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Old 01-25-2008, 07:56 PM
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topdog38uk topdog38uk is offline
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Join Date: Jun 2007
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Wink Dont Give Up!

"Hey dude,Listen up" .

I have been at this myself for two years, and I feel the same sometimes as you do, but you got into this for ONE REASON, TO MAKE MONEY, and give yourself the kind of living most could only dream about.

If this was an easy game, every Tom, Dick & Harry would be doing it!
I know what you mean about it looks like there is only one kind of winner in this game, and it does look like it's the ebook, software’s, and the "so called Gurus" all having us believe, "Come with me and I'll show you how to be successful".
We are so desperate to be successful, we become an easy target for these guys, then you got the brokers trying to stitch us up from the word GO, but you know what you gotta filter out the majority of this crap and carry on.
You are probably spending too much time and money chasing the Holy Grail, and I'm sure you've heard it mentioned time and time again;THERE AINT NO SUCH THING!

The Holy grail is you!

I don’t know what chart setups, stop losses, indicators etc you have been using, but may I make a suggestion?

Go back to the old school.

1: Get rid of all your indicators. 98% of them are a waste of time.Just use the basic support/resistance and trendline
indicators & work from those until confidence is restored.

You said earlier, you enter the trade, and no sooner you do that, the
trend changes or the price goes the opposite way, so you close out or
get stopped out for 30 pips. You go in again, hoping that you’re in the right direction this time, and it goes against you again. You’re stopped out for another 30 pips.

Shit I'm 60 pips down in under an hour, I'll be flipping burgers by the end of the day at this rate!

The brokers and bankers know that the majority of traders use anything between 20 and 40-50 pips as stop losses, so this is why you will see price
action swinging between these points regularly throughout the day.

2: Don't spend another dime on any more courses, eBooks, personal tuition etc.
As I said earlier, these are the guys making the regular income @ our expense.

There is one group that will turn your trading around. Their signals are 100%
spot on, and they can back it up with proof from their website, and other genuine trader's comments. Every signal they have given out in two years HAS paid out!

This group DOES not use fancy indicators etc, they take trades based on economic events and the owners have a great deal of knowledge about interest rates, CPI, ECB, FED,NON FARM, Inflation etc, which is the real reason why the markets move. The main member of the group, uses a piece of software that has taken SIX years to develop, and is not for sale to anyone. He has already been offered sums of money that would make us cry. "However" I'm glad that they are willing to share the success of it with the likes of me and you. (Search for fxinsights)

3: Do what I do when your trading is going wrong. Switch off your machine, disconnect the lot, and take it to your "mother's for 14 days!
This way you can have a complete break from trading. Do something else
to occupy your mind in the meantime. There is such thing as over trading, and this is probably where your problems lies.

4: I said earlier about using very few indicators if not any, but just watching the patterns on the candle chart. If and when you decide to continue, switch to a higher time frame, 4hr with the one hour as your exit. this will filter out alot of false signals.

5: search this forum for details on the zup harmonic indicator (not advisable for newbies) and get to understand it, then add it to your chart. It's a very promising way of trading, and it's for free.

6: Portfolio' Leveredge and Risk.
Say you have a $5000 dollar portfolio, which allows you to trade 5 mini lots, I would suggest you only trade 2 mini lots at the most.This then gives you more room to widen your stop to around 100 pips drawdown instead of the measly 20-30 etc witch the majority of brokers and manipulators are ready to take out with not too much effort on their part.

If you trade with the trend and a 100 pip stop loss, you do not have to worry about exact timings, providing you do not get too greedy. 50-80 pips should be attainable 70-80% of the time.

Most of all, you may never know how close you were to succeeding, if you throw the towel in now AFTER SPENDING 4 YEARS @ IT!

For you and anyone else out there who's feeling the same way, the forex
is definitely a patience tester, but the rewards are there. You just have to know when to take it and then also when to back off and take the hard earned break when things are against you!


Last edited by topdog38uk; 01-26-2008 at 07:08 AM.
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