I’ve Decided to Quit Trading Forex

Well, guys, it wouldn’t be fair for me to ignore my NZD/JPY trade call and not be accountable.

I refuse to be like the weather man who promises clear skies over the weekend and then acts as if nothing happened after the hurricane :)

The NZDJPY trade was a PERFECT example of why people, including me, get frustrated about the market and declare that they’re going to quit trading because it’s rigged.

First off, of course it’s rigged!! We are talking about TRILLIONS of dollars… You think anything involving that many zeroes isn’t rigged?

Even if the market itself wasn’t rigged, the Government involves itself which rigs everything…

My point?

Yes, the market is rigged, but that’s not why I lost my NZD/JPY trade.

I lost it because losing trades are a part of being a trader and even on a perfectly solid setup as taught in the Double Trend Trap Method, you still take unfortunate losers.

In this case, the Market decided to grab some more orders before following through on my trend line break.

If you remember, I told you I was shorting here earlier this week:

nzdjpy_may_13

I had a nice, tight stop as I was going for over a 1/2 Risk to Reward ratio even with my small target–I was pumped about the trade.

But, as often happens, the market started to chop after it made the break. It didn’t want to make the move to the downside, at least not before taking some more Buy orders above that 88.50 level.

After a day and a half of sideways movement and me being patient with the trade, it slapped me in the face… laughed at me… and then made the perfectly strong move to the downside I was looking for.

nzd_jpy_16_may

As you can see, one bullish bar was all it took to send the trade to its funeral before plummeting right to my would-be target.

It’s trades like these that get us frustrated and angry with the market. And, for any of you who jumped on this trade, I feel your pain.

But, I’d propose looking at it from a different perspective.

What I notice about this trade is that it did exactly what our forecast suggested it would. Yes, it stopped us out along the way, but that gives me confidence that the market continues to fundamentally move the way that we know it should move, and as long as it does that, we can make money trading it.

So, for all of you suffering from sore losses, let me encourage you.

Trading is hard. The market is harsh. It’s truly not fair. But YOU CAN DO IT. You can beat it. You can win.

It takes patience and discipline and sometimes anger management, but you can be successful, you just have to keep going.

The only way you can quit trading as a loser is if you quit trading. So don’t quit. Keep going. Keep working.

Even when the market mocks you and takes your money, remember that you will have the last laugh. It’s just a matter of time.

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NathanTucci

Nathan Tucci has been with Winner's Edge since 2011 as a writer and trader. He specializes in strategy development and enhancement and loves to share what he learns from testing, research and real world experience.
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  • NathanTucci

    HI there, thanks for the comment… Well, I was not trading in a range at all actually.. it began to range a bit after I placed a short. During the entry the market was moving with a lot of momentum and direction… And also, I was not truly upset about the trade. If you read the article, it was more about how traders can get upset and angry with the market but you need not to.. that was actually the point of the article.

  • aristides

    Hi Nathan,
    It seems your expectations were a bit off, this was not a “perfectly solid setup”, at least not in my book.
    It was an ok deal, as the low probability of the the entry was countered by the ok R:R ratio.
    You were clearly trading in a range.
    If you are confident of what you are doing you shouldn’t be so upset by one trade.

  • Money Manager for FX

    So, you stay trading, right?