Experience therefore is knowledge - and that knowledge can be sold at a price?
For guys learning the market I will impart a little piece of my experience - it’s difficult for a learner retail trader to extract money from the market mainly because as a learner you do not have access to funds that help make you profitable.
It’s much easier to hit the exit button when under water simply because you are running out of air.
There is however another means to extract money from the market - sell it something.
Btw - if you are a learner to BP it is illogical to flag a post thus rendering it unreadable and then go on to quote that very post thus rendering it readable.
Learners - be like Spock before you give money to the market.
@Richard_Able-Trading you do not conduct yourself as a teacher. I have known great leaders and teachers. They don’t act this way. These people you’re dismissing @Falstaff@peterma and others are our homies. They have proven themselves over time to be guides for newbies and community contributors. I see you doing a lot of defending and attacking, but for all your offers of mentorship I’ve never seen you correct someone’s broken strategy, solve a problem, offer a (not for sale) winning strategy, get into details about how to trade, or in general have much rubber meet the road. At some point put up, bro.
Firstly, Your opinion is irrelevant. I’ve never offered mentoring you complete imbecile. You just make lies and stuff up?
Secondly, I have never attacked anyone. Your ‘homies’ as you put it have done nothing but attack me for having an opinion in what they perceive as their precious forums.
Thirdly, you say put up? My very first post which was reinstated by the mods has so much value in how a successful trader thinks yet you can’t see it or don’t want to believe it.
As I said before you proved yourself to be rude and full of crap.
I never started with anyone, and yes I’m going to defend from abuse and attack back.
This sentence sums up your complete naïveté towards trading success.
A winning strategy is not just some rules that you get from a YouTube video or an educator it’s a foundation and base from where you start and is just the basic mechanism for getting in an out of the market. Hence why you are still struggling.
I’ll conduct myself as I see fit in these forums and will not be dictated to by an amateur with an attitude problem
It’s not easy to make profits in the forex market. If you happen to make any profits, you can call yourself a profitable trader until you are able to make profits consistently. You need to find a way that works most times and can get you the kind of profits you are looking for.
This thread and its primary question keeps coming to the surface. If 90% of traders fail, how is it worth the risk?
Forget this scare story headline. The thing is the 90% number refers to new traders, not traders. Traders who are profitable and do not undermine their own trading behaviour continue to be profitable. 100% of them.
But still, if you’re a new trader and you do what nearly all new traders do, you will probably fail. Just make sure you don’t do what most new traders do, which is -
scalping
trading intra-day reversals
relying on 15-minute or less chart time-frames
ignoring long-term trends
seeking out increasingly exotic indicators and candlestick patterns
calculating risk and profits in $ not % (leading to the mind-set that big $ winners are good, small $ losers are not bad)
jumping in without learning, practicing and demo trading
Imagine if every new driver jumped in a car without learning to drive. Do you think the crash rate would NOT be 90%?
I’m convinced that new traders and those who are in trading for a very long time neccessarily have to drop this notion “luck” out of their trading alphabet, because there is no luck at all. Everything depends on your skills, knowledge, ability to analyze your deals and make wise conclusions from them. So, it can’t be considered as luck at all. However, some traders who state that there is a luck in trading just approve their actions by luck and don’t even understand that this is theri skill, you know. Morver, every trader must know that one should never ryel on luck because it can turn out for him as a bad thing.
Half of those who fail do so because they don’t have the mental capacity to truly understand the system. The other half who fail do so because they lack the discipline to execute the system properly. The 10% who succeed have both.
Your sort of picking two things and slamming them together here. The reason why the percentage of feeling traders is so high is because there is simply not educated to trade.
It’s not about being unlucky or lucky in forex trading; it’s about producing consistent profits over time. So, instead of focusing on luck, concentrate on gaining information and abilities.
Well I’ve studied the post I made to which this purports to be a response and there is no mention - either specific or implied, within that post to “luck”