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  • I'm so despaired!

    Hello

    My name is Lenox and i'm from Switzerland. I'm trying to trade forex since 12 month. I love to do that. And i spend 8-10 hours daily to learn something more.
    But it's so difficult to find the right way because there are so many scam out there. And in this way i lost a lot of money. Sometimes i'm so frustrated that i'm near to give up. Last time i'm crying like a child.
    But i love the trading and i will get succesfull onetime. I will fight!
    Now i saw this forum and it's look very serious for me.Thank you people for all that posts and effort .
    My question is which from all that indicators are really usefull and leading?
    Which scalping system/or which system generally do you advise me. I'm so despaired. I hope you can help me!



    Greetings from Switzerland

    Lenox


    ps. sorry for my bad english
    Last edited by hermanhess; 06-06-11, 09:13. Reason: disclosing email against the rules

  • #2
    Crying will not help you!! Youre right there,s a lot of Scam in forex, i,am also a victim of some brokers.
    Why don,t you start reading some of the treads on this forum, there a plenty of indicators
    and systems you can download and trie them on a demo account.
    In the request upbove there,s a tread about Superscalper.
    There are plenty of people on this forum who will answer your question.

    succes and regards from a Dutchman.

    Comment


    • #3
      Hi Lenox, there are lots of easy ways to trade. There are lots of complicated ways. Whichever you choose there will be winners and losers.
      Have a look at the thread 'How do you make money'. FxFxFx is going to give lessons on a four hour strategy of his own. It is mostly based on support and resistance. Might be just what you are looking for. Help is also available.

      Sorry, it is "How are you making money?"
      Last edited by Freddie; 05-06-11, 14:20. Reason: correction

      Comment


      • #4
        Hi Lenox,

        I've lost thousands USD after trading forex for almost a year, from subscribe to wrong signal providers, wrong manage account provider, wrong broker, etc.
        Even, my wife had many times asked to quit from this world.
        But, I will and never give up. I realize that forex is a world that can not make me rich in one night. It needs times, efforts, learn and studies.
        But, believe me, just before and after I found this forum, by downloaded many EAs, trading strategies, indicators, read many threads, I can get profit consistently in these two months.
        I'm sure that in the future, I might be become a 100% successful forex trader, so do you.
        Now, your home work only to read threads of this forum diligently. Many kind partners share their trading strategies, EAs, etc. Just get it here !

        Comment


        • #5
          Get lost spammer

          http://translate.google.com/translate?hl=en&sl=de&u=http://www.payoff.ch/community/traders-talk/viewThread.html%3Fthread%3D1162%26forum%3D1&ei=wJzrTcruIcf30gG2n7iRAQ&sa=X&oi=translate&ct=result&resnum=1&ved=0CCgQ7gEwAA&prev=/search%3Fq%3Dlenoxfx%2540gmail.com%26hl%3Den%26rls %3Dcom.microsoft:en-us:IE-SearchBox%26rlz%3D1I7GZAY_en%26prmd%3Divns

          Comment


          • #6
            Thank you very much for your answers. I'm looking forward to learn something more from this forum.
            And i'm not a spammer. I write on this payoff forum, yes thats true. Why i'm a spammer because that? Because i'm despaired?
            What is your ambition to show this link here sgsgsg? I'm looking only for some help and ideas. Is this a crime?

            Comment


            • #7
              I followed your link just for the heck; it was one there! There is no spam in his posting!
              So I do not understand! Are you two the same person trying to draw some simpathy? No that I care. Just that get lost based on another forum call my attention.

              Lenox, Why don't you post your system to see the flow in it? Show something!

              Comment


              • #8
                Hi Lenox,

                If you really want to learn trading then I recommend that you follow the lessons which fxfxfx has just started on the thread:

                Code:
                http://indo-investasi.com/showthread.php/6052-How-are-you-making-money
                The reason I recommend this thread is because fxfxfx wants to teach struggling traders the basics of trading without relying on indicators or the new fad systems etc. These are tried and tested methods (Support and Resistance and breaks of swing highs/swing lows) used by all pro traders and will enable you to anticipate where price is most likely to go next without relying on some indicator turning green (which then turns red again as soon as you enter the trade lol).

                Forex is very frustrating and credit goes to you for your continued desire to trade and persistence. Even the best traders have been through this seemingly never ending "learning curve". The vast majority of aspiring traders give in too early when they find that trading is much harder than it looks. Training yourself to trade is like training yourself to be good at any performance based skill (such playing musical instruments, sports etc.).

                Firstly - don't believe that working harder (8-10 hours a day) will get you there quicker. Trading isn't like normal work where the more effort you put in the more you get out. You need to work smarter and not harder.

                I was given a formula for success a while ago which applies to successful trading too:

                Positive Mental Attitude + Plan + Preparation + Action = Success

                The first thing to do is regain your confidence. The first thing to do is not to trade big money whilst you're leaning to trade - ideally practice on demo (remember you're practicing to trade like a concert pianist has to practice tunes). Don't spend 8-10 hours a day looking for new systems or THE "holy grail" system, instead put that time to good use by selecting a currency pair (EURUSD is ideal) and studying how it moves by putting in the screen time. You'll start to see that price regularly "bounces" at certain levels (i.e. support and resistance) which leads to some great trades with low risk/reward. Placing demo trades in this market will enable you to learn from your losing trades rather than crying over the lost money.

                It's a good idea to keep a trade diary and log your trades with the reasons for entering and the result in pips winners and losers. Many traders never bother to do this, so they end up making the same mistakes over and over again. Go back to your log of trades after each day of trading and see why trades failed when they did - did you enter without a proper signal, did you forget to check the news calendar and enter a trade when price was highly volatile because of news etc? Your trade log gives you a way to measure improvement and when you can see improvement in your trading, your confidence will increase.

                Trading without a plan means that you have no goal, which can lead to careless trading and an unclear focus. The plan can be in your head, though it needs to be solid and you're probably better off writing it down. Lots has been written by others about trading plans - though the very least you need is some sort of target in pips preferably on weekly basis. For example, as a start you could look to gain at least 50 pips a week consistently - this would be 10 pips a day. With experience you can build on this.

                Preparation comes mainly in form of screen time. Bring up the 5m EURUSD chart and the 15m EURUSD chart. Look for signals which repeat again and again on the 15m chart and use the 5m to refine your entries (so that you can keep your stops very small). Watch how price typically moves in a day. Watch how it moves at the start of the UK session, the start of the US session, after news etc. Look for classic patterns such as 1-2-3 patterns, W and M formations, double/triple tops and bottoms. When these patterns coincide with S/R levels you end up with very high probability trades.

                Take action by actively getting involved in the market regularly - place trades in demo (or in live for very small stakes). Continue to do this until you feel comfortable with your trading and confident to increase your stakes.

                Finally, treat trading as you would a business. Because you can lose so easily if you're careless, you need to ensure that you're not gambling on any trades and that you always have good justification for entering any trades. If you're not 100% sure of any trade - then don't trade.

                Comment


                • #9
                  Open small account just to experience live trading, don't buy any software you can get them free ea's or books. Test at least 500 or more system or ea

                  BUT HOW CAN GET FREE SYSTEM IF NOBODY SELLS
                  Last edited by pac; 05-06-11, 16:36.

                  Comment


                  • #10
                    Soundfx! You are a prolific writer dude! Write a forex book! I mean it.

                    Comment


                    • #11
                      4xmeter,

                      Thanks for the compliment!

                      It's something I've been thinking about, though I think I'll need to become a multi-millionaire from Forex trading before anyone will consider publishing it.

                      I'm still working on that one

                      Comment


                      • #12
                        You want to become millionaire to be happy! That is the underline truth of all our activities. Writing is a natural ability in you. So you will be happy writing while you continue endeavoring to be a millionaire. My last cent to it. Happy trading!

                        Comment


                        • #13
                          But i was thinking you only need the MULTI , the other one you already are! am i wrong?
                          Originally posted by soundfx View Post
                          4xmeter,

                          Thanks for the compliment!

                          It's something I've been thinking about, though I think I'll need to become a multi-millionaire from Forex trading before anyone will consider publishing it.

                          I'm still working on that one

                          Comment


                          • #14
                            When you go for a job interview or even start a new business, a new career path, the first thing you do is find out what you are good at, what are your strengths, & weaknesses, How disciplined you are, are you an order giver or order taker, Can you follow set procedures or are you an emotional person changing his mind at the drop of a hat. Can you follow rules, prepared to take on new ideas thrown at you or do you dismiss them as you know best ?

                            Starting a new business you also have to have capital to start with, realistic expectations of profit and also a worse case scenario for lossses/expenses. Do you have an actual Business plan, imagine if you had to borrow the money to open a business, would the bank lend you money just because you say you can trade ?

                            Do you have the knowledge to trade or will you need to invest capital to learn trading either through books or via a professional tutor. Are you going to give yourself time to learn or just dive in with a little knowledge about trading with real money and gamble ? Would you expect to be an expert in any profession having read a couple of books & watched a couple of videos in a couple of days ? If someone opened a hedge fund & asked you to invest money with them, what questions would you ask ?

                            Do you have a trading method that you have tested over historical data and gives you a positive expectancy and a real edge. Do you know what kind of drawdowns the system will likely produce. How many consecutive losing trades, how many consecutive winning trades ? Could you handle the losses ? Do you have the belief in yourself that you can cut it when under pressure or do you fold & then blame everone else except yourself for your losses ?

                            Can you stick with your method or do you just go from one trading system, indicator, expert, robot to another without really understanding what you were doing ?


                            What times is your Business going to operate, How much time will you spend per day trading, Who are your suppliers (brokers), are they reliable, are they trustworthy ? Do they provide a good support backup if you run into trouble ? Are they easily contactable ?

                            Can you keep Business records, not just for tax purposes but for analysis of your trades. Can you analyse from your trades what you did right and where you did not follow your rules, Can you learn & progress from your daily, weekly or monthly analysis ?

                            Are you going to give your Business a chance to work, to become profitable, to keep within your means or is this simply a hobby to give you thrills & excitement like horse racing etc. ?

                            Because the entry level into the trading business is so low, in terms of investment capital required, experience & training needed, and the potential rewards so high, is it any wonder that people enter this profession starry eyed ?
                            Last edited by shabz; 05-06-11, 17:19.

                            Comment


                            • #15
                              soundfx thank you very much for your detailed post. All what you write makes so much sense. I will follow your tipps.
                              It's so great to see that exist so nice people like you who make effort to help some other people.
                              I will write more but my english is to bad.
                              Thanks again all writers. You are fantastic.

                              Comment

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