Building a profitable strategy doesn’t have to be hard… Check out my post I just wrote today… Details how easy it can be…
Hope that helps.
Nathan
I think that’s a personal preference. Do as many as you and see where you start getting overwhelmed.
When you feel overwhelmed, start scaling back until you feel like it’s manageable.
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There are multiple examples in Pipsology. Try those.
Do the work. Shortcuts will only lead you back to the beginning.
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when 80% of people losing money in a game,you know it’s maliciously manipulated.
Or the people drawn into the game treat it just like that - like a game.
Personally I think almost all traders are intelligent people who otherwise work hard and many of whom are well educated. But because they never get the slightest idea what is involved in successful trading they quickly lose all or most of their capital. There really is no need for anyone to manipulate a market to take money from this lot - it would be entirely wasted effort.
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I believe having no to minimal experience in trading doesn’t really helps in longer run, one should be practical and knowledgeable enough to handle their trades to expect positive results.
Exactly right, traders with minimal or no knowledge in trading often tend to loose money.
80% on first 6 months , the percentage go up to 95% with time , even more , it is very tough thing you may ever know in your life
I agree but it’s even more than that, though. I’ve got many years experience and make a profit, but it’s a constant battle not to lose money. I’ve learned that the difference between winning and losing is razor-thin. I can easily imagine traders making millions then losing it all. My risk of blowing my account is always there. I equate it to the chances of me crashing my car driving to work - an occupational hazard… but that risk never dissapears.
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Hmm I agree with you. This risk can only be mitigated and not completely finished.
True! Though there are many other reasons too, lack of sufficient knowledge is the most common reason. The other common reasons include lack of risk management and trading psychology.
Yeah!
When trading, you must stick to your trading strategy and avoid overtrading.
Cause the market is not driven by trendlines, resistances, gartley patterns etc. The market is driven by liquidity, where the central bank’s algorithm offers entries for interbank traders (explained in a very simple manner). Thus knowing how to read price as an interbank trader is necessary. Something most of the retailers are unable to do, cause of a lack of understanding and unwillingness to believe and persevere.
Do with it what you want…Just know that the ones who know, trade against what you learn here. That being said…The normal retail trader does not act as liquidity. There are large players in the market that are being ‘‘used’’.
No, I don’t think the same. Losses are part and parcel of every trade and they cannot be predicted.
It’s about accepting the randomness of the markets regardless of knowledge and experience.It take time to fully grasp that.
Simple answer but true
Fear, greed, impatience, indecision, impulsiveness and well…any other emotion you can think of.
Being human is the trap. Be a robot!
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ah yes ,the secret ingredient is scam
Most traders enter the market with an attitude of making quick and easy money. They take huge risks because they are sure they are not gonna fail, they don’t bother to manage their risk or calculate the costs. They think that one trade- just one trade will make them millions and they keep blowing their accounts in the search of that one perfect set up. On the way they realise making easy money is not so easy.
Yes, absolutely right. They try to find shortcuts and make money in forex, which is completely wrong and ultimately leads to failure.
I believe more than 80% lose money.
When brokers put their stats in the warnings they don’t tell for what time period that X% is calculated. Some traders lose money quickly, some lose it slowly so if you include the slow losers it should be more than 80%.
The main reason is that it has to be like that. This is a zero-sum game - losers have to be there.
You can’t expect to make money if:
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you’re not dedicated to spend years learning and practising - because that’s what the professional traders do,
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you don’t have a professional understanding of how the forex market works,
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you don’t treat yourself seriously and if you don’t treat your trading as a business.
There’s plenty of people in this forum who have no clue what they’re doing in the market and they create their trading journals named like “I’m a noob let’s try and see what will happen”.
That’s absurd. Develop genuine respect for money, markets and yourself if you actually want to make money trading the FX market.