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Author Topic: Have you ever thought about giving up trading in forex?  (Read 11632 times)

Offline donalduck

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Re: Have you ever thought about giving up trading in forex?
« Reply #30 on: December 10, 2013, 09:00:20 AM »
I only see Forex a second job to earn money with high risk. I would definitely quit from it when I find out a better job.

Online grgr

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Re: Have you ever thought about giving up trading in forex?
« Reply #31 on: December 10, 2013, 09:28:05 AM »
I'm with forex for 2, maybe 3 years. For the whole time i was "profitable" maybe only once, when Robin Vol had a good time, and it was a short period. No margin calls at all, because i never waited till it happen. And about the question - i think about it everyday.

Offline 999cjb

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Re: Have you ever thought about giving up trading in forex?
« Reply #32 on: December 10, 2013, 10:59:15 AM »
I have never thought about giving up Forex. Perhaps I was fortunate in that although my first EA lost heavily (in 2008 I think it was) those losses only came after I had withdrawn all my original stake and more.

Since then, despite setbacks I have steadily increased my profits each year. I think trading Forex is a great life for me, made possible by the internet.

Of course, it is not possible for everyone to win. But it is possible to become one of the small percentage of traders who do win.

Offline dezzy

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Re: Have you ever thought about giving up trading in forex?
« Reply #33 on: December 10, 2013, 07:18:25 PM »
I only see Forex a second job to earn money with high risk. I would definitely quit from it when I find out a better job.

If you trade well enough, forex can be a "first" job compared to a "second" job, haha.

Offline Mamodawy

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Re: Have you ever thought about giving up trading in forex?
« Reply #34 on: December 11, 2013, 01:01:25 PM »
No, but I don't trade full-time, I work at something else, but I'm always curious about trading, there are so many ways to lose.

I see successful trading as not so much a matter of identifying whether to buy or sell or entry or exit, as a matter of risk-managing the play, of closing off as many weaknesses in your trading strategy as possible before making the trade. In that sense, it is a game of patience and persistence.

As soon as I have notions that I am no longer a newbie and know enough, I'm out the door.

Offline kaiceaziz

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Re: Have you ever thought about giving up trading in forex?
« Reply #35 on: December 20, 2013, 03:47:40 PM »
I thought of quitting forex several times but each time I do so I return to it. I dont know why but it seems it s kind of addiction that no one can resist. I cant give up forex.

Offline fxman

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Re: Have you ever thought about giving up trading in forex?
« Reply #36 on: December 24, 2013, 09:04:30 PM »
It is really difficult to leave forex trading for me though I faced mc several times earlier. Every time I faced losses came back with new thinking. Actually it becomes an addiction  than a business to me.   



Offline DaggerDirk

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Re: Have you ever thought about giving up trading in forex?
« Reply #37 on: December 25, 2013, 03:44:29 AM »
Forex is a very remunerative game (i.e. rewarding) - but only for the cognoscenti (those with knowledge and power). There are some immutable facts underlying success and failure and these are forever morphing to not "match", but actually to "make" the market what it is. The regulatory authorities are reluctant to intervene in this manipulative process because excessive intervention distorts markets and almost by definition, markets such as forex must always be the wild west of trading - with currency exchange pairs theoretically free to find their natural levels. This includes the interventions of central banks - who, unlike the large financial institutions, quite legitimately pump and posture to achieve national economic objectives. It's called "fiscal and monetary measures policy" and it's very straightforward that these fundaments should permissively influence the forex market. Their interventions are what we know as Forex News. Certain key events can rock the Forex Casbah.

Stock markets by contrast require regulation or insider trading would prevail..... and "the fix" would always be "in". But having said that, it is in fact apparent of late that in forex, courtesy of high-speed computers, the fix is already in. If you doubt this, then take a look at "The Volcker Act's imminent effects upon the FX Market" at http://tinyurl.com/lewvhv2

Then search donnaforex forums for "daggerdirk Aurora". What's Aurora? Quite simply it's what the Volcker Act is attempting to [in part] address - but their approach is very low-key. It's almost as if they are uncertain of what grounds they're standing upon. A few years ago the NFA started trying to control the predators in forex by banning hedging, limiting leverage and introducing FIFO for US citizens (who weren't market-makers - large institutions with "licences" for financial misconduct in their own interests). These unpopular measures self-generated various ways and means to circumvent them (distant brokers, obliging back-offices, subtle work-arounds etc etc). Then the regulators latterly started getting a sense of just how much the dark pools were distorting the share-markets and high-speed computers were exploiting the Forex Market. But powerful forces are in play and the first enforcement actions under the Volcker Act can now be seen as a very subdued warning overture (only) to the larger financial institutions - a "heads up" to do their forex-based thievery in a less evident manner.

To explain, whole industries and teaching institutions have grown up around the market-makers' abilities to manipulate and coerce the Forex Market (i.e. Steve Mauro et al). The regulators have in effect issued a "please explain" to the Goldman Sachs, HSBC, Bank Suisse, JP Morgan Chase etc etc questioning the intra-day collusion between their floor traders to take out stops by fluctuating the key currency pairs with their collective clout. In fact it's not so much the traders, it's a computer program known colloquially as Aurora, that assesses global volume (i.e. bank flow) and retail trader exposure (stop positioning and correlations) in order to determine the most effective point at which the institutions should intervene and commit their large liquidity to rape the accounts of the masses. It's something we see each and every trading day - usually starting with the Frankfurt flux (or Flush?). By using high-speed computers to determine the exact point at which to do their dastardly deed in order to reap the maximum from retail trader exposure via stop-outs... could that be seen as an offence under the American RICO Act.....Certainly, if it wasn't so embedded in Forex folklore. But is it acceptable market behaviour? That's become the question that the NFA is loathe to address with any great certainty. Its weak-kneed initial approach is however a large step up the ladder from just addressing individual broker's dishonesty. It's not dissimilar to the furore generated by the bank's "behind the scenes" fixing of LIBOR and EUROBOR interest rates. That was an insider misconduct widely known but ignored. The same can be said of Aurora's cheap tricks.

We live in interesting times and trade amidst (and despite) obscure crimes. Apart from what is being addressed by the regulator, you will be unaware of just how the forex market's rape and pillage is being perpetrated in lesser distinctive [and largely individualized] ways. The traders employed by some brokers and the liquidity providers have at their command a manipulation tool provided by MT4's developers (Metaquotes - a Russian based company). It's innocuously called the "Mt4 Trade Manager (TM)" and its function is to manipulate your trade entries and exits to favour the broker or his liquidity provider. You used to be able to access its PDF online but every time you'd web-mount it, you'd be hit with a DMCA "take-down" notice. So its true abilities are known to only a few....and its modern enhancements to very few.

However, you can always tell that a broker is in trouble and attempting to improve its bottom line or "get out from under" - or just being overcome by greed. FxPrimus does it by TM's error messages to induce delays (always a good heads up for you that you're "being served"), Star Financial by doubling the spread on its real money accounts (as it's an Axi white-label in existence only to feed a few institution's clients - and they need to cover the kickbacks), Alpari UK, FXDD, FXCM and Gain Capital's forex.com do similar -but only because they are large enough with a huge established client-base to not care whether they piss off the few (or even the many). Some brokers (such as forex.com) freeze their platforms during red news. Traders have no option but to exit their trades early or stay in and clench their teeth for that 30 minute freeze (on NFP say).

Fewer than 1% of retail traders monitor the spreads at which they enter trades and thus don't notice the subtle increases at the points at which just about everybody expects trades to be entered (H&S, M's and W's, key Fibo points, pivots, pinbars, significant divergence etc etc). But you tend to forget that, win-lose-or-draw, you will be paying spread (and commission too - or a mix of both, as well as swap). Erosion of accounts in this way is very insidious - yet very significant. Spikes and gaps are also a good way to enhance your victim profile.

So what's the solution? The sad news is that there is no solution - all bases are covered by the professionals and their corporate greed (always a virtue and non-reprehensible in commerce). The Lore of the Forex Jungle dictates that they will take as much as they can from you (not you personally, but in the aggregate). The very personal nature of individual loss does work well in their favour. Few retail traders will admit their failures and most will rejoice and reveal the odd win - thus perpetuating the myth of forex wealth. What about robot trading? The fact is that very few are even marginally profitable. High freq Traders like MDP (Million Dollar Pips) enjoyed a short period of success but broker complaints soon saw Metaquotes issuing a quick succession of MT4 upgrades (and eventually killing off the early versions of profitable Mt4 for those successful MDP traders who'd wisely avoided the updates). Brokers just won't tolerate robot winners. MDP was soon DIW (dead in the water) courtesy of the induced spike flux on the brokers' servers (it's so fast you need a tick-counter and oscillograph to identify it). Progressive modified Martingale and D'Alembert grid-based EA's have the best chance of nibbling a profit from the daily flux in the major pairs. I have one that works. Of course all this induced market mayhem is in addition to the stark fact that brokers do go broke (even the very large ones -PFG for instance) and do misbehave and only some are ever caught out (but still too numerous to mention).

What about the spruikers (Bill Poulos et al)? His age-old formula is just about "done" in Forex. Only the very gullible nowadays fall for his brand of forex scheme B.S. It can be seen in the fact that he's now diverted into "can't fail" $2K stock market programs (always with the same underlying themes as his forex exploitations). Avoiding his ilk should be a prominent part of chapter 2 of Forex 101.

The search for the Holy Grail goes on however. Where do I think it resides? It's certainly not in binary options. Whenever I do an email clearout, I just search BINARY and junk the lot. But I do fall for the odd 4X sales-pitch and then refund. Have I ever found anything remotely resembling the Holy Grail? Often thought so, but now I've no fingerprints at all. That's what finger-burning can do for you. Next thing they'll be after is my DNA. If I lose that too, I'll go back to my first love of real estate. At least you can surround that with a moat and defend it.


Offline bintsk

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Re: Have you ever thought about giving up trading in forex?
« Reply #38 on: August 22, 2014, 03:55:53 PM »
Are you usually losing money during your trading in forex?
How much are you losing now?
If you have lost so much money in forex market,have you ever thought about giving up trading in forex?
For me,I have ever thought about giving up trading.While,it is my friend who just encourages me that it is a global market can grow bigger and bigger. It is a place for of chances.You can make it.
Now I am still stick to my trade now.
What about you, guys?

Used to think about giving up but now I don't. This thing is really unpredictable and it might even prove to be lucrative very soon. We don't know what future holds. So, I don't think its a good option to give up forex trading.
Nevertheless, If you are losing faith, then I'd suggest you to invest only half of what you're investing right now so that you don't get disappointed much if in case forex trading grows smaller.

And, be optimistic. Brighter days are coming. ;)

Offline troutski

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Re: Have you ever thought about giving up trading in forex?
« Reply #39 on: August 24, 2014, 02:52:06 AM »
I give up about once per month, but not necessarily because I'm losing a ton of money. It takes a lot of research and hours of my time, so sometimes I'd just prefer to do something else. I feel like that happens to a lot of people. I gain money more than I lose it, but it's so time consuming.

Offline stevemagana

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Re: Have you ever thought about giving up trading in forex?
« Reply #40 on: August 29, 2014, 09:51:32 AM »
Hello there,

I became interested in trading at the age of 17, now im 24. I started off trading stocks and did well thanks to InTheMoneyStocks but the returns of 2-4% percent per trade was not enough for me since I had a small account. So then i made the move into forex and for several years  I lost almost every deposit I would make into my real account. I would try hundreds of indicators, building several ea's and even bought other peoples strategies.

Now I have been profitable almost every month for the past 2 years. On the months that i dont go positive i go slightly negative. Forex is now like a hobby to me. I learned not to use indicators only price action, horizontal support/ resistance and trend lines. My best trades are breakouts and getting into the retracements.

If you love forex as much as i do :) dont give up. But please be smart, dont risk to much in 1 trade, steer away from indicators (with arrows, crossovers, etc). Also make some trading buddies that you can run some of your potential trades through.

Anyone can add me on skype if you want some pointers or learn an easy breakout strategy.
skype: steve.magana1
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Offline compujock

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Re: Have you ever thought about giving up trading in forex?
« Reply #41 on: August 31, 2014, 05:35:38 PM »
Not really.  In 2004 when I started trading Forex,  after lots of research and learning what made the most sense to me was that fundamental factors (news reports, etc.) was what moves the markets the most, creates trends, etc. So, I started in Forex as a news trader.  Back then news trading was like taking candy from a baby.  The win rate was 100% most of the time and it was really too easy.   When news trading eventually became unprofitable, I went looking for the next best method and came across grid trading.  There were mathematical grids at the time that made complete logical sense.  Who cares which way the market moves or why it moved?  We make money no matter which way it goes.  And the mathematical calculations show we cannot loose.  :-)   Wrong!  I made a very nice income for months grid trading until the pair I was trading went on a one way trend for months with little to no retrace.  According to conventional wisdom at the time, this was not supposed to happen.  Needless to say, I blew my first account.  Luckily, I had more than one account by that time so lived to fight another day.  To this day, I have never traded a full grid again!  In my opinion, the only grids even worth considering would be a limited grid (no more than maybe 6 positions) or a close everything after a 10% drawdown or something like that and only run on a small account. 

Anyway, for me the best methods to trade are trend following, breakout, reversals, and scalping.  So, that's predominately what I do now.  And I've learned over the years, low risk, and patience is the best practice in Forex.  And if your using low enough risk then there is no fear or anxiety when the inevitable drawdown comes.  And if you have the patience to be happy with a few % profit per month, you will be successful in Forex. 

The reason I don't ever think about giving up is because I love challenges and Forex gives me that.  When things don't look so good, I sit down and figure out what's going wrong and re-adjust or add to my strategies.  Plus, when I look back at the end of the year and see that I made profit even if it's not as much as I had hoped for, profit is profit and even a little profit is almost guaranteed to be more than I would have made with my money in the bank.
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Offline iMusingKiMi

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Re: Have you ever thought about giving up trading in forex?
« Reply #42 on: September 04, 2014, 02:18:52 PM »
I am not the smartest person in the world, but I am persistent. You need a lot of experience and don't expect to success in trading journey neither using 3 days or 3 months. Keep going, learn from mistake, never argue with the market and always keep yourself well discipline are the key of success in Forex.

Offline drunkfx

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Re: Have you ever thought about giving up trading in forex?
« Reply #43 on: September 07, 2014, 12:16:49 PM »
When I had depression caused by losses I was about to give up but cool mind and sensible view of things allowed me to remain afloat and after a pause break return to trading. It is a very important in this situation to have stable source of income which would protect you from excessive pressure of money problems and avoid tensions with your family on material basis.

Offline JoshPosh

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Re: Have you ever thought about giving up trading in forex?
« Reply #44 on: September 12, 2014, 01:06:16 PM »
I took a major hit during sideways movement in the market.  After losing half of my account I walked away for a year or so and just did demo trading. 

I returned to trading recently with a better understanding of leveraging your margin.