There's no hope in forex

Resting your hopes and dreams on the 1 minute candles is a very stressful and painful experience. A wise man once told me "Never add to a losing trade." and that advice is never wrong.

So why was it that I found myself (again) sitting half asleep, in the middle of the night, waiting for price to come back and rescue me? Was it something that someone had told me? Was it my own analysis which got me here? Or just bad execution and management of the trades which left me pinned to my seat.

I think it was greed, fear and stubbornness . Too greedy to allow the market to takeaway such as large amount of my money, fearful of margin calling another account and stubbornness which I think is more like plain old arrogance that it could not possible happen to me.

So in those dark hours when you find price digging you a hole which is too uncomfortable to bear, I can't help but to think back to some wiser words such as:

"Exiting losing trades early."
"If you wrong and your back to even get out and learn from the experience."
"There's no hope in Forex." Hope your enjoying the pips. God bless.

Come on I obviously need more wisdom, and I can't think of a better place then this to find it.

Tags: fear, hope

4 members like this

Comment by Lisa on January 31, 2013 at 1:43am: Maybe there is no hope in FX ~ a minus sum game ...

but faith ...

faith in a strategy ...

faith that we’ll overcome : Survivor Consciousness

Now faith is the substance of things hoped for, the evidence of things not seen. ♥ †

Comment by TONY on January 31, 2013 at 2:01am: "Faith is the sigh of the oppressed creature, the heart of a heartless world, the soul of the soulless condition. It is the opium of the people. "
Karl Marx

Comment by Dr. Sivaraman on January 31, 2013 at 2:42am: expect the unexpected.use trading strategies to limit the risk and maximizing profit.Any analysis can go wrong- but only effective trading strategy can help to build the equity.

Players create market sentiment and act against the traders - a cunning way of making money by creating surprises again and again.If we want to avoid becoming surprised - the trigger for our enotional act,be an opportunitistic trader.ie enter and exit in a pair of your choice when they make quick moves -as they ( players) drop quickly the market to buy and quickly rise the market to book profit.

As long as it is man made market - men can out beat the players - not on their strength but on their limitations.

Regards

Dr.Sivaraman

Comment by TONY on January 31, 2013 at 3:47am: " Equating someone's character with the soundness of their argument is a logical fallacy" : Argumentum Ad Hominem, http://en.wikipedia.org/wiki/Ad_hominem

Regards, Tony

Comment by Lisa on January 31, 2013 at 3:48am: Karl Marx ! ~ good God

The man lived in fifth & neglected his children.

4 out of the 7 starved to death.

He thought he was too important to work.

Marx also wrote that a slave needs a master and the master needs a slave.

"I've known men like Marx. They're just plain lazy. As he was. He didn't want to work,

he wanted to sit in the filth at his table and pretend to be thinking important thoughts."

A quote for Marxist Communists : If anyone will not work, neither shall he eat.

Comment by Lisa on January 31, 2013 at 3:53am: I’ve never met a "character" with a sound argument ~ especially Marx ❀

Comment by TONY on January 31, 2013 at 3:54am: ....And intellectual work is also a kind of work, perhaps much more significant than buying and selling currencies. The former is more significant as the gain is universal while trading is an activity mere for personal gain :)
Regards, Tony

Comment by Lisa on January 31, 2013 at 4:00am: "Not necessarily “personal gain” ~ gains can be reinvested, other business ventures perused, charitable giving etc. etc. or taken by thieves, like Marxists."

Comment by TONY on January 31, 2013 at 4:18am: I am neither a marxist, nor a capitalist. I think both are thieves. But I am open to any sound argument from anybody and I will judge the validity of their argument on ground of its soundness not on the basis of their personal character or what their followers are doing. I will close the discussion here b'se I feel it started more rheoterics rather than an argumentation. Thanks :)

Comment by Lisa on January 31, 2013 at 4:26am: If an individual doesn’t have personal character,

what is the soundness of their argument ? ~ do as I say, not what I do ?

Thanks, for the chance to dispel this Socialist-Communist-Marxists rhetoric.

How are so many interested in trading the capitalistic markets given to such ideology ?