ReUs wrote: Wed Dec 11, 2024 9:54 am
Hello friends,
I have put so much time and effort but unfortunately I have been unable to successfuly trade this beautifully designed system. Not only this system but I have failed every other method I have tried in the past 5 years. So what they say is true. Trading is not for everyone. As of today I give up trading and accept failure. With all respect and gratitude I would like to thank everyone in this community who have put so much time and effort to help others become successful traders. I have learned alot but failed to put those into practice. Goodbye and best of luck and success to you all.
I applaud your bravery and honesty in sharing your story. But I think you're being too harsh and hard on yourself.
5yrs is being overly optimistic to have attained trading success. Trading is a lifelong career, spanning over many many years!
Just like any other career, it requires years of training before becoming a genius.
To become a Doctor takes 7yrs.
To become a Surgeon takes a minimum of 15yrs.
Other professions such as Pilots, Engineers, Accountants, etc have their own timescales as well.
Unfortunately, for many Traders today who stumbled into the trading world...including myself, we were sold a dream based on false expectations of becoming extremely wealthy very quickly.
We all got tricked by conmen displaying pictures of flashy Ferrari's on beaches, sipping pinacolada's and trading on their laptops.
I got hoodwinked by it as well...thinking it was that easy to make money on the Markets.
This is far from reality.
I started my Trading career in 2004. MT4 wasn't even yet "born".
We traded with Metatrader 3.
The Internet was still very young and there was no knowledge sharing as there is today.
There were no guru's like Xard who designed and freely shared their trading systems.
We relied on knowledge shared by Trading legends such as Alexander Elder and read books such as Market Wizards.
It was very obvious that these men were very old and had acquired their trading experience over many years!
In these days of AI, who knows where the trading world is heading to?
Currently you've got 5yrs trading experience. I'll advise you to build on it.
Yes, you might take a break from LIVE trading for a while, but it doesn't stop you from building systems and testing strategies.
Keep testing your systems and strategies...until you discover the combination that has a high hit rate.
Then you can resume LIVE trading.
The beauty of trading is that you can always start with a very small equity.
(I'll explain how in the last section below)
As have already been articulated by several members, attaining trading success is hugely dependent on factors such as the system you use, money management, trading psychology, patience, discipline, etc etc
Rest assured, the Market(s) will regularly test you on each area, time and time again.
Just like top athletes and sportsmen, only the best of the best WIN.
Top Traders belong to
"The 10%" club!
It's an elitist class...purely based on PEAK PERFORMANCE.
The rest belong to the 90% class.
Your trading results dictate which class you belong to.
The aim of every trader is to acquire sufficient experience to enable them to regularly pass the test...by scoring high marks.
The secret of success in trading is understanding the
Principle of COMPOUNDING
Start with a very small equity (money you can afford to lose...let's say $1,000)
Open a micro account and start trading micro-lots (increments of .01, .02, .03)
Aim to make daily profits of $(20, 30, 40)
Don't be discouraged by the initial small daily profit of $20
(The skill required to make $20 is the same level of skill required to make $200 and $20,000...It's only the lot size that changes)
Grow the account until it doubles or triples.
Then start trading micro lots (increments of .1 .2 .3)
When the account grows sufficiently, take out the initial starting capital of $1,000
(You're now trading with free money...Market's money)
Then start trading with standard lots (increments of 1, 2, 3)
Aim to make daily profits of $(200, 300, 400)
Continue growing the account for a few years.
The aim of compounding is to grow a very small account into a huge account over time.