90% of traders lose money? - Page 11
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  1. #101
    Quote Originally Posted by lexys View Post
    ^^^ One of the best and most realistic posts I've ever had the pleasure of reading, in this forum.
    Thank you Lexys
    Last edited by Fundamentally Flawed; 02-07-2017 at 05:38 PM.

  2. #102
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    Quote Originally Posted by Fundamentally Flawed View Post
    If this colossal percentage of people is removed from the equation then what you would be left with would be a more realistic demographic from which the percentage of " real trading failure" could then possibly be ascertained.

    People pay good money to "try" to do many things in life and either give up, fail, or realise that they didn't really want to do them after all.
    This is the whole point.

    It is not just a question of whether the failure rate is 90%, 95% or even higher. The real question we need to ask ourselves is: Is it relevant to me?

    The more these high percentages are thrown around the greater the stigma attached to them and the greater the fear that it instils in newcomers.

    As FF writes in her excellent post above (somewhere), there are many reasons why traders drop out after a short time. But are these really all so relevant? Do we really need to place such a great emphasis on these percentages?

    We could draw a similar conclusion if we consider playing the piano (for example). I am sure that most kids at some stage take music lessons and learn some rudiments of playing keyboards. But we could be dramatic and claim that: " Did you know that up to 99% of all people starting piano playing fail to become concert pianists! In fact the vast majority don't even reach the stage of playing for their own entertainment!!!!!".

    But does this mean that piano playing is so complex that hardly anyone is capable of mastering it? I am sure if PMH is nearby he would confirm that playing an instrument demands a lot of practice and theory but that it is certainly within the capabilites of the majority of people to reach a personally satisfactory level if they are genuinely interested and prepared to put in the effort - even if they don't ever become professionals.

    Rather than dwelling on the size of the crowds that give up for whatever reasons, it is far more beneficial just to concentrate on one's own education and practice and see how trading is suited for oneself - surely that is all that really matters?

  3. #103
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    I personally feel that most traders like the stigma attached to the high failure rate - regardless of how accurate or true it may be in reality. Being able to succeed in this industry represents success, and how better to measure your success by using the most valuable asset in the word...wealth. At the end of the day success in trading, be it FX or any other asset class, is measured by wealth [profits]. This is not a business where you are manufacturing products, creating a global supply chain, pushing a global brand or growing an asset base. Trading is concerned around money - an asset poor, cash rich approach.

    All you have to do is look at all the films that have been made around Wall Street and/or London Stock Exchange. In every possible concept, trading has been glamorised as a cash rich business. A lucrative industry for the highly educated and the risk taking individuals.

    In short, I think a more achievable success rate would ruin the dream!

  4. #104
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    Quote Originally Posted by Jezzode View Post
    I personally feel that most traders like the stigma attached to the high failure rate - regardless of how accurate or true it may be in reality. Being able to succeed in this industry represents success, and how better to measure your success by using the most valuable asset in the word...wealth.
    Interesting perspective! You may be right but I can't help thinking that you are looking at this from the other end of the spectrum - i.e. from those that have already reached consistency. OK, maybe they are somewhat entitled to feel some pride in their achievement (although personally I see few successful traders that actually make a big public number out it, in fact quite the opposite)

    However, I think here, on BP, we are more concerned with those that are starting out on their "road to wealth" and I don't really feel unrealistic deterrents such as "95% of people fail" are all that helpful. Rather, it is important to be realistic about one's own capabilities and suitabilities to this business.

  5. #105
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    Quote Originally Posted by Manxx View Post
    Interesting perspective! You may be right but I can't help thinking that you are looking at this from the other end of the spectrum - i.e. from those that have already reached consistency. OK, maybe they are somewhat entitled to feel some pride in their achievement (although personally I see few successful traders that actually make a big public number out it, in fact quite the opposite)

    However, I think here, on BP, we are more concerned with those that are starting out on their "road to wealth" and I don't really feel unrealistic deterrents such as "95% of people fail" are all that helpful. Rather, it is important to be realistic about one's own capabilities and suitabilities to this business.
    I totally agree with you Manxx....however

    Looking at this from a different prospective again [I like to provoke questions ] - Does the high failure rate which is made public actually not act as a deterrent, but rather attract the right people with the right mindset? Clearly though, having the right mindset does not mean you will be successful, but you have to be at the very least an inquisitive individual to even think you stand a chance (and this is a very strong skill to maintain as a professional trader)

  6. #106
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    I'm starting, more and more, with experience and by looking at what people say and who seems to do well and who doesn't, to think that the people who become successful independent/retail traders are probably mostly people who would have become successful at whatever other self-employed career they tried.

  7. #107
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    Quote Originally Posted by lexys View Post
    I'm starting, more and more, with experience and by looking at what people say and who seems to do well and who doesn't, to think that the people who become successful independent/retail traders are probably mostly people who would have become successful at whatever other self-employed career they tried.
    This is very true, what you said separates the wheat from the chaff. I suppose the key underlying factor for success in all business ventures, be it trading or any other is that of determination.

    Determination and a clear mindset is, at the end of the day, the common denominator for success.

  8. #108
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    Quote Originally Posted by Jezzode View Post
    Looking at this from a different prospective again [I like to provoke questions ]
    No problem! That, surely, is the purpose of a forum?

    Quote Originally Posted by Jezzode View Post
    - Does the high failure rate which is made public actually not act as a deterrent, but rather attract the right people with the right mindset? Clearly though, having the right mindset does not mean you will be successful, but you have to be at the very least an inquisitive individual to even think you stand a chance (and this is a very strong skill to maintain as a professional trader)
    To be honest, I have no idea what motivates most newcomers to forex beyond what I have read from the posts of Newbies here.

    But from those posts that I have read, I would conclude that most are drawn by the prospect of being able to earn good money, maybe even a fortune, rather than just to take up a challenge to beat the norm for the industry - but I would certainly agree that a strong, persistent winner instinct is essential in trading!

    But there are many posts where people state their reason for starting forex trading is a hope and a dream that it will, for example:

    - provide financial indendence
    - get me out of a job I hate
    - give me freedom to work for myself
    - pay for my kids' education
    - pay off my debt burden
    - build up a retirement fund

    but maybe there are also some who might say:

    - to prove I can beat those 95% losers

    I agree with you, and appreciate, that having the right mindset is crucial - and whichever way one interprets the 95% is not so important as whether it is a positive for you or a negative!

  9. #109
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    Quote Originally Posted by Manxx View Post
    - provide financial Independence
    - get me out of a job I hate
    - give me freedom to work for myself
    - pay for my kids' education
    - pay off my debt burden
    - build up a retirement fund
    Now, I think this is a quote from 'How to sell FX courses that don't work to Joe Bloggs" haha

  10. #110
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    Quote Originally Posted by Jezzode View Post
    Now, I think this is a quote from 'How to sell FX courses that don't work to Joe Bloggs" haha
    You are right there!

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