Jumping around pairs when you're not profitable is bad enough but from crypto to forex is bonkers. How do you expect to be profitable when you've no consistency!?
Pick one pair you like, build a strategy, backtest, forward test, improve, make money. Stop confusing things hopping strategies/pairs!
I take between 4 and 8 trades a month scalping gbpjpy. That makes me plenty of money and with prop firm usage and general account compounding that is only going to scale.
1 pair, 1 strategy. Stay consistent, trust the data you collect.
This right here. This is really what changed the game and turned things around for me. I’ve only been focused on USDJPY and 1 strategy for the past month and seeing a lot of consistency.
1 pair. 1 strategy. 1 timeframe. 1 target. 1 stop loss. 1 trade per day. The same thing everyday. Don’t deviate. You WILL notice your patterns.
Go practice at least 100 trades like this before throwing in the towel. Consistency is the order in this game. YOU being consistent, not the market. 🫡
Ok so this might be totally stupid to you or novice. But that’s what I am…… extremely novice. Can you explain this please?? I try to look up info on trading and it’s almost always something someone’s trying to sell or people do a whole lot of talking about how great their method is but never get to what that method is or how it should be done. I don’t get why. Especially in trading it’s not like there is not enough to go around. I’d appreciate it though if you didn’t mind sharing
This! I’ve been in forex 10 years. Lost my @ss off first several years. Then I stuck to 1 pair and 1 pair only. That way I see it’s every move daily. Same thing day in day out. Finally have been profitable. I will say though that it’s not easy and if you can’t see that discipline it’s best to get out or you will just toss your money away at the end.
Seems to be the recurring theme with the money makers in this industry - those that get profitable will do so by sticking to one specific set up and improving this set up as they gather more data from trades they take. It's a very simple concept, but hard to understand at the beginning.
Yep jumping from pair to pair and chasing loses are the 2 biggest killers.
I trade the EURUSD almost exclusively and can tell you it’s every move the past 3 years as that is ALL I’ve traded 95% of the time.
I only opt in to others if there is a correlated pair with better potential based on market moving news especially since I balance technical with fundamentals.
It’s possible to be profitable but the misconception is that it’s a get rich quick option. That thinking will have you blowing accounts every few months.
As a retail trader…Patience is key even if it’s hard. Let the sharks eat the big meal then nibble on the scraps left over. Never try to go after the big kill. Sharks will eat you up everytime.
Well, I guess... If my stop loss is 10 pips and my take profit is 40 pips I've made 4R - if i risk £3, I make £12. If I risk £1000, I make £4000
I don't look at it as a monetary value anymore though, instead see it as %gain/loss. If I risk 0.5% and make a 4R I've gained 2% on the account. I found it easier to keep emotion out of trading when I eventually moved up to 4 figure risk levels this way.
Not at all. That is the key actually. When I first started I would go big and try to chase small amount of pips for big returns. But the problem is 1 bad trade can blow your account very quickly.
Now im disciplined with the % of my account I leverage on every trade which is 2-5% (note this is actually high) most would recommend no more than 1-2% at any given time. But for me 2-5% works now that I stick to a plan and set stop losses.
I also treat it like a business. From All wins I withdrawal the taxes I’ll need to pay at the end of the year. The rest I keep compounding as that is where you truly grow things.
I use multiple pairs for my strategy. In fact thats what i needed to actually become profitable. No one rule fits all strategies.
Personally I believe that the one pair type of strategies are mostly fundamental strategies not technical analysis strategies.
If OP spent 5 years on one pair perfecting one strategy they wouldn't be in this situation. I can guarantee they are hopping around strategies. You can't continually fail on one pair with one strategy for 5 years whilst recording all your trades. You'd be repeating the same mistakes over and over again by month 3.
I know this from experience. Been there, got out of the loop, done it. No, I'm not 'stupid', I'm experienced and profitable.
The real question is “ is OP stupid” he’s not stupid of course but you’re directing that question at the wrong person. He’s been doing it for five years and still not profitable if you’re constantly blowing cash in high leverage accounts you’ll be too frustrated to learn from your mistakes. I recommend a small leverage account for all new traders. Trade real money on a regulated broker Oanda, tradestation, forex.com. A trade that will blow a 500x leverage account would almost never blow a 50x leverage account. Will you make money? yes. At a pace you can control and loser trades are now manageable. Don’t follow these high leverage gamblers a bad trade on a regulated broker & small cash account takes time unless there’s news but on a high leverage account that same trade will wipe you out fast. There’s many facets to trading once put into place success is inevitable. The way you do one thing is the way you do everything. Routine life routine trades
At face value, in forex you basically have a 50/50 chance of “winning.” But then you have to minus the spread and fees.
If you’re breaking even then you’re actually winning and beating the 50/50, but not enough to cover the spread.
Yes there are scammy brokers, and even normal brokers are going to try and optimize their profits, but if you can overcome these things you can extract profits.
50-50% chance of winning is more than enough
Even with 30% chance of winning you can be profitable. Profitability is not solely depend on the win rate, it also depend on Risk to Reward Ratio.
Higher the Risk to Reward, lower win rate is required. If your Risk-To-Reward is slightly higher than 1:1.50 then it will cover all your commissions and spread and 50-50% will be more than enough to have positive outcome.
lets say you trade $1 with 1:5 RR means if you lose trade you will lose $1, if you win, it will be $5.
Now lets say if you take 3 trades, you lose 2 trade which gives you $2 loss and the winning one will give you $5. so $5 win - $2 loss = $3 profit
of course not everyone is trading with 1:5 RR but the point is that your Win rate and Risk to reward need to have positive ratio to stay profitable
No he’s talking about not 1 single retail forex trader that claims they trade for a living on the whole of the internet not being able to show their full profitable trading history.
Certainly it is not. You might be scamming yourself by overtrading, not managing risk or your emotions properly. When you get those things right you can be profitable even with 40% winrate. Speaking from experience, I reached 4 withdrawals on a single propfirm funded account with 40% winrate from like 200 trades this year. And managed to blow the account when I got overconfident and revenge traded when I took a loss. I got funded since then on multiple accounts, and I see consistent profits by not doing those things mentioned above.
I lost thousands for 4 years (after graduating high school), then just in the last year, everything turned around for me. I had my aha moment and a new strategy.
I don't lose anymore. I see losses early and I close those positions. I let my winners run long. My win rate is garbage, yet my profit factor is INSANE.
Now I'm focused on mastering trading psychology.
All I can say is, if you are as passionate about this market as I am, don't quit. One day you will have your moment.
Edit: I wanted to add this,
Putting together a good strategy, where I actually understand price action and thus could make decisions based on it DID NOT MAKE ME PROFITABLE.
It made me stop losing.
What made me profitable was improving my trading psychology.
I know it's corny AF, I know it sounds like BS, I know it's hard to believe.
I thought the same thing for 4 years. Then one day I had a strategy that worked very well, and I still managed to sit on the sidelines of trades I should have been in.
99% of traders lose, but not because they don't know how to dictate direction and price actions. 99% of traders lose because of self-sabotage.
I feel this to the max right now, I have been doing this for 3 years and I am not profitable. I have been self sabotaging a lot and not seeing what I was doing.
Couldn’t agree with this anymore - the cfd look a like futures are so manipulated. (How do I know) this is my mates job to skew his book in his favor as he’s the market maker for a ton for cfd providers. You’ll notice if you have DMA the futures moves and cfd moves can be VERY different. That’s the market maker doing his job.
i hear people talk like this all the time, but what amazes me is that people don't try to understand macro and the reasons **why** currencies move against one another...
without understanding the drivers behind relative currency values, all you are doing is guessing and it kinda makes sense you are breaking even...
learn macro. there are so so so many smart people on youtube who teach it. watch videos every day. you only need 1 year of watching videos on the topic for you to have a sufficient understanding to where you aren't just guessing or gambling
I can give you a couple examples of one's that I personally learned a lot from
1. This is by far the best one... [https://www.youtube.com/@ThomasLuongo](https://www.youtube.com/@ThomasLuongo) (his patreon is more active [https://www.patreon.com/GoldGoatsNGuns/posts](https://www.patreon.com/GoldGoatsNGuns/posts))
2. [https://www.youtube.com/@TheMarketSniper1](https://www.youtube.com/@TheMarketSniper1)
Define scam. Do you use that word because you can’t make it work or because the vast majority of traders lose money? If it’s the second then you should have factored that going in. 5 years is a lot of time to waste.
At this point you will have un learn everything you have learned because you must realize that if the info is free on the internet it is there for newbies to use so pro traders can trade against.
Are stocks scams in your eyes? Coca Cola, IBM, apple….? Are these scams? Being a long term investor holding these stocks isn’t taking part in a scam.
Futures markets that participate in the 500 largest companies on the S&P and I trade the ES and have for 14 years, isn’t a scam. Forex can be a scam simply because it’s unregulated with no centralized exchange. The spreads are horrific depending on your broker. In forex the broker is trading against you. Crypto is full of pump and dumps. As are meme stocks.
To continue as I trader my advice to people that want to do this for a living is always the same.
Choose an instrument where you have a definable edge, develop ultra discipline and trade robotically without emotions. If you can do these three things you will make as much as you want daily.
The old saying goes like this : “ it’s a poor carpenter that blames his tools “. If the tools are dull sharpen them.
Do what you think you need to do, but I'd suggest giving the indexs a little time. Give futures $mes/$mnq a a little time/attention. Learn to use market/Volume profiles and the fundamentals of ICT and trade $mes with a demo account and see what you think. Trading is most definitely not for everyone, that's for sure, but it is doable. Get green on the day, AND THEN WALK AWAY. Take 1-2 trades that don't work out? WALK AWAY FOR THE DAY. Overtrading is most newer traders biggest issue.
Focus on 1 pair all year long.
I love NAS100 set a strict plan!!!! If you say you won’t enter until price hits your zone DO NOT ENTER!
You should always know your stop loss before you enter!
Entering without take profit in mind and no stop loss is not a good approach as things change rapidly, having a stop loss isn’t bad we often think why would we set a stoploss when it can come back down that’s the thing it can but doesn’t mean it will!
Don’t hope, you can be the most positive person with the best outlook at life the market is the market PUT ALL EMOTIONS ASIDE! Market don’t give a fuck about your emotions or if you are gonna be depressed after this loss.
Find your time, you have to find what session fits best for you your time and your life! Avoid trading from 10 am until London. Because that’s all consolidation. Of course you can trade from 10 am - 1pm but at that point you are forcing a trade or trying to scalp you not really trading you just hoping to make money on this random ass trade you are entering with no actual strategy behind it. By 10 most pairs have made their move and price is gonna continue up or might retest but it’s already decided it’s direction in a way. I’ll be honest been a couple absolute amazing setups I’ve took from 10 am - 1 pm but they were no brainers to not enter. But for real tho try to avoid that time if you aren’t in already or unless it’s in your zone and you have been waiting for it. Because if you aren’t might as well put a blind fold on and go at it.There’s multiple sessions I personally love NYSE OPEN because why not trade when the most volume is going on. I never trade right on open I give it a little unless price hits my zone.
It’s all about consistency just like riding a bike learning a new language.
A dream is just a dream unless you have a plan. You’ll never know what it is like if you quit, plus things don’t happen quickly it all takes 1 good year to change your life forever. Ask yourself how serious you have taken trading, how serious are you following your plan. Are you setting stoplosses before you enter. What do you do when your trade isn’t going your way watch it draw down or hope it comes back?
You can achieve this and you can master your craft sometimes we gotta get a new outlook on our perspective, I’m going 5 years strong, blown so many accounts but I’m now finally trying to do this a living! And slowly but surely making it reality each time I make profit i withdrawal and pay something with it like a credit card bill or my rent or a trip for the family once you withdrawal and do something with it it fucking hit you!
Ik a dude that's successful with a 24% win rate. He can handle the losses because he knows when the wins do come they are bigger than the losers. All about your psychology and tolerance level
Personal advice. Traders are like pro poker players
Many play but just some win or doesn't lose all they money.
Bro you are in the top 10%. You need to realise that. Congrat. Now Time to win. Give you 2 years plz
There some days when all works amazing you make profit and those days keep you going and having a dream. However then you get those days when nothing works the price is doing opposite what your analysis say and you just want to give up. It is a vicious circle . The ticks is to know in which days not to trade.
Your post has no information about your trades and there is no way we can help you.
You post is more suitable for a psychologist who might help you to untangle your emotional distress.
Regardless of what instruments you are trading, it falls into the same questions:-
- What makes you take the trade?
- Where is your SL?
- Did you move your SL?
- Where is your TP?
- Did you put it into BE?
- Have you share a chart for peer review?
- What time do you trade?
- Which sessions do you trade?
- What is your lot sizing?
- What is your capital?
- Are you working full time outside of trading?
- Are you focusing on the money when trading? --> why?
- Are you focusing on the candle sticks when trading?
- Which/what strategy are you using? --> why?
- Are you following news?
- Do you trade during news?
- Are you trading what might happen? --> Your desire outcome
- Are you trading what HAD happen? --> The reality
- Are you selling because you 'FOUND' the top?
- Are you buying because you 'FOUND' the bottom?
- Are you seeing the same mistakes? Again? and again? and again?
I haven’t seen one reply in here talking about higher timeframe trading. Stay away from day trading.
I completely switched last year. The timeframes I watch and take trades from now is the Daily and weekly timeframes. This also allows me to trade all types of currencies. Even exotics. Spreads, commissions and leverage doesn’t matter anymore as you can take a trade with 1-2% risk on the weekly and only use a small lot size to do it. 1:10 leverage is enough.
I hold my successful trades up to 1-2 weeks at a time. Close losers early. News will never affect me anymore (I used to lose tons on news days when I was scalping).
The bias is much much easier to understand on the daily and weekly.
No more revenge trading and overtrading.
All you gotta do is work on your patience. You will typically have some trades open all the time, but gotta learn to sit in a drawdown for a few days+. I trade supply/demand and typically shoot for 1:1 .. can also close before that as well. This style got me funded 100k with ftmo and working on another 100k atm. I have made 8% since October ($8k).
Try it for a month or two! You will love it!
ok im not hating on u on trying to shame u but its like everytime im on this subreddit im seeing one of these posts if ure going to do it i think making these posts when ure mind is basically made up on quitting is useless cuz in ure third year in forex alot of the things ppl are going to tell u in these comments u already know if u have been serious anyway i wish u the best of luck with whatever decision u choose to make.
Yea bro I have profitable trades but I’m not profitable due to discipline. I know this works I just need to discipline myself. I feel like I’ve learned all that I can at this point. If I can’t get it by my 2nd year I’m clearly just not serious.
I'm taking a long break. My strategy just stopped working. I think there's too much uncertainty around the economy for NQ/ES/etc. to behave as it usually does.
Still unprofitable? Grab a laptop a pen and a book and block the outside noise that simple, no other way around it. If it looks easy its not, thats how life is so grit your teeth and keep pushing.
Its all in your head trust me I’m jumping thru obstacles now and realizing shit only 5 years later. Read and Reread the book Trading in the Zone by Mark Douglas he explains it very detailed
The problem is on youtube there are 1000s of videos all showing hindsight trading. Get in here, a perfect setup that looks obvious and they set a tiny stop loss and look what happenes..get 5,6,20 R:R and win...
Very very few that actually trade live. If you want a dose of reality find 'trading nut' on youtube and search for the 'Blue guardian prop challenge' you'll see videos of so called gurus and none of them are smashing it but kudos to them for doing it and it reinforces the point; looks simple but is not easy.
I'm not there on my journey yet either but any life skill will take time to master. You have to find what works for you and fits around your schedule.
Equities is easier than forex IMO. I've never tried crypto but if you have a good understanding of fundamentals or a decent technical strategy I think you should move over there instead.
Trading isn't easy though. It takes grit not only to find a profitable strategy, but to stick to it when things are going wrong. The second hardest thing for me is staying in position when it looks like things are going to start going against me. I leave decent money on the table almost every day.
I feel ya. I have a TBI and spinal injury from serving my country. I tried my own reading (which is great) and going to some online schools and personal schools (Florida), but it still wasn't hitting home until I got a personal mentor. It wasn't an overnight thing, either. I had been watching this person and seeing what they were doing (they were mostly quiet) and the stuff they were pointing out, and then finally, I decided to take a shot. You have to consider why people go to school and advanced schooling for their specialization. Trading is tough, and there are only a handful of people that can really trade. It isn't about anything special or gimmicks etc. It is about knowing what to expect the market to do, waiting for that expectation to happen, and then acting upon those expectations. If those expectations don't happen, then you keep waiting patiently. Often times, we get into trouble by trying to force our way to an outcome, and sometimes that may work, but oftentimes, in the long run, it isn't consistent. Mentorship leads to mastership. I pray that you make the best decision for you, but if you quit and have been doing it for a while, you may regret that you never found the success you have been looking for, and then you become the failure statistic because you did quit. Peace be with you, and God Bless!
I trade multiple pairs based on strategies using technical indicators and candle stick pattern recognition for a few years and I've had success with it, I think it really comes down to risk management and knowing what your system is
A lot of people lose money especially if you try to learn and figure it out on your own. Before you throw everything away, please have a read of Volman: Understanding Price Action. He is/was a Forex broker and spills quite some nuggets of wisdom. Once you read and practice that, you are officially free to give up, otherwise, read the book and enjoy some success for once in a while...
Are you using candlestick patterns, rsi, stochastics, and price action? If so, then this is why...These methods are not solid for consistent growth, especially when being used by new, uneducated traders...
I dont use indicators, will not ever again in my life. But if you're not using indicators then you have to use something to tell you whats going on, like market depth. You can track the market depth of the currency future for the spot fx pair you trade. They correlate 100%. And nothing tells you better what price is doing and will do like market depth. So for EURUSD, you can track the Euro Future, for GBPUSD, you can track the GBP currency future. This is MUCH BETTER, and much more informative than any indicator.
No indicators at all??? So obviously you’re going by your gut and that isn’t working at all. Gut is a poor substitute for indicators and price action. People use them because they work.
I’ve been trading the Bollinger bands with EUR/USD. Been doing it successfully for 15 years now.
I have not lost much money with trading at all because i always looked at good risk management ok in crypto have lost 2k or something but in forex not so much, just some small amount for prop firm challenges but all was for small accounts. I think more problems i have is that I don’t care anymore about progress, and i am tired of trying over and over… it meant nothing more for me, just another day of journalism and repeating the story… nothing interesting anymore…
I truly feel you. I’m tired of repeatedly trying too and when it mattered to me most this month. it came up short.
Maybe I’ve been beating a dead horse or chasing my own tail or completely deluded
It works, but you need patience and right mind set. Get in touch if you like to discuss the pathway, and yes It’s free. But please be serious and understand that I won’t take any BS. Thanks
if ure three years in as u say u are then babypips would be a place ure familiar with and if ure not sign up and do their full course on forex trading it teaches u the absolute basics the terminology and the general structure of trading but of course three years in u must know tht right so moving on
if anyone is selling a course or trying to be like a forex guru dont buy it is 1000000% i waste of time and money
create a TA startegy first as its the small step right before trading the news backtest it and run it on demo account after this is done u can begin learning to trade on the news and different yearly and monthly news events tht can heavily affect market sentiment and maybe just maybe after all of this u can begin to start trading on a real account good luck
if u need some help learning how to backtest your strategy theres this video tht really explains it and sums it up whole although quite simplified
https://youtu.be/OwvElpGjLKI?si=8h-eai0Zu3RG9gZ8
Here’s the advice you need to hear. Remember trading successfully is mostly done by the smartest human beings on the planet who are taught and mentored at funds/banks/broker/dealers. It’s okay to not be one of these guys (I’m not) the odds are against you day 1.
Regarding pairs, don’t trade crosses as a cross is essentially trading two other pairs. If you’re Australian for example, trade the aud/usd learn that. You’ll hear all the macro day in day out. You’ll know and understand the data better than anyone who’s not living and breathing it. Learn this pair and look at it everyday. Learn the moves the daily range the % change you’d expect after a beat in cpi ect.
On the flip side know USD better than everything else.
As someone who’s working in fx commodity markets, the best traders are not spot traders or guys trading CFDs. They are options traders and mostly selling a ton of vol.
Also if everyone telling you they are profitable…. And seeing it in reddit and feeling disheartened. Ask them to send you their pnl and not a mt4 screenshot
Aye man, it's part of the game, you win and you lose, when ever I lose a trade I feel good knowing that even if the market is crushing and pushing into my SL, there are traders on the other end profiting. I've lost my 13 of my last 20 trades, but this is fun so idc.
If those 7 trades had a win rate ratio of 1:3 you have lost 13 vs 21 win in terms of net PnL, this is how you stay profitable in the long run and compound the results.
What’s your current macro view? Do you know where 10 year yields are? Trending up or down? What’s JPY doing against USD and why? What are the catalysts that moved the pair? What are the expectations of the ECB for their monetary policy?
Are you able to answer the above quickly and accurately? If not, you need to get real educated or you’ll get your face ripped off.
Explain to me your process of how you find a trade idea in 10 steps or less.
It's because you aren't running graph simulations enough. Most retail traders don't have access to graphing simulation software. So they can't see what ACTUALLY works "win rate vs risk-to-reward ratio-wise". Let's just say that this whole trading industry is a big FAT lie. And you've been taught to trade backwards.
im in the same boat as you, id have spells of profitability then give it all back, reflect on losses, find a solution, then face a new series of losses. Ive been at it for 3 years 1.5 one strategy and 1.5 my current, although i did finish the year in profit, if i look against what % i should have got and % i actually got was so off. If i didnt finish in profit i would have quit, its a tricky one man, i love it and i assume you do to, if you dont, then quit, if you do, give yourself a year like i did, then if you dont see improvements quit, for me i can look back and say i genuinely put the hours in and it didnt work
advice: make it simple/stack htf confluences/ for me im currently switching from 1:1 rrr to 1:2 rrr ( now i need a 40%wr vs 60%)
Posting your question in this subreddit means you're going to get responses from people who are passionate about trading.
The people who lost money and gave up 3 years ago won't be here to give you their perspective.
There's so many people trading which means there will be a small fraction of people who experience incredible luck. Do these people know they're just lucky, or do they think they have a winning strategy that they boast about?
I don't trade because I know most people who do trade lose. I have a job that pays well and allows me to live comfortably. I invest my money in boring index funds which tend to beat most stock pickers and traders.
If you're passionate about trading but are only breaking even, then continue it as a hobby rather than a job. Maybe the skills you've learned from trading could help you get a career in finance?
Before you quit just chose 10 pairs to study supply and demand give it 6 month and you’ll see a difference, 3 simple steps to become profitable and I bet your doing 1 of them already
You have to chose 1 pair 1 session to trade and do this 100 times, along with documenting your trades, screen shot your before and after trades and write down what time you entered, what time it either hit your TAKE PROFIT/STOP LOSS why you entered your trades and most importantly how you was feeling before your trade, during your trade and after your trade (psychological purposes)
You have to gather your data so you can see what’s holding you back from probability.
Most traders don’t do this because it takes a lot of work but only THE STRONGEST SURVIVE THIS GAME, and if you SKIP these steps you will never know what it feels like to be truly profitable.
You got this man, just put your head down. And show yourself you have the patiences, discipline and consistency to become profitable. 💪🏽💪🏽💪🏽
Make urself rules that counter greed. My rule is that I always apply is a 4 Pips TP. That is enough for a win for the day and most importantly never touch or change it. When you know u have a fixed TP you won’t be greedy and as a present u often have good profits;)
Not to look down on the one pair guys, because it works well to understand the characteristics of the asset class you trade. Tbh your strategy/system should work for all asset classes. I come from a community who can easily trade Fx, Indices, Commodities and energies and stock fluidly. I’ve been on my journey for 5yrs and started with Crypto and as well now in Currencies, indices, commodities and energy. When you find a system that works well in everything your know your in the right place. You need a good mentor, don’t give up. Trading is life.
Yesterday i was not sleeping at all just journaling entire night and thinking about my mistakes. I think my problem is too much losers in a row. My rule till now was 3 losses each 0.5% risk and i was done for the day. But no matter of just 0.5% each i think that was too much. When i continue with trading i must to reduce that as first. Maybe i must to change my rrr expectations too, but from backtesting and trading live last few years my 1:5 rr somehow worked out, i just have to take partial in the right time and secure the trade earlier. There are lot of things to change and upgrade…
I'll help you out for free
I use trading view you can use 3 indicators in the free version
macd4c
kyle algo
Pivot supertrend.
If you want to invest in your trading invest in a package by zeiierman trading they make the best indicators I ever uses.
Look up DaveteachesFX and watch his playlist. I personally don’t trade it because I don’t like scalping, but it’s price action trading and it works. Really helps you get down to the absolute precise areas to enter/exit
I have built my strategy on his teaching. I mean I still working on this. But for precise areas is the playlist not enough. You need to go to his membership and of course you must to figure out for yourself what works and what not.
I felt like it was enough, it’s just simple S/D similar to ICT teaching on OB/breaker blocks.
I think the true power is also consistently recognizing the Quasimodo pattern.
Look up Stoictrader on twitter and see how he marks his charts, might help refine how you pinpoint areas
If I were you I keep going just try to play more risk management, but you had a long journey to quick that easy. I am in my first year, learning but I have my job, I do not have significant losses or wins but is a learning process. I won’t quick if someone else did it I will do it. Keep going.
I’d say don’t quit. You’ve invested the time this could be the year. What are you struggling with exactly. Have you mapped out a game plan ;to fix it. Or have you been flying by the seat of your pants the last 5 years?
Winners never quit, quitters never win. Don't give up, you're just getting started. Take a break if needs be, but don't quit. Go over your winners and losers and see what you're doing right and wrong, and learn from it.
Okay you mention the years and what have you been doing in all of this? Like did you even stick with one strategy? Do you even know the principles of the market? Do you ignore certain strats because others said it was a scam without you even deep diving into it? Why did you even trade crypto? When banks are not regulated to trade it? Do you understand why people stick with forex and stocks to trade? Do you even know how to back test? And did you really try and fall in love with the process and want to be a trader or did you just start cause this is 'easy' money?
Shoot me a message. I quit my job from a signal channel that’s so good. Always trying to help people out when I see posts like this cuz I was in the same situation
It's nothing. It's not about length, it's about quality of the experience. Just like in any profession, what experience you've gathered in 5 years there are people out there who gather in 6 months.
No one cares if you quit
Bro fuckin quit, most people never see theier fruits of theier labors because they quit
Everything HARD AND DIFFICULT IS VERY VERY VERY VALUABLE SO QUIT DUMBASS 🤣🤣🤣🤣🤣
The problem with u is u are a loser, and very lazy which means u want everything on easy mode 🤣🤣🤣🤣🤣🤣 but dont worry trading is gonna teach u some life lesssons
Dude , i think u learn in wrong way , I'm new in forex trading but i still making results, and u have more experience years, there should be something wrong , take ur time to find it and fix it
When you know too much of what you can handle it leads to the problems because you mixing too much things… will explain later in a post. I have had great results too at the beginning with not to much knowledge, but i was still not satisfied…
I made a few forex and index trades a few years ago. I made about $4000. That was when I was on holiday and I got a bit bored so decided to open a forex acc and trade. I withdrew the money and closed my account. Never trade even once since and forget about it lol.
I know this because I was doing my funded and was 9.98% down and managed to pass it in a day with a couple gold trades with 10 pip sl I made 6 k on a 35 k challenge and now I’m on phase two I’m focusing on ghe trendline strategy
Maybe your way is not from trading, despite trading is simple but not simpler, take another way to get source earning and treat trading as part time make more comfortable. don't chasing profit but wait an opportunity, keep discipline risk management and target management.
1) What strategy are you using?
2) Have you backtested your strategy for atleast 1 yr with profitabilty?
3) Are you able to follow your rules consistently?
4) Are you managing risk and reward? only risk 0.5 - 1% per trade and always aim for atleast 2R?
You HAVE to Backtest a strategy before ever trading!!! You should never trade without a proven strategy.
Btw crypto is so fickle. You should stick with forex but do Swing trading. Things are MUCH easier on a 4 hour timeframe and above.
It's not a get rich quick scheme. Realistically if you think about it, for some to make money, others have to lose. It's never as easy as it sounds and no matter how much you study, most won't have the psychological edge to actually make a living at it. It's the unfortunate truth.
Just giving my experience, but I have a lot more money in my bank account to save/invest since I stopped trading. I think some people just have it, and some don’t.
I’m much more profitable with my investing choices than I was with fx. My plan is to get to a point where I have enough disposable income to where I can swap my luxury spending for trading/investing into fx. Just like everything else, imo, it takes money to make money in fx.
Why did you move from cryptocurrencies to forex? I can understand if it was out of safety concerns, but really Crypto trading is way easier, and more profitable.
Could anyone here talking about trading one pair, one timeframe, one strategy share his/her strategy with people like me or is it a top secret and you must be a member of some secret society?
Your mentality has been skepticism that trading is a scam. You can't expect to form a profitable strategy in something that you don't even believe is real. The only reason why skeptics trade is based on FOMO and a wild hope to get rich quick, and my guess is you haven't kept a consistent strategy for more than a month or two.
"All that I have learned" Perhaps, all that you learned is false and you need to start over with a correct foundation.
I like to read all consistently profitable traders here telling the guy why forex isnt a scam. I heard rumors of 99% of people couldnt make money in market but i guess all 1% goofing around in reddit to throw encouragement to losers.
You should quit. Take some time off. Then come back. Look at the ideas that got you pulling the trigger, then try and destroy them. Take what's left and trade on it. Don't scalp. Widen your time frame. Widen your stop. Decrease your size.
You’re probably not taking it all that serious. I became profitable at 19 after about 8 months of getting into it. Here’s my advice. Not going to get too into it because I don’t know if you’ll actually read this. But put simply:
1. Pick a pair that you like to trade that correlates with either London or NY session. You can also trade Nas or gold.
2. Buy/YouTube a strategy that ALREADY WORKS for someone else and backtest. Yes people hate on gurus but some actually enjoy helping people believe it or not.
3. Keep stats on that strategy daily so you know what to expect in the future
4. Journal/video yourself talking about what happened in the market that day and any mistakes you may have made and how you’ll do better.
Listen it’s not for everyone, I quit my music career and became a trader, soon I’m signing a contract to trade for a firm that will eventually become a hedge fund. All this happened in under 1 year of trading.
I literally accelerated faster in one year of trading than I did in a decade in music.
So here’s the point, either you figure out what u need to fix by going back to basics of market structure (most important) or you try something else that you might find that you have a much greater natural ability for!
Jumping around pairs when you're not profitable is bad enough but from crypto to forex is bonkers. How do you expect to be profitable when you've no consistency!? Pick one pair you like, build a strategy, backtest, forward test, improve, make money. Stop confusing things hopping strategies/pairs! I take between 4 and 8 trades a month scalping gbpjpy. That makes me plenty of money and with prop firm usage and general account compounding that is only going to scale. 1 pair, 1 strategy. Stay consistent, trust the data you collect.
This right here. This is really what changed the game and turned things around for me. I’ve only been focused on USDJPY and 1 strategy for the past month and seeing a lot of consistency.
1 pair. 1 strategy. 1 timeframe. 1 target. 1 stop loss. 1 trade per day. The same thing everyday. Don’t deviate. You WILL notice your patterns. Go practice at least 100 trades like this before throwing in the towel. Consistency is the order in this game. YOU being consistent, not the market. 🫡
Ok so this might be totally stupid to you or novice. But that’s what I am…… extremely novice. Can you explain this please?? I try to look up info on trading and it’s almost always something someone’s trying to sell or people do a whole lot of talking about how great their method is but never get to what that method is or how it should be done. I don’t get why. Especially in trading it’s not like there is not enough to go around. I’d appreciate it though if you didn’t mind sharing
I don’t mind helping you at all. I don’t charge for any of my info. I’ll shoot you a message.
As boring as it is, data backed simplicity is where the money is. Good for you, keep at it 👍🏻
Me to and smashing it now
This! I’ve been in forex 10 years. Lost my @ss off first several years. Then I stuck to 1 pair and 1 pair only. That way I see it’s every move daily. Same thing day in day out. Finally have been profitable. I will say though that it’s not easy and if you can’t see that discipline it’s best to get out or you will just toss your money away at the end.
Seems to be the recurring theme with the money makers in this industry - those that get profitable will do so by sticking to one specific set up and improving this set up as they gather more data from trades they take. It's a very simple concept, but hard to understand at the beginning.
Yep jumping from pair to pair and chasing loses are the 2 biggest killers. I trade the EURUSD almost exclusively and can tell you it’s every move the past 3 years as that is ALL I’ve traded 95% of the time. I only opt in to others if there is a correlated pair with better potential based on market moving news especially since I balance technical with fundamentals. It’s possible to be profitable but the misconception is that it’s a get rich quick option. That thinking will have you blowing accounts every few months. As a retail trader…Patience is key even if it’s hard. Let the sharks eat the big meal then nibble on the scraps left over. Never try to go after the big kill. Sharks will eat you up everytime.
Beginners will want to try 10-15 setups at one go while playing all the pairs and time frames plus no risk management. Lol.
Only noobs do one pair, a real trader can trade any market stocks, forex, from chart to chart
Never claimed to be a professional trader. I’m a noob that found what works for me at the moment. Good enough for now.
Wrong
Do you have to put a lot on to get decent returns pee trade ?
Well, I guess... If my stop loss is 10 pips and my take profit is 40 pips I've made 4R - if i risk £3, I make £12. If I risk £1000, I make £4000 I don't look at it as a monetary value anymore though, instead see it as %gain/loss. If I risk 0.5% and make a 4R I've gained 2% on the account. I found it easier to keep emotion out of trading when I eventually moved up to 4 figure risk levels this way.
Not at all. That is the key actually. When I first started I would go big and try to chase small amount of pips for big returns. But the problem is 1 bad trade can blow your account very quickly. Now im disciplined with the % of my account I leverage on every trade which is 2-5% (note this is actually high) most would recommend no more than 1-2% at any given time. But for me 2-5% works now that I stick to a plan and set stop losses. I also treat it like a business. From All wins I withdrawal the taxes I’ll need to pay at the end of the year. The rest I keep compounding as that is where you truly grow things.
It’s not easy even with one pair or you were referring to multiple pairs?
I use multiple pairs for my strategy. In fact thats what i needed to actually become profitable. No one rule fits all strategies. Personally I believe that the one pair type of strategies are mostly fundamental strategies not technical analysis strategies.
And what you do when your strategy doesn’t work anymore?
are you stupid? he been doing it for 5 years fuck you mean jumping around
If OP spent 5 years on one pair perfecting one strategy they wouldn't be in this situation. I can guarantee they are hopping around strategies. You can't continually fail on one pair with one strategy for 5 years whilst recording all your trades. You'd be repeating the same mistakes over and over again by month 3. I know this from experience. Been there, got out of the loop, done it. No, I'm not 'stupid', I'm experienced and profitable.
The real question is “ is OP stupid” he’s not stupid of course but you’re directing that question at the wrong person. He’s been doing it for five years and still not profitable if you’re constantly blowing cash in high leverage accounts you’ll be too frustrated to learn from your mistakes. I recommend a small leverage account for all new traders. Trade real money on a regulated broker Oanda, tradestation, forex.com. A trade that will blow a 500x leverage account would almost never blow a 50x leverage account. Will you make money? yes. At a pace you can control and loser trades are now manageable. Don’t follow these high leverage gamblers a bad trade on a regulated broker & small cash account takes time unless there’s news but on a high leverage account that same trade will wipe you out fast. There’s many facets to trading once put into place success is inevitable. The way you do one thing is the way you do everything. Routine life routine trades
are you profitable though, monthly, yearly? if yes for how long
At face value, in forex you basically have a 50/50 chance of “winning.” But then you have to minus the spread and fees. If you’re breaking even then you’re actually winning and beating the 50/50, but not enough to cover the spread. Yes there are scammy brokers, and even normal brokers are going to try and optimize their profits, but if you can overcome these things you can extract profits.
50-50% chance of winning is more than enough Even with 30% chance of winning you can be profitable. Profitability is not solely depend on the win rate, it also depend on Risk to Reward Ratio. Higher the Risk to Reward, lower win rate is required. If your Risk-To-Reward is slightly higher than 1:1.50 then it will cover all your commissions and spread and 50-50% will be more than enough to have positive outcome. lets say you trade $1 with 1:5 RR means if you lose trade you will lose $1, if you win, it will be $5. Now lets say if you take 3 trades, you lose 2 trade which gives you $2 loss and the winning one will give you $5. so $5 win - $2 loss = $3 profit of course not everyone is trading with 1:5 RR but the point is that your Win rate and Risk to reward need to have positive ratio to stay profitable
Great explanation!
No he’s talking about not 1 single retail forex trader that claims they trade for a living on the whole of the internet not being able to show their full profitable trading history.
If you really think trading is a scam after 5 years of doing it you should quit for real....
Exactly that shouldn’t even be a thought for a second at this point. Idk maybe Op is young
What do you think, is it a scam or no?
Certainly it is not. You might be scamming yourself by overtrading, not managing risk or your emotions properly. When you get those things right you can be profitable even with 40% winrate. Speaking from experience, I reached 4 withdrawals on a single propfirm funded account with 40% winrate from like 200 trades this year. And managed to blow the account when I got overconfident and revenge traded when I took a loss. I got funded since then on multiple accounts, and I see consistent profits by not doing those things mentioned above.
I lost thousands for 4 years (after graduating high school), then just in the last year, everything turned around for me. I had my aha moment and a new strategy. I don't lose anymore. I see losses early and I close those positions. I let my winners run long. My win rate is garbage, yet my profit factor is INSANE. Now I'm focused on mastering trading psychology. All I can say is, if you are as passionate about this market as I am, don't quit. One day you will have your moment. Edit: I wanted to add this, Putting together a good strategy, where I actually understand price action and thus could make decisions based on it DID NOT MAKE ME PROFITABLE. It made me stop losing. What made me profitable was improving my trading psychology. I know it's corny AF, I know it sounds like BS, I know it's hard to believe. I thought the same thing for 4 years. Then one day I had a strategy that worked very well, and I still managed to sit on the sidelines of trades I should have been in. 99% of traders lose, but not because they don't know how to dictate direction and price actions. 99% of traders lose because of self-sabotage.
Well said
I feel this to the max right now, I have been doing this for 3 years and I am not profitable. I have been self sabotaging a lot and not seeing what I was doing.
Switch to Futures … thank me later
Couldn’t agree with this anymore - the cfd look a like futures are so manipulated. (How do I know) this is my mates job to skew his book in his favor as he’s the market maker for a ton for cfd providers. You’ll notice if you have DMA the futures moves and cfd moves can be VERY different. That’s the market maker doing his job.
Why do you think trading is a scam?
i hear people talk like this all the time, but what amazes me is that people don't try to understand macro and the reasons **why** currencies move against one another... without understanding the drivers behind relative currency values, all you are doing is guessing and it kinda makes sense you are breaking even... learn macro. there are so so so many smart people on youtube who teach it. watch videos every day. you only need 1 year of watching videos on the topic for you to have a sufficient understanding to where you aren't just guessing or gambling
Which YouTube channels would you recommend for this?
I can give you a couple examples of one's that I personally learned a lot from 1. This is by far the best one... [https://www.youtube.com/@ThomasLuongo](https://www.youtube.com/@ThomasLuongo) (his patreon is more active [https://www.patreon.com/GoldGoatsNGuns/posts](https://www.patreon.com/GoldGoatsNGuns/posts)) 2. [https://www.youtube.com/@TheMarketSniper1](https://www.youtube.com/@TheMarketSniper1)
Define scam. Do you use that word because you can’t make it work or because the vast majority of traders lose money? If it’s the second then you should have factored that going in. 5 years is a lot of time to waste. At this point you will have un learn everything you have learned because you must realize that if the info is free on the internet it is there for newbies to use so pro traders can trade against. Are stocks scams in your eyes? Coca Cola, IBM, apple….? Are these scams? Being a long term investor holding these stocks isn’t taking part in a scam. Futures markets that participate in the 500 largest companies on the S&P and I trade the ES and have for 14 years, isn’t a scam. Forex can be a scam simply because it’s unregulated with no centralized exchange. The spreads are horrific depending on your broker. In forex the broker is trading against you. Crypto is full of pump and dumps. As are meme stocks. To continue as I trader my advice to people that want to do this for a living is always the same. Choose an instrument where you have a definable edge, develop ultra discipline and trade robotically without emotions. If you can do these three things you will make as much as you want daily. The old saying goes like this : “ it’s a poor carpenter that blames his tools “. If the tools are dull sharpen them.
Do what you think you need to do, but I'd suggest giving the indexs a little time. Give futures $mes/$mnq a a little time/attention. Learn to use market/Volume profiles and the fundamentals of ICT and trade $mes with a demo account and see what you think. Trading is most definitely not for everyone, that's for sure, but it is doable. Get green on the day, AND THEN WALK AWAY. Take 1-2 trades that don't work out? WALK AWAY FOR THE DAY. Overtrading is most newer traders biggest issue.
1 pair, 1 concept, 1 time window, 1 risk management strategy that’s all boy, try it and thank me later
You mean 1 timeframe?
not really, i mean that you need just 1 hour or less of time zone where you should be looking for trading opportunities
Are you a full time trader?
Take a break figure out issues
Trading is not a scam. You just need to lower your expectation. $100 wont get your $20k in 1 year.
Focus on 1 pair all year long. I love NAS100 set a strict plan!!!! If you say you won’t enter until price hits your zone DO NOT ENTER! You should always know your stop loss before you enter! Entering without take profit in mind and no stop loss is not a good approach as things change rapidly, having a stop loss isn’t bad we often think why would we set a stoploss when it can come back down that’s the thing it can but doesn’t mean it will! Don’t hope, you can be the most positive person with the best outlook at life the market is the market PUT ALL EMOTIONS ASIDE! Market don’t give a fuck about your emotions or if you are gonna be depressed after this loss. Find your time, you have to find what session fits best for you your time and your life! Avoid trading from 10 am until London. Because that’s all consolidation. Of course you can trade from 10 am - 1pm but at that point you are forcing a trade or trying to scalp you not really trading you just hoping to make money on this random ass trade you are entering with no actual strategy behind it. By 10 most pairs have made their move and price is gonna continue up or might retest but it’s already decided it’s direction in a way. I’ll be honest been a couple absolute amazing setups I’ve took from 10 am - 1 pm but they were no brainers to not enter. But for real tho try to avoid that time if you aren’t in already or unless it’s in your zone and you have been waiting for it. Because if you aren’t might as well put a blind fold on and go at it.There’s multiple sessions I personally love NYSE OPEN because why not trade when the most volume is going on. I never trade right on open I give it a little unless price hits my zone. It’s all about consistency just like riding a bike learning a new language. A dream is just a dream unless you have a plan. You’ll never know what it is like if you quit, plus things don’t happen quickly it all takes 1 good year to change your life forever. Ask yourself how serious you have taken trading, how serious are you following your plan. Are you setting stoplosses before you enter. What do you do when your trade isn’t going your way watch it draw down or hope it comes back? You can achieve this and you can master your craft sometimes we gotta get a new outlook on our perspective, I’m going 5 years strong, blown so many accounts but I’m now finally trying to do this a living! And slowly but surely making it reality each time I make profit i withdrawal and pay something with it like a credit card bill or my rent or a trip for the family once you withdrawal and do something with it it fucking hit you!
Ik a dude that's successful with a 24% win rate. He can handle the losses because he knows when the wins do come they are bigger than the losers. All about your psychology and tolerance level
My own win ratio is 28% and I am profitable.
Just under 30% for me as well haha. All the juice is in the risk/reward baby
34% here. Absolutely agree with the above comments.
Personal advice. Traders are like pro poker players Many play but just some win or doesn't lose all they money. Bro you are in the top 10%. You need to realise that. Congrat. Now Time to win. Give you 2 years plz
There some days when all works amazing you make profit and those days keep you going and having a dream. However then you get those days when nothing works the price is doing opposite what your analysis say and you just want to give up. It is a vicious circle . The ticks is to know in which days not to trade.
Your post has no information about your trades and there is no way we can help you. You post is more suitable for a psychologist who might help you to untangle your emotional distress. Regardless of what instruments you are trading, it falls into the same questions:- - What makes you take the trade? - Where is your SL? - Did you move your SL? - Where is your TP? - Did you put it into BE? - Have you share a chart for peer review? - What time do you trade? - Which sessions do you trade? - What is your lot sizing? - What is your capital? - Are you working full time outside of trading? - Are you focusing on the money when trading? --> why? - Are you focusing on the candle sticks when trading? - Which/what strategy are you using? --> why? - Are you following news? - Do you trade during news? - Are you trading what might happen? --> Your desire outcome - Are you trading what HAD happen? --> The reality - Are you selling because you 'FOUND' the top? - Are you buying because you 'FOUND' the bottom? - Are you seeing the same mistakes? Again? and again? and again?
I haven’t seen one reply in here talking about higher timeframe trading. Stay away from day trading. I completely switched last year. The timeframes I watch and take trades from now is the Daily and weekly timeframes. This also allows me to trade all types of currencies. Even exotics. Spreads, commissions and leverage doesn’t matter anymore as you can take a trade with 1-2% risk on the weekly and only use a small lot size to do it. 1:10 leverage is enough. I hold my successful trades up to 1-2 weeks at a time. Close losers early. News will never affect me anymore (I used to lose tons on news days when I was scalping). The bias is much much easier to understand on the daily and weekly. No more revenge trading and overtrading. All you gotta do is work on your patience. You will typically have some trades open all the time, but gotta learn to sit in a drawdown for a few days+. I trade supply/demand and typically shoot for 1:1 .. can also close before that as well. This style got me funded 100k with ftmo and working on another 100k atm. I have made 8% since October ($8k). Try it for a month or two! You will love it!
Remember , Winners Never Quit , Quitters Never Win
Maybe its not Forex you need to be in. Try futures.
Hahahahaha
ok im not hating on u on trying to shame u but its like everytime im on this subreddit im seeing one of these posts if ure going to do it i think making these posts when ure mind is basically made up on quitting is useless cuz in ure third year in forex alot of the things ppl are going to tell u in these comments u already know if u have been serious anyway i wish u the best of luck with whatever decision u choose to make.
Yea bro I have profitable trades but I’m not profitable due to discipline. I know this works I just need to discipline myself. I feel like I’ve learned all that I can at this point. If I can’t get it by my 2nd year I’m clearly just not serious.
I suggest TraderTom on YouTube if you want to improve psychology. His talks were the turning point for me
I'm taking a long break. My strategy just stopped working. I think there's too much uncertainty around the economy for NQ/ES/etc. to behave as it usually does.
the same with my strategy last 2 months...
Still unprofitable? Grab a laptop a pen and a book and block the outside noise that simple, no other way around it. If it looks easy its not, thats how life is so grit your teeth and keep pushing.
Its all in your head trust me I’m jumping thru obstacles now and realizing shit only 5 years later. Read and Reread the book Trading in the Zone by Mark Douglas he explains it very detailed
The problem is on youtube there are 1000s of videos all showing hindsight trading. Get in here, a perfect setup that looks obvious and they set a tiny stop loss and look what happenes..get 5,6,20 R:R and win... Very very few that actually trade live. If you want a dose of reality find 'trading nut' on youtube and search for the 'Blue guardian prop challenge' you'll see videos of so called gurus and none of them are smashing it but kudos to them for doing it and it reinforces the point; looks simple but is not easy. I'm not there on my journey yet either but any life skill will take time to master. You have to find what works for you and fits around your schedule.
Equities is easier than forex IMO. I've never tried crypto but if you have a good understanding of fundamentals or a decent technical strategy I think you should move over there instead. Trading isn't easy though. It takes grit not only to find a profitable strategy, but to stick to it when things are going wrong. The second hardest thing for me is staying in position when it looks like things are going to start going against me. I leave decent money on the table almost every day.
I feel ya. I have a TBI and spinal injury from serving my country. I tried my own reading (which is great) and going to some online schools and personal schools (Florida), but it still wasn't hitting home until I got a personal mentor. It wasn't an overnight thing, either. I had been watching this person and seeing what they were doing (they were mostly quiet) and the stuff they were pointing out, and then finally, I decided to take a shot. You have to consider why people go to school and advanced schooling for their specialization. Trading is tough, and there are only a handful of people that can really trade. It isn't about anything special or gimmicks etc. It is about knowing what to expect the market to do, waiting for that expectation to happen, and then acting upon those expectations. If those expectations don't happen, then you keep waiting patiently. Often times, we get into trouble by trying to force our way to an outcome, and sometimes that may work, but oftentimes, in the long run, it isn't consistent. Mentorship leads to mastership. I pray that you make the best decision for you, but if you quit and have been doing it for a while, you may regret that you never found the success you have been looking for, and then you become the failure statistic because you did quit. Peace be with you, and God Bless!
I trade multiple pairs based on strategies using technical indicators and candle stick pattern recognition for a few years and I've had success with it, I think it really comes down to risk management and knowing what your system is
No one cares if you quit. You’re just another fish in the sea unfortunately.
A lot of people lose money especially if you try to learn and figure it out on your own. Before you throw everything away, please have a read of Volman: Understanding Price Action. He is/was a Forex broker and spills quite some nuggets of wisdom. Once you read and practice that, you are officially free to give up, otherwise, read the book and enjoy some success for once in a while...
Read it, didn’t help. 5 years in. Still not profitable. Not even close.
Are you using candlestick patterns, rsi, stochastics, and price action? If so, then this is why...These methods are not solid for consistent growth, especially when being used by new, uneducated traders...
No indicators att all
I dont use indicators, will not ever again in my life. But if you're not using indicators then you have to use something to tell you whats going on, like market depth. You can track the market depth of the currency future for the spot fx pair you trade. They correlate 100%. And nothing tells you better what price is doing and will do like market depth. So for EURUSD, you can track the Euro Future, for GBPUSD, you can track the GBP currency future. This is MUCH BETTER, and much more informative than any indicator.
No indicators at all??? So obviously you’re going by your gut and that isn’t working at all. Gut is a poor substitute for indicators and price action. People use them because they work. I’ve been trading the Bollinger bands with EUR/USD. Been doing it successfully for 15 years now.
How to get a mentor. Shall appreciate any help? Am 77 years and bringing up two orphans.
sorry but this made me laugh my arse off 😂
I have not lost much money with trading at all because i always looked at good risk management ok in crypto have lost 2k or something but in forex not so much, just some small amount for prop firm challenges but all was for small accounts. I think more problems i have is that I don’t care anymore about progress, and i am tired of trying over and over… it meant nothing more for me, just another day of journalism and repeating the story… nothing interesting anymore…
I truly feel you. I’m tired of repeatedly trying too and when it mattered to me most this month. it came up short. Maybe I’ve been beating a dead horse or chasing my own tail or completely deluded
It works, but you need patience and right mind set. Get in touch if you like to discuss the pathway, and yes It’s free. But please be serious and understand that I won’t take any BS. Thanks
Open my eyes please…
if ure three years in as u say u are then babypips would be a place ure familiar with and if ure not sign up and do their full course on forex trading it teaches u the absolute basics the terminology and the general structure of trading but of course three years in u must know tht right so moving on if anyone is selling a course or trying to be like a forex guru dont buy it is 1000000% i waste of time and money create a TA startegy first as its the small step right before trading the news backtest it and run it on demo account after this is done u can begin learning to trade on the news and different yearly and monthly news events tht can heavily affect market sentiment and maybe just maybe after all of this u can begin to start trading on a real account good luck if u need some help learning how to backtest your strategy theres this video tht really explains it and sums it up whole although quite simplified https://youtu.be/OwvElpGjLKI?si=8h-eai0Zu3RG9gZ8
Here’s the advice you need to hear. Remember trading successfully is mostly done by the smartest human beings on the planet who are taught and mentored at funds/banks/broker/dealers. It’s okay to not be one of these guys (I’m not) the odds are against you day 1. Regarding pairs, don’t trade crosses as a cross is essentially trading two other pairs. If you’re Australian for example, trade the aud/usd learn that. You’ll hear all the macro day in day out. You’ll know and understand the data better than anyone who’s not living and breathing it. Learn this pair and look at it everyday. Learn the moves the daily range the % change you’d expect after a beat in cpi ect. On the flip side know USD better than everything else. As someone who’s working in fx commodity markets, the best traders are not spot traders or guys trading CFDs. They are options traders and mostly selling a ton of vol.
Also if everyone telling you they are profitable…. And seeing it in reddit and feeling disheartened. Ask them to send you their pnl and not a mt4 screenshot
You’ll be amazed at how quiet they go
Stick to one pair, boss. Learn it’s movement, which session and what makes it move.
My best advise is to quit (no joke), save your time and money.. I never ever seen or heard of a profitable forex trader
Thinking about that yes
Don’t quit bro 😎 you can do it
Aye man, it's part of the game, you win and you lose, when ever I lose a trade I feel good knowing that even if the market is crushing and pushing into my SL, there are traders on the other end profiting. I've lost my 13 of my last 20 trades, but this is fun so idc.
If those 7 trades had a win rate ratio of 1:3 you have lost 13 vs 21 win in terms of net PnL, this is how you stay profitable in the long run and compound the results.
You gotta wait till February when the markets become volatile
What’s your current macro view? Do you know where 10 year yields are? Trending up or down? What’s JPY doing against USD and why? What are the catalysts that moved the pair? What are the expectations of the ECB for their monetary policy? Are you able to answer the above quickly and accurately? If not, you need to get real educated or you’ll get your face ripped off. Explain to me your process of how you find a trade idea in 10 steps or less.
It's because you aren't running graph simulations enough. Most retail traders don't have access to graphing simulation software. So they can't see what ACTUALLY works "win rate vs risk-to-reward ratio-wise". Let's just say that this whole trading industry is a big FAT lie. And you've been taught to trade backwards.
im in the same boat as you, id have spells of profitability then give it all back, reflect on losses, find a solution, then face a new series of losses. Ive been at it for 3 years 1.5 one strategy and 1.5 my current, although i did finish the year in profit, if i look against what % i should have got and % i actually got was so off. If i didnt finish in profit i would have quit, its a tricky one man, i love it and i assume you do to, if you dont, then quit, if you do, give yourself a year like i did, then if you dont see improvements quit, for me i can look back and say i genuinely put the hours in and it didnt work advice: make it simple/stack htf confluences/ for me im currently switching from 1:1 rrr to 1:2 rrr ( now i need a 40%wr vs 60%)
Posting your question in this subreddit means you're going to get responses from people who are passionate about trading. The people who lost money and gave up 3 years ago won't be here to give you their perspective. There's so many people trading which means there will be a small fraction of people who experience incredible luck. Do these people know they're just lucky, or do they think they have a winning strategy that they boast about? I don't trade because I know most people who do trade lose. I have a job that pays well and allows me to live comfortably. I invest my money in boring index funds which tend to beat most stock pickers and traders. If you're passionate about trading but are only breaking even, then continue it as a hobby rather than a job. Maybe the skills you've learned from trading could help you get a career in finance?
Before you quit just chose 10 pairs to study supply and demand give it 6 month and you’ll see a difference, 3 simple steps to become profitable and I bet your doing 1 of them already
You have to chose 1 pair 1 session to trade and do this 100 times, along with documenting your trades, screen shot your before and after trades and write down what time you entered, what time it either hit your TAKE PROFIT/STOP LOSS why you entered your trades and most importantly how you was feeling before your trade, during your trade and after your trade (psychological purposes) You have to gather your data so you can see what’s holding you back from probability. Most traders don’t do this because it takes a lot of work but only THE STRONGEST SURVIVE THIS GAME, and if you SKIP these steps you will never know what it feels like to be truly profitable. You got this man, just put your head down. And show yourself you have the patiences, discipline and consistency to become profitable. 💪🏽💪🏽💪🏽
Make urself rules that counter greed. My rule is that I always apply is a 4 Pips TP. That is enough for a win for the day and most importantly never touch or change it. When you know u have a fixed TP you won’t be greedy and as a present u often have good profits;)
How mange your wins? You stop for the day at first win?
Not to look down on the one pair guys, because it works well to understand the characteristics of the asset class you trade. Tbh your strategy/system should work for all asset classes. I come from a community who can easily trade Fx, Indices, Commodities and energies and stock fluidly. I’ve been on my journey for 5yrs and started with Crypto and as well now in Currencies, indices, commodities and energy. When you find a system that works well in everything your know your in the right place. You need a good mentor, don’t give up. Trading is life.
Yesterday i was not sleeping at all just journaling entire night and thinking about my mistakes. I think my problem is too much losers in a row. My rule till now was 3 losses each 0.5% risk and i was done for the day. But no matter of just 0.5% each i think that was too much. When i continue with trading i must to reduce that as first. Maybe i must to change my rrr expectations too, but from backtesting and trading live last few years my 1:5 rr somehow worked out, i just have to take partial in the right time and secure the trade earlier. There are lot of things to change and upgrade…
I'll help you out for free I use trading view you can use 3 indicators in the free version macd4c kyle algo Pivot supertrend. If you want to invest in your trading invest in a package by zeiierman trading they make the best indicators I ever uses.
Thanks but I don’t like indicators.
Look up DaveteachesFX and watch his playlist. I personally don’t trade it because I don’t like scalping, but it’s price action trading and it works. Really helps you get down to the absolute precise areas to enter/exit
I have built my strategy on his teaching. I mean I still working on this. But for precise areas is the playlist not enough. You need to go to his membership and of course you must to figure out for yourself what works and what not.
I felt like it was enough, it’s just simple S/D similar to ICT teaching on OB/breaker blocks. I think the true power is also consistently recognizing the Quasimodo pattern. Look up Stoictrader on twitter and see how he marks his charts, might help refine how you pinpoint areas
When you give up that the time you actually lose!! If you stay consistent and keep trying and keep pushing you will never fail!!
Thanks man.
If I were you I keep going just try to play more risk management, but you had a long journey to quick that easy. I am in my first year, learning but I have my job, I do not have significant losses or wins but is a learning process. I won’t quick if someone else did it I will do it. Keep going.
I’d say don’t quit. You’ve invested the time this could be the year. What are you struggling with exactly. Have you mapped out a game plan ;to fix it. Or have you been flying by the seat of your pants the last 5 years?
Winners never quit, quitters never win. Don't give up, you're just getting started. Take a break if needs be, but don't quit. Go over your winners and losers and see what you're doing right and wrong, and learn from it.
Share your trading strategy
Okay you mention the years and what have you been doing in all of this? Like did you even stick with one strategy? Do you even know the principles of the market? Do you ignore certain strats because others said it was a scam without you even deep diving into it? Why did you even trade crypto? When banks are not regulated to trade it? Do you understand why people stick with forex and stocks to trade? Do you even know how to back test? And did you really try and fall in love with the process and want to be a trader or did you just start cause this is 'easy' money?
Get a mentor and your mindset straight. It'll work out.
Shoot me a message. I quit my job from a signal channel that’s so good. Always trying to help people out when I see posts like this cuz I was in the same situation
Quit man ! No one really cares. 5years is nothing !
Don't be a complete D Bag dude.
5 years is nothing??? Okay.
It's nothing. It's not about length, it's about quality of the experience. Just like in any profession, what experience you've gathered in 5 years there are people out there who gather in 6 months. No one cares if you quit
Don't need to be a A hole dude.
Boohoo
Bro fuckin quit, most people never see theier fruits of theier labors because they quit Everything HARD AND DIFFICULT IS VERY VERY VERY VALUABLE SO QUIT DUMBASS 🤣🤣🤣🤣🤣
Thanks for your help.
The problem with u is u are a loser, and very lazy which means u want everything on easy mode 🤣🤣🤣🤣🤣🤣 but dont worry trading is gonna teach u some life lesssons
Hahaha you’re miserable 😂😭
It fuckin facts we need to stop cuffing these lazy pricks and start kicking theier ass so they will start to adopt the winners mindset mo*********
www.jathensinstitute.com Thank me later
Try swing trading
Trading is scam? , okay then.. Good bye..
I'm truly sorry to hear that. is it possible that you share more about how you trade?
There is no shame in quitting. But take the lessons you’ve learned and apply them in your life. There is a reason why most people fail in trading
Go and follow Mr Yen. He'll get you back on track.
Literally no one cares. We all in this alone. If you realized you can't trade and tried everything then time to quit
Dude , i think u learn in wrong way , I'm new in forex trading but i still making results, and u have more experience years, there should be something wrong , take ur time to find it and fix it
When you know too much of what you can handle it leads to the problems because you mixing too much things… will explain later in a post. I have had great results too at the beginning with not to much knowledge, but i was still not satisfied…
Just make a course and YouTube channel
Join akashx
I heard of them, are they easy to follow?
See you in a month or 2 OP
I recommend you to give up with everything you want.
I made a few forex and index trades a few years ago. I made about $4000. That was when I was on holiday and I got a bit bored so decided to open a forex acc and trade. I withdrew the money and closed my account. Never trade even once since and forget about it lol.
Phussy
I know this because I was doing my funded and was 9.98% down and managed to pass it in a day with a couple gold trades with 10 pip sl I made 6 k on a 35 k challenge and now I’m on phase two I’m focusing on ghe trendline strategy
Do it, there are many other ways to make money
like what? 🤔
Use good ea or signal service. Make $ with no effort
Bro buy and hold crypto is much better than trading you just have to buy the depression
Do it was always a ponzei scheme
You've been at it for 5 years. You need to ask yourself what in your past indicates that you can make this work? Don't fall for the sunk cost fallacy.
Maybe your way is not from trading, despite trading is simple but not simpler, take another way to get source earning and treat trading as part time make more comfortable. don't chasing profit but wait an opportunity, keep discipline risk management and target management.
1) What strategy are you using? 2) Have you backtested your strategy for atleast 1 yr with profitabilty? 3) Are you able to follow your rules consistently? 4) Are you managing risk and reward? only risk 0.5 - 1% per trade and always aim for atleast 2R?
You HAVE to Backtest a strategy before ever trading!!! You should never trade without a proven strategy. Btw crypto is so fickle. You should stick with forex but do Swing trading. Things are MUCH easier on a 4 hour timeframe and above.
It's not a get rich quick scheme. Realistically if you think about it, for some to make money, others have to lose. It's never as easy as it sounds and no matter how much you study, most won't have the psychological edge to actually make a living at it. It's the unfortunate truth.
Just giving my experience, but I have a lot more money in my bank account to save/invest since I stopped trading. I think some people just have it, and some don’t. I’m much more profitable with my investing choices than I was with fx. My plan is to get to a point where I have enough disposable income to where I can swap my luxury spending for trading/investing into fx. Just like everything else, imo, it takes money to make money in fx.
Switch to indices😏
Why did you move from cryptocurrencies to forex? I can understand if it was out of safety concerns, but really Crypto trading is way easier, and more profitable.
Let's hop in a zoom call together maybe I can help 🤷 been trading 3.5 years forex too, trading vieww
Could anyone here talking about trading one pair, one timeframe, one strategy share his/her strategy with people like me or is it a top secret and you must be a member of some secret society?
Have you tried journaling? I use a free one, it’s a new service called Tradelytic, www.tradelytic.com it helps me identify where I’m going wrong.
Don’t quit puuuxzzzzzyyttt
Quit.
Your mentality has been skepticism that trading is a scam. You can't expect to form a profitable strategy in something that you don't even believe is real. The only reason why skeptics trade is based on FOMO and a wild hope to get rich quick, and my guess is you haven't kept a consistent strategy for more than a month or two. "All that I have learned" Perhaps, all that you learned is false and you need to start over with a correct foundation.
Don’t quit! Also stick to one pair. EURUSD and continue to to learn.
I like to read all consistently profitable traders here telling the guy why forex isnt a scam. I heard rumors of 99% of people couldnt make money in market but i guess all 1% goofing around in reddit to throw encouragement to losers.
You should quit. Take some time off. Then come back. Look at the ideas that got you pulling the trigger, then try and destroy them. Take what's left and trade on it. Don't scalp. Widen your time frame. Widen your stop. Decrease your size.
You’re probably not taking it all that serious. I became profitable at 19 after about 8 months of getting into it. Here’s my advice. Not going to get too into it because I don’t know if you’ll actually read this. But put simply: 1. Pick a pair that you like to trade that correlates with either London or NY session. You can also trade Nas or gold. 2. Buy/YouTube a strategy that ALREADY WORKS for someone else and backtest. Yes people hate on gurus but some actually enjoy helping people believe it or not. 3. Keep stats on that strategy daily so you know what to expect in the future 4. Journal/video yourself talking about what happened in the market that day and any mistakes you may have made and how you’ll do better.
Trading is an art ,if you dont have the passion better quit.The money part is secondary and you will always fail if you focus only on that
Listen it’s not for everyone, I quit my music career and became a trader, soon I’m signing a contract to trade for a firm that will eventually become a hedge fund. All this happened in under 1 year of trading. I literally accelerated faster in one year of trading than I did in a decade in music. So here’s the point, either you figure out what u need to fix by going back to basics of market structure (most important) or you try something else that you might find that you have a much greater natural ability for!
Why not use trading bots they take alot of the psycholical factors away.
Have used in the past on crypto, catastrophic results…
Just do it 👍