Quote:
Originally Posted by europeanson7
Hello,
I am fairly new to forex trading. I read the statistic that 90%-95% of forex traders lose money. However, reading forums such as these there as so many systems that claim to have profitable results, and are backed by literally thousands of posts on each system. How are so many people losing money if it's as easy following a free system posted on the internet? Are these systems not actually profitable, or are the masses too stupid to follow the guidelines exactly?-Thats pretty arrogant to assume they're stupid for not following the system. One thing I've learned over the time I've been doing this is EVERYONE reacts the same way ie fear, greed, and panic. Those that learn to deal with it go on to be successful, those that don't, don't. Closest thing I could relate trading too is fighting. You can do all the simulations and book learning. Nothing will prepare you for the real thing.
Another thing that I find laughable is when people say you need to find a system that fits yours personality. What does following directions have to do with my personality? Take the Ozfx system that I have been reading a lot about recently. It has clearly defined entries and exits. There is a right and a wrong way to follow the system, it's not subjective. I probably could have followed the system in 3rd grade if I had someone to teach it to me. My personality has nothing to do with anything, I either follow the system exactly or I don't. So what do you think, guys, do most traders lose money because the systems are not profitable or are most people just too stupid to follow directions?
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If you think it's a matter of intelligence you've got a LOT to learn. Psychology plays a huge roll in trading.
As far as a system that fits your personality. I see your point and to a degree I agree. Our whole purpose is to make money. Whatever system will do that for you is the one you should be using. One that fits your personality
could possibly be easier for you to make money with though.