90% of traders lose money? - Page 3
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  1. #21
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    I think that most people would fail to get to the top at most things if they tried to do it self-taught and for free.

  2. #22
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    Quote Originally Posted by SimonTemplar View Post
    I think that most people would fail to get to the top at most things if they tried to do it self-taught and for free.
    Yep. Paying someone to show you what can be found for free online is the answer.

  3. #23
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    Quote Originally Posted by DarkPool618 View Post
    Yep. Paying someone to show you what can be found for free online is the answer.
    Not actually what I said, if you'd focus more on reading than on sarcastic soundbites maybe you'd learn more.

    But this is complex stuff with a lot of factors involved in getting it right, most people won't make a sustained, successful go of it. That's true of most things that can make a lot of money, success etc.

    The fact that it is possible to learn for free and on one's own simply means that more people will be attracted to it than are realistically going to succeed at it. As would be the case if any other lucrative career were opened up in similar fashion.

    So the 90% or so statistics are inevitable and shouldn't put off everybody.

  4. #24
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    Quote Originally Posted by SimonTemplar View Post

    Not actually what I said, if you'd focus more on reading than on sarcastic soundbites maybe you'd learn more.
    Actually I don't see how it could have been taken any other way.

    You posed the problem: large number of people failing to excel at a chosen activity.

    You proposed a cause: because they are trying to learn on their own via the vast amounts of free material online.

    The implied solution: pay someone to teach you.

    Quote Originally Posted by SimonTemplar View Post
    I think that most people would fail to get to the top at most things if they tried to do it self-taught and for free.

  5. #25
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    Quote Originally Posted by DarkPool618 View Post
    Actually I don't see how it could have been taken any other way. You posed the problem: large number of people failing. You proposed a cause: because they are trying to learn on their own via the vast amounts of free material online. The implied solution: pay someone to teach you.
    Well that's a very narrow view. Actually all I mean is that on any occasion where a lot of money can be made on one's own through applying one's own effort through free resources it will attract large numbers of people who go on to fail at it. Thousands of people buy lottery tickets but very few make their millions.

    So some will have the personality type, personal circumstances, intellect etc to negotiate through that and forge a career, most won't, but the few who can should not be put off by the many who cannot, in my opinion, as the two groups bear little relation to one another.

    The merits or otherwise of paid courses is a different argument.

    But fine, I meant it one way, you took it another, we can live with that.

  6. #26
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    Quote Originally Posted by SimonTemplar View Post

    Well that's a very narrow view. Actually all I mean is that on any occasion where a lot of money can be made on one's own through applying one's own effort through free resources it will attract large numbers of people who go on to fail at it. Thousands of people buy lottery tickets but very few make their millions.

    So some will have the personality type, personal circumstances, intellect etc to negotiate through that and forge a career, most won't, but the few who can should not be put off by the many who cannot, in my opinion, as the two groups bear little relation to one another.

    The merits or otherwise of paid courses is a different argument.

    But fine, I meant it one way, you took it another, we can live with that.
    Lol I don't disagree with your expounded post.

    However this leads to the question... Does the volume of people attracted to this market skew the percentage of those who are successful...?

    Statistically speaking... If you grab a thousand people out of a population and have them attempt a hard math problem... And only 10% can solve it..... You would be correct in expecting the same percentage of people being able to solve it even if you grabbed ten times as many people out of the same population. The sample population can be expected to accurately represent the entire population.

    So if there is an inherent success rate to this... Then the quantity of people attracted shouldn't affect the overall success rate.
    Last edited by DarkPool618; 01-14-2014 at 01:23 PM.

  7. #27
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    Quote Originally Posted by DarkPool618 View Post
    Lol I don't disagree with your expounded post. However this leads to the question... Does the volume of people attracted to this skew the percentage of those who are successful...? Statistically speaking... If you grab a thousand people out of a population and have them attempt a hard math problem... And only 10% can solve it..... You'd expect the same percentage of people being able to solve it even if you grabbed ten times as many people out of the same population.
    Lol sorry if I jumped on you - just think there are too many firm opinions on here presented as fact and then vociferously defended. But I apologise, BP has me oversensitized. I try to limit my exposure, these days!

    Anyway - I'm not sure, I'm not a statistician at all, but I think that in this instance it might, as a lot of people just see the money, they aren't training looking for a rounded career. So the same level of thought process and consideration first always go into the decision to embark. Anyway, I don't know, I just think that a lot of people are attracted to this who are never going to make it work, so while the headline figure on success rate sounds bad it never worried me.

  8. #28
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    The high failure rate among ' the average Joe' that R Wyckoff witnessed in his time working in brokerages drove him with a passion.

    In 1910 he wrote:" Some people are born musicians, others seemingly void of musical taste, develop themselves until they become virtuosos. It is the I WILL in a man which makes him mediocre or pre-eminent". (Emphasis his)

    He IS right.

  9. #29
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    In the simple words, losing money is inversely proportional to the lack of knowledge. No matter ,you are a beginner or professional, it needs continuous impulse on the segment of forex trading

  10. #30
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    Quote Originally Posted by SimonTemplar View Post
    I think that most people would fail to get to the top at most things if they tried to do it self-taught and for free.
    I think it is not about the materials available, it is about the effort people are willing to put in the task. The internet is full of materials to learn, some better and some worse. A collective of people provided with the same tools will have different results. Some of them are cleverer than others, some of them even being less clever than the first ones will be willing to put a bigger effort in learning the tools. Some of them are lazy and they just want to spend the less time as possible on the task. And finally some of them are not up to the level of intelligence to the required task.

    It is said that you have to spend about 6 months of learning and paper trading before trying to trade with real money. Spending 3 hours a day for 180 days makes 540 hours of learning, just to start.

    How many people out there have spent that minimum of 540h before trying to get real results. I guess that if anyone has reached the level of 540h most probably that person is willing to reach the 1Kh, 2kh of even 5kh (that mark is supposed to be the one that makes you a real professional).

    So I guess that the people that don't reach the 540h mark are just the 95%.
    Last edited by alfonsomg; 01-23-2014 at 10:57 AM.

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