then you can decide leave forex or continue. Some hurdles are there that can be solved.
All traders have a hard way coming to what they r now. It not a easy road, sorry to disappoint u. U need alot of practice, learning price action… Ect… No one can stop u if u want to give up. But… Remember, rainbow is always after rain.
It is with all traders some times we are happy others are bad times when it is hard to define market trend specially market goes reverse as one open any position. To realize all this and react it carefully all need a lot of practice as well as patience in trading.
The very reason why we say forex is the game for those who have patience is because of this. You have been into this system for only 4 months and your already frustrated.
My best advice will be to practice in demo for another 6 months to 1 year before you go to live account. Learn well and start trading again.
I remember lexys saying a minimum profit factor of 2.0 is essential. Any number below 2 means you have failed. Try harder. Get a sample size of 300 trades and maintain a profit factor of 2.1 or above per month.
We should not give up in trading and should focus on improving our trading day by day. We should first make a plan and test different strategies in demo account and it will enables us to achieve reasonable profit from risky market.
2:1 RR, 3:1 RR or even higher is ideal. Anything less then 2:1 RR should probably be avoided.
Im in the minority when it comes to TPs. I always use a strict SL based on TA, but I never use a TP. I do however have a pre trade gameplan in the event price reaches certain levels.
I adjust my SL at predetermined prices, but I prefer not to place a cap on profit. I rather let the market take me out as my SL climbs or I will exit my position if recent PA dictates I should do so.
I think this gives me the best chance to allow a winning trade to run. It also allows me to close a trade out in profit as opposed to having a winning trade with a set TP that eventually gets stopped out prior to hitting that TP.
Now you are in a learning session; so don’t hesitate to use multiple trading strategies to identify best strategy’s name for you! Yes, there will be so many ups and downs; but don’t be frustrated!
Getting loss and becoming frustrated is not the positive attitude, so we should always learn from our mistakes and never think to give up this business, we should continue and should learn from our loss in order to survive efficiently in this business.
