Why am I still losing in Forex?

[itu]

I’ve read 3 books, watched dozens of videos,and I have a well thought out strategy. Risk/Reward-3:1. My average win is about $35 and loss $28. What can I do to refine my strategy, and cut my losses? I feel like I am extremely close to being profitable, and I need a boost.

Let me give it to you straight.

You are on the right track. What you are trying to do is the equivalent of becoming a concert pianist, professional basketball player, or racecar driver.

Can you imagine saying “I’ve read 3 whole books on piano, watched a bunch of youtube… why can’t I get a paying job?”

You have a system, that puts you ahead of 90% of participants. Good for you, seriously.

Here’s how I work up a new system.

Firstly I want to make sure my prospective system is an edge. That means backtesting the ever lovin shit out of it. If you can’t program or it’s a discretionary system, that means pulling out charts and marking things up, taking screencaptures and spreadsheets. A lot of work - yeah it is, for most systems a few months of full time work before you are any where near to make the first trade. There are small optimisations you can make on exits and stop distances to tweak things. The time you move your trade to breakeven can make a big difference also. If the drawdowns are too big I suggest banking some partial profit at your average win (in R) so that you reduce standard deviation, and therefore drawdowns.

Secondly, you want to paper trade it for a while. You want to log both your system performance and your own performance (mistake rate)

Thirdly I start trading for really small money. Losing $50 / trade when it all goes bad. If I go 20 trades without making a mistake, I raise size. If I make more than one mistake every 20 trades, I lower size.

That’s how I do it, anyway.

Imagine you put a plank on the ground. Walk on it without falling off, thats paper trading. Put it 30cm off the ground, thats $50/trade trading. Trading for thousands of dollars per trade is the same thing, but the plank is now suspended between two buildings. If you just go straight to the tall building you are going to get freaked out at some point and make a fatal mistake.

Work yourself up to the main game SLOWLY. Remember, the goal is not to win, but to limit losses. Winning takes care of itself.

Source: https://www.quora.com/Why-am-I-still-losing-in-Forex

Perfect Money/Payeer here: www.ituglobalfx.com.ng

[Alex Loudon]

Losing is no big deal, but it is about how you handle these losses, it is the only thing which will decide if we will be successful or not. I trade with OctaFX broker who really helps me with their brilliant rebate scheme that helps earn up to 15 dollars per lot size trade which is even with the losing trades too, so all this is amazing and allows me to perform nicely without any fear of losing at all.

[Ji tend]

Some qualities must be needed to achieve to trade nicely. Like to trade successfully we need to leave over trading, free from emotions, greed as well as fear. Then strategy is the main barrier of becoming failure from Forex market. Trade12 having high leverage like 1:400, low spread, quick execution, no set up fees, no dealing desk and no reqoutes are available here. They also have a high security level.

[alexanalitiks]

Some qualities must be needed to achieve to trade nicely. Like to trade successfully we need to leave over trading, free from emotions, greed as well as fear. Then strategy is the main barrier of becoming failure from Forex market. Trade12 having high leverage like 1:400, low spread, quick execution, no set up fees, no dealing desk and no reqoutes are available here. They also have a high security level.

Therefore, we must be able to understand and learn setrategi and our plans well in order to help us in running and managing and controlling every keuntunngan us easily, we could use a demo account Freshforex in order to assist in managing and controlling every way of working correctly

[Billy Prince]

Losses is very much part of success, if we think that success means 100% results then we are crazy, as there is no reality on that. We need to know that one who is able to handle losses well is the only who will be able to succeed. I am trading with OctaFX and with them, I can stand well through any situation which is to do with the epic features and facilities available from having low spreads at 0.1 pips to high leverage up to 1.500 and much more.

[gaban]

the success or failure in carrying out the trading will depend on the knowledge and trading skills possessed of each trader, because in the forex business needs with the knowledge, experience, and other discipline we apply to make it easier in the course of trading well

[VishalM]

Try managed forex account offered by reputed forex managers. The forex manger will trade in forex and share profits with you.

[Billy Prince]

I honestly believe that loss and profit are equally fine, so it is not something that should be taken all that strongly. We must learn to handle both in equal way, as only then we will be able to perform well and will be able to get the profit consistently. I do it all superbly through OctaFX due to their epic rebate program where I get 50% back on all trades even if they are lost, so that really helps up in working for me.

[piprc]

you could try learning how to trade from instapipspro

[Ray Wilkins]

I will never be concern about losing since the more important thing is planning; if that’s right then everything else will be good. So, we need to just focus on planning and not worry about anything else. I always plan well which is obviously easy with broker like OctaFX who are awesome with lowest possible spreads at 0.1 pips for all major pairs, having 50% deposit bonus that’s usable plus much more, so all this helps in great way keeping it all easy.