New and Lost - page 2
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hi. i am new to this forum and have 4 mth experience on forex. Learned quite a few inidcators like MACD,elliot wave, fibo and pivot. Traded live but for the past few mth, i have either made a loss or a breakeven, there was no single mth where i profited,amounting to a total loss of US 2000 dollars. Therefore currently feeling quite lost in forex, hope that i can find new directions through this forum....Thinking of trying to create a system that trades only on either new low or high that occur at 8am to 12pm EST the time interval when new york market and london market trading time clashes. Hope to get your advices and improve....
im scared for you. first stop trading live. 2nd read read read. learn price action by joe ross. use mtf indicators. biuld your own system but do not duplicate, do not use indicator that are based on, or do the same thing. jion bloggs read. learn less trading is more profitable when youve gotten thier. Thats the dicipline waitting for the right moment. that moment is not when you think it is. that moment is long after you get in or long befor. rookies kick start the market pros drive it and amiture are left holding the emty bag. only get into trade that have a lot of potential one way but not the other. last do not believe everthing you read. The market is not muniputated, but it does have a desing that is munipulated. call it a descise. the brokers descise trades. under the descise rookies get in. If the rookie is right he gets shaken out before he gets a dime, and if hes wrong he gets wipped out
It is not a strange thing for newbies to loose money . They do many times this practice after it they realize their mistakes and experience make them skilled in trading . I too loose much money as a beginner . I was a t wrong thinking that making money with forex is very eassy.
Yes, I think it is natural for beginners to experience loss due to forex risk is very high. We can not eliminate the loss. Loss is baigian of forex. I've also been loss when first trading. We can learn from mistakes so as not to repeat the same mistakes.
hi. i am new to this forum and have 4 mth experience on forex. Learned quite a few inidcators like MACD,elliot wave, fibo and pivot. Traded live but for the past few mth, i have either made a loss or a breakeven, there was no single mth where i profited,amounting to a total loss of US 2000 dollars. Therefore currently feeling quite lost in forex, hope that i can find new directions through this forum....Thinking of trying to create a system that trades only on either new low or high that occur at 8am to 12pm EST the time interval when new york market and london market trading time clashes. Hope to get your advices and improve....
Of cousre you would, my quick advice to you is learn and practice more on demo account for a long duration, while you taste real with little capital.
Yes, I think it is natural for beginners to experience loss due to forex risk is very high. We can not eliminate the loss. Loss is baigian of forex. I've also been loss when first trading. We can learn from mistakes so as not to repeat the same mistakes.
Yes, loses would always be there, but we can do more to cut down the loses.
Yes, loses would always be there, but we can do more to cut down the loses.
yes, every trader must have experienced loss. loss in Forex can not be eliminated. We can only minimize the loss. One is with good risk management. By managing risk, then we can minimize the loss. For the newbie's why it is advisable to install SL on their account
I suggest for all newbie. you should use EA for improving your skill in trade..
Newbie is very close with lost. It's naturall rules in forex..
Patience like all have hinted is the key to success in forex, no matter how much you know!
Personally I consider Elliot wave, fibo and pivot as useless. I spent months studying these stuff and came up with a conclusion that these things are just giving random signals. You get 50% chance of winning/50% chance of losing. But since you pay for spreads and swaps, you will likely lose $2,000 before the 30th trade.What I'm saying is not advice but about my experience. If I were you, I would go around the forums, find a portfolio of good systems (both free and paid) to back test and forward test, and run them LIVE. I recommend some readings:Modern Portfolio Theory: An OverviewSharpe ratio - Wikipedia, the free encyclopediaWish you all the best,
Maybe others may see it different and find something interesting about it.
It is very obvious to have loss at initial stage as we don't have much knowledge and understanding but by the time passes and practicing in demo we able to learn and trade well.