Originally Posted by pip slayer1
Your first post in this thread lists a number of ways that trading success can be threatened, or destroyed. As you have discovered, there are many, many ways to fail.
And, as you have implied, success involves --- among other things --- avoiding those traps.
"What's right is what's left, after you've done everything else wrong." --- Robin Williams
New traders have a tendency to ask the same questions that new traders before them have asked time and time again. And one of those questions is this: Is it true that 90% of forex traders lose money? And, if so, why does this happen?
Consider some comparisons:
Ninety percent, or more, of new businesses --- fail within 5 years of start-up.
Ninety percent, or more, of the new drugs developed by the pharmaceutical industry --- fail to make it to market.
Ninety percent, or more, of the manuscripts submitted to publishers by aspiring authors --- fail to get published.
Ninety percent, or more, of boys who dream of making it to the professional level in sports --- fail to do so.
Ninety percent, or more, of girls who dream of becoming super-models --- fail to do so.
Why would you expect forex trading to be an easier path to fame and fortune, than any of those endeavors?
We all put our money in one big pot, and then we grapple to take more money out of the pot than we put in.
The strong succeed in scooping up the big shares of a finite pot.
The weak come up short, and wonder how the strong managed to take their money.
Forex trading is a zero-sum game, and you'll be one of the "zeroes" unless you train yourself to fight and win.
I read an article in the current issue of Futures magazine, in which Billy Williams --- not to be confused with
Bill Williams, Larry Williams, Tom Williams, or Robin Williams --- asked and answered a rhetorical question:
"It's common to look for advice on how an average trader can be successful in today's market; the answer is not to be average. Average traders lose money, while exceptional traders take money from average traders."
And, on the topic of gambling.....
Forex trading absolutely is a form of gambling. And, contrary to what a previous poster implied, gambling is not defined as "a total crap-shoot". Gambling is not defined as pure, random chance, involving no skill. The skill of traders like Michael Huddleston (ICT), and others, is precisely what makes the difference between their success vs. the failure of the 90%.
So, why is forex trading gambling? Because you, as a speculator, have no justifiable, economic purpose in being here, except to try to take money from other players who are not as smart, or not as lucky, as you are.
In other words, your reason for being here is exactly the same as your reason for sitting down at a poker table.
All things considered, a pretty interesting place to be seated.