What they get after getting to this site is different from their expectations. Alot of reading scares them they want a get rich quick thing .that’s my assumption
2 Likes
I agree with that. But I would go further. What scares them out of learning effort is how new traders are told it will take 6 years or 10,000 hours of learning or 1,000 trades before they will make a penny. This is not just incorrect, it is meant to be hurtful.
1 Like
Why? Do u think it takes less time? I acknowledge some will pick it up quicker, but some may be slower, no? Someone who is grade 8 violin by age 12 might not be better than the child who was grade 8 by 18 when they are both 30 (if that makes sense!)
Maybe there still learning, or realised how much there is to learn
New traders must be here but their sudden loss may have caused them to take a break from trading. But I am confident that they will return with a bang soon.
Yes, it does not take 10,000 hours to become a profitable forex trader. This is far easier than learning to play the violin.
Thinking about the stages involved -
- find the most simple objective strategy - 2 days
- find a suitable broker with both real and demo account facility - 2 days
- familiarise with broker’s platform - 2 days
- run strategy in demo / back-test to absorb its mechanics and identify common errors - 2 days.
1 Like
I think most of the new traders either leave trading or they don’t give an update here. The newbies think of forex as easy money. They visit these sites to find out if there’s any shortcut to become successful in the forex market. When they’re unable to find any, they simply leave. Such traders often trade live expecting to become rich without adequate knowledge & experience, and eventually they end up losing their money.
Ignorance (bad information), curiosity and hope
Aww. Thanks for noticing! Although when I am having a bad day, I find I can be not as welcoming lol. I try though!!!
Welp, wonder what they’ve all moved to now since Robinhood is also down and I don’t think they’ll really move into the fx market either… sports betting maybe?
1 Like
They are not always traders but explorers. They experiment with forex trading and fail miserably, returning to their joyless jobs where they have been sick for a long time.
1 Like
This is really an easy to answer question: of course most of the newbies start trading the m15 or m5 timeframe and become rich over night. So they immediately quit their jobs and go traveling Europe or buy a new house at the mexican-beach😋
4 Likes
As someone who joined only a week ago and have yet to post or ask anything, I might be able to give perspective. I am not trading yet. I have opened three demo accounts and I am exhaustively testing each one. I not only want to make sure that I am comfortable with the provider I ultimately chose, but I also want to be confident that I can be a successful trader before plopping down a large sum of money. I hate losing money. I do not gamble and jumping in head first without extensively researching what I am getting in to what be doing exactly that. That research includes many books, YouTube videos, and websites. I don’t know what it was like for you when you began trading, but it can be a bit overwhelming. As for asking technical questions, I haven’t felt that I needed to. Your articles and postings are thorough and well written; and there are a lot of them. I haven’t even scratched the surface. Perhaps someday I will feel the need to reach out, but for now I am too busy getting acclimated. I imagine there are more like me; and then others who began the endeavor but decided it just wasn’t for them.
3 Likes
I would humbly like to suggest that you perhaps a little down the road you do open a SMALL live account as well and experience what it is like to trade AND LOSE real money. I know of no trader who hasnt lost money initially no matter how many million books they read or millions of videos watched, lol.
All the best on your journey though.
3 Likes
Maybe they are busy on learning (by reading existing good threads)! But in reality, a number of new traders left the market within the 1st , 3 years!
1 Like
This is wonderful and absolutely so hopeful. If only it were true!
The vast majority are not seeking some kind of miracle in trading to replace their regular jobs, only a few people can brag about it and back up their words with deeds.
What a beautiful story and then he woke up
I will say even faster. Months, if not weeks.
It is important to understand that beginners can very often make wrong decisions due to lack of experience. This is important to keep in mind while working. Also, don’t be too greedy.
I feel that I could be one of those traders. Although, I started trading in 2021. I have not disappear, I am more focused on reading the articles then making question posts. And I have group of traders on Telegram where we help each other so I guess that is factor why I don’t post here much as well.