This might seem like a rant but I have no Idea where to post this , because all the forex forums are either full of bots and people trying to sell trading strategies and bs like that. I've been lurking on this forum for a while without an account, and I have seen people talking about FOREX as well so I thought I might give it a go, maybe someone could help me understand better whet I'm doing. And maybe I'll find different methods of making money as well, other than forex, because I'm not planning to work a so called ''9 to 5'' my whole life ( yes it might sound hypocritical and maybe you heard it a lot but it is what it is)
I’m 23 and for the past year I've been looking into trading, more exactly the Forex market, and for the past 4 months I've been actually doing it using a paper account or a demo account however you want to call it.
Yes I've heard a mix of opinions whether FOREX trading is a scam or not, or that the market is influenced and controlled by the broker and everyone is against me and eager to take my money.
But that is not the problem. The problem is ME. Because I feel a bit lost. Maybe it's my fault, or maybe all the info coming from everywhere is mixed in my dumb brain, however, I’d like the opinion of someone that has experience in this field.
Note: I have used Baby Pips to learn about FOREX and also I have read some books regarding price action and different strategies, yet some of them seem a bit confusing.
(Bear in mind english it's not my first language)
I’ll list the problems in the following order:
At the beginning I was looking into scalping and day trading on low timeframes, and I was using the advice of all the FOREX guru’s I found on YouTube, aka. using all sorts of indicators and mambo jumbos. However later on, I've seen that it's not a plausible thing to use and it will lead to heavy losses.
Now, I'm ‘’trading’’ on my demo account using Price Action and only using 200 EMA /RSI and candle formations and patterns, supports and resistances and so on. So not as many lagging indicators included in this ‘’ strategy’’ of mine (apart from the EMA/RSI)
Yet the problem is that I feel like I'm not entering the trades at a good time, or I don’t know how to enter a trade at an opportune moment, which kind of makes me feel uneasy and makes me think that I'm a loser, which I am though.
What I'm mostly baffled about it's the way the market moves. For example, I set all my supports and resistances ( yes I'm trying not to force place any lines, only the ones that make sense), I’ll look for any patterns that could form on the chart, I try to look for any BUY/SELL zones, or any demand zones to see where could the market go potentially. I’m looking at the 200 EMA to get an idea of whether the market is bearish or bullish. I check the higher time frames for trends and also the lower time frames for entries, and also I might sometimes use the RSI to see whether it aligns with the rest of the ‘’prophecies’’. And I place the trade, which most of the time might end up being a loss. I think I might be rushing when placing the trades or I don't know… I know this takes time and practice but I feel like sometimes, I’m just lost in all this trading fiasco.
What I mean by this is that, ok , I’m placing the trade, but it could have a stop loss of 80 pips and a take profit of 160 pips. Let me know if it is too much for the beginning or maybe I'm forcing things here by trying to rack in as many pips as I can.
What I'm trying to say is, Should I have a set loss limit? For example, my account is 1000$ and I’m trading 1% at the time, and on that trade with a ratio of 1:2 my stop loss will be max 30 pips, or should I place the stop loss in a place where I'd have less potential risk of not being swept out by spikes, while risking a slightly bigger loss now, still maintaining the 1:2 ration but now my stop loss will be 50 pips, and my take profit 100 pips.
I’m sorry if this is confusing but I'm confused myself. Sometimes I feel like, yeah, I've got this, it's actually working, and sometimes it's going so bad that I think I should give up, but I won't. In the past months, I managed to take a 1000$ demo account and drain it down to the 900 ish zone, but then I Made some carefully planned profits that brought it up to 1500 ish zone, and now it's sitting at around 1346$.
All I’m asking is someone's opinion on the things I said above, am I doing it as I should? What's wrong in what I'm doing? I’ll try to answer as soon as I can but i'm working nights and sleeping half of the day sooo.. yeah
I’m 23 and for the past year I've been looking into trading, more exactly the Forex market, and for the past 4 months I've been actually doing it using a paper account or a demo account however you want to call it.
Yes I've heard a mix of opinions whether FOREX trading is a scam or not, or that the market is influenced and controlled by the broker and everyone is against me and eager to take my money.
But that is not the problem. The problem is ME. Because I feel a bit lost. Maybe it's my fault, or maybe all the info coming from everywhere is mixed in my dumb brain, however, I’d like the opinion of someone that has experience in this field.
Note: I have used Baby Pips to learn about FOREX and also I have read some books regarding price action and different strategies, yet some of them seem a bit confusing.
(Bear in mind english it's not my first language)
I’ll list the problems in the following order:
- I don't have a concise’’ strategy’’ as most people claim to have, because I don't understand exactly how to create my own strategy. I’d say that I'm mainly going with the gut feeling and using the hints that the market offers.
At the beginning I was looking into scalping and day trading on low timeframes, and I was using the advice of all the FOREX guru’s I found on YouTube, aka. using all sorts of indicators and mambo jumbos. However later on, I've seen that it's not a plausible thing to use and it will lead to heavy losses.
Now, I'm ‘’trading’’ on my demo account using Price Action and only using 200 EMA /RSI and candle formations and patterns, supports and resistances and so on. So not as many lagging indicators included in this ‘’ strategy’’ of mine (apart from the EMA/RSI)
Yet the problem is that I feel like I'm not entering the trades at a good time, or I don’t know how to enter a trade at an opportune moment, which kind of makes me feel uneasy and makes me think that I'm a loser, which I am though.
What I'm mostly baffled about it's the way the market moves. For example, I set all my supports and resistances ( yes I'm trying not to force place any lines, only the ones that make sense), I’ll look for any patterns that could form on the chart, I try to look for any BUY/SELL zones, or any demand zones to see where could the market go potentially. I’m looking at the 200 EMA to get an idea of whether the market is bearish or bullish. I check the higher time frames for trends and also the lower time frames for entries, and also I might sometimes use the RSI to see whether it aligns with the rest of the ‘’prophecies’’. And I place the trade, which most of the time might end up being a loss. I think I might be rushing when placing the trades or I don't know… I know this takes time and practice but I feel like sometimes, I’m just lost in all this trading fiasco.
- My money management skills are likely a part of the problem. I’m mainly placing trades with a 1:2 or 1:3 ratio, depending on the analysis I have done prior to placing the trade however lately I observed that I might not be looking at how much actually that 1:2 means in terms of pips which correct me if I'm wrong, it does matter.
What I mean by this is that, ok , I’m placing the trade, but it could have a stop loss of 80 pips and a take profit of 160 pips. Let me know if it is too much for the beginning or maybe I'm forcing things here by trying to rack in as many pips as I can.
What I'm trying to say is, Should I have a set loss limit? For example, my account is 1000$ and I’m trading 1% at the time, and on that trade with a ratio of 1:2 my stop loss will be max 30 pips, or should I place the stop loss in a place where I'd have less potential risk of not being swept out by spikes, while risking a slightly bigger loss now, still maintaining the 1:2 ration but now my stop loss will be 50 pips, and my take profit 100 pips.
I’m sorry if this is confusing but I'm confused myself. Sometimes I feel like, yeah, I've got this, it's actually working, and sometimes it's going so bad that I think I should give up, but I won't. In the past months, I managed to take a 1000$ demo account and drain it down to the 900 ish zone, but then I Made some carefully planned profits that brought it up to 1500 ish zone, and now it's sitting at around 1346$.
All I’m asking is someone's opinion on the things I said above, am I doing it as I should? What's wrong in what I'm doing? I’ll try to answer as soon as I can but i'm working nights and sleeping half of the day sooo.. yeah
