Can ANYONE help PLEASE ?

[Jusco]

I have been trying to work out this forex business for around 2 years now. I don't know why, but I am still pretty much clueless. I would be happy to make just 10 pips a day but don't seem to be able to manage even that lol

Anyone else in a similar situation ?

Any suggestions/ basic systems that may help would be appreciated.

Jusco

[jtb790]

Originally posted by Jusco
I have been trying to work out this forex business for around 2 years now. I don't know why, but I am still pretty much clueless. I would be happy to make just 10 pips a day but don't seem to be able to manage even that lol

Anyone else in a similar situation ?

Any suggestions/ basic systems that may help would be appreciated.

Jusco

Jusco, as I understand it, you are in good company and you should not feel bad.

If you are using common trading systems most others use then expect to continue to lose like over 99% of market participants do including institutional-level "pros."

It is when you begin to toss "popular" trading methods and think things through for yourself that you may be able to start winning.

You must be independent of others. Also, trading is not for everyone. Just because you tried for 2 years and continue to not reach your goals does not mean that you should not move on to another field in which you may do well.

Most who enter the forex market get creamed, especially those who think they know what they are doing.

What type of things have you been undertaking to try to advance yourself in trading?

jtb

[Croesus]

Originally posted by Jusco
I have been trying to work out this forex business for around 2 years now. I don't know why, but I am still pretty much clueless. I would be happy to make just 10 pips a day but don't seem to be able to manage even that lol

10 pips are here and there, what's your problem?
Big losses?
Bad entries?
Stop loss too tight? No Stop Loss?
Panic?
Do you think it's your tecnical system?

[7aye]

Hey Jusco,

I've just finished reading this thread:
http://www.moneytec.com/forums/_showthread/_threadid-10834/_s- by WWW.

It looks good and alot of guys have contributed to his strategy. I'm going to read it again, i'm very new had to get used to the forex lingo first.

And another option is to look into Bunnygirl's bunnycross, I still need to look into that.

So the best advice, explore the forum - like me

Sterkte Pel

[amigo]

Hey Jusco, This is your friend Amigo. From your post, it seems that you are very frustrated with you trading at this point in your two years trading. Since their are no "Holy Grails" to trading except experince and hard work, you must find what has work for you in the past and apply it daily. I find that writing a journel and logging in what has worked and what hasn't; has helped me become aware of what signals, indicators and geopolitical situations to look for in order to profit in this market. Even with a trading method that has worked in the past, there still is no guarantee you will become successful in the future.

I'm sorry I can't offer any system or trading method that is 100% full proof but the best lesson in life is failure. Either you learn from your mistakes or you are doomed to repeat them.

Jusco, I hope you find what works for you in trading this living, breathing and unforgivable beast because this Market takes no prisoners.

Wishing you the best in all your trading endeavors

Your Friend

Amigo

[Jusco]

jtb790

Thanks for the encouragement, sounds like you may have also 'been there' once. I am reluctant to throw in the towel as I know there are huge profits that can be made (for those who have mastered it) Besides the fact that I have spent a fairly large amount of money over the past 2 years, I also enjoy the idea of being able to 'generate income' anytime, anywhere, sort of thing. I have never been a 9 to 5 person and prefer putting in a little extra.

I started off by doing a forex course, buying books and then started following a signal service - eventually cost me and have since realised that one has to develop ones own system and so I have been scratching around with fibs, ma, 5min, 1h, 4 hr, day charts etc.

When I backtest say with a ma crossover, the profits may look good, but the more I look, I see that there are a lot of losses, so I look at another ma cross and then maybe look at bgs cross, but then she may enter a trade that is nowhere near her cross, which just confuses me even more, so I look at another......
Not good, but thats where I'm at right now. Must be quite amusing to those in the know. lol


Croesus

I think I was rattled a little by the losses from following the signal service. So maybe too cautious ?

I don't have a system at all- keep chopping and changing.
I know that one must stick with a system and be disciplined, but I haven't worked out one yet that makes consistant profits.
Even 100 pips a month, consistantly, would make a huge difference.


7aye
Thank you, I will study those threads.


Amigo

Yes I am rather frustrated as the time has come to start generating profit for survival lol
Thanks for the advice of using a journal.


Thanks again guys, much appreciated,

Jusco

[Wallace]

Purchase or library loan: ‘Elliott Wave Principle : Key to Market Behavior' by Frost and Prechter.
Learn to use the fibonacci price levels tool and channel tool if one's available in your charting program.

[Jusco]

Hi Wallace,

I have just placed my order with Amazon for the book you recommended.

I use Meta trader, they have fibs but not sure about the channel tool.

Can you recommend a charting program that offers both fib and channel tool please ?

Many thanks,

Jusco