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.
[QUOTE=âSimonTemplar;588800â]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.[/QUOTE]
Yep. Paying someone to show you what can be found for free online is the answer.
[QUOTE=âDarkPool618;588802â] Yep. Paying someone to show you what can be found for free online is the answer.[/QUOTE]
Not actually what I said, if youâd focus more on reading than on sarcastic soundbites maybe youâd learn more.
But this is complex stuff with a lot of factors involved in getting it right, most people wonât make a sustained, successful go of it. Thatâs 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 oneâs 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 shouldnât put off everybody.
[QUOTE=âSimonTemplar;588807â]
Not actually what I said, if youâd focus more on reading than on sarcastic soundbites maybe youâd learn more.
[/QUOTE]
Actually I donât 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=âSimonTemplar;588800â]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.[/QUOTE]
[QUOTE=âDarkPool618;588809â] Actually I donât 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. [/QUOTE]
Well thatâs a very narrow view. Actually all I mean is that on any occasion where a lot of money can be made on oneâs own through applying oneâs 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 wonât, 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.
[QUOTE=âSimonTemplar;588810â]
Well thatâs a very narrow view. Actually all I mean is that on any occasion where a lot of money can be made on oneâs own through applying oneâs 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 wonât, 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.[/QUOTE]
Lol 
I donât 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 shouldnât affect the overall success rate.
[QUOTE=âDarkPool618;588812â] Lol I donât 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 successfulâŚ? 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⌠Youâd 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.[/QUOTE]
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 - Iâm not sure, Iâm not a statistician at all, but I think that in this instance it might, as a lot of people just see the money, they arenât 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 donât 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.
The high failure rate among â the average Joeâ 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.
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
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 donât reach the 540h mark are just the 95%.
according to trading buddies on the skype roomâŚthey disappeared gradually one after anotherâŚso i believe this 90% rule.:46:
Yes you are right most of the traders are looser. It does not means market is not fair with them they just join forex to make high profits at once ,they are not enough skilled to handle trades ,so they put them self in high risks result is in total loss for them . They can not survive for a long time.
Its reality that was happened in forex business where almost new trader get fails and fails at initially join this business , no other reason except they not know the rule of business risk concept while they has know forex investment business is the investment business type that will bring the richeness of every people who join in that field . But actually they have wrong mindset about that
Forex trading is a skill that takes time to practice.
Most traders do not have the experience and skill to trade and therefore loses money.
20-80 rule tell us that only small part could success in any industry, become top 20% is the power of development. If you always keep learning, willing to share and keep update mind, maybe you will find you are one of the yop 20%.
It is really not easy to be in the top 20.
I had demo traded before and lose money, in spite of having read through the candlestick part of the school.
If you are willing to learn and have the patience to do this then you will become profitable, if you seek quick profits then sooner or later you will lose your money.
Well, Itâs true most traders donât make it and do lose money. Should you throw in the towel and quit because of that? To me no! not at all! But that is up to you, if your not willing to spend money to make money than this is not the market for you. but i look at all the money lost as tuition for school like. Everytime I lose, I LEARN! Learn from the school here, get a grip on trading, open a DEMO account ( FREE with fake money but you can trade on it to see what the market is like) and trade. If you like it, continue and demo for months and get a strong grip before you go live. Once you do go live, Use micro lots so you donât risk much money. 90% lose 10% make it, So being in that 10% means dedication and a strong stomach for some points in all honesty. But if you can do it, Youâll be happy you did! Never give up because someone threw the numbers at you, everything is free the info you need to get going, opening a demo account to start demo trading, all free to get you started, the only thing you lose to start is some time!
Best of luck
Jason
It is really true that here 90% of traders are not successful. Moreover i think more than 90% of Forex traders are not successful in FOREX TRADING MARKET. Because Forex trading market goes against the human sentiment. So every trader should be out of his individual sentiment if he wants to be a professional trader in Forex trading market.
You are right , even the trader who has been sucessful trader has possibility to loss again and will add the percentage of 90% trader lose money , while for trader not successful find hard to not part of lose money traders