Cannot be more true. Most people just talk about BS, FOREX it is about patience, discipline, is the only carreer where trying to be best will let you die like the rest.
Regards.
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Well, you guys sure tell it how it is, and thatās exactly how it is, I donāt bull****, so if I come over as bull****, youāll now well enough to ignore me, but I do try, not to bull****, I try to help people best I can.
and I donāt know but
the only carreer where trying to be best will let you die like the rest
Read more: 301 Moved Permanently
, itās not for me, I wanna do what I wanna do, and my wants arenāt too high, and what I get is what I get, itās a great source of income for us modern day hippieās (why does the plural of hippy turn to hippie?) but Iām pretty sure there are a couple or three around here eating the market.
Oh I do rattle at times, but hereās a little gem, put it this way, the ācat and mouseā strategy works, but I tell you guys, you have to be sharp on it, now for the statistics, 1/3 of people drink too much, 1/3 of the people drink moderately, 1/3 of the people never drink, and now if me move into trading, weāll say that from each 1/3 a 1/th of them will be able to succeed as traders which will be a very few traders (lets not argue whether itās 99%,95& or 75%) .
Then from them there will always be THE BEST, thereās always the best, and there will always be the ones that want to be the best, and itās all about fear and greed, how much do you want to be the best as how much you fear of not being the best, itās all about your psychology and sh!t, innit.
Well, there you go make what you want of it, letās talk about something more profound like http://forums.babypips.com/newbie-island/35919-forex-gambling.html
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Just left a comment there, lol. 
Go to your local shopping area and walk down the street, you will find that out of 100 retail stores few have been in business and owned by the same owner for more than 3 years, the many big chain stores are operating on a loss, and even thou you will see the same store there for a long time there is a chance its changed hands 10 times already.
Making money is truly a mind over matter issue, a tiny percent of Americans are financially successful, and forex is no different, most will fail.
BUT, the FX market grows yearly, we are now trading trillions of dollars a day, this means that those who are making bank are making BIG bank.
When you look around and you see the systems being pushed, the mentors, the bad brokers and all, having even 5% of retail investors being successful is a surprise.
Assume everything you are being told about trading, charting etc is a lie until you prove other wise by trading and using a method for 6 months over 1000ās of trades.
As Hedge says, you have to test a system for at least 6 months, iāve discarded one because after 6 months it ends up breakeven. But i am not droping the entire package, just a small changes and test it for another 6 months.
With that system iāve made almost 100 trades and is a technical trade, and in the other hand i have another system not discarded yet that iāve tested for the same period with only 20 trades, a fundamental trade, and it gave me tons of positive pips.
Ironicaly i donnot like fundamentals but i gave it a try and i decided to stay with it.
That is why most bussines and forex fails because they donāt take time to test themselves and they donāt addapt, evolution is the key of survival. Imagine you decide to sell IPads, sure you will profit, but what makes you think that trending topic will last forever?
Regards.
I would say the majority of trader fail to learn the market. For example half might come from stock trading but stock and forex is two different beast. I would say stock is more long term new based and currency is more short term technical base. You can interchange it but for the most part its based on the style of tradeing. Second reason half the people might fail would be lack of indicators. half of that might be lack of money management failure on stops and limits. and half of that would be people relying on EAs when most of them fail because lack of tweaking or just not the right recommendation or just bad coding. it could even be as simple as the leverage for the person is too high for there account size.
The people who are profitable set stops limits, watch the market, has a good strategy, has the right broker for there investment size, and have learned the market, also utilizing the tools(indicators) they have available to them, with them either having a good mental ability to resist closing trades early or just stepping back a while and hope there strategy works. There could be a few points i am missing but for the most part thats the basic
Indis are not the best tool because they might chase an opportunity but they cannot cuantify psocology of mass. Use your head. Think as the crowd first, what will the crowd do if a big green candle comes out from nowhere? The big majority will buy and those who openend a buy before will take their profit and there is a few who will start downtrending. So what would you do? That is how forex works.
I think its high - probably around 90% because people trade until they lose, and they give up when they are losing. I think very few people would give up if they were winning.
I would say indicators is a good way, theres over 100 of them that i have each telling me something different. I have had some tell me to trade one way while another tells me the opposite, and some seems to work better with certain pairs then others. so given all this if you think about it. the indicators can go 3 way up down or level. so out of that 100 33 % may go up while 33% go down and 33% stay level. Some may be for short term trading while other are set for long term trading, and some set for news trading. So if you keep all this in mind then how are indicators not useful. I am a chart reader and thus if i see one of my indicator against what i believe i will still place the trade however if i see it going with the way im wanting to trade than i might as well increase the total lots im tradingā¦ it may not influence too much but it will give comfortā¦ all im doing is just stating my opinion on the matter. With my self averaging over 1% avg daily return i either consider my self lucky or smart Also using a combination of indicators may give someone different results as well as there are indicators where you can customize data field thus giving you different results too
I stay away from forums except occasionally having a look at Babypips on a Sunday whilst doing my TA. Trading from home is a lonely existence, but it is something you have to feel very comfortable with, because trading is the most God damned solitary business known to man, and that is why so few make a success at it, I mean, we are highly socialised creatures and crave human companionship, but there is no place for this when you are trading, believe me. Forgot forums, because they are 99% full of losers out to try to impress each otherā¦ Lock yourself away from all that, and take advice from know one and nowhere except your own expertise, because if you are looking for that expertise from others, you will never be a successful trader. If you want to succeed, and believe me it is entirely possible, travel the long lonely road to success by yourself, there is, I promise, no other way. Good Luck!
100% true.
Your reality is whatever you choose to belief in. In this case, a lot to win, or a lot to loose. Both are describing the same apple.
Most important is to concentrate on the process of enjoyment in setting a trade because you will feel independent & empowered being able to control you trades 100%.
Once you start enjoying yourself, & learn to be more emo control during losing periods, success in the long run will naturally come to you.
If you want to make profit, you first have to be able to make enough gains to covers the spreads of your trades. Some traders canāt even do that.
With a good knowledge about the Forex, but also about economics, finance and politics, you can become a successeful trader.
hi,
i have just read an article, that the local monetary supervisory bureau ( i canāt translate its name to english, sorry) made a 1 month long inspection of FX & CFD trading. The results were:
77% worth 13,4 million ā¬ in loss
23% worth 3,8 million ā¬ in profit
of trades in the given month.
those are official numbers, averaging all the brokers that operate in the country, so i think maybe not 95% but still a hell of a lot of people lose money 
Iāve only started learning what forex is 2-3 months ago, so Iām nowhere near putting any real money in it.
I will start seriously in a DEMO account in hopefully 1-2 months, and after at least 6 monhs of profit (yeah right, but one can dream neh?), will I put in the first - small real money deposit.
I think this sort of logic is what the most of those 77% percent lacks, because when they see the ad, they MIGHT read a bit, but most will run to play their money away. Most of people (incl me ) thinks that they are better than most (if not openly, but deep in their hearts i think they do) and they think these rules donāt apply to them, and bang goes all that money.
I hope my logic werenāt flawed, and that I AM better than that 77%, and will end up taking some of the money they were so willing to give away.
Today05:
Not to beat a dead horseā¦but if your better than 77%, youāll make money for 1 month
Donāt forget that of those 23% that win one monthā¦
many of them lose in the following months!
Thatās where the whole 95% lose number comes from
Think about itā¦ you gotta be in the top 23% just to make cash for a single month.
Even a dollar would count hereā¦ and thatās hardly enough to live on!
Butā¦ most of those 23%'ers will not be consistent. THey will often lose some or all of it in the following months
By the time they reach the 5 year markā¦ the number that everyone talks about probably holds true:
95% lose
Jay
Thatās an interesting fact. Could you please give a link or the name of this broker for further reading?
Uilen, I canāt do that. I would love tooā¦but this was an article I came across in a legal class I took years ago if Iām not mistaken, and we discussed it in class. I may even be a bit off on my percentage (high 80āsā¦ 87%, 88%, 89%? I remember the number struck me as an incredibly high failure rate)
Here is an article that you can read if you want, that will pretty much confirm most of what was said (90%+ lose over the long run)
Senate Report 106-364 - DAY TRADING: CASE STUDIES AND CONCLUSIONS
As someone on here once told me and I cant remember who either clint or buckscoder I think. Dont pay to much attention to those numbers.
Think about it the more you look into those odds the more you are imbedding failure into your head. If you dont want to be part of that crowd then dont look for them. I am certainly not in the top 10% of traders but I make profits. Can I do this over the long term I guess time will be the Judge. I spend less time looking at reports like those than I do looking for toilet paper in the store. At least I can use the toilet paper at the store so it was worth spending my time looking for it. Again just wise words from a not so wise man.
In many wayās Bob is right on here.
Iām betting that most people (95%+) cannot make 25 free throws in a row in basketball. If they do this once, they likely wonāt be able to do it again the next time they try.
However, there are some who have devoted a lot of time to mastering a free throw shot. They can nail it, and not just once, but time, after time, after time.
For those few who practice this, make mistakes, learn from them, and seek to improve their free throw shooting ability with a passion, they can get to the point where making 25 in a row is not only commonā¦itās actually just āthe normā for them.
I sure as heck canāt make 25 in a row. But they can. They put in the time, the practice, they learned from mistakes, and they strived for a long time to become good enough to make 25 in a row on a regular basis.
I find these types of statistics sobering. They remind me that this is not just a matter of āgreen bar, red bar, click click clickā
But, 50% of marriages fail in the U.S. So do you not get married because your a coinflip from divorce? And furthermoreā¦Iād bet that those that get divorced madeā¦somewhere down the lineā¦ a poor choise (or many poor choices).
Were they open to appreciating the differences between them and the other? or did they expect something that wasnāt to be there?
Were they willing to work at making the other happyā¦ more than themselves? And if so, did that person do the same for them? If not, maybe one made poor choices that did NOT make the other happyā¦ orā¦ very possiblyā¦ one made poor choices in marrying a person who makes selfish decisions.
Whatever the reasons for a divorce (and iād imagine there are always many), bottom line is somewhere along the way, the person getting a divorce made a poor choice. infidelity, lack of emotional control, choosing a limiting pessimistic mindset, choosing to not deal with reality, or, maybe just choosing a partner poorlyā¦one who is illsuited for them (or maybe illsuited for anyone!)
So, even though in the U.S. your only a coinflip away from a split heart and a split bank accountā¦ it is, in reality, completely under YOUR control whether marriage for you works, or not.
In the case where two people are completely mismatched, or one person is simply destructive and disfunctional beyond a reasonable pointā¦ wellā¦ the choice of who to marry was the wrong one. The problem (and the answer to it) lies in choices. Not marriage statistics.
Trading is no different. Kind of like the rest of life. Those that rise to the ātopā of life in whatever way they do soā¦ do so because of the choices they made.
Success in this business is a choice. A lot of them are hard to make. Most are not prepared to even comprehend their options, or understand how those options will impact their trading dreams.
But neverthelessā¦ [I]itās a choice[/I]. not a random crapshoot where the ālucky onesā make it and the rest wash out.
Jay
Absolutely! Iād say the lucky numbers will sooner or later bite the dust. Luck is a temporary event.
There is also the other side of the coin: Expenses. How many lottery millionaires became as poor as before or even poorer after a couple of years? A lot if not most! Because they didnāt adapt to a proper lifestyle for keeping the money.
To be successful is all together: Income consistently higher than expenses plus a proper investment style of what is left. That wonāt come by luck.