I'm so despaired!

[Lenox]

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:)

Edited June 6, 2011 by hermanhess
disclosing email against the rules

[peldoman]

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.

[Freddie]

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?"

Edited June 5, 2011 by Freddie
correction

[trust040774]

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 !

[sgsgsg]

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

[Lenox]

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?

[4xmeter]

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!

[soundfx]

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:

 

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.

[pac]

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

Edited June 5, 2011 by pac

[4xmeter]

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

[soundfx]

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 :)

[4xmeter]

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!

[peldoman]

But i was thinking you only need the MULTI , the other one you already are! am i wrong?

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 :)

[shabz]

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 ?

Edited June 5, 2011 by shabz

[Lenox]

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.

[chrisfx]

=D>... I love this forum...( Hi Lenox, welcome aboard ) :)

[sgsgsg]

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?

 

1) Lenox , you provided the eMail .

I don't trust any one who gives his email out in the public forums

2) A man never admits that he cried like a child openly.

I started replying honestly to your initial mail and stopped 'cause of the above reasons.

 

To help you

1) It's better for you that you stop trading with real account , learn the basics , do lot of paper trading make money consistently and come back to trading.This might take somewhere between 6 months to 5 years depending on your approach.

 

2) You didn't mention what sort of trading style and esp the leverage you used to loose so much money.

If you decide to trade again in the future , till you start making consistent profits , don't use more than 1:7.5 leverage for a single trade and don't pull more than 2 trades at any given time.

 

Except a handful , almost all the retail traders loose money.

The odds are against retail traders 'cause of the high leverage they use.

Swap is another reason that eats away your capital.You should learn how to use Swaps for your advantage.

 

4) PriceAction is the reliable way to make money.Learn to master the priceAction

 

5) Stop loss is must.With out stop loss (An imaginary or real one), any one will loose their account at one point or other.

 

6) If you are trying to make a living out of trading , stop trading forex for next 10 years or 15 years 'cause forex trading is tougher due to high leverage than stock trading and needs more experience than stock trading.In stock trading , trade a 3x ETF like FAS.For that you need atleast 100,000 USD in hand.

 

I can't reveal my details to you and also I don't want to boast about my back ground.

But I hope that you take my advice seriously

[retireme]

2) A man never admits that he cried like a child openly.

 

sgsgsg,

 

I agree with everything you said except the above point, you have given very sound advice to our new friend Lenox.

 

I don't know where you are from, where you currently live, your age or your background, it really doesn't matter... I put this to you with no malice but in a friendly manner. A man that openly admits that he has cried like a baby / child, is more of a man than one who doesn't. If you have ever lost a child, a brother or a sister... you won't care who knows that you cried. The feeling of desolation inside you, far outweighs any egotistical misnomer that men should never cry...

 

I have cried, I have cried loud and long... I still do! The pain never goes away, it just subsides long enough to get on with your life!

 

Kindest regards

RM

[Lenox]

Hey guys thank you for all that positiv or negativ comments.

Look i began this thread because i want open my heart. Because i don't know somebody

privat. And some people from this forum really motivated me. Thanks again.

And because crying.That was not from losing money.That can happen when you risk your cash. I cryed at this moment because i was so angry with myself.Because i made the same faults.I was so angry with me that i was not disciplined again and again.

And after i was shocked, that i'm cryed. I began to think over myself and trading. After that i open this thread and tell told you my emotions.

 

Greetings from Switzerland

Lenox

 

Ps: i hope you can understand my perfect english:)

[traderx4]

lenox, Be cool man..Get in touch with your feminine side :-)

On a more serious note, This business does stir up some "BIG TIME" emotions within you.

I've been there and done it, I've cried when I consistently keep getting my trades wrong, I've wanted to pick up my monitors

and throw them across the room, so I do sympathise with you my friend.

We know this game is hard, but 6 years and 150,000 hours of screen time has got me through it.

I was determind. A few other traders have already mentioned, the less indicators you can trade with, the better your trading will be.

98% of the Indicators on the marrket are absolute rubbish!

Keep persevering..

Edited June 7, 2011 by traderx4

[shabz]

Lenox,

 

Go over to this thread, fxfxfx has started some basic lessons in reading price. You might enjoy it.

 

http://indo-investasi.com/showthread.php/13455-My-price-action-strategy

[soundfx]

Hi Lenox,

 

I found this blog today, which I think is perfect for you:

 

http://tradersbud.blogspot.com/

 

Lots of free you tube vids on price action trading, lots of encouragement and great advice from what I've seen.

[⭐ Kardel Sharpeye]

Hello

Hello too :)

 

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.

 

Dont trust any of those out there, really, plon were such a plon in waste.

1st thing learn your self, on what suits you, whats trading style that u like, what does make you feel fear and greed at most of your trading activity .... and that was the answer that u know, and i am sure you do understand.

 

trading was technical, even a 5tUp1d SMA did all the jobs done. so think simple, simplicity its something that you neglected most of your trading days. Here is a tip for you. if you have a 1 monitor, make sure, You can catch fast enough how much the price was change on markets, and how much it move, without moving a mouse cursor. ;)

 

2nd, a 2nd chances always get to you "no matter the cost" believe in it, puts you something that you almost never thought about, that trading was a simple. Its like just a believing on something that you build together with the markets.

 

 

3rd Believe yourself and be positive about it, no matter what.

 

But i love the trading and i will get successful 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 .

Thank you for posting a nice thread

 

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!

I scalp on Drummond its SMA period 3 shift 1 HLC/3 and 2 of those more apply on HIGH and low, which is i write it so many time and advice those on some traders, but that just a matter of what is on MY POINT OF VIEW (POV). and the one that you seek is in your own POV! not mine. so take time too seek it. watching other POV just wont get you nowhere.

 

Greetings from Switzerland

 

Lenox

 

 

ps. sorry for my bad english:)

 

Greetings From INDO. :)

Edited June 11, 2011 by Kardel Sharpeye

[Marchello]

Hello Lenox and II members

 

1- Wish I had availability II many years ago .:-)

 

2_ The contributions/comments and inputs we are getting on this thread are just Supreme in Excellence.

The sharing spirit and open heart denotes easily the wise. Bless them all.

Personally I read carefully all their comments !

 

3- fxfxfx effort of hand holding/mentoring/coaching reminds me of my favorite professor in University.

 

5- Please look at my thread http://indo-investasi.com/showthread.php/13480-share-solomonfx

It has User/Password usable for the next 3 weeks for free. No nonsense teaching live trading and there after is $99/month. Their signals with explanations so far have given me and most 'joiners' Superb pips. A few hints I have picked up do enhance my own methodology of trading ..

Every trader I respect always has something to teach me or re-enforce good habits .. MHO

 

I sent this out to a local friend that started Forex a short time ago and he loved it.

It must be posted locally .. as I did watch it a while ago.

 

Forex Hector Trading Course | 503.69 MB

 

http://www.fileserve.com/file/caCpSQT

http://www.fileserve.com/file/fNvtqGc

http://www.fileserve.com/file/sRaZqEP

 

Personally, for new traders, I humbly believe in that they should become very proficient in lower time frames and in due time walk up the ladder to higher time frames at a slow pace .. and build up confidence with PATIENCE.

 

Good trading wishes to all

Edited June 11, 2011 by Marchello

[keifer]

Don't give up just yet Lenox... been where you are and know the frustration.

 

Apologies in advance if my assumptions are incorrect. Stop trying to trade and understand that as yet you do not know how to trade. Don’t risk another cent until you have shown a profit on demo. You need to create positive trading habits. It’s boring but necessary.

 

I have a friend who has been doing it for a year also... talking with him I see the same pattern I went through. I could tell him what he is doing wrong... but it wouldn't help him because his ego is in the way and he'll revert to what he wants to do. We need to figure it out for ourselves and that just takes time and a lot of frustration.

 

You’re right there is so much junk out there that you really could waste a lifetime researching it only to discover it just doesn’t work. The reason it doesn’t work is because the person selling it doesn’t know how to make money with it either. Sure it will win sometimes and give the illusion of being profitable... but over the long-term... it's a losing proposition. Who would you rather learn from... an ex whatever worker who’s been trading for say 3-5 years who probably makes their real money from selling courses or someone who’s been on the institutional side for 15 years+ and knows what they’re talking about.

 

There are new innovators in this game but they are mostly on the algorithmic trading side and unless you’re a science or math major you just can’t compete with some off the shelf EA robot. There’s a fundamental shift going on in the markets at the moment. A lot of intraday scalpers are struggling as a lot of methods for scalping have lost any edge they once had. Order flow, level 2, arbitrage... it’s the algos that have the edge now.

 

Anyone who says TA is all you need is only limiting their potential. Pro traders are well rounded in all disciplines. If you think about how institutional trader trades... they have a team of analysts giving them fundamental directions. They use TA to trade in agreement with it... and have deep pockets to sit through a draw down that would take out our small 35 pip stop. They also have order flow to time their entries. My friend is an energy trader at a pro firm. He has core positions that are based on the fundamentals, and intraday he will scalp around these positions to balance out the risk. You can’t beat these guys over the long term so you need to find a way to trade with them.

 

I used to only scalp using 5 - 60 seconds. It just doesn’t work as well now as the lower time frame moves have become too fuzzy. You rarely see the volatility swings that allow for quick scalps and so few moves give any momentum follow through. You can still get an edge in longer time frames. In my own trading my edge has changed a few times eg: trade the main move of the day only, only take the first and second pullback after a trend change, wait for an obvious setup to fail and take the other side.

 

To learn to trade I recommend focusing on price action. Personally I’ve found little value in indicators except for ADR to determine a moves potential. For price action check out Phil Newton and Lance Beggs. For S&R check out Sam Seiden. For setups I like Steve Primo and Jimmy Young... who are both ex bank traders with 55 years experience between them.

Edited June 11, 2011 by keifer