97% day traders lose money

Woops. I just saw how old that post was…haha

It’s still very encouraging.

What do you look for? What works for you?

As for me, I watch the candles.

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You need to watch where the buy stops and sell stops are placed in the market. So basicly where do the market makers grab liquidity? Above old highs and below old lows. Does price stop hunt there and reject or does it truly break it? Price moves from one area of liquidity to another are of liquidity. This happens on every timeframe.

Candles can help with this of course. Do we get full candles, wicks, etc.?

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Yes, it is true that a lot of traders lose money in forex. Most of these traders are new. Indeed, around 90% of traders quit trading within one year. Forex seems tempting, but you can’t expect to make money unless you understand the market.

candle patterns will not produce predictable next moves.

similar to how people think that moving averages and the basic indicators work to predict a future target price, they dont.

similar to how people think that backtesting is some kind of proof that a trading system will be profitable in real time live trading, it doesnt.

if this business of trading were as simple as that, all math majors would become rich traders, but they dont.

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i am so pleased to read this… it confirms what i already know to be true…

money management does not make a strategy.

This is the bitter truth of the market. Only fact is that you need to do daily analysis on charts to get things out and works like your way.

Not if you read the candles as volume. A simple star pattern, hammer or whatever will not do it. You need to understand what such a candle is doing at a certain price level. Is it stop hunting for example?

you are dreaming.

i am a programmer with 38 years of number crunching experience and i can pretty much promise to you that candle patterns are RANDOM and do not in any way indicate what the next chart move will be.

not maybe, but definitely.

if chart patterns were tradeable, omg, do you know how quick a programmer like me would store a table of chart patterns and then write a program that figures out that if we see such and such pattern that the price is going up or down?

come on man, be serious.

It makes me profitable, so I will continue dreaming :wink:

Though putting emphasis on the pattern is wrong. This is not what I mean. The pattern is fun and games, but what is happening around it is important. Banks do nor care aboutcandles or patterns, but they can still give us clues about the order flow

yeah, i watched your $2900 thread topic where you made one tenth of one percent in a week, and then i realized that that account was only a demo account and then you claimed that the $2900 account belongs to one of your students.

it was a demo account, and smlfx doesnt know how do i know that.


omg… please tell us all how it is that you know what banks care about and dont care about.

i am all ears.

Oh wow you are all knowing without any proof. So quick to judge me you are as well. Little bit anger issues here and there.

It is not my job to humble you, the market will do that by itself. If you are not willing to learn from it, then that is your problem.

Good luck with becoming profitable :v:

i am not judging you.

in your $2900 thread, i asked to see the equity curve from a detailed statement and you agreed to show it but you never did.

i know that that account is a demo account.

go ahead and lie, but you aint lying to me.

it is a demo account.

I just started on that account and you want me to show the equity curve? XD I told you I will show it. I did not say I will show it immediately. Also I can do this, when I want. I am not obligated to show you anything. Not seeing a statement instantly means it is a demo account for you. HAHAHAHAH

Really wishing you all the best. Perhaps not being a profitable trader has damaged you so much, that you became like this. If this is true, seek some help. If you are mentally unstable, you will not be able to become succesful in this business. Nothing wrong with looking for some psychological help from a professional! Forex can really take a toll on your emotional health.

Anyway all the best. I am not going spend time on you. Bye bye now

yup, demo account.

i am saying that.

they dont work.

a moving average, for example, is an average of THE PAST.

a moving average is in no way an indicator of anything in the future.

The 97% statistic definitely casts a dim light over trading. However, I think there’s more to it than that. A lot of those traders are probably just looking for a get rich quick type of thing and give up easily. Of course, there are some like yourself that do put a lot of work into it and still struggle. Personally, trading helps me pay bills, splurge a bit on Christmas, and save a little money.


[quote=“HeavenRobinson, post:105, topic:404214”]
A lot of those traders are probably just looking for a get rich quick type of thing
Is this not everyone’s first introduction to trading as a whole.:rofl: I agree though, the percentage of traders who invest in themselves first and take the time before diving in are far and few.i was one, and I blew an account before I even knew what all the buttons and tabs did on my dashboard fully (I build from my mistakes thank christ) But I find it very very difficult to believe I am part of a mere 3% not losing money overall id be more willing to entertain a figure round 60-70% lose overall maybe. Id be intrigued to know the percentage of winners to losers of those who understand the concept of risk management

Just posted a statement with proof of the account being real. Not everyone out here wants to scam :slight_smile:
Though I have come across many scammers ( I have also been scammed before…), so I do understand your point of view.