Thread: How many people are actually making money rather than losing?

I've just blown up my fifth account

Originally Posted by ;

You cannot pretend to earn a living in a CASINO Business Model... You cannot predict the Future. The past bahaviour of a PAIR, doesn't tell you what will happen in the future. All indiors LAG BIG TIME, that is a FACT. Price FICTION out of JAMES16 LAGS BIG TIME, that is a FACT. They earn money with their private FORUM, that is a truth. If you see RED 20 times in a row in roulette, it doesn't mean that you should bet Black next. Now be ready srpggamer, because every single spokesperson defending FOREX...

At least I'm not the only person who believes he is a entire fraud. Whatever the case you can make a living on it and I know a few men and women who do. My account is not nearly large enough to do this yet but I'm on my way . It requires a lot of time to figure this out though.

I'm of the belief that it's unwise to throw actual money at it without even having shown to yourself it is possible to do the job always using a demo account, but that is mostly just because I really don't like throwing money away.
Live trading is much harder than demo for a number of reason, so in the event that you can't use a demo account, you won't fare well with a live one.

And if you're blowing demo accounts, well, think about it as a really crappy video game that you suck . That's how I deal.

Originally Posted by ;

I have just blown up my fifth account

Was that live or demo? You should not even try live until you can prove to be profitable on demo. Start little. There is no need to lose money. I've never lost real money and yes I have traded reside, though currently fine tuning on demo. There is no rush. Return to learning, keep practising.

I don't understand your trading style or the time period which you use but maybe the following could explain your difficulty.

Day trading is a loser's game - not a game played with losers but a game where you will make a lot of mistakes that finally you lose. Is it a winners game? . Well it has been proven that short-term market moves are random and, since you're day trading then you're trying to make sense of random moves by applying some from logic to random events, which is certain to fail. It's like trying to select Lotto numbers using some kind of logical system - it doesn't work.

Try using a weekly chart in your demo account. This will make certain you're not caught in these short-term random moves. You merely make one trading choice per week over the weekend and you'll reduce your trading costs. It will be hard to stop yourself from second-guessing that the market's next move throughout the week so close your personal computer and walk away. A fantastic commerce will last several weeks. If you still don't win over a span of a couple of months then quit forex until you lose serious money. There is not any hurry, the tortoise beat the hare.

Originally Posted by ;

I'm of the view that it's unwise to throw actual cash at it without being shown to yourself it is possible to work consistently using a demo account, but that is mostly just because I don't like throwing away money. Live trading is harder than demonion for a number of reason, so in the event that you cannot use a demo account, you won't fare well with a live one. And if you're blowing demo accounts, think of it as a really crappy video game you suck . That's how I deal.

Heres my two pennies
Live accounts need to be used as demo's are not realistic, so losing money on forex should you plan the losses whilst learning is a company investment, as long as you make progress, should not go play everywhere.
Once I started I went after 1 week just micro lots and small percent it frightened me to death lol, it's what's required.
I was ready to lose up to $200 a month as an investment, took me 3 months to lose it and I'm up on my 2nd account.
If you rule trade using a Rof 3to 1 and do not over commerce ( I started with 10-20 a day currently 3-4 prime trades) you have some odds to win.
Anything less and your gambling, if you're failing doing lots of transactions at 3:1 commerce less and decide on a higher reward.
Do not get greedy and do not expect to get rich in a hurry for a time.
Above all appreciate, you might be paying $100 a month for a couple of unworthy games rofl
Photize
Ps 90% fail and many get tutored by the other hand be warned!!! In a market there's just 1 fundamental which will make price movement, over distribution or over need not forgetting that under supply and under need is the unspoken part of the identical formula.

Originally Posted by ;

quote Heres my two pennies Live accounts need to be utilized as demo's aren't realistic, so losing money on FX if you plan on the losses whilst learning is a company investment, as long as you make progress, if not go play elsewhere. When I began I went after 1 week just micro lots and little% it frightened me to death lol, it is what's needed. I was ready to lose up to $200 a month as a investment, took me 3 weeks to reduce it and I'm up on my 2nd account. If you rule trade using a R:R of 3to 1 and don't over trade ( I began with 10-20 a day...

There's no point doing reside if you can't do demo. As somebody on here once said quite succinctly, there's no point looking for an SAS marksman when you can't even do paintball.

You don't need to eliminate ANY money!

If you want, keep at it. The mistakes you might want to address are:

_Well, it's your fault
_You you did bad transactions
_You will need to know MM
_You are still not ready, keep trading via DEMO 6 months

I recommend you do the following:

_You need to operate on Trading Plogy
_You need to read these books
_Keep reading the James16 Thread
_You traded for 3 years. If a Doctor Studies 10 years at University you have to exchange 10 years prior to becoming successful
_To be profitable at forex takes a lot much more effort than 99% of people are committed to
_You need to work harder and harder and harder
_You need to keep BURNING Accounts, a good trader, before becoming good, they burnt like 10 accounts.

All taken from FF's foremost expert on trading collapse.

On a serious note, trading is one of the most difficult professions everyone can take on, particularly for retailers. If you want to do it then be ready to identify the areas that need work and then do the essential work. Did you fail as a result of a bad system or because of the most frequent plogical issues like not sticking to rules/MM, responding badly to losses, revenge trading, more than trading, attempting to force setups instead of waiting for them to return to you, shooting from the hip, becoming married to exchange ideas, needing to be correct etc?

We have been there as it's our'default' plogy once we're mentally unconditioned, we do all the above and on autopilot.

It takes time and work to reprogram this stuff and even then it's very simple relapse. The good news is you can change it and the more frequently you operate on it that the more natural the successful trading mindset becomes which is more like - being calm, objective, fully accepting of losses and being wrong, thinking in probabilities (just like a pro gambler), managing risk, totally trusting on your own body and your ability to follow it to deliver favorable results over time, having a good business egy, having patterns, ensuring you enter the ideal mental condition at the start of the day, taking a look at the big picture then awaiting the signal... (probably more but you get the idea)

If you're committed to creating it then I'd recommend take a rest, return to demonion and operate on plogy along with a egy and sticking to it.

Mapleleaf is absolutely right that the majority of people just not committed to make the effort required and keep bouncing back and taking punches and ploughing through drawdowns.

It is definitely not for everyone, same with starting a business - people stick at it for years, and neglect and over again until they eventually succeed. Most people can't keep bouncing back and can't see it through .

Would you learn from the mistakes and are you ready to look inside your self and fully purge your mindset, beliefs and attitude toward trading?

If the solution is no it's probably not for you - which is not a bad thing as it isn't for most people.

Good luck with whatever you pick.

Originally Posted by ;

Well, it is your fault _You you did poor transactions...

You know what Mapleleaf, you're right, it's my fault once I get a loser. Normally, I have made a mistake or done something idiotic. The majority of the time I would know exactly what I've done wrong and I'll make a conscious effort to not repeat it. That's how I improve.

Let us ask a different question, How a lot of individuals there wanted to be a pilot/some fancy career that provides a high status and couldn't do it? ....

A lot. .... It's the same with trading. You need to be to be admitted to that school you have to be among the best to make money. End of this story.