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Man... Sometimes I hate forex.

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  • Man... Sometimes I hate forex.

    How many of you have said this recently?

    The recent hits from FX Viper, FX Amplified and Smart Trader are really starting to hurt. I'm not just talking about our accounts, I'm talking about our belief in this whole site and what it represents.


    Some questions that might be creeping in:

    Do these traders really know what they're doing?

    Am I wasting my time and money?

    Should I cut my losses and walk away?

    Is it really possible to make money in this market?


    These are all legitimate questions. Aside from the trade history, all we have to go on is our belief that these traders are who they say they are and have the experience to navigate to navigate out of the drawdown.

    It's very easy to become negative when looking at the short term performance of these traders. I'm more experienced than most and have more information on these guys than any of you. But even I have a hard time removing myself from recent frustrations and disappointments.

    How do I make myself feel better?

    I look at the long term performance of these guys. Go back and take a look at their master accounts and you'll soon realise this is not the end of the world. None of these traders are experiencing anything we haven't seen before.

    Let me say that again using different, more dramatic words for emphasis. Every one of these talented, experienced traders has recovered from a similar situations in the past while they have been trading for us on ForexSignals.com

    Every one of them.

    FX Amplified - He fell apart and took a 350 pip loss on EURUSD last year. We're now 20% above his previous high watermark.

    Smart Trader - Dropped 10% in the first month of being a member of this site. This was recovered within a fortnight

    FX Viper - Bet the house going short on USDCAD in November 2013 only to see it smash through 5 year high's and eventually run 700 pips! (700 freaking pips!) he recovered within weeks.

    So let's try and keep some perspective (myself included). I personally have no doubt we'll walk away profitable, I just don't know when.
    Would you like free lifetime access to our forex trading room?

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  • #2
    I think part of the problem stems from the short-termism that fills the world of retail forex.

    Professional traders look at performance over years, where as retail traders seem to focus on each trade as if it were the last. As you said, we all need perspective.

    Comment


    • #3
      Hi

      Its hard true friends.
      going into losses is a part of trading.
      Being Human is to manage ourselves at that hard situations
      and believe in our systems and experience.

      Happy pipping
      Harsha
      http://www.myfxbook.com/members/smartpipsindia/smart-pamm/2209194
      www.smartpipsindia.com

      Comment


      • #4
        Originally posted by Nick View Post
        How many of you have said this recently?

        The recent hits from FX Viper, FX Amplified and Smart Trader are really starting to hurt. I'm not just talking about our accounts, I'm talking about our belief in this whole site and what it represents.


        Some questions that might be creeping in:

        Do these traders really know what they're doing?

        Am I wasting my time and money?

        Should I cut my losses and walk away?

        Is it really possible to make money in this market?


        These are all legitimate questions. Aside from the trade history, all we have to go on is our belief that these traders are who they say they are and have the experience to navigate to navigate out of the drawdown.

        It's very easy to become negative when looking at the short term performance of these traders. I'm more experienced than most and have more information on these guys than any of you. But even I have a hard time removing myself from recent frustrations and disappointments.

        How do I make myself feel better?

        I look at the long term performance of these guys. Go back and take a look at their master accounts and you'll soon realise this is not the end of the world. None of these traders are experiencing anything we haven't seen before.

        Let me say that again using different, more dramatic words for emphasis. Every one of these talented, experienced traders has recovered from a similar situations in the past while they have been trading for us on ForexSignals.com

        Every one of them.

        FX Amplified - He fell apart and took a 350 pip loss on EURUSD last year. We're now 20% above his previous high watermark.

        Smart Trader - Dropped 10% in the first month of being a member of this site. This was recovered within a fortnight

        FX Viper - Bet the house going short on USDCAD in November 2013 only to see it smash through 5 year high's and eventually run 700 pips! (700 freaking pips!) he recovered within weeks.

        So let's try and keep some perspective (myself included). I personally have no doubt we'll walk away profitable, I just don't know when.
        Well said Nick. I've been around long enough and have learned to ride the waves. On another note, look at KIWI today. Still bearish, Viper was right to dump that trade. I feel very fortunate to have him looking out for our capital.

        Comment


        • #5
          4 months connected and lost a lot of nights and all the time wathching this f.... phone.I did not make any money and will wait 4 months more and if results will be the same will withdraw all money and forget about forex.I hope next 4 months will be better.

          Comment


          • #6
            Originally posted by Erikkr View Post
            4 months connected and lost a lot of nights and all the time wathching this f.... phone.I did not make any money and will wait 4 months more and if results will be the same will withdraw all money and forget about forex.I hope next 4 months will be better.
            Sorry to hear that Erikkr,

            Which traders are you following?

            I'd also suggest you stop looking at your phone at night. It won't change anything other than interrupt your sleep and lead to you going grey prematurely.

            Leaving the market alone when I go to bed is a rule that I imposed on myself a while ago after dozens of sleepless nights. It's especially hard for me because all the action happens between 10pm and 4am Sydney time, however checking what's happening in the middle of the night doesn't change the end result. I've put my trust in the traders to handle the markets.

            That being said, checking the charts first thing in the morning is often nerve wracking, but whatever has happened in the preceding few hours, at least I'm well rested and able to handle it.
            Would you like free lifetime access to our forex trading room?

            Open an account at Blueberry Markets and save the $97/monthly fee.

            Click here to find out more.

            Comment


            • #7
              I will share a bit of my personal view about forex signals and the market in general...

              My own forex journey started with EA robots... I don't know if anyone here remembers/knows me from other forex forums but for example I was pretty active member of DonnaForex back then... searching for EA robots and so on. During that time I unfortunately lost a bit of money but it was all recovered thanks to signals offered by Nick ( I was client @ SimpleTrader myself before becoming an employee )... anyway I totally understand most of guys frustration here as I experienced that many times myself... but nowadays I am totally 'worried free' person when it comes to our signals... and how I do that?

              So the most important thing would be stop looking at your signals account all the time. You have subscribed to the signal, so let that professional trader to take care of your account. It's his job to look to the charts, decide when to open/close trades, manage risk, etc. I treat my signals account as investment accounts... longer term investment. In my opinion the biggest mistake that our clients make is that every time when a trader hit's a drawndown period they immediately cancel the signal and look for another one ( it's just human instinct/nature )... after some time again, new signal hits DD period, they cancel it... after that they look at their previous signal that they have cancelled... and hey! the signal recovered so then sign up again for it... and it's just never ending circle. Seriously, stop checking your account where you have signal connected all the time as you it will just make you angry when there will be negative trades opened, DD period, etc.
              You are trading manually? That is great. I do manual trading from time to time myself but that account is totally separated from my signals accounts.

              Another mistake that our clients make is that they heavily overleverage their accounts, do NOT do that ever!. You have to understand that forex won't make you "millionaire in 30 days". You need to start treating forex market seriously... think long term... so you can start making serious money... and what I mean by serious money is 20-80% on year-to-year basis, anything more then that is just a joke and poor gambling!
              Ok but you don't have enough money on your account to follow our signals on risk multiplier 1... then simply don't do that as you will margin call your account sooner or later! We provide MAM accounts, you can invest there if you have smaller account or wait until you will have sufficient account balance. We are not going anywhere! We will be here and our goal is to provide the best signals for you guys, long term.

              Peace out,
              Daniel

              Comment


              • #8
                Yep....

                Today is one of those days.
                Would you like free lifetime access to our forex trading room?

                Open an account at Blueberry Markets and save the $97/monthly fee.

                Click here to find out more.

                Comment


                • #9
                  I feel like a tsunami hit me.What to do now,i am confused.All dds hit me ss,st,ta,gk .To refuel account or stop.I am not sure that i trast signals any more
                  Last edited by Fxtsunami; 09-09-2014, 07:42 PM.

                  Comment


                  • #10
                    Originally posted by Fxtsunami View Post
                    I feel like a tsunami hit me.What to do now,i am confused.All dds hit me ss,st,ta,gk .To refuel account or stop.I am not sure that i trast signals any more
                    I know what you mean...

                    If you believe that individuals can succeed in the market then you should continue. I've staked my entire livelihood on the belief that a small group of individuals really can make money in FX.

                    I've been down this path so many times, each time it hurts just as much as the last. But there has always been light at the end of the tunnel.

                    I now appreciate why people on Wall St burn out so quickly.
                    Would you like free lifetime access to our forex trading room?

                    Open an account at Blueberry Markets and save the $97/monthly fee.

                    Click here to find out more.

                    Comment


                    • #11
                      I don't know how i'll sound saying this but everyone's opinion is valid at some point anyway ,

                      When it comes to entering trades , the signal providers are very good and show professionalism when doing that , but it is only their risk management techniques that are still wanting and are not good enough to protect profits and keep draw downs at bay . When you base your risk management technique on your entry strategy , that is a recipe for disaster by my books . Managing trades and risk is a different topic on it's own and not part of your entry strategy . You can tell this from how they trade , when they make a good trade and it's in profit , they are quick to close it , hurraaay! But when they make a wrong trade , they leave it open for days and it seems like they won't accept they were wrong and this grows into the sad situations and draw downs that we see .
                      LBC Forex Room
                      Daily Currency Value Analysis

                      Following a great mind slavishly merely creates new religions, and religions are bad, because they destroy what is most important to us, which is individual thought, 'Roger M'

                      Comment


                      • #12
                        Yes agree risk management is a problem. Last night I went to bed with Day Fox NU trades in profit, ST AU trade in profit, SS GJ almost near TP and BIG news of FOMC due in a couple of hours. I thought should I close trades in profit. No I decided leave it in the hands of the professionals to do the right thing. Wake up this morning to being thousands of dollars in draw down. Why traders didn't take the profit off the table and more importantly the risk off the tables I don't understand. I am seriously thinking about withdrawing all my funds now as I just don't think that we can ever seriously make money if the pro's are risking our money in such a way. Yet I know DF and ST are both good traders but they really must consider how they have thousands/millions of peoples funds under their control and not risk losing it in such a risky fashion.
                        Last edited by Khybee; 10-09-2014, 11:41 AM.

                        Comment


                        • #13
                          Very true khybee .

                          I found an article that explains much of the reasons why we may be having the draw down problem and tense periods of uncertainity .
                          Have a read

                          http://www.forex-day-trading.com/blo...-forex-trader/
                          LBC Forex Room
                          Daily Currency Value Analysis

                          Following a great mind slavishly merely creates new religions, and religions are bad, because they destroy what is most important to us, which is individual thought, 'Roger M'

                          Comment


                          • #14
                            Originally posted by Lord Benj View Post
                            Very true khybee .

                            I found an article that explains much of the reasons why we may be having the draw down problem and tense periods of uncertainity .
                            Have a read

                            http://www.forex-day-trading.com/blo...-forex-trader/
                            Yeah Stanley, I agree with that articles points on the MFE/MAE are really valid and should be investigated and monitored. It takes seconds on myfxbook to see what kind of trader the person is, and the quality of their entries.

                            Every trade I have done over the last few years has that information logged under each trade type. This information is then used to calculate my risk on the average of that data, its the only way to really accurately control this.

                            Comment


                            • #15
                              Originally posted by Lord Benj View Post
                              I don't know how i'll sound saying this but everyone's opinion is valid at some point anyway ,

                              When it comes to entering trades , the signal providers are very good and show professionalism when doing that , but it is only their risk management techniques that are still wanting and are not good enough to protect profits and keep draw downs at bay . When you base your risk management technique on your entry strategy , that is a recipe for disaster by my books . Managing trades and risk is a different topic on it's own and not part of your entry strategy . You can tell this from how they trade , when they make a good trade and it's in profit , they are quick to close it , hurraaay! But when they make a wrong trade , they leave it open for days and it seems like they won't accept they were wrong and this grows into the sad situations and draw downs that we see .
                              True risk management is the key to everything in this game. These guys risk management might not be something I agree with, but what I know is there is no wrong way to trade if you are making money.

                              Your account was blown in August according to Myfxbook with 26 losses, your take profits are around 1 to 6 pips, with a few higher bringing your average up to 8. So I agree with your comment above, everyone's opinion is valid at some point, But at some point you need to be able to backup your opinion with action, with what you actually do. Not with what you hope to do in the future on the refunded account.

                              What could be an interesting comment from you is what you have changed from last month, to make your trading and risk profile better going forward. Providing information on your own journey could be valuable to others who might be struggling with the same issues you are.

                              Comment

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