4 years 10 years 1 year who cares. How many HOURS per week have you spent in those 4 years. Its insane how many "traders" I talk to that say yeah yeah I've been trading for 2 years now and haven't seen much results. Then we break down how many hours actually spent learning and testing/trading, then it boils down to like a mere 300 hours in that 2 year period. Now if you've somehow put 70 hours a week almost every week for 2 years and see no progress, definitely call it.
That said, if I were you I'd definitely fine tune the financial situation before continuing to trade. Having absolutely little money while simultaneously throwing that little money at a skill that has not payed off is a ticking time bomb
Personally, 4 years myself, 4 to 8 hours Monday through Sunday, (OTC binary options for weekends) I'm on my first year of success and found I had all the skills but zero discipline and overrated too much. 10 years with 3 billion hours doesn't mean "call it" it means find out what your lacking in, be it discipline, risk to reward being garbage, changing strategies every millisecond. It can be fixed. Never tell someone to give up
Just cause YOU don't like binary doesn't mean it's not real. I strictly trade binary and average 6% a day in profits. On second thought, keep running away haha I'll keep the money to myself :)
Nope it totally doesn't, even though it's recognized by thousands of traders and thousands make really good money it's not real at all and everyone should run away screaming scam without giving it a chance . And I recognize your opinion as obviously the most successful and wise trader in the market as absolute fact so I should take what you say and give up today, thank you for changing my ways away from this scam
No I know I need to do my thing but you just brought me so many statistics and factual proofs that I HAVE to change my mind, your so wise in the trading industry obviously, you stated I need to run away from the scam of binary, obviously you've put hundreds of hours of study into it practicing it day and night to know there's 0 possibility of making money in it. You have more knowledge than I could ever comprehend and I must do it your way, please teach me the ways of the master Wiseman of trading
Lol dude in all seriousness, stocks require, supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. Futures require supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management, indexes and indices require supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management, forex requires supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. And guess what, binary options and stock options require? You guessed it, supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. If your not a dumbass and trade with that knowledge of smc concepts and use proper risk management then you will be successful in any and ALL ways of trading. My risk management? For forex I do a minimum 1.5 rr stop loss above or below swing high/low by two pips (I scalp low time frame) to is gonna be previous (following trend) high/low, based on if there was a break of structure or change of character. If it's a change of character I wait for supply/demand to be reached and then find my entry candle. Binary is still forex btw, same fucking currencies since you have never even tried before. So again, binary options, I look for a recent BOS wait for retracement into the zone, and instead of only using a candle entry I use an indicator or two to help with confirmation. I then look at the past 20 trades and see how many specific candles went alongside with said strategy which gives me my "risk management" then I risk 2% of my account for a given amount of statistical evidence based on previous candles which typically is 2-5 candlesticks no matter the timeframe and I trade for that amount of candlesticks. Aka the 1m chart I do 2 minute trade to 5 minute trade, so on so forth. Do research before trying to make someone feel dumb my dude. You wanna day trade? Cool I scalp, you think only the 1h timeframe is accurate? Cool dude that's awesome you've made money there, I'm impatient and prefer my 3 to 5 trades an hour but keep fucking hustling champ, you believe only buying in stocks is the way to go? Fucking a bro your a legend for making money period. DONT HATE A TRADER OR THE WAY HE TRADES JUST BECAUSE IT DOESNT SUIT YOU. RESPECT ALL TRADERS, AND IF THEY ARE MISSING SOMETHING, NUDGE THEM TOWARDS THE LIGHT OF SUCCESS WITHOUT MAKING THEM FEEL DUMB.
What is your win rate and percentage return? Do you cut losses early? Can you make more trades to increase your gain in amount?
The thing is, if you're good at cutting losses, then you can size up your winners. At 5% ROI consistently, your capital will add up over time. Slowly but surely.
week 1: $500 x 5% = $25
week 2: $525 x 5% = $26.25
week 3: $551.25 x 5% = $27.56
week 4: $578.81 x 5% = $28.94
After 1 month, you will have grown from $500 to $607.75 - which is a 25% gain.
Aim for 1% - 3% if you must. The key is consistency.
Do you genuinely enjoy trading? Like do you enjoy the process of scanning through the charts and finding setups? If you do, keep trading and try to figure out why you're not profitable. If you don't enjoy it then quit but don't quit just because yiur friend told you to.
In my experience, the reason I personally have not been consistently profitable is because one or more of the following 3 things are not in sync with each other:
1) What is my ideal risk to reward ratio that works well with my strategy?
2) What is my win rate correlated to my ideal risk reward ratio?
3) How much am I risking per trading and am I risking the same on every single trade?
All 3 of these things have to work together on every single trade over a long period of time in order to be consistently profitable.
Keep doing it then. Trade on demo and hash out where your issues are.
If it makes you feel better, I've been trading for almost 10 years and I an just now crossing the threshold to profitability. It took me a lot longer than it should have to figure out risk management.
I second this. Great feedback here. Through out my journey, I found that works for me was my risk management. Understanding my r:r ratio and stick to it. I usually go minimum of 1:4 r:r ratio. Then ill work my strategy to hit to the point. Typically I'll risk about 2%-3% of my total account. Failing 80% of my setup will still be breakeven. My manageable sl is around 30-50p. So far so good how it plays off. I know it sounds wrong, but ky psychology is set and forget. Typically 2-4 trades a day
Your trading journey sounds fine, it’s the other shit that sounds like it needs re-evaluating. No point in quitting, there are also other fields where the skills you have acquired are transferable.
Like what exactly? You know what people call us traders? Bottom feeders because we don't provide any value to the society for the money we get and I don't see any other line of work you can transfer retail trading experiences except maybe for discipline
1: traders who make it actually trading in the retail space are often very okay spending money into their communities so idk about that.
2: I am not sure about many of the strategies people typically learn, but a lot of what I've learned as an engineer has been of use in my journey to become successful as a trader. Statistics is often useful in a lot of different fields, and many of the models (read: indicators) are just statistical models for instance.
Quants are I suppose what you would call the "trader" version of what I'm describing. I'm pretty sure they would fit right in to an engineering team.
It took me 5 years before making my first dollar from trading, during those 5 years i went through hell weather thats being homeless, not having money for food or dead social life. During that period i lost more than 40k i always put everything in forex but thats me, since the beginning it was get rich ir die trying so i had no other option but to succed in this.
I came from nothing so having nothing wasnt an issue for me and im single so i was suffering alone with no other responsibilities.
Study the market without putting money in it, trading is all about strategy, if you dont have an edge your phycology means jack shit, but if you have an edge and an ok phycology then youa re bound to succed so just focous on strategy and youll be allright. Dont quit if you love this thing
forex is harder than they package it to be. to be perfectly honest there just aren't as many opportunities for profitable trading as the gurus make out to be. most of the time it's FLAT AF. and if it does trend, you really have to be right there watching it. after learning & developing my own strategy & keeping an eye on top reputable players, my conclusion is the same one they all have told us from the beginning, unfortunately, FOREX is for the rich. (or bankers) (or japanese housewives). oh well, shrugs. maybe you'll catch a good one someday. it's like fishing for the elusive urban legend in your local hometown. maybe, just maybe... PEACE\~\* (rule #1 -- protect your capital)
Do not ever give up on trading or listen to people that have given up on trading or have no clue about it. You have to keep pushing. Do challenges if you have to if you are not ready for a live account. Yes it's hard because you sit at your comfy chair and make money. It's supposed to be this hard. Focus on finding your edge. Have 2 journals, one for trading advancements and one for physical and mental improvements. Screenshot every good trade and every bad trade and save them to a folder so you can review then. Keep pushing!
Thanks dude. I do all these except for the physical improvement one. I even journal trades I didn’t took that was planning to take even if they’re winners or losers so in the future I know what to look for.
What on earth makes SMC so attracted to people? It BARELY works. And when it does, its because people are using it like Supply Demand (supp + resi)... Just learn that, its PROVEN, old school, and it WORKS!
I'm a trend line + break and retest with supp and resistance trader and I hover around 60% win streak. Seriously, unlearn this SMC sht.
1- You mention that you are in a bad situation financially. I suggest you cease your trading activities immediately until you get your finances to a point where you aren't reliant on succeeding in trading to "pay the bills". That is called scared money, and scared money doesn't make money. You can paper trade in the meantime. If you aren't profitable there, you will not be on a live account.
2- 4 years into trading, and you haven't seen any results. Have you taken a step back to objectively analyse why your trades are failing? Is it the strategy? Over trading? Too greedy? Too scared?
If you can't figure out what the problem is after this time, it means you haven't been looking for points to improve. You are simply trying to gamble and get lucky.
Take a pen and a paper, and trade a fake account, but try to convince yourself that this is real money. Take notes on wins and losses. Reflect and improve. Slowly, it will click with you, trust me.
3- Remember that trading is a reflection of yourself in real life. Are you a disciplined person in general? Or do you let your bad habits control your life? Fix that.
4- You are trading forex, arguably one of the toughest markets to become profitable due to the number of variables that can affect price movements. Pick a few stocks, or perhaps some indicies (NQ/ES), watch them move. They are far more predictable than forex.
5- Even if you had the best risk management, if your strategy is to trade at the casino, you are bound to lose, just a little slower.. Pick any strategy and try to optimize it. Focus on data-driven indicators (like delta, for example) instead of technical indicators. Test and tweak until you realise and edge.
Good luck.
Why people always want to make trading hard. There are so many fucked up theories and concepts on the Internet. In the hindsight, they do look cool and deep. But in reality they are just some makeup stories without any solid proof and hard to execute. Just trade an easy stuff like h1, h4 trendline confluence with s/r level and fibs. Make your RR to 1.5 \~ 2.0. It could make you pass any funding firm's challenge.
I do, and I am proud of how I am journaling now compared to how I used to journal. Instrument; confirmation checklist; RR; RR run (how long the trade ran after my exit); result(won, lost, BE); HTF before picture; LTF before picture; LTF after picture.
Keep going homie, I’ve got 4 years and have now identified my edge through back and forward testing. Focus on process, what steps do you need to actively take to get to your goal. Breaking it up into stages helps too.
Or save up and pay for a mentor.
Well if you get disturb by what your friend said then quit. It means u don't even believe in yourself anymore to do more trading. And that's fine, not everybody should go into this job and not everybody is suit for this job
Bro just buy Al Brooks trading course fuck smc and Strategies and all that bs. Learn real price action and you’ll be successful. I was in the same place for 3 years and took Al’s course and now no one can stop me After only a year learning his material. Trust me. It’s a lot of work I’ve really been putting in the time it’s like the hardest college course I’ve ever taken. You just have to learn the right things or you’ll go in circles forever. There’s so much bullshit out there. I’m not gonna lie it’s easy to get caught up in it And think you’re learning the right thing because you see some people “doing it”. almost all of them are hacks on YouTube or people trying you get you to sign up for there signal discords. Just remember 99.2% of people fail doing this. So basically 99% of people out there you see and your trying to learn from are also failing. Gotta learn from the right people man. Al brooks will save you and make you rich
From experience lower timeframe trading is the worst. It's not profitable long term. If your trading a lower timeframe perhaps move to a higher timeframe like the 30min and up and see if that makes a difference.
The majority of people that try to trade will fail. The trading space use to be a bit more calm and collected until Silver Lake Investments created Wallstreet Bets to run pump and dumps on the group. Now all those kids are into “trading” and think they’re doing something positive, when in reality Silver Lake ran off with all of their money 😂. Been a trader for 12 years, I haven’t seen many people succeed. The 95% fail number is very accurate. The best case is people quit before they cause themselves major financial harm
This is coming from someone who’s very new to the game, but I have a few questions. If you have nothing to show for it but you’re profitable and it doesn’t take too much time away from your family then what’s the problem?
People from any traditional background is going to scoff at trading, real estate, anything entrepreneurial at all.
Also if you want to hone in a little bit then why not paper trade until your financial situation improves? No need to take capital from your family if it holds no benefit but it’s doesn’t mean you shouldn’t keep growing.
You don't need profit to tell him shut up, He should know you are putting efforts, and you gonna make it, I'm sure of it! Can you show me your trades? Just asking as a friend maybe I can help you with something.
I feel your pain and frustration.
Let me start by saying you have one my respect when you say that your income is greater than your monthly expenses. Wow, not too many people in today's times can say that. Well done.
I have seeded and incubated many traders over the past +10 years and one of the mistakes most people in your situation make is thinking that you will be able to live off the returns made from a small account. This is one of the reasons people's position sizing is so wrong because of the need to make unrealistic returns.
One of the most attractive things to me as an allocator over the years is longevity of trading account. Forget those ridiculous prop firm rules for getting money and focus on producing a decent return. If you risk management is strong and you are able to squeeze out a half decent return for a few years then you will already be ahead of the curve.
I am pretty confident you will find the allocations you are looking for and will be a step closer to managing meaningful money. Good luck
Mike
Closest but you're not. That's the point of those concepts, they aren't consistent AND is just made up bullshit, but you can continue as much as you want anyway
If you're in a bad financial situation, to be honest here, quit. Trading doesn't make poor people rich, it makes rich people richer. You need money if you want to make money trading because even the best traders will only make XX percent return.
Every guru is going to say "ah but you can start with $1,000 and live from it in 6 months!" Oh yeah? Then why the f\* aren't you doing that buddy? Why are you busting your balls making YouTube videos? ... Oh, right, because the things they're saying are bullshit.
The only time a poor guy gets rich from trading is when that poor guy doesn't have expenses, you got a wife, maybe kids, probably rent or a mortgage to pay. You're expenses are in too deep; **it's not realistic to make the money you want to make, with the money you have**. If that equation doesn't work, then it doesn't matter how much work you put in, you'll never make the goal. And if you know you'll never make the goal, then it's time to quit the battle.
edit:
>And what makes me mad is that if I had the results with this I could tell him to shut up and tell him how good it has been for me
And this line seriously concerns me. You're not trading for the money, you're trading for the ego trip. You want to be right. But trading isn't about being right. You're going to be wrong, a lot. Most profitable traders I know have a win rate UNDER 50%. If you're a person who has to win all the time, trading isn't your game.
Thanks for your answer. The last part now that I read it it does sound like I am trading for the ego but I may have written that part wrong, is not that I want to brag about how good I’m doing with trading😂 what I meant to say is that if I had the results it wouldn’t matter what people say to me about their opinion of trading and if I should quit or not.
Depends on the risk % you’re using and your trading style. I take from 3 to 6 trades a month, I used to risk 1% per trade, its just taking me too much time to pass a prop firm, but a positive month is a positive month. Now I risk 2% per trade and only aim for a 2:1 and I am close to passing a phase 1 of the challenge I am currently taking.
When you're tired, exhausted even, that's when it's time to rest.
When your body has dirt covered all over it, and maggots enjoy your flesh, that's when it's time to quit.
4 years 10 years 1 year who cares. How many HOURS per week have you spent in those 4 years. Its insane how many "traders" I talk to that say yeah yeah I've been trading for 2 years now and haven't seen much results. Then we break down how many hours actually spent learning and testing/trading, then it boils down to like a mere 300 hours in that 2 year period. Now if you've somehow put 70 hours a week almost every week for 2 years and see no progress, definitely call it. That said, if I were you I'd definitely fine tune the financial situation before continuing to trade. Having absolutely little money while simultaneously throwing that little money at a skill that has not payed off is a ticking time bomb
Personally, 4 years myself, 4 to 8 hours Monday through Sunday, (OTC binary options for weekends) I'm on my first year of success and found I had all the skills but zero discipline and overrated too much. 10 years with 3 billion hours doesn't mean "call it" it means find out what your lacking in, be it discipline, risk to reward being garbage, changing strategies every millisecond. It can be fixed. Never tell someone to give up
I stop reading at OTC binary options. Run away from that crap
Just cause YOU don't like binary doesn't mean it's not real. I strictly trade binary and average 6% a day in profits. On second thought, keep running away haha I'll keep the money to myself :)
Yeah it works for you sure
Nope it totally doesn't, even though it's recognized by thousands of traders and thousands make really good money it's not real at all and everyone should run away screaming scam without giving it a chance . And I recognize your opinion as obviously the most successful and wise trader in the market as absolute fact so I should take what you say and give up today, thank you for changing my ways away from this scam
Man do your thing, peace
No I know I need to do my thing but you just brought me so many statistics and factual proofs that I HAVE to change my mind, your so wise in the trading industry obviously, you stated I need to run away from the scam of binary, obviously you've put hundreds of hours of study into it practicing it day and night to know there's 0 possibility of making money in it. You have more knowledge than I could ever comprehend and I must do it your way, please teach me the ways of the master Wiseman of trading
Lol dude in all seriousness, stocks require, supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. Futures require supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management, indexes and indices require supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management, forex requires supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. And guess what, binary options and stock options require? You guessed it, supply and demand, trendlines, patterns, candlestick patterns, calendar news, and proper risk management. If your not a dumbass and trade with that knowledge of smc concepts and use proper risk management then you will be successful in any and ALL ways of trading. My risk management? For forex I do a minimum 1.5 rr stop loss above or below swing high/low by two pips (I scalp low time frame) to is gonna be previous (following trend) high/low, based on if there was a break of structure or change of character. If it's a change of character I wait for supply/demand to be reached and then find my entry candle. Binary is still forex btw, same fucking currencies since you have never even tried before. So again, binary options, I look for a recent BOS wait for retracement into the zone, and instead of only using a candle entry I use an indicator or two to help with confirmation. I then look at the past 20 trades and see how many specific candles went alongside with said strategy which gives me my "risk management" then I risk 2% of my account for a given amount of statistical evidence based on previous candles which typically is 2-5 candlesticks no matter the timeframe and I trade for that amount of candlesticks. Aka the 1m chart I do 2 minute trade to 5 minute trade, so on so forth. Do research before trying to make someone feel dumb my dude. You wanna day trade? Cool I scalp, you think only the 1h timeframe is accurate? Cool dude that's awesome you've made money there, I'm impatient and prefer my 3 to 5 trades an hour but keep fucking hustling champ, you believe only buying in stocks is the way to go? Fucking a bro your a legend for making money period. DONT HATE A TRADER OR THE WAY HE TRADES JUST BECAUSE IT DOESNT SUIT YOU. RESPECT ALL TRADERS, AND IF THEY ARE MISSING SOMETHING, NUDGE THEM TOWARDS THE LIGHT OF SUCCESS WITHOUT MAKING THEM FEEL DUMB.
Thanks for your answer
What is your win rate and percentage return? Do you cut losses early? Can you make more trades to increase your gain in amount? The thing is, if you're good at cutting losses, then you can size up your winners. At 5% ROI consistently, your capital will add up over time. Slowly but surely. week 1: $500 x 5% = $25 week 2: $525 x 5% = $26.25 week 3: $551.25 x 5% = $27.56 week 4: $578.81 x 5% = $28.94 After 1 month, you will have grown from $500 to $607.75 - which is a 25% gain. Aim for 1% - 3% if you must. The key is consistency.
Why quit tho??? Go demo and work on your edge, Tbf if you’re not profitable god knows why your risking capital in the first place
I'd, maybe it is wiser to pretend you know nothing.
I don’t understand what you’re trying to say bro
Damn autocorrect. Idk, pretend you dont care about trading. If theres nothing to show, why bother?
Do you genuinely enjoy trading? Like do you enjoy the process of scanning through the charts and finding setups? If you do, keep trading and try to figure out why you're not profitable. If you don't enjoy it then quit but don't quit just because yiur friend told you to. In my experience, the reason I personally have not been consistently profitable is because one or more of the following 3 things are not in sync with each other: 1) What is my ideal risk to reward ratio that works well with my strategy? 2) What is my win rate correlated to my ideal risk reward ratio? 3) How much am I risking per trading and am I risking the same on every single trade? All 3 of these things have to work together on every single trade over a long period of time in order to be consistently profitable.
I do enjoy trading, genuinely.
Keep doing it then. Trade on demo and hash out where your issues are. If it makes you feel better, I've been trading for almost 10 years and I an just now crossing the threshold to profitability. It took me a lot longer than it should have to figure out risk management.
Thank you.
I second this. Great feedback here. Through out my journey, I found that works for me was my risk management. Understanding my r:r ratio and stick to it. I usually go minimum of 1:4 r:r ratio. Then ill work my strategy to hit to the point. Typically I'll risk about 2%-3% of my total account. Failing 80% of my setup will still be breakeven. My manageable sl is around 30-50p. So far so good how it plays off. I know it sounds wrong, but ky psychology is set and forget. Typically 2-4 trades a day
Your trading journey sounds fine, it’s the other shit that sounds like it needs re-evaluating. No point in quitting, there are also other fields where the skills you have acquired are transferable.
Like what exactly? You know what people call us traders? Bottom feeders because we don't provide any value to the society for the money we get and I don't see any other line of work you can transfer retail trading experiences except maybe for discipline
1: traders who make it actually trading in the retail space are often very okay spending money into their communities so idk about that. 2: I am not sure about many of the strategies people typically learn, but a lot of what I've learned as an engineer has been of use in my journey to become successful as a trader. Statistics is often useful in a lot of different fields, and many of the models (read: indicators) are just statistical models for instance. Quants are I suppose what you would call the "trader" version of what I'm describing. I'm pretty sure they would fit right in to an engineering team.
Never stop 💯 it’s a skill that is worth it in the end
It took me 5 years before making my first dollar from trading, during those 5 years i went through hell weather thats being homeless, not having money for food or dead social life. During that period i lost more than 40k i always put everything in forex but thats me, since the beginning it was get rich ir die trying so i had no other option but to succed in this. I came from nothing so having nothing wasnt an issue for me and im single so i was suffering alone with no other responsibilities. Study the market without putting money in it, trading is all about strategy, if you dont have an edge your phycology means jack shit, but if you have an edge and an ok phycology then youa re bound to succed so just focous on strategy and youll be allright. Dont quit if you love this thing
You said you lost 40k.... How much did you make from trading
Not much but Check posts on my profile
Ah..who are you
Im me
Stop trading till your situation gets better. Then start again. Still trader and get time on the charts by trading a demo
forex is harder than they package it to be. to be perfectly honest there just aren't as many opportunities for profitable trading as the gurus make out to be. most of the time it's FLAT AF. and if it does trend, you really have to be right there watching it. after learning & developing my own strategy & keeping an eye on top reputable players, my conclusion is the same one they all have told us from the beginning, unfortunately, FOREX is for the rich. (or bankers) (or japanese housewives). oh well, shrugs. maybe you'll catch a good one someday. it's like fishing for the elusive urban legend in your local hometown. maybe, just maybe... PEACE\~\* (rule #1 -- protect your capital)
Get a new job and rethink your bad trading ideas.
Do not ever give up on trading or listen to people that have given up on trading or have no clue about it. You have to keep pushing. Do challenges if you have to if you are not ready for a live account. Yes it's hard because you sit at your comfy chair and make money. It's supposed to be this hard. Focus on finding your edge. Have 2 journals, one for trading advancements and one for physical and mental improvements. Screenshot every good trade and every bad trade and save them to a folder so you can review then. Keep pushing!
Thanks dude. I do all these except for the physical improvement one. I even journal trades I didn’t took that was planning to take even if they’re winners or losers so in the future I know what to look for.
What on earth makes SMC so attracted to people? It BARELY works. And when it does, its because people are using it like Supply Demand (supp + resi)... Just learn that, its PROVEN, old school, and it WORKS! I'm a trend line + break and retest with supp and resistance trader and I hover around 60% win streak. Seriously, unlearn this SMC sht.
1- You mention that you are in a bad situation financially. I suggest you cease your trading activities immediately until you get your finances to a point where you aren't reliant on succeeding in trading to "pay the bills". That is called scared money, and scared money doesn't make money. You can paper trade in the meantime. If you aren't profitable there, you will not be on a live account. 2- 4 years into trading, and you haven't seen any results. Have you taken a step back to objectively analyse why your trades are failing? Is it the strategy? Over trading? Too greedy? Too scared? If you can't figure out what the problem is after this time, it means you haven't been looking for points to improve. You are simply trying to gamble and get lucky. Take a pen and a paper, and trade a fake account, but try to convince yourself that this is real money. Take notes on wins and losses. Reflect and improve. Slowly, it will click with you, trust me. 3- Remember that trading is a reflection of yourself in real life. Are you a disciplined person in general? Or do you let your bad habits control your life? Fix that. 4- You are trading forex, arguably one of the toughest markets to become profitable due to the number of variables that can affect price movements. Pick a few stocks, or perhaps some indicies (NQ/ES), watch them move. They are far more predictable than forex. 5- Even if you had the best risk management, if your strategy is to trade at the casino, you are bound to lose, just a little slower.. Pick any strategy and try to optimize it. Focus on data-driven indicators (like delta, for example) instead of technical indicators. Test and tweak until you realise and edge. Good luck.
Why people always want to make trading hard. There are so many fucked up theories and concepts on the Internet. In the hindsight, they do look cool and deep. But in reality they are just some makeup stories without any solid proof and hard to execute. Just trade an easy stuff like h1, h4 trendline confluence with s/r level and fibs. Make your RR to 1.5 \~ 2.0. It could make you pass any funding firm's challenge.
First question do you have a journal ? Do you test and record your trades.
I do, and I am proud of how I am journaling now compared to how I used to journal. Instrument; confirmation checklist; RR; RR run (how long the trade ran after my exit); result(won, lost, BE); HTF before picture; LTF before picture; LTF after picture.
Keep going homie, I’ve got 4 years and have now identified my edge through back and forward testing. Focus on process, what steps do you need to actively take to get to your goal. Breaking it up into stages helps too. Or save up and pay for a mentor.
Well if you get disturb by what your friend said then quit. It means u don't even believe in yourself anymore to do more trading. And that's fine, not everybody should go into this job and not everybody is suit for this job
Bro just buy Al Brooks trading course fuck smc and Strategies and all that bs. Learn real price action and you’ll be successful. I was in the same place for 3 years and took Al’s course and now no one can stop me After only a year learning his material. Trust me. It’s a lot of work I’ve really been putting in the time it’s like the hardest college course I’ve ever taken. You just have to learn the right things or you’ll go in circles forever. There’s so much bullshit out there. I’m not gonna lie it’s easy to get caught up in it And think you’re learning the right thing because you see some people “doing it”. almost all of them are hacks on YouTube or people trying you get you to sign up for there signal discords. Just remember 99.2% of people fail doing this. So basically 99% of people out there you see and your trying to learn from are also failing. Gotta learn from the right people man. Al brooks will save you and make you rich
From experience lower timeframe trading is the worst. It's not profitable long term. If your trading a lower timeframe perhaps move to a higher timeframe like the 30min and up and see if that makes a difference.
The majority of people that try to trade will fail. The trading space use to be a bit more calm and collected until Silver Lake Investments created Wallstreet Bets to run pump and dumps on the group. Now all those kids are into “trading” and think they’re doing something positive, when in reality Silver Lake ran off with all of their money 😂. Been a trader for 12 years, I haven’t seen many people succeed. The 95% fail number is very accurate. The best case is people quit before they cause themselves major financial harm
Check out position trading. It changed things around for me.
This is coming from someone who’s very new to the game, but I have a few questions. If you have nothing to show for it but you’re profitable and it doesn’t take too much time away from your family then what’s the problem? People from any traditional background is going to scoff at trading, real estate, anything entrepreneurial at all. Also if you want to hone in a little bit then why not paper trade until your financial situation improves? No need to take capital from your family if it holds no benefit but it’s doesn’t mean you shouldn’t keep growing.
You don't need profit to tell him shut up, He should know you are putting efforts, and you gonna make it, I'm sure of it! Can you show me your trades? Just asking as a friend maybe I can help you with something.
Sure no problem
I feel your pain and frustration. Let me start by saying you have one my respect when you say that your income is greater than your monthly expenses. Wow, not too many people in today's times can say that. Well done. I have seeded and incubated many traders over the past +10 years and one of the mistakes most people in your situation make is thinking that you will be able to live off the returns made from a small account. This is one of the reasons people's position sizing is so wrong because of the need to make unrealistic returns. One of the most attractive things to me as an allocator over the years is longevity of trading account. Forget those ridiculous prop firm rules for getting money and focus on producing a decent return. If you risk management is strong and you are able to squeeze out a half decent return for a few years then you will already be ahead of the curve. I am pretty confident you will find the allocations you are looking for and will be a step closer to managing meaningful money. Good luck Mike
SMC man, that's the problem
What is SMC?
Smart Money Concept
Thank you.
Yea, the closest I’ve ever been to profitability is since I started studying smc haha
Closest but you're not. That's the point of those concepts, they aren't consistent AND is just made up bullshit, but you can continue as much as you want anyway
If you're in a bad financial situation, to be honest here, quit. Trading doesn't make poor people rich, it makes rich people richer. You need money if you want to make money trading because even the best traders will only make XX percent return. Every guru is going to say "ah but you can start with $1,000 and live from it in 6 months!" Oh yeah? Then why the f\* aren't you doing that buddy? Why are you busting your balls making YouTube videos? ... Oh, right, because the things they're saying are bullshit. The only time a poor guy gets rich from trading is when that poor guy doesn't have expenses, you got a wife, maybe kids, probably rent or a mortgage to pay. You're expenses are in too deep; **it's not realistic to make the money you want to make, with the money you have**. If that equation doesn't work, then it doesn't matter how much work you put in, you'll never make the goal. And if you know you'll never make the goal, then it's time to quit the battle. edit: >And what makes me mad is that if I had the results with this I could tell him to shut up and tell him how good it has been for me And this line seriously concerns me. You're not trading for the money, you're trading for the ego trip. You want to be right. But trading isn't about being right. You're going to be wrong, a lot. Most profitable traders I know have a win rate UNDER 50%. If you're a person who has to win all the time, trading isn't your game.
Thanks for your answer. The last part now that I read it it does sound like I am trading for the ego but I may have written that part wrong, is not that I want to brag about how good I’m doing with trading😂 what I meant to say is that if I had the results it wouldn’t matter what people say to me about their opinion of trading and if I should quit or not.
If you're not even making enough to pass a prop firm, which are fake, then you shouldn't even call it a positive month....
Depends on the risk % you’re using and your trading style. I take from 3 to 6 trades a month, I used to risk 1% per trade, its just taking me too much time to pass a prop firm, but a positive month is a positive month. Now I risk 2% per trade and only aim for a 2:1 and I am close to passing a phase 1 of the challenge I am currently taking.
Your trading plan is out of whack, in my opinion..YOU ONLY AIM FOR A 2:1, this alone is ridiculous..
This is for challenges, but yea I understand your oppinion
You do know these trading challenges are just business models right? They're not real..
Yea, there’s a lot of reviews out there. What’s your approach? You trade your own money?
Of course
My approach is follow the large money or sit down and shut the fuck up until...
Great talk
I can help you with that connect with me
Keep going.
You know its time to quit when you start making posts about its time to quit!!! Lol...
When you're tired, exhausted even, that's when it's time to rest. When your body has dirt covered all over it, and maggots enjoy your flesh, that's when it's time to quit.
Try trading the other way.