Apparently approximately 95% of traders loose money. But for some reason as far as i can tell none of those loosing traders are sharing their story. Maybe they are burying their heads in shame.
So i wanted to share mine. Hopefuly it can help others decide if its a journey that they want to embark on.
I have been ‘trading’ 2 years. I have watched many tutorial videos. I have paid for a few courses, all of which i regret.
I started with indicators but eventualy realised that they are more of a distraction than anything else. Eventually i focused on price action and levels which i believe is the best way now.
I am not making consistent profits. If im honest im no where near. I have lost about £20,000
If you are thinking of getting into trading just be aware that it is not easy, it is not financial freedom, You need to be very organised and run it like a business. You could put years of work in and still not get there.
Hi,
A brave post. One question, if you don’t mind. When you started, did you mentally plan that you may lose up to £20K and that was currency you were prepared to lose or did that realisation come along the journey? The reason I ask is that during my fourth time around (about 2 years ago started afresh), it is only on the third time that I set a maximum amount I was prepared to lose, and did lose it - but it was far less than £20K, and on this fourth time around, I just got lucky with timing and having committed a total of 3.5% of our assets to trading I have not needed to look back. Just lucky timing, and that some guy in the past said “strange, the more I work, the luckier I get”
Thanks for your question.
Its a bit complicated really. I guess the answer is no. But along the journey my circumstances changed. I had a big investment in the crypto market, mostly bitcoin, and that went really well. My gains in crypto made my losses in trading easier to stomach. I had the kind of money that i had never had before…
I will never pay for another course. So thats that.
I might have another go in the future but i think i need a break from it. You kind of get deeper into this whirlpool of dispair. The who psycological side of it is a lot more relevant than i first thought.
A brave and open post so kudos to you. I think it’s important for new traders to understand there will be losses, sometimes big losses along the way and sometimes it won’t be for anything positive. Much in the same way I spent 10s of thousands getting a degree and a masters as well only to never use either in the work place.
Yes, much more than planned last year, but only for the last 18 months, and that is not long enough IMHO to be assured that your plans are working in all market types. I did manage to diversify enough before the expected early 2022 crash, but I am unconvinced that the 2022 crash has finished it’s real crash. Maybe worse to come - who knows? Meantime, the entire market seems to have come full circle from extreme fear to greed in a couple of weeks.
There are two market cycle events i am waiting for. When our portfolio is within 20% of its peak I intend to offload half of our original investment, and when it is within 10% of its peak, the other half - less sure of this second event in my planning since some of our crypto is locked in NFTs that are income-earning.
I am in no hurry to offload all of our original investment, or indeed to where it is going to go. Probably to silver (not counterparty risk) but that depends on the gold/silver ratio at the time of shifting funds. I may just maintain it in USDT for a while. If the market continues northwards it won’t be long until I have to do some significant “selling” to make the ultimate move that would ensure I have finally learnt to “not lose any money”, and that was my 2021 goal overall.
Your honesty and frankness will stand to you .
Get as much free education from here and demo like mad the strategy that resonates with you before spending one more penny on anything trading related
This is one of those “Lies, damned lies and statistics” - figures !
The likelihood is that the actuall % is way bigger than that and that the calculation of teh figures imply that approx 5% of “Traders” actually MAKE Money ! - a massive over estimation imo.
However we have to agree the losing figure is high !
I guess that’s pretty typical of those who actually do try trading in a serious way - certainly my own figures were of that order.
Perhaps - but that is not enough.
We all sit here on a website for newbies where it is almost certain that very few (if any) are actually making money. Yet the website gives an “Education” course and regurgitates through posts from various participants the actual principles which ALL those “losers” have learned and internalised over the years.
SO
This is how you do it ! - learn to bet small and always use stop-losses. Cut your losses and run profits! etc etc etc
Then you can join the ranks of the 98% who have gone before you and lost money !
What is it they say about repeating the same actions over and over and over again - whilst expecting different results ??