This is good analysis and points to why succeeding at trading is harder to learn and achieve than all other jobs. Its not that its hard, its that it is so different.
In all other areas of work, as you say, we’re told to work harder and know more. what this leads to is a focus on the mistakes. This starts from school or even home life - focus on the mistakes you made and eliminate them and you will be successful.
So we spend most of our effort on eliminating errors, which only made up 20% of our work in the first place. If you work really hard at improving your performance on the 20% of errors and reduce this by a tenth, you’ll be down to an 18% error rate: which means an 82% win rate. But if you put the same amount of effort into improving your performance on the work you did which was error-free, and you improve your outcomes here by a tenth, now your win rate is up to 88%. Its obvious where the effort should be going in trading.
But its worse than that. so many new traders come here with a trade that made a loss and they’re thinking they made a mistake, and that caused the loss. Sometimes they actually didn’t. Its just that even if you’re the best trader in the world, the market sometimes will go the way that was least probable.
@thetradinggod , I liked your , "Don’t over complicate your trading."
As you are not mentoring any more, please, could we know a few tips/tricks for successful trades w/o blowing out our funds?
Yes, I believe it is genuine if you treat it seriously. However, we all need a long time to make it revenue for income. It is very hard to pass upcoming phases to get a better earning from this huge virtual market.
It is true 100% traders are not successful inforex trading. It is a business and business is notsame in reusts for everyone. All get their share as per their abilities and hard work, Forex is genuine business if is done genuinly. You should not aim for 1000% profits with no experience. It gives profit to those who are regular and passionate.
Forex is an easier entry than other markets. For the U.S. no pdt rule, better choice of leverage than futures (although futures now have the e-micros). However as been mentioned often, lack of central regulation for the most part, and sometimes bad spreads. You mentioned forex scams. There’s literally a whole “wild west” snakeoil industry on forex and other trading “products” “services” and “education” often by scammers who don’t even trade live. For funny but sobering reviews and information highly suggest newcomers to check out tradingchools.org (https://www.tradingschools.org/?s=forex)
its a smart reply with right information you have done, thanks for your nice post. we cant blame this market place due to uncertainty or others reason. build your skill and bring good profit from here.
It is very possible to earn a decent income on forex trading. Assuming you are a skilled trader, the broker that you choose is a very important factor. You would want a honest and reliable broker, with good swaps, commissions or spread, and also to make sure you can easily deposit and withdraw.
You should indeed only invest what you can afford to lose. And once you do so, risk management / money management is very important.