Giving up on Forex. Any last chance advise?

[Smurf1976]

Originally Posted by 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.

I think you need to test a system ON PAPER (not with real money) first. Then start trading it with a demo account and only then use real money.

The system needs to do TWO things.

1. It must have positive expectancy. That is, more money comes in than goes out over time. Do NOT expect every trade to be a winner because there will be quite lot of losers even in a profitable system.

2. You need to work out, by back testing, what the maximum drawdown is. It's no good being profitable if you get the occasional drawdown which wipes you out completely. So you need to know your maximum drawdown and can adjust your leverage to suit this.

As for an actual system, I'm no expert and in fact I'm still working on mine but the above two points are certainly what it needs to do. How to do it is the problem but you MUST work out a system BEFORE you put any more real money in the market.

Get it right and you'll make a fortune...

[metal]

Originally Posted by 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.

The sooner you get out of forex, the better it will be. The only people who make profit from forex are the brokers. Forex is gambling.

[Fxexcel]

Originally Posted by 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.

Hello trader01,

Unfortunatly the best thing you can do is to stop trading. You know, a lot of people come to the Forex trading arena thinking it is easy to make money here, but you know, it isnt. It requires a lot of hard work, commitment, education, discipline, patience and this list could go to infinite.

I dont blame you though, there is a lot of bad publicity about the forex market on how easy is to trade and make money. But, is it really? Yes, it is easy to trade, anyone can do it, what is hard to do is to make consistent profits out of your trades.

But there is an important step before adventuring in any discipline, it is called RESEARCH or dilligence.

Anyway, I wish you good luck.

Regrads
Fxexcel
www.

[pipbull]

Originally Posted by metal

The sooner you get out of forex, the better it will be. The only people who make profit from forex are the brokers. Forex is gambling.

I'm curious why you think this is. Although this is my first post, i do have enough experience to know that this is true only if you treat trading as gambling. Usually the people who fail at trading beleive it is like gambling. I assure you, done properly, it is the exact opposite from gambling. Successful traders operate like the casinos, capitilizing on their edges. Unsuccessful traders operate like the players of a casino, very often self-destructing for reasons beyond their limited view of the marketplace.

Leran to think in probabilities and realize that trading is not about being right or wrong on any individual trade. It is about staying consistent and survive long enough to give your edge enough time to play itself out

[astro]

Hey guys!

This thread was started a year ago! hello?
I don't think the guy who started it reads it anymore...

[SonOfSoros]

LOL Astro .. He is working 9-5 somewhere wishing he never clicked on the FX banner on yahoo mail !

[MacDFx]

Originally Posted by astro

Hey guys!

This thread was started a year ago! hello?
I don't think the guy who started it reads it anymore...

Yeah, but tons of newbies DO read it.... hence all the follow-ups.

Then again, if the message really doesn't suit you, you can always move on to the next thread, right?

[barnii]

I am a novice today but I found myself at least once in such situation... i quit trading demo account after few weeks and first big loses. But if u just quit you will never realize that it is a learning process and probably has some progress. Go to demo is my advice and work on yourself. Of course some people rather quit than learn. The real money in account just magnify this problem i think.