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?
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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For the forex traders losing money...as far as I know it's pretty much impossible to NEVER have a losing trade. That's what the 95% is referring to, not traders who lose it all due to a margin call
Second, personality has a lot to do with it. Some people like day trading, some people (like me) prefer systems like those developed by OzFx because you don't have to constantly monitor the charts. I check them 5 mins a day, 5 days a week. There's no way I have the patience to trade on anything lower