Giving up on Forex. Any last chance advise?

[elmagd2000]

Hello Fxtrader,

We have to admit that Trading Is NOT For Everyone. It is a tough rewarding job so it is attractive. So, If you have any living making way, go after it and thank God for just losing some thousands.

Assuming that you have no alternatives and have to get your money back from forex
If I were in your shoes I would think in the following scenario,
I am thinking loudly

- I made a terrible fault by using my hardly borrowed money in real trading with no experience. but, I have to keep going.
- In this case, I have to minmize my costs to min.
- I will draw a roadmap specifying targets, objectives, milestones and activities in a specific time frame
- my main objective is to Learn Learn Learn.
- I have many resources like moneytec and enourmus web pages for free, I will collect many ideas and conepts then try them on free demo accounts. I will ask to find out
- I have to focus on psychological issues which control over 70 % of the game.
- my plan will end at finding a self-fitting trading style after say 6 months. no hurry.
- I will try this style on demo for a month and recording my journal then evaluate and trade again then evaluate ....so on.
- Finally I got it..! , I will use 300 in mini account with a low spread broker like Oanda with focus on one pair (Eur/Usd or Usd/Chf) and using one lot.
- no matter how I made ( stop at 10pip daily or 15pip loss ), I am trying to keep consistency
- then increase lot no. with one pair and same target.
- define objectives and reward yourself in reaching it.

I believe it will be ok afterwards

Good Luck
Hani

[csaunders]

This is always a tough one - it all depends on you... and by the sounds of your email I think you are heading for disaster - trying to trade yourself out of a hole is never conducive to good decision making.

I'd say keep your 1k - work your butt off to repay the rest with possibly a second job. Afterwards save up $100. Trade on a platform such as OANDA where you can risk miniscule amounts and try and double this $100, and try to double again and again increasing size so that you can get used to the psychological stresses placed on one during trading.

"Scared money never wins" - I think I read this in Market Wizards - it is a very rare individual that can make money off capital loaned - the psychological influences will handicap you.

Also 6 months is way to little- think 2-3 years.

Further the strategy of consistent small gains doesn't wash with me - maybe others follow this route. I'm a "Preserve Capital and Home Runs" kinda guy. A Soros quote I believe.

Good luck and remember "Easy Money" does not exist - not even in the FX Trading world - you have to pay your dues....

[bobnat]

FxTrader01,

Here's a great quote.

"Every losing trader has failed at trading.

Every successful trader has also failed at trading in their past.

The only difference between the losers and the succeeders is that the succeeders kept at it and eventually figured out what to do."

As mentioned, stop trading, pay off your debt, save your money and learn how to trade. Yes, it may take a few years to do all of this, but if you do become a successful trader, it will be for the rest of your life.

Good luck,

Nat

[Toccata]

The Champion's Creed

"I am not judged by the number of times I fail, but by the number of times I succeed. And the number of times I succeed is in direct proportion to the number of times I can fail and keep trying!!"

[fxtrader01]

Thanks to all for your suggestions and comments.

Mick,

I am unable to PM you or email your (not allowed?). Can you please contact me at

tcgs2@yahoo.com

Thanks.

[Truville]

Originally posted by fxtrader01 Trueville,

Thanks for for being so "nice" to a newbie.

Toughen up, dude. At least I didn’t take four large from you, eh?

don't you use charts? Did you create your own chart? I don't think so. I am sure you are using a lot of charts/indicators either paid or free. Don't tell me you invented everything from scratch and did not depend on anyone else (either paid or free service). Don't say you never took help from anyone else. Don't say you never used any systems built by someone else.

What else can I say, but the truth? I don’t actually use charts. I did indeed, create my own indicator. I have used other indicators in the past, but not traded with them, merely demo’ed them to my (dis)satisfaction. Maybe you should have done the same, I don’t know. But I never put my own money on the line with someone else’s system.

Why is creating your own indicators such a big deal? The people that made them, made them. They aren’t gods, they aren’t geniuses. They are just regular traders who noticed a pattern, put it to paper. Big deal! Are Bollinger and Larry Williams and whoever invented stochastics and all those other guys some group of supermen who have accomplished a feat never to be duplicated? Bull! They are regular men. No different, or better, then you and I.

I am not asking anyone to give me a free system that generates money. What I was asking was your feedback/suggestions.

Alright, here it is. You gave trading a go, and you didn’t do well. It’s not for you. No biggie there. We all try lots of things in our life, and it doesn’t always work. Hardly the failure you make it out to be. You tried, it didn’t work, you move on. You’ve still got $1000 left. Compared to some around here, I’d say you got off light.

About the greedy part: Where do you draw the line? Aren't we all trying to suppliment our income or trying to learn a new trade because nothing lasts for ever?

That’s why we trade, sure. But my point is that you really are greedy, but believe you aren’t because your greed is somehow, humble. “I only want a few pips a week, I ain’t greedy!” It’s still greedy. Greedy, and small minded. Think about it. Is it really any easier to make 20 pips a week and 30? 50 than 70? Do you believe that you can somehow slip under the market’s radar by aiming low? By only wanting those “few pips a week”?

I don't get why a non-newbie like you use these forums. I am sure you are not trying to help others. Then what is it for? Aren't using these forums to help tips, ideas etc?

So you wanted a fellow newbie to answer your questions? You wanted someone as uninformed as you to give you suggestions? I think you are just upset with me for not being as pleasant as others here, even if I am saying what others have said. Well, if you can’t handle it, what the hell chance do you have in the market? I might make you cry, but the market will take your money and make you cry.

If you have nothing to share, please stay away from these forums. After all this is a "beginners forum".

Beginners need advice, real advice. Not “you can do it” cheerleading.

Do you want a warm and fuzzy post, telling you that you just need to believe in yourself? Do you want someone to say “Here is a system I made, it makes 20 pips a week, have it for free”? The truth is, only you traded to $3000 in losses. Only you have a chance to pull it out. It may not even be possible, but if it is, it won’t come from anything but your work. Look, you have $1000 left. Any reason to trade with it right now? You’ve got time to repay that loan, right?

So buckle down on a trading plan, with a demo account. Look at every system here, evaluate it for a years worth of data, or more. Pull them apart, improve them, see what makes them break and where they shine.

It’s what I did. I took a look at plenty of systems, and found them all wanting. I pulled a little from here, some from there, parts from other places. I think that is what most people here do, really. I can’t think of anyone who says they just use off the shelf indicators.

It doesn’t really take anything more than ability and work, same as any other endeavor.

Good luck with your million dollar trading.

Thanks, I’m up just over 300% since September, so it’s not impossible. Sure isn’t easy, but not impossible.

[foroz]

FxTrader

The journey in forex isn't the one you may have been "sold" attending a seminar where the objective of the presenters was to sell you software whereas your objective was to make money trading the forex market. Their objective was achieved immediately you paid your money.

I am not aware whether you have any government consumer groups in your country that make companies accountable for the products they sell. If you do, it might be worth talking to them about your software purchase. A search on moneytec will take you to many comments on the company who sold you the software.

Where to from here you ask? Trading with "frightened money" will not work in my opinion and will scar you for any trading you might return to in the future. Keep the $1000 and pay that off the loan.....that will make it an easier to get the amount paid back.

I am surprised that a company would advance loaned monies for you to trade the forex market in which you have no prior trading experience, but that aside, the money needs to be re-paid. Then you need to save money for your to be able to trade some time in the future......words that have been written by others in this thread.

Find a few systems on moneytec that appeal to you and then trade only them on paper. Over time you will find one that "fits you" and allows for trading outside your normal working hours.
It takes time and patience. I believe the greatest challenge in forex is learning about yourself..........the learning about what happens in the your head when you are trading or about to trade.

I belong to a local self help group of forex traders who have given each other great support. I am sure this group is why many of us are still in the market today. You may want to see if there are people near where you live who have a similar interest. If not, there is always the informative threads here on moneytec.

I think you need 30 postings on moneytec before you can PM.

Best wishes



FxSurfer

I am intrigued that you can recommend that someone to learn Peter Bain's method and then tell them to not use the pivot points which are the very basis of the method. Maybe on a new thread you can tell us about trading the Peter Bain method without pivot points.



Regards

[united46]

Well you could find out more about the class action lawsuit that I've heard others mentioning against 4x made easy and join it.

That may get some of your money back.

But overall, no you should give up ( for now). The % gains required are to great unless you use huge leverage again and it will probably lead to you losing the remaining 1k. Be honest with yourself, if you couldn't get it right initially, why would it change so drastically now? Keep the money, read, learn, use demo's, save more cash and only trade again when you can have 3 consecutive profitable months with ONE style/system on a demo.

Even then. it will be hard as real emotion is invloved. However, hopefully it you trade profitably for 3 months on a demo, you will have proved to yourself that you can do it.

Sorry

UNited