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Author Topic: Today I quit trading Forex  (Read 27944 times)

Offline Pegasus FX

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    • Pegasus FX
Re: Today I quit trading Forex
« Reply #90 on: February 21, 2019, 02:04:13 PM »
I know that times may look tough now but they always change. If you are constantly facing losses in the forex world, then you should take some time off it. There is no need to quit the market all together. Maybe go on a vacation to blow some steam off. What do you think guys?

I really agree with this statement.  Sometimes you need to take a step back from trading (or most things in life actually) to regroup your thoughts.  You may find it is actually the right decision to not proceed with trading.  Or you may feel you can approach it in a different way.  The most important thing I feel is to really take the time to think/meditate on your decision.

Offline reddevil

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Re: Today I quit trading Forex
« Reply #91 on: February 22, 2019, 05:19:16 AM »
Most of us have  a a job or business and the question is how to get additional income? Usually the additional income is to supplement the primary income.

1. get a second job, this means you won't have a life

2. invest - property/houses - this requires huge capital or loans.

3. invest - stock, this too requires large capital. Most funds returns 6% or negative in some years.

3. gamble - casino/sports betting - this is more for fun/entertainment.

4. trade stock (as oppose to invest). this requires large capital as well. usually you make money during a bull market.

5. trade forex (options etc) . You need to make use of leverage if you don't have large capital. 24/5 trading hours which suits people where NY/London time is after working hours for them. Need small capital to get your toes wet etc.

I may have missed some other channels but if needing additional income is still  your wish, what other choice would you choose if (5) is out?
If you don't need the income then why bother.

One of the reason I trade forex is low cost per transaction - compared to buying/selling a house, stock etc.

The key here is to make MONEY.
5% of of swing trader makes money
5% of scalper makes money
5% of martingale traders makes money.
5% of signal followers makes money etc
I don't know if the above percentages are true. But you see a lot of advice on the web, even on this thread on what or what not to do.

I do know some of the advice mentoned here are not true(because I am making money contrary to popular wisdom) . I don't what to debate on this but to ask what other alternatives are there to make some money ?  :)

Offline Arsssele

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Re: Today I quit trading Forex
« Reply #92 on: March 24, 2019, 01:55:05 AM »
I think that Pipsbuster is a brave person. It is really ok to say that Forex is not for you and quit it. It really is not for everyone as it requires a lot of time spent on learning market secrets. If you dont see yourself on this market it is better to leave it and save your money from loss

Offline AtlantaSean

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Re: Today I quit trading Forex
« Reply #93 on: March 24, 2019, 09:25:14 PM »
Trading futures is the best way to turn a matchbook into a lumberyard. Nowhere in the marketplace can someone with little capital turn it into a fortune. Of course it is the riskiest of endeavors if you are UNDER capitalized. I've had some wild days before, up and down!!!

Honestly, trading FX isn't that complicated if you are trying to position trade. Follow the central bankers and interest rate differentials as well as macro and geopolitical themes. Scale into a position slowly and you should be fine because you can float a drawdown. Scalping is very hard to make real money. Bet higher, win/lose higher.

Why trade stocks? Even with a margin account it is still only leveraged 2:1. Equity options is a good way to make REAL returns. If you are scared of time running out then trade LEAPS.




Offline Eliza Abrams

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Re: Today I quit trading Forex
« Reply #94 on: March 25, 2019, 02:26:37 PM »
I think that Pipsbuster is a brave person. It is really ok to say that Forex is not for you and quit it. It really is not for everyone as it requires a lot of time spent on learning market secrets. If you dont see yourself on this market it is better to leave it and save your money from loss

I agree. It's only commendable when a person has the self-awareness to decide for themselves whether trading is for them or not and if not to cut their losses and move onto an occupation they like better.

Offline marcopiccollo

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Re: Today I quit trading Forex
« Reply #95 on: March 29, 2019, 10:39:10 AM »
I think you're strong and smart person to make that kind of decission. It is just your free will to do whatever you want and Forex is not only option for making money. There are bunch of opportunities.
Wish you a great success in you net activities! Hope you'll fine "The thing"!

Offline grobanjosh

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Re: Today I quit trading Forex
« Reply #96 on: April 02, 2019, 07:08:31 AM »
I have been watching Forex boards go ever more quiet over the years. Today was my turn to quit trading Forex for good. The attached image shows why. There's simply no way a human or an EA could predict the price first going up more than 100 pips on some comments by Draghi, then Trump would suddenly make his own comments taking the price back down over 100 pips - for it only to go back up yet again for more than 100 pips.

You just can't foresee these things and have to admit it - not admitting it would be fooling yourself and others. With so many market participants, Forex is a perfect random numbers generator. You don't expect to profit consistently from coin toss game, so no reason to expect it from the same coin toss game where you are further charged commission for every toss by the broker.

Also, if you dedicate to any other field the same amount of time and effort you've dedicated to attempts of beating the random process Forex, you will become a pro in that field - which you never will in Forex, unless you start your own broker to take the other side of people's trades who will inevitably sooner or later lose to you or begin selling something largely useless to others.

Please, do not bring up instances of some scalping bots that make a few percent per year only to lose it all and more in one day :). I wish you much success in your new activities.

I think you're just got tired. I have such times when I dont want to even open MT because it seems just useless

 

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