Are there any legit links that point to this statistic (90% forex lose money)?
Would like to know the real source, and when it was published. What I found on the internet, was bunch of articles, which quote this statistic, but never found the real source its self.
Also, with the advent of many educational programs (babypips, ff, other paid course) now, is this statistic still applicable?
Curious if we can see the statistic year by year.
First off, In ALL businesses, the success rate is still around 4-5%. Keep that in mind.
Also, again, your either trading for a hobby, or your trading to get wealthy. SO be wealthy, it takes more work then most anticipate. Add, looking at charts, crunching numbers, feeling the rush from trading in general, isnt alot of peoples cup of tea.
Then take the average association to risk, or 1-2%, over each month, because that seems to be the norm, its looks like its a Longgggggggggg draggggggggggggggged out career, that you have a great chance of failing at anyways, and just say the heck with it.
The average deposit in the US is around $6,000, but the industry standard everyone being told is $10,000.... Most likely the same ones holding their hand out.
Then, you have the gurus that charge, and keep their subs in suspense for years, while milking them a messly$96 ;/ a month, just to show a 3% gain over the month, OR no profit AT ALL!!
" LOL< Today, we showed you how to lose", WTF, Tomorrow, we might lose again, but its not about the wins, its about following our shtty plan to keep you comin for more, because the law of averages says it will work", BLAH LAHBLHA
*shruggs, im in it to get filthy wealthy and be well off for the rest of my life. Failure is not an option, its a stepping stone for tomorrow.
EVERY SINGLE ENDEAVOR, is a staircase you must climb, step by step, or sometimes, 2 steps at once. You cant just levitate to the top floor, YOU_____MUST_____ CLIMB, USING EACH STEP AS A CAREER BUILDER, If that Flight is 90,000 steps, then so be it.
95+% of failed business startups, lose everything too, so dont think the whole forex failure rate is something abnormal, its the way it is with everything in life.
Following on from what Money mentions above about non-forex business.
If you want to open a shop, garage, manufacturing facility, restaurant, etc, you would likely need to run your business plan past your bank in order to borrow the funds needed, so at least an 'expert' gets to scrutinise your plan for any obvious flaws.
In forex you just stick your hard earned savings into a brokers account and you're up and running. No checking that you know what you're doing, that you have a coherent plan.
The barriers of entry are non-existent and, imho, one of the major reasons for the high failure rate.
Speaking non-specifically (if that makes any sense); if all the people who are failing were to do the exact opposite of what they had previously been doing, this would not automatically make them a great success. All the mentoring and study in the world will not necessarily turn an unsuccessful person into a very successful one.
Regarding very successful(and I don't just mean how much money they have made), and often highly intelligent people, in my experience, they possess an indefinable intrinsic quality , something that is not quantifiable or obvious to all and sundry.
They think differently and are perceptive in a way that the majority of people aren't and this is not something that can be "passed on". I'm not talking about a persons intellect in the sense of their ability to study and complete a course, learn a language or even to learn to trade . I'm referring to a certain level of success which is borne from a more abstract quality.
Insight, intuition, vision ...these aren't things that can be measured by an IQ test.
...I'm sorry for going off topic a little...I do tend to ramble on a bit...
Last edited by Fundamentally Flawed; 02-07-2017 at 01:49 AM.
Reason: Too much rambling!!!
If you read biographies of successful people, or even articles about them in serious publications (I.e. NOT the tabloids), a great many of them openly admit that they had many failures before becoming successful, indeed they still have failure but minimise the effect these have on their fortunes.
In forex a lot of new traders are investing every penny they have (ive even read here on BP of traders using their credit cards or family loans) and subsequently, when they lose, they cannot afford to return and try again.
I think not good idea if investing money using loan because will making problem if facing margin call account, beside not gain anything but also still having compulsory to paying back these loan, now some broker offer cent account and for learning beginner this type account less risky
Brokers, service providers, and a small proportion of traders.
(The 95% figure is an "allegation", not a "proven fact" and actually not even a "provable fact" because there's no centralised market and therefore no collatable evidence. My own guess is that it's probably right, or nearly right).
Originally Posted by Vladimirr
who came up with forex? who owns the forex?
Forex trading (currency trading) originally developed out of the need for businesses and people in countries with different currencies to trade.