[bestforexpartners]

Hi,

I know that Forex trading is very rsiky and don't disappoint with losses. Its a part of trading and it happens with every trader once in awhile so don't lose hope. You just need to find out the flwas and then work out more on the forex strategies. you will surly get good results soon.

[Steve66]

Originally Posted by mslk »

i've been actively trading for 6 months now, making more losses than wins down on my account. i feel drained after everything i have learned its not working out as i hoped. some say everyone goes through this when new to trading. i am also designing my own system which is proving more difficult than i thought.

what i am asking is when do you know time is up or the tide has turned?

thanks
-mslk

Trading is the hardest game you will ever learn. Think about what you want out of trading, what your strengths and weaknesses are, and, build a system around it. Keep it as simple as possible and implement only what is important to your success. Test your system in Demo account with the risk/ reward parameters you normally trade with. You have to give your system time to work. When the system works, and you are comfortable placing real orders, start small. If the market does not let your system work that day, stay out of the market to preserve capital. Consistently work on your money management, trading psychology and trading plan. The markets are always changing and rewards traders that practice Patience and Discipline. Trade only the best setups and reward yourself for following your plan. Good Luck !

[Kaz]

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[rforexdad]

ummm....Trading is enjoyable if you treat this as a game.
If you are trying to make money from this and trying to make a living it can be highly stressfull...

However....my suggestion is to have goals...
Try to have a goal of 20 pips per day on an average in the first 3 months...
This is a simple target ...once you achieve this target with trading at 10K position size with real money....and a written down plan...If you do not have a written down plan and if you do not execute this plan exactly as per the plan....then you are trading by the seat of your pants...This is not trading....Trading means - have a written plan...and this plan does not have to be written in stone...you can modify the plan...but do not trade without a plan...

Of course first trade in Demo and then trade with 5K position size live
and then increase to 10K position size live.

Do not try to increase your target of 20 Pips per day for first 3 months - even if it looks easy and possible - once you go live....stick to the 20 pips per day

once you have completed 3 months of successfull live trading with a positive 20 pips per day...(if you do not have a 100 pips positive - weekly average which is 20 pips per day multiplied by 5 days...consecutively for 3 months....It is okay if you go up and down but if you do not make a nett 400 pips per month...for 3 months....do not even think of increasing the 10K position size)

Every week do an analysis....review every trade carefully and ask the simple question...
a) did you trade as per the plan ?
b) do you need to modify the plan...?

A trading plan is always evolving...
You could increase or decrease the criteria of your plan
and make it as simple or complex

Always remember....
every trade has to have
a) entry price...target price...stop price....position size...

New traders should never try to make 1000's of pips per month...
just have a simple goal


Your plan should handle all events...slow markets....fast markets...trending markets and ranging markets and whipsaw markets...

Bottom line...Have a written plan...and execute your plan...

Have fun !!!

[MightyMouse]

Does it get unenjoyable?

[phantom]

Originally Posted by MightyMouse »

Does it get unenjoyable?

Only when the power goes out when you are in a bond trade immediately after the employment numbers were just released and you were still in the process of entering your risk stop...

[Tams]

Originally Posted by mslk »

i've been actively trading for 6 months now, making more losses than wins down on my account. i feel drained after everything i have learned its not working out as i hoped. some say everyone goes through this when new to trading. i am also designing my own system which is proving more difficult than i thought.

what i am asking is when do you know time is up or the tide has turned?

thanks
-mslk

in the beginning, trading is EXCITING.

every newbie can tell you how much fun that was -- you enter an order to buy, and in no time and you exit with profit. How exciting. You must have wondered, what took me so long to discover this?

Then trading becomes a GAMBLE.

You made some money, then lose some.
You try to make them back -- the more you lose, the bigger the next bet (in relation to your account size).
You thought you knew what you were doing. You only trade the sure bets. Like all the horse gamblers and sports gamblers, you studied the statistics, you studied the trends, you studied probabilities, you thought you were doing the scientific thing. You weren't. You are a gambler, and you didn't even recognize it.
You know the story about gamblers -- no gambler has ever won. At least you don't know one.

Then trading becomes a STRUGGLE.

Nothing makes sense anymore. The report comes out positive, and the market dives. The report comes out negative, and the market goes up.
You have the uncanny ability to buy at the top and sell at the bottom.
You tried to be diligent; to prevent uncontrollable losses, you start to use stops for every trade. You entered a close stop, it was taken out immediately. You moved the stop a bit further away. It was taken too. To add insult to injury, the market would turn around as soon as your stop was taken. OK, you are going to be smarter, you thought, you entered a stop that is 3 standard deviations away. There is no way the market is going to get it. It was taken out too. :-( You would make 10 small profitable trades, and lose all in one big loss. More than once you thought of throw in the towel.



..........



more later

[Obsidian]

Originally Posted by Tams »

in the beginning, trading is EXCITING.
Then trading becomes a GAMBLE.
Then trading becomes a STRUGGLE.
more later

nice summary Tams...hope beginners are reading posts such as these