Giving up on Forex. Any last chance advise?

[fxtrader01]

I have been trading forex for more than 6 months now. My capital was borrowed money. As a novice, I didn't want to make mistakes. So I spent money on 4x Made easy software, Alert services, Charts, datafeed etc. Nothing really worked. Then started trading based on my own instints. That was a disaster. Now I am left with the last 1K.

I promised my wife to at least recover the initital capital and repay the loan. I am holding on to the last 1K left with me. If I loose this remaining capital, that is the end of my trading career. I don't think I can trade my own anymore. I need a simple system that would make a few pips gain every week/month. Can anyone suggest any system/platform/indicator/software that would help to achieve my goal?. I am not greedy, just want to recover the money lost.

Awaiting for the last chance advises from the experienced.

[firedave]

Hi,
Do you by any chance have read any good book about forex trading ? Did you use money management for your previous trade ? I think many member here would help you. Stick around buddy

[amarnath]

Hi

I don't think I can trade my own anymore.

If you are not confidnet on self trading any more then why you actually looking for simple systems , Indicators , softwares etc .

Risk /Rewards

In trading it is always better to speak amount of risk /reward .Few pips per day /week /month have no absolute meaning with out a risk further you can tolerate

I am not greedy

suppose if your initial capital was 2k if you lost 50% of it . If you can make 50% again then you are no more novice but a v good trade .

If any of my above words / advice hurts you by any mean pls forgive me

Also sorry for my poor english

[Truville]

Originally posted by fxtrader01
I need a simple system that would make a few pips gain every week/month. Can anyone suggest any system/platform/indicator/software that would help to achieve my goal?. I am not greedy, just want to recover the money lost.

Around here, us non-newbies call that "the Holy Grail". ANY system that can do what you are asking is not just a million dollar idea, but a billion dollar idea. Any system that can produce even "a few pips gain every week" consistently, can be leveraged into a Soros like fortune.

And you are asking to be handed it for free, with no effort on your part. I don’t care what you say, you are being greedy. You want all the gain, with none of the effort. You want someone to say “here is a strategy, here is a signal, here is a program”. Follow me, and I’ll make you rich!

That is greed.

[MickMason]

Give up if you want to, there's no need to feel like you failed (I get that impression from your post), hundreds of thousands of people lose in this market every day, very few make any money, at least you tried your best. Give yourself some credit, you've been trading for a very short time with limited funds, some wouldn't last 6 months! You've recognised things aren't going well and that's a start, some lose a lot of money but keep on topping up their account and think they're doing well.

Answer me a couple of questions (by PM if you prefer not to answer here)

What session(s) do you trade?
How much capital do you have left to trade with?
Have you traded any market before?
Do you have another source of income while you learn and become profitable?

I've an idea that might appeal to you, it might not....

Mick

[fxtrader01]

Trueville,

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

If you read my post, I did mention that I did try trading my own, but failed. I did try to use third party software after paying for their service. I spent 4K on training. It was not free.

For you:

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.

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

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? 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?

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

Good luck with your million dollar trading.

To all others:

Thanks for your encouraging words, it means a lot and really appreciated.

[jasperforex]

You shouldn't trade with borrowed money. So, pay off the loan, save some money and during this time study in the evenings about fx. Then come back with some saved set aside money and try again.

[fxsurfer]

fxtrader01,

I'd say stick to it but stop trading real money right now and get a demo account. You are down to almost minimum capital required to trade.

Can I suggest learning Peter Bains method, it worked for me. I have modified it a lot, to suit my style but I still think it is a good basic system. (hint: don't use the pivot points - never worked for me)

Learn to read candles patterns, learn support and resistance levels and then Fibonaci levels and apply them all together and trade these on a demo. It works for me. Never trade with borrowed money it adds unnecessary stress.

I started trading about 12 months ago on a demo and blew 2 accounts of $5K. Started trading Peter Bains method, quite well on a third demo (doubling my money). I am now happy with my trading and have since opened a live account (3 weeks ago). Going good so far but only trading mini lots and scalping 5-20 pips.

Hope this helps
PS: I have no contact with Mr Bain and learnt a lot from his free web site but I did actually buy his book which didn;t help much. I think his DVD course is better value.