Hello everyone,
I just want to share with you my experience regarding trading forex. I discovered it about 2 years ago and since then until now I have lost about 1000$ trying to learn how to trade. The recent Swiss Franc unexpected movement put my broker(Alpari UK) into insolvency. Even though after all this struggle trying to make some consistent profits which ended up with a failure, surprisingly I still want to continue. Otherwise, if I give up, all the time spent learning would be just a waste.. Over the time I have tried tons of systems and strategies, from those based on indicators to those relying on price action. From my experience, all indicators have some sort of lag, and they cannot predict the future movement all the time. They are very illusive because in some market conditions they can work quite good. But market conditions change and in the long run indicators will lose money. Now the price action. It basically means support and resistance, including double/triple bottoms/tops, also “the old support becomes the new resistance”, plus candle formations like engulfing, doji and others. These things make more sense to me, especially on the bigger timeframes. But how do you trade these? Trying to catch tops and bottoms that are support or resistance won’t work. Even those which are let’s say weekly, monthly, multi year, old time highs and lows are not always reliable. There are many many examples of that, the most recent and obvious was the 1.20 peg on eur/chf. Who thought it will be broken… You simply don’t know for sure if a support or resistance will hold.
I also know that the money management and psychology are as important, if not more, than the strategy itself. But I think you need to have all three in check in order to be consistently profitable.
Right now I and very confused and I don’t know what to do. Success can be replicated if you have the steps to copy from an already successful trader.
Please share your ideas, thoughts and maybe the solution.
Thanks a lot.
I just want to share with you my experience regarding trading forex. I discovered it about 2 years ago and since then until now I have lost about 1000$ trying to learn how to trade. The recent Swiss Franc unexpected movement put my broker(Alpari UK) into insolvency. Even though after all this struggle trying to make some consistent profits which ended up with a failure, surprisingly I still want to continue. Otherwise, if I give up, all the time spent learning would be just a waste.. Over the time I have tried tons of systems and strategies, from those based on indicators to those relying on price action. From my experience, all indicators have some sort of lag, and they cannot predict the future movement all the time. They are very illusive because in some market conditions they can work quite good. But market conditions change and in the long run indicators will lose money. Now the price action. It basically means support and resistance, including double/triple bottoms/tops, also “the old support becomes the new resistance”, plus candle formations like engulfing, doji and others. These things make more sense to me, especially on the bigger timeframes. But how do you trade these? Trying to catch tops and bottoms that are support or resistance won’t work. Even those which are let’s say weekly, monthly, multi year, old time highs and lows are not always reliable. There are many many examples of that, the most recent and obvious was the 1.20 peg on eur/chf. Who thought it will be broken… You simply don’t know for sure if a support or resistance will hold.
I also know that the money management and psychology are as important, if not more, than the strategy itself. But I think you need to have all three in check in order to be consistently profitable.
Right now I and very confused and I don’t know what to do. Success can be replicated if you have the steps to copy from an already successful trader.
Please share your ideas, thoughts and maybe the solution.
Thanks a lot.