View Full Version : Tears And Laughter In Forex Trading
To all Foreign Exchange trader I appreciate if you're able to share your tears and laughter (your experience) in this forum. This is fantastic for the newbie to understand something from professional trader.
Thank you very much.
.
Still learning the Disadvantages of Forex.
Once coming out of trading stocks I'm only now becoming artful at stop loss positioning in forex, which has taken a lot of power and confidence out of me several times. :
To top that, the number one tricky element of Forex for me has been News time.
The volatility during news announcements can totally bite you on the butt if you forget to keep your eye on the calender for the day/week.
As an example: A trade I took last night...
I had been busy going through each of the charts and finding the very best oppurtunities that, once more , I forgot to check the calender for upcoming anouncements that could shake me out of the trade.
The trade proved to be a fantastic trade and is winning. . . .if I hadn't been stopped out by the news spike straight back and forward. An A-trade inside this method would not be shot at this time. Since it could either create spikes like this OR totally change the direction of the pair for the day, or even longer.
(I want a big flashing neon sign on my screen that says CHECK FOR NEWS EVENTS, )
Hope this adds to the aid.
Hi all,
When I am trading on demo account I always win many trade but when I visit live account I always lose. Can somebody please comment. I want to know why and is outhere?
Thanks.
You can't steal another forum associates avatar. That just erroneous.
Hey sorry brother I did'nt know someone using the same avatar how mine have changed. Thanks.
Dude, you can't steal another forum associates avatar. That just erroneous.
Hey sorry brother I did'nt know someone using the same avatar how I have changed mine. Thanks. Your a good man. Welcome to the factory!
When you begin the most pain comes. The time that it takes to learn about this business. For a person that knows read as much as they can get their hands on and they need to examine things is the toughest part.
I don't have the expertise of blowing off my account (yet). However, I guarantee you is a whole hell of alot more important than losing some money. I can always find more money. I can't go back and find the time lost away from my daughter.
If I really don't devote the time today to learn everything I could, I won't triumph at FX and also have my job for the remainder of my life. If I use my time to learn and become a profitable trader, I'll have much more time later on for my daughter, and also the money WILL start to flow.
Then we have all those people who roll their eyes at you once you tell them about trading FX and they say we're just betting. When that day comes when they ask me why I don't need to go to work ....
THAT is when the laughter comes.
Renasdad, I thank you very much for sharing and love reading your story. I expect everyone here in FF will triumph in this business. Knoledge is important.
May god bless you.
TsunamiFX.
The most pain comes when you begin. The time that it requires to find out about this business. For a person that knows see as far as they can get their hands on and they need to examine things is the toughest part.
I do not have the experience of blowing my account (yet). However, I guarantee you, the time I have sacrificed away from my daughter is a whole hell of alot more important to me . I can always find more money. I find the time and can't go back.
If I really don't devote the time today to learn everything I can, I will not triumph at forex and have my occupation for the rest of my life. If I use my time to learn and become a profitable trader, I will have much more time in the future for my daughter, and the cash WILL start to flow.
Then we've got all those people that roll their eyes at you once you tell them about trading forex and they say we are just gambling. When that day happens when they ask me why I do not have to go to work ....
THAT is when the laughter comes.
Hi All
I'm a complete newbie not only on the forum but also in FOREX trade. , because I signed up I have just been reading and reading.
But Tsunami FX's thread is quite great for all of us newbies. Thanks Tsunami FX--I'll not post here but will read everyday.
The most pain occurs when you start out. The time that it requires to learn about this business. For a person that knows they should examine many things and read is the toughest part.
I do not have the experience of blowing off my account (yet). But, I promise you, the time I have forfeited off from my daughter is a hell of alot more important to me . I can always get more money. I can not go back and get the time lost from my daughter.
If I really don't devote the time now to learn everything I could, I will not triumph at forex and possess my occupation for the rest of my life. If I utilize my time to learn and become a profitable trader, I'll have much more time in the future for my daughter, and also the cash WILL start to flow.
Then we've got all those people who roll their eyes at you when you tell them about trading forex and they say we're just gambling. When that day comes when they ask me why I do not have to go to work ....
That's when the laughter comes. I think where many possible traders go wrong is that we forget that this time can also be a portion of the investment. When I was introduced into Forex it opened a new world. Reading (forums/business papers), listening (Bloomberg Radio) and watching (Bloomberg / Reuters TV) is the key.
For me personally I chose an instructor-led course as I believe the interaction with individuals is far better than merely studies CD tutorials. Another vital element in trading for me personally is also to stick with this and to locate a egy that you matches your lifestyle and feel comfortable with. Works for me.
I am well on my way to fiscal indepene... shortly.
Maya
Thank to your Article. Everything you state is true for the newbie. I buy alot of book to get the wall street's key BUT I believe I don't know anything in the book about the best way best to win the trade ofcourse by studying the book we'll learn simple/basic things in trading.
Before I hate to see newspaper or TV from the news departments. I really don't know how to read the Currency Market currency. When I step in Currency Market trading I know why news very important for Currency Market trader.
I understand alot of strategy I get from that forum. Regular I utilize method that is different on trading which make me lose on my trading! I lose half of the money inside my account. WHY? Because alot of strategy within my head which makes me confuse! Then I stick to one method and the result is Pipastic eventhough some trade I receive lose but more winning trade.
For the newbie, don't waste your money to buy on books! . Some novels is good but also some novels isn't inside there. You don't need book you need a mentor! You require a teacher thats the only way you may learn fast and remeber learning never end.
The ending. :
TsunamiFX
I recall as a kid in school we were taught by our art instructor about primary colours: yellow, red and blue. He told us how to produce unique colours, but it was only when he SHOWED us and we were permitted to experiment we understood and remembered, RED YELLOW create orange, BLUE and YELLOW makes green. Then you will understand it when you do it, see it, experience it.
For example, when we're in college we will need to go for tution class? Why don't only read the books in your home? Much like in Forex. We are in need of a teacher to educate us explain in deep on the subject. We learn in the elder person/professional.
For instance, when we're in college why we will need to go for tution class? Don't just read the books? Same as in Forex. We are in need of a teacher explain in deep on the subject to teach us. We learn in the elder person/professional. Now that is the Holy Grail of Currency Market trading!
Hi,
Really this is the ideal forum for individuals to read expecially for the newbie also professional. We could take example.
To all Currency Market trader I love if you can share your tears and laughter (your experience) in this forum. This is fantastic for the newbie to learn some thing from professional trader.
Thank you very much.
Tsunami FX.
Laughter and Tears:
Here's a egy I seriously Considered using after about 3 Weeks or so in the market.
1. Do a comprehensive analysis of the market.
2. Determine the direction that is most likely.
3. Pick an entry point.
4. Realize I have a success rate on trades.
5. Place an order of where I think that it's going to go in the opposite direction.
I think I would have made a few pips with this one.
Don't forget your risk management too eitherwise tears will emerge. I've experience like this since not using proper risk management.
Laughter and Tears:
Here's a egy I seriously considered using after about 3 months or so in the market.
1. Do a thorough analysis of this market.
2. Determine the most likely direction.
3. Pick an entry point.
4. Realize I have a success rate on transactions.
5. Put an order of where I think it's going to go in the direction.
I believe I would have left some pips with that one.
My worst moments was when I went from equities to Foreign Exchange and got 0wned many days because I overleveraged overly much.
Thank God those days rarely happen anymore and my head is for the most part ok.
Laughter and Tears:
Following Is a egy I seriously Considered using after about 3 months or so in the market.
1. Do a comprehensive analysis of the market.
2. Determine the direction that is most likely.
3. Pick at an entry stage.
4. Realize that I have a success rate on trades.
5. Place an order in the direction of where I think that it's likely to go.
I believe I'd have left some pips with this one.
I agree especially without a 5
I gave been trading long but I have heard
1. NEVER EVER exchange the news whenever you are a newbie
2. Never exchange more than 2 percent MAX of your margin/available money
3. If the idea crosses your mind to close out a bargain - DO IT (dropped 50 pips a day by trying to hold out to 70 pips - market turned)
4. Never trade impulse - Its ok to miss a transaction - there is another one
Trading is very hard, try not to beat yourself up over the losses, they happen as a result of dumb trades occasionally because the market management changes.
Today is, 4 great trades, 2 bad luck trades, 1 Stupid commerce I let get away, little loss on the afternoon still regrettably.
Having the money from your account to test again tommorow is key!!
Be Warned if your trying really hard and it moves against you, it is very stressful, regrettably I pulled the plug abit too early today, coulda turned it around after the Fed News
Oh well!!!
Good luck, it is potential but expect to still be struggling 2years in, the people that get great at Forex trading eventually earn STUPID money, therefore it is well worth the time spent.
I must have missed out to the laughter section. The tears .... Okay, I could identify with this.
Happy trading and keep your head screwed on right all the time. It is possible to succeed with many types of systems I would wager the% of successful traders will not change one of systems and methodology. I.e. every system will have more unsuccessful traders than successful ones.
Somebody prove me wrong and I will learn that the system!
Hi ,
When I am trading on demo account I win many trade but when I visit live account I lose. Comment pleases. I need to understand why and is outhere?
Thanks. Sinar
At the start and today it still happens from time to time (I still run a demo account too )
I presume its the frame of mind you are in - If you trade your own money its organic to be over cautious (FEAR) or holding out for longer pips (GREED) while in a demo account, you don't get to keep the profits so you make more rational decisions.
Only my 2 cents
To all Currency Market trader I love if you can share your tears and laughter (your experience) in this forum. This is good for the newbie to learn some thing from professional trader.
Thank you very much.
Tsunami FX. I work to get a FCM, but that'll remain with me. Anyway my wife (who works with me) isnt right into trading. But after a couple of months of trading the greatest joy I get if my spouse says Wow, is. This was after months NFP and I was on the winning aspect of the rally. I made close to $200 daily, and it was a fantastic feeling.
I was in tears when the whipsaw took me to get a ride following the Fed pause, and I was closed out of my positions, then to see the following day profits. I closed my account right out of fruion.
Just saw this today on FF...
The machine has been taking a beating at the moment and can not perform your search. So you can find what your looking for, it will recover!
lt;! -- / main error message -
Taking a beating, been there earlier.
THINGS TO DO BEFORE TRADING
1. RELEX YOUR MIND PUT 99% OF YOUR CONFIDENCE
2. CHECK THE UPCOMMING NEWS. Don't TRADE THE CURRENCY/PAIR IF THE NEWS IS COMING
3. FIND WHERE IS YOUR ENTRY POINT
4. FIND WHERE IS YOUR STOPLOSS
5. FIND WHERE IS YOUR FIRST TAKE PROFIT
6. FIND WHERE IS YOUR SECOND TAKE PROFIT
7. BE STRICT WITH YOUR MONEY MANAGEMENT!! DO NOT CHANGE STOPLOSS WIDER WHILE YOU TRADING
Do not believe in anything simply because you have heard it.
Do not believe in traditions because they have been handed down for centuries.
Do not believe in anything because it is spoken and rumored by many.
Do not believe in anything simply because it is found written in your own books.
Do not believe in anything merely on the authority of your teachers and elders.
But after observation and analysis, when you realize that anything agrees with
reason. . .then live up to it and take it.
Wow.. Fantastic thread!
Where are the 1KT traders? Post tears and your laughter here
In my opinion, as well as opossed to what has been posted above, the tears DONT come when you start out since you are still experimenting, reading, demo'ing, etc and you are pretty much predicted to become confounded left, right and centre.
The sourest tears come about one year later, when you know much more about the markets however, still you can't reach consistency in your trading. Something is lacking in your trading, however, you can't figure out what. You know about trendlines, S/R is known about by you, you know about interest rates, etc, and you can't grow that mini-account consistently.
I recall the days and God knows I stared at the ceiling far too many nights pondering what the hell was I'm doing wrong.
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