as a retail forex trader for the past 2 years, i finally conclude and convince myself that this forex trading is a sham. my sincere and golden advice to others out there is to stop.
and please do not believe those trainers out there who claimed they can guide you on pretext of you paying them a amount for teaching you.
there is a way that you can try, bet with the institutions, i got one rich friend who is backing his money with big banks, can try and let me know. if you trade on your own, i think you will die faster.
Hi. I've been trading Forex for 7 years. Lost about $20k in online and offline trading courses and pouring $$ into the Forex market.
Have I made back overall? Nope.
Why I've not yet given up? Because dream is like the best sex with the most beautiful woman. It will keep moving you forward. Never given up. If I have I wouldn't be here telling my story.
I started Forex in 2006. Succumb to greed and distaste towards my solo business. I've paid over $5k for a seminar which I find out that their system was nothing more than 123 top/bottom. And I paid $5k to get it. What a loser I was then.
I spent the last 6 years of my money and life trading Forex base on indicators like MACD, Stoch, RSI. BB. Nothing works. Fib. Don't get me on Fibs. They don't' work period.
Why? Because you are expecting a future yet to happen. Many times I am lucky with Fibs but most the market plunge right through. Forget about 50% or 61.8%. Just don't. You are playing with future expectation than might not work. You are taking chances.
I don't take chances. I've learn about english chess and poker. Never was good with them. But I learn about planning route according to expectation. So if expectation A arrive. I took plan B. Stuff like this.
Than in 2013. I learn about trading naked. Price Action. Candlestick Pattern. And manage to turn $100 into $200 in less than 10 months.
Than I did the same in Jan 2014. I turn $1k into $1800.
After that I got greedy and turn to a guru who turn demo from $9k to $10k in just one trade.
I lost myself.
I forgot what I learn in 2013. And manage to blow 2 accounts within Feb 2014 and April 2014.
Than I picked up the pieces and got my feet back up.
Than an amazing thing happen. I found out about Market Profile (still just as bad). Than I read Anna Couling Volume Price Analysis and this is where my story began.
I've spent the last 6 years using the wrong approach like MACD, lagging indicators whereas I could have shorten my learning curve into just 2 years. Focusing on Price Action. Candlestick Pattern and Wyckoff Theory. I just did this in 2013. Added Volume Price Analysis in 2014.
Than in Oct 2014 I learn about hedging. Pack my capital and migrate to Aust brokers.
I don't have any fear anymore. I don't think twice about entry after a huge extension. I jump in on every breakouts I get. Because of hedging.
I still get some losing days but I never ever fear of losing money anymore. Because it will never get big nor will I ever blown any account anymore.
So if you are struggling. Learn price action and candlestick pattern and volume price analysis. Stay away from indicators.
What about support and resistance? Everyone have their own set of levels. I have but I don't think too much into those levels. Instead I focus on where I want to go. And let price does its job.
If its get there. Great. I plan where to take my profits.
If it paused and reverse. I plan where to hedge my losses and hopefully market only reverse once.
If it reverses and reverses again. I plan where to hedge my 2nd losses and where to join my 1st entry.
I don't have fear. I don't hesitate. I trade what I know will work.
Believe. You must believe.
Did I say I am trading using a Samsung Galaxy 2. Recently than upgraded onto Samsung Note 3.
Trade Safe.
