Guys, I just CAN'T do foreign exchange... I've tried

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patriotstef
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Guys, I just CAN'T do foreign exchange... I've tried

Postby patriotstef » Thu Jul 09, 2009 6:16 pm

Hello, I'm going to try to not feel sorry for myself or wallow in self pity....

I tried the MACD and stochastics for starters... I made no profit since the losses were as big as the gains.

I tried EA's (Ilan 1.4, FOREX auto pilot, etc.)... again, the losses and gains are equal to each other.

I've tried repainting indicators... I lose MORE than the money I gain.

I've tried support/resistance... the price almost always breaks through and then shoots right back the other way and I lose more than I gain. Or the price stops at the levels and then finally breaks through - going the wrong way again.

I've tried trading the news... sometimes it works, sometimes it doesn't - either way I gain and lose exactly the same amounts also.

I've tried strategies from various FOREX blogs and forums (as well as TRO)... the same thing - profits and gains = a "sine wave" on the result graph.

I really do appreciate all that TRO and various others have done for my FOREX education, but I still to this day have no way of knowing how to predict that line of price where I gain more than I lose. If there are those making a living doing this, I have no idea how in the world they managed to do it... COMPLETELY no idea. Exit/Entry is totally beyond me at this point.

Is there anything else I haven't tried before I put a fire underneath all of it?

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Patch
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Postby Patch » Thu Jul 09, 2009 6:56 pm

PatriotStef

OK, what do you want to do? If TRO, Paul, The PRO, The Mighty One and many other are making money in the markets, I wonder what they are doing that you and I haven't been doing.

Please post a screen shot of each trade you have done on this thread and lets all review and see what we can learn together. Now that you have learned how easy it is to loose a lot, or if you have pretty much broken even money wise, you are already half way there to profit.

Do a search for Drain, and read every thread dealing with Drain the Banks 10 times, slowly and taking notes. Forget about all the other threads on this site.

and Post the screen shots.

or quit.

Long or short or stay on the sidelines Stef. This one is your call.

Choose wisely. jb
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby jsme » Thu Jul 09, 2009 7:00 pm

patroitstef, I can fully understand your frustrations....having lived through them myself.

I can try to assist you with the resistance/support trading but this thread works for me and TRO really has explained it better then I can.

http://kreslik.com/forums/viewtopic.php ... sc&start=0

if you like I can try to assist you

J

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Postby jasonckb » Thu Jul 09, 2009 7:05 pm

Try not to buy "Low" and sell "High", rather buy/sell following the momentum. In addition, try with the daily range, know what is the average range, extreme large and small range, eg. today's GBP has got a 350 pips range while average is about 193pips for the past 10 days.......Maybe a "good" chance to trade reversal. What is a "good" ......good means higher odds only......when it go against it, trade momentum.

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Postby patriotstef » Thu Jul 09, 2009 8:48 pm

I certainly do thank everyone for the quick replies.


PatriotStef

OK, what do you want to do? If TRO, Paul, The PRO, The Mighty One and many other are making money in the markets, I wonder what they are doing that you and I haven't been doing.

Please post a screen shot of each trade you have done on this thread and lets all review and see what we can learn together. Now that you have learned how easy it is to loose a lot, or if you have pretty much broken even money wise, you are already half way there to profit.

Do a search for Drain, and read every thread dealing with Drain the Banks 10 times, slowly and taking notes. Forget about all the other threads on this site.

and Post the screen shots.

or quit.

Long or short or stay on the sidelines Stef. This one is your call.

Choose wisely. jb


Thanks Patch. I wish I had saved those because I had to totally reload my FXDD platform since the new build was corrupted. I won't quit as long as someone can show me what actually works consistently. The whole drain the banks section got very confusing after a while.

patroitstef, I can fully understand your frustrations....having lived through them myself.

I can try to assist you with the resistance/support trading but this thread works for me and TRO really has explained it better then I can.

http://kreslik.com/forums/viewtopic.php ... sc&start=0

if you like I can try to assist you

J


Thanks jsme. I don't, however, see what constitutes an exit for this strategy though.

Try not to buy "Low" and sell "High", rather buy/sell following the momentum. In addition, try with the daily range, know what is the average range, extreme large and small range, eg. today's GBP has got a 350 pips range while average is about 193pips for the past 10 days.......Maybe a "good" chance to trade reversal. What is a "good" ......good means higher odds only......when it go against it, trade momentum.


Thanks jacksonkb, it's just that I know absolutely nothing about how volume and momentum work on FOREX. Some have said volume doesn't exist, and then what exactly is momentum on FOREX and then how does one measure it before the price moves take place?

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MightyOne
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Re: Guys, I just CAN'T do foreign exchange... I've tried

Postby MightyOne » Thu Jul 09, 2009 8:58 pm

If every person had what it takes to be a trader then 98% would not be losers.

Every thing you need to trade profitably is available for free on the internet.
Unfortunately every thing that you do not need to trade is also available for free on the internet.

If you have raw food in the fridge and you can't figure out how to cook it then you are just going to have to find someone who will cook the food for you.

Trading is the same way...



patriotstef wrote:Hello, I'm going to try to not feel sorry for myself or wallow in self pity....

I tried the MACD and stochastics for starters... I made no profit since the losses were as big as the gains.

I tried EA's (Ilan 1.4, FOREX auto pilot, etc.)... again, the losses and gains are equal to each other.

I've tried repainting indicators... I lose MORE than the money I gain.

I've tried support/resistance... the price almost always breaks through and then shoots right back the other way and I lose more than I gain. Or the price stops at the levels and then finally breaks through - going the wrong way again.

I've tried trading the news... sometimes it works, sometimes it doesn't - either way I gain and lose exactly the same amounts also.

I've tried strategies from various FOREX blogs and forums (as well as TRO)... the same thing - profits and gains = a "sine wave" on the result graph.

I really do appreciate all that TRO and various others have done for my FOREX education, but I still to this day have no way of knowing how to predict that line of price where I gain more than I lose. If there are those making a living doing this, I have no idea how in the world they managed to do it... COMPLETELY no idea. Exit/Entry is totally beyond me at this point.

Is there anything else I haven't tried before I put a fire underneath all of it?

jsme
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Postby jsme » Thu Jul 09, 2009 9:32 pm

hey patriotstef,

each trader choose their own way, but what i like to do is this.

I set a mental S/L and I keep my eye on the trade. I will exit if I need to.

I will set my mental T/P and if I reach it I am out

My goal is to hit a percentage gain each day, but if I take a few hits I will exit trading for the day.

By having my goal for my gains set before hand I know when to say when

the longer you trade the more tired you will become and the more foolish trading you will do

J

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Patch
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Postby Patch » Fri Jul 10, 2009 2:46 am

PS

Last thought for the night. Go through the new posts for the day. actually afternoon and early evening. Around 8-8.30 pm and fine the download pdf price action for serious traders rar. actually I think you can look it up in a search. Just read in preface and hang in here and there as long as it takes you. We all travel the same path in different ways. jb
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby monolisa » Fri Jul 10, 2009 3:06 am

Hi patriotstef,

I think it's absolutely normal to feel despair if you lose money in forex. I know I do :)

But the most important thing is learn from your mistakes and pick yourself up afterwards.

Know the market, be disciplined and have a written plan. Most of all keep it simple but effective.

Good luck to your trading!

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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Postby Gert Frobe » Fri Jul 10, 2009 4:12 am

its trading - last week i was winning every trade even made money on fat finger trades. on monday i was ready to pull the pin -got tied to a huge loser down over a 100 pips got the dreded margin call. some how i traded my way out of it but it was still a big hit on the account. tuesday small loss but i got back to basics. took weds. off and worked out a trading plan on basic stuff i know -the buy zone. thursday back in the money and tonight i have hit my goal for the asian mkt. so get mad and revue what you have done right in the past and come back with a simple plan.


airball

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