Giving up on Forex. Any last chance advise?

[forexmilio]

Forex isn't bad as you believe , but it had it's benfits and harmfuls as every thing in the world. The proplem is that most of us don’t know to much about forex market , so most of think that such market is bad , but because you are far away you connot judge it will , you have to ask who are involoved in . I myself at first didn’t know anything about the forex market so I was afraid , but I searched for help on the web , and I found it in forexgen academy . There I learnt too much about forex and how to deal in . here the link of the academy : http://www.forexgen.com/forexgen-academy.html

[valbona]

fficeffice" />> hi fxtrade1 >

Sorry for losing your money. I think that the best way is to put to yourself a strategy to work with. And after that you will have to search for the best broker, Platform that you will trade on. This is the steps I followed I asked friends, they advised me with many. Then I started to search these names considering the pips, lot, and deposit. Until I finally find what I want. So don't give up search for the best broker to save your money wish you find the best >>

[Tyrian]

Originally Posted by valbona

fficeffice" />> hi fxtrade1 >

Sorry for losing your money. I think that the best way is to put to yourself a strategy to work with. And after that you will have to search for the best broker, Platform that you will trade on. This is the steps I followed I asked friends, they advised me with many. Then I started to search these names considering the pips, lot, and deposit. Until I finally find what I want. So don't give up search for the best broker to save your money wish you find the best >>

Agreed with Valbona Don't give up! At the end you will find your way, your strategy. Try to look at ForexTester by the way. That helped me a lot! And no other way, no other demoaccount will give you such powerful tool in testing your personal way to trade Good luck!

[Intuition123]

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.


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.

[valbona]

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.

My only advice for you is to start trading by your practice account. This practice account differs than the live account in the sense that you can trade as you want and make mistakes without losing real money. That's because you will gain a lot of experience from this practice accounts. Wish you best of luck and profit fficeffice" />>>

[ultra7]

Hi, I feel sorry. All I can say is you can give up on forex, but don't ever, ever give up on yourself. your last remaining 1K - suggest you buy yourself a nice dinner. And a good book.

[FerruFx]

Originally Posted by ultra7

your last remaining 1K - suggest you buy yourself a nice dinner

It should be a really nice dinner!!!

Where I live, I can eat about 300 days with this 1k!

FerruFx

[jina_star]

Hi,

I had same problem when I started currency trading about a year ago. Oh boy! It's not easyyyyyyyyyyyyyyyyy

I was wondering if you tried any simulators before investing in real market.
I have RapidSP trading simulator , which I bought for about $100 ,8 months ago.
This is tick by tick simulator on historical tick data. It has variable speed daytrading simulations to practice few years of daytrading in few weeks plus it simulates unlimited no. of currencies, futures, stocks etc.... thing i like is ---many years of data is free to download.

I tried their trial version before buying. You might want to give it a try. See if you can make money with it. I am still working on it. Will keep you guys posted. Link is tradingsimulatorsoftware.com.

Other things go & read some books on currency trading. You will be successful.

All the best.