Give up on Forex

[manchestertran]

Since traded forex for 1 year,until now I know that small traders cannot win in this market.Because it's simple the game between central banks and corporations.No one no what they will do,only them can move the market to where they want.No one know when they will do it.
I pass through many experiences.
1)After the news time,US trade balance was worst much more than expected,i expect USD will depreciate in short term,but after that central bank buy USD,so i lost ton of money....

Any advices for me as i'm now dispairing,i think i wasted 1 year for nothing gains.Im now decide to come back my job.Thanks.

[kimw]

if you are a fundamental trader how can you not understand the importance of interest rate parity in currency movement ? at least in past few quarters interest rate expectation dominates the market volatility in USD based pairs ... deficits are structural problems that will most likely dicate the direction of USD in the long run, not short run

and i dont recall any G8 central banks intervening in the past year ...

if you wanna give up, then give up for the right reason

[ssblack]

You're giving up because you don't want to face up to the fact that you aren't a good trader. Blaming the banks, corporations, larger capitalized players is no excuse. You just can't trade!


Go back to the drawing board on a demo account, write down your trades, why you're doing them, and do the same thing over and over until you reach consistent profitability. It takes time and EFFORT to be successful at anything, especially trading.

[SoundFX]

1 year is nothing in trading. If you don't have the dedication to trade for years and years and endure hard times while learning, then this may not be for you. But if losing irritates you enough, and if the prospect of winning drives you enough, you will eventually become adept at it through self-correction, determination, and will-power.

Try something SIMPLE...like trendline breaks and creative use of MAs. You will be schocked at well you can do simply with trendlines and proper money management. This game isn't as hard as folks make it out to be. And IMHO, fundamentals are useless to the everyday trader, aside fom knowing WHEN the major announcements are so you can either stand aside or position yourself properly.

And for God's sake, use a demo account until you are consistently profitable with it. There's no reason to trade a live account until you are proficient on demo. Why would you waste your money (like I did )??

[basenji]

Excellant and practical advice!! Basenji

Originally Posted by SoundFX

1 year is nothing in trading. If you don't have the dedication to trade for years and years and endure hard times while learning, then this may not be for you. But if losing irritates you enough, and if the prospect of winning drives you enough, you will eventually become adept at it through self-correction, determination, and will-power.

Try something SIMPLE...like trendline breaks and creative use of MAs. You will be schocked at well you can do simply with trendlines and proper money management. This game isn't as hard as folks make it out to be. And IMHO, fundamentals are useless to the everyday trader, aside fom knowing WHEN the major announcements are so you can either stand aside or position yourself properly.

And for God's sake, use a demo account until you are consistently profitable with it. There's no reason to trade a live account until you are proficient on demo. Why would you waste your money (like I did )??

[pipmarshal]

One year is not quite enough to become a proficient trader but it is enough to analyse and understand where you have been going wrong.

There are a few things which you could consider, namely

1. Define a simple trading plan.

2. Work out a strategy and practice it on demo, tweak it till it starts working. It is not necessary to have a strategy using many indicators even simple ones when applied consistently will be profitable over a period of time. Only thing needed is patience and perseverance to stick to the game plan. Do not forget to fix a stop loss and stick to it, moving the stops up and down is a recipe for inconsistency and disaster.

3. I would not depend entirely on the results attained in a demo account because I believe demo and live trading are not the same. Demo platform is ideal for testing strategies and not for gauging how good a trader you are. So when you have a strategy working in demo trading, start trading live with small lots with a lot of caution. You can consider increasing the lot size slowly when you are consistently profitable and comfortable with the lot size.

4. Atleast intially, avoid trading the news especially the big ones like NFP, TIC etc which is when most of the small traders get knocked out the market. You may also consider staying away when the big guns like the Fed Chairman, ECB chairman are taking the floor when volatility is the name of the game.

Every trader got his quota of knocks before breaking even and becoming profitable. They became profitable because they worked on their trading and did not give up.

Have a nice 100 pips day.

PM

[jcool123]

BUILDING CONFIDENCE WHILE TRADING THE FOREX


‘HOW TO ACHIEVE CONFIDENCE’ Writer: Jeff Langin



Patience and Discipline:


These are the two key necessities of successful trading.

To be disciplined, one must have patience.

To be patient, one must have discipline.

Say this as it were your daily prayer.

Say this to yourself every time you contemplate a trade.


Never try to make a trade happen.

A successful trade is a trade that comes to you.

Always let the market move to you.

Don’t be a trade-slave.

Always make the market work for you.


Each time you have a successful trade, take the confidence

you’ve gained and use it to build more confidence.

Confidence builds confidence.

If you take a loss, stop trading for the day.

Realize that you have done something wrong.

Examine your error, discipline yourself and except it.

Find which rule you’ve broken, learn from it,

keep the lesson and let the trade go.



Trading:



Respect your margins.

Manage your money in a business-like fashion.

If you can trade 10 lots, trade those ten lots on the

best trade that presents the least risk.

Forget about the other trades.

If you make one successful trade every two weeks you

most likely have avoided 5 others that would have gone sour.

Congratulate yourself and be happy with your accomplishments;

You are achieving your goals.



Accounts:



Paper trade; it’s free of charge.

Paper trade only a mini account

Trade your paper mini as if it were your own money.

Never consider trading real money unless you have

successfully doubled at least three paper minis in a row.


Once you have succeeded and decided to trade real money;

Trade only a mini account.

No matter how much money you have you cannot

afford to real trade anything but a mini account.

No matter how much money you have, treat your

mini account as though it was all the money that you have.



Goals:



Make your trading goals clear and never waver from your goals.

Trade your mini account until you have increased it five-fold.

Now, double it.

Once you accomplished the above you have the skill level of a pro.

Avoid giving the taxman the upper hand by giving as much of your

profits as you can afford to your favorite charity. This will enrich your

soul and help others in need.

Congratulate yourself every day, smile at others; enjoy your family,

your life and your new career.

[Hunter]

A couple quotes I live by; Quitters will always find a way out, wile winners will always find a way in. Successes doesn’t come to you, you go to it”

Think about it..