Have you ever wondered why you just cant get it all together, you think you have just about got it right and BAM market conditions change and your left with empty pockets AGAIN !!!!!
Why is this FX game so damn hard to master?
Many reasons.
But i'll outline just 2 main ones, others will no doubt come up with some more.
Picture this, we've all been there, you hear about this forex thing through social media or maybe some junk emails or even advertising on tv, all giving the impression that trading forex is the road to riches and financial freedom [ sound familiar?} and its made to sound all so easy..........10 m a day , set your trades and then go down to the beach, sounds like the perfect life doesn't it ? And the hype works, retail Fx is the fastest growing sector in the finance world.
But if its so good and easy why do nearly all people loose money even after years of trying?
I'LL TELL YOU.
Whats the first thing you see on a chart from a system that you have bought or any one of the literally 1,000's of trading systems available on sites like Forex Factory , Baby Pips and others?
IT'S INDICATORS
They all have indicators plastered on or below the charts. So naturally newbies are given the impression right from the get go that the only way to succeed in trading is to smother their charts in indicators.
Sorry guys but this is one of RORTS in forex, the chances of you succeeding long term in this games using indicators is so small its not even worth trying.
FOR EXAMPLE, how many times have you seen this scenario : Go to Trading Systems in FF, pick a system { there's lots of them } one that's say 20 pages or more long, open up the first page and you inevitably find the poster telling you a little about them selves, all the hardships they've been through to get here but they have finally found the system that's made them profitable and they want to share the joy. Now there's a 99% chance his successful system will have indicators on it, whether it be just a couple of moving averages or a full blown Christmas tree type setup, either way it looks good and he sounds convincing. Read on a few pages and you will no notice that it isn't quite producing the results that everyone had hoped , so someone chimes in and suggests that if we just add this indicator or that indicator as a filter it might improve the results, sound familiar?
Now go to the last page of the thread, chances are that it is now dead or if it is still going it bears no resemblance to the original method. WHY? Because people are under the illusion that indicators are the be all and end all of trading and that they are the only thing that will make you successful. It is an ILLUSION and you have been conned.
I will tell you one thing that will shock most people, SUCCESSFUL TRADING IS ACTUALLY EASY , YES that's right, it is so simple it is laughable.
Now I"m not about to tell anyone how to trade , I've done that in a previous thread which I still use along with variations of it, you have to find your own way, but you will only find success when you give up that drug called 'indicator' and start studying Raw Naked charts and start making decisions for yourself and not waiting for a lagging indicator to make the decisions for you. It's scary stuff I know and a lot of people will never give up on their precious indi's, but for those brave enough to do it will in time be richly rewarded and wonder why they didn't do it sooner.
The other Big con in FX is the myth that EA's are the secret to lazy FX riches. IF you think that you can buy some $59.00 EA on the net or design one yourself and just attach it to your chart and head of down the beach while it miraculously makes you money , you are kidding yourself.
They may look promising on a demo backtest but the moment you put them on a live account you can wave bye bye to your money.
There're are no short cuts in trading, it takes time, so get ride of your Ind['s , toss your EA'S and start trading properly and you may some day be rewarded.
I will probably get a lot of hate mail from traders who say their EA"S and Indi's work good for them, good for them, but the fact is if you persist in using them your chances of making long term money are very slim indeed.
If 95% of traders fail and most of them are using Indi's and EA's doesn't it stand to reason that the 5% or so that make money are doing something different? If you follow the heard thinking you just end up being one of the 95% .
Why drive down a rough rocky road dirt track when there is a 4 lane highway just the other side the trees.
It is really that easy, just think outside the box.
Good Trading
Rifid
Why is this FX game so damn hard to master?
Many reasons.
But i'll outline just 2 main ones, others will no doubt come up with some more.
Picture this, we've all been there, you hear about this forex thing through social media or maybe some junk emails or even advertising on tv, all giving the impression that trading forex is the road to riches and financial freedom [ sound familiar?} and its made to sound all so easy..........10 m a day , set your trades and then go down to the beach, sounds like the perfect life doesn't it ? And the hype works, retail Fx is the fastest growing sector in the finance world.
But if its so good and easy why do nearly all people loose money even after years of trying?
I'LL TELL YOU.
Whats the first thing you see on a chart from a system that you have bought or any one of the literally 1,000's of trading systems available on sites like Forex Factory , Baby Pips and others?
IT'S INDICATORS
They all have indicators plastered on or below the charts. So naturally newbies are given the impression right from the get go that the only way to succeed in trading is to smother their charts in indicators.
Sorry guys but this is one of RORTS in forex, the chances of you succeeding long term in this games using indicators is so small its not even worth trying.
FOR EXAMPLE, how many times have you seen this scenario : Go to Trading Systems in FF, pick a system { there's lots of them } one that's say 20 pages or more long, open up the first page and you inevitably find the poster telling you a little about them selves, all the hardships they've been through to get here but they have finally found the system that's made them profitable and they want to share the joy. Now there's a 99% chance his successful system will have indicators on it, whether it be just a couple of moving averages or a full blown Christmas tree type setup, either way it looks good and he sounds convincing. Read on a few pages and you will no notice that it isn't quite producing the results that everyone had hoped , so someone chimes in and suggests that if we just add this indicator or that indicator as a filter it might improve the results, sound familiar?
Now go to the last page of the thread, chances are that it is now dead or if it is still going it bears no resemblance to the original method. WHY? Because people are under the illusion that indicators are the be all and end all of trading and that they are the only thing that will make you successful. It is an ILLUSION and you have been conned.
I will tell you one thing that will shock most people, SUCCESSFUL TRADING IS ACTUALLY EASY , YES that's right, it is so simple it is laughable.
Now I"m not about to tell anyone how to trade , I've done that in a previous thread which I still use along with variations of it, you have to find your own way, but you will only find success when you give up that drug called 'indicator' and start studying Raw Naked charts and start making decisions for yourself and not waiting for a lagging indicator to make the decisions for you. It's scary stuff I know and a lot of people will never give up on their precious indi's, but for those brave enough to do it will in time be richly rewarded and wonder why they didn't do it sooner.
The other Big con in FX is the myth that EA's are the secret to lazy FX riches. IF you think that you can buy some $59.00 EA on the net or design one yourself and just attach it to your chart and head of down the beach while it miraculously makes you money , you are kidding yourself.
They may look promising on a demo backtest but the moment you put them on a live account you can wave bye bye to your money.
There're are no short cuts in trading, it takes time, so get ride of your Ind['s , toss your EA'S and start trading properly and you may some day be rewarded.
I will probably get a lot of hate mail from traders who say their EA"S and Indi's work good for them, good for them, but the fact is if you persist in using them your chances of making long term money are very slim indeed.
If 95% of traders fail and most of them are using Indi's and EA's doesn't it stand to reason that the 5% or so that make money are doing something different? If you follow the heard thinking you just end up being one of the 95% .
Why drive down a rough rocky road dirt track when there is a 4 lane highway just the other side the trees.
It is really that easy, just think outside the box.
Good Trading
Rifid
patience is bitter, but its fruit is sweet