I need some serious advice and help on day trading FOREX

Discussion in 'Forex' started by Melchi, Dec 1, 2022.

  1. Melchi


    Hi everyone,
    I really need advice on trading from people who are kind enough to provide it. I kindly ask people who are not profitable traders to stay away from this thread.
    I have been trying to self teach myself Forex for a long time, I am embaressed to say exactly for how long. I have been occassionally relying on youtube and google to get some free education and also bought one course (long time ago) and almost everything I have seen was pretty useless, with very few exceptions. Over these years I have considered and backtested various methods, ignoring multiple TF analysis and taking it into account, smooth trends, momentum, reversals, S/R, you name it. I backtested various methods and on some I was receiving P/L of up to 1.7 on first 100 samples, but then it went down SIGNIFICANTLY over the next 100, making me think it was just statistical luck.
    This might be a strong statement, but I kind of understand everything (or lets say quite a lot) about trading, with the exception of how to make money there. I have a huge amount of chart time. I understand why low risk-reward ratios (such as below 1.5) already put you at a disadvantage, I did an experiment on this a year ago with almost 500 samples and understood it, for some reason no gurus explain why 0.5:1 risk reward ratio is a bad idea.
    Anyway, it has got to a point where my health started to get affected (I am not complaining by the way) and I think I may have already shortened my life just because of trading (again, I am not trying to make people feel sorry for me, there are wars going on and people dying because of lack of food and water). And now I finally realize it is time to decide whether I need to QUIT this and move on or STAY and get this done. Just because trading has already caused me all kinds of problems incl. health and divorce, it is NOT logical to jump ship IF it is possible to make money there.

    Here is my question, is there a relatively simple way to trade without over-analysing the chart? And if there is, could you describe it in as much detail as possible? And I will do the rest, backtesting, etc. I get the feeling that all this stuff they teach online, such as multiple TF analysis, S/R and all the rest is just rubbish, and that we need to trade trends and it is ok to jump on them early (i.e. on the 2nd with-trend move) but the trend needs to be smooth, i.e. the second with-trend move looks similar to the first one. I am not a fan of pullbacks. Also I feel like multiple TF analysis and context is useless (not going to explain why I think that way). PLEASE correct me if I am wrong, I am willing to learn and admit my lack of competence (if thats the case) even after all this time and life disasters it has caused me, I am not stubborn. Also, I am not addicted to trading in any possible way, but I like the idea of being able to do it from anywhere in the world. If it really is that difficult and I am not just good enough/talented enough, I am ready to quit right now, but I need to now that is is THAT difficult.
    Also, if I don't quit, I am not planning to just trade for a living, I am thinking of starting a business as well, I am not obsessed.
  2. maxinger


    It will take more than a decade (or perhaps never) to be a successful trader.
    Only the top 1% & not the top 99% can make it.

    Meanwhile, be a surgeon, worker, hitman, stripper,
    lawyer .... be anything other than a trader.

    Trading is not for lazy people with no passion for trading.

    Also meanwhile, you can try to develop your own holy grail.
    Last edited: Dec 1, 2022
    billv, comagnum, cvds16 and 2 others like this.


    imo you either need thousands of hours of screen time with some fundamental
    understanding of how markets operate OR be a great programmer able to test
    many ideas and go the algo route. either way, you gotta put the work in.
  4. MKTrader


    And even then you might not be successful. I tried trading FX manually and with bots for 5 years or so...and pretty much broke even. As soon as I (and others I worked with or followed) found an edge or strategy that worked with certain brokers, it quickly got arbed away.
    murray t turtle likes this.
  5. Melchi


    I am not a programmer unfortunately, but I do have thousands of hours of screen time and some understanding of how markets operate, for sure
  6. Melchi


    Could you explain what you mean? What was the strategy? And why did it only work with certain brokers? What does "arbed away mean"? Also, do you mind me asking, why are you still participating on trading forums if you didn't make it, or are you still trying to make it?
  7. lindq


    Unfortunately, in Forex, you picked a market that is extremely difficult for retail traders. And it appears that you want to keep digging in the same hole that's only going to get you deeper into problems. Best to move on.
    billv, Collagen, VicBee and 4 others like this.
  8. Melchi


    I am ready to move on right now, as i said, I need a logical reason for that. Not having success for a long time could be a good reason, but if someone could provide some help, there is a chance I could continue putting effort in. Which markets are easier to day trade then? American stocks? Or maybe some others? And why are they easier?
  9. Leob


    My 2 cents..
    Start practicing with volume profile.
    Read this..

    practice ( a lot) and understanding day trading through price action and volume profile.
    See YouTube how trader implement and understand volume profile. Trade with demo and build YOUR approach with volume profile tool. Move to liquid assets like ES and stop FX. Volume profile less efficient in FX market (decentralized exchange). you can PM to me if you interested.
    Good luck anyway.
    Last edited: Dec 1, 2022
  10. If I were to start out today as a trader, I don't think I would pick FOREX to trade.
    Those are all Professional traders, and they gossip like old ladies.
    And big "Good Old boy" network.
    Meaning that, you will almost always be the last one to get the latest bit of news.

    Precious metals are starting to pick up.
    Loads of retail in there (especially silver market).
    Maybe try that?
    #10     Dec 1, 2022
    DevBru and murray t turtle like this.