I’m coming up-to my 5 year point in trading. It was a bumpy ride for 3 and a half years.
After system hopping and jumping from one mentor to another, I eventually realized my trades were being hit by stop runs. It doesn’t take long to work out what time window this takes place in the trading day. So now, my trading is consistent. I wait for the stop run to take place THEN I look for my position.
It’s really helped a lot.
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Agreed, no analysis no strategy works good for all the time, a trader who wished to survive has to change his plan of action according to what the market demands.
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You read my mind on this. I was feeling like that when I started off, but I decided to try my best to keep learning and knowing more on and on about forex
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Just keep that hard work on, it will surely give you immense benefit in your journey here.
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Exactly, entering with no or poor trading plan and minimal knowledge is leading to this. Or even if they have knowledge about trading, they are ruining it up with their poor mindset.
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99% of traders lose because they trade emotionally and emotional traders can never succeed.
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Agreed. Even if you have knowledge, proper sounding plan is a must, else you wont be finding any success in your trading
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Here are some essentials of a good trading plan:
You must have passion for trading.
You should know your attitude towards risk.
You should define your trading goals.
Your risk management strategy.
A trading diary. The list goes on…
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99% of traders lose because they don’t know how to win. This may seem obvious as is the truth. There is a roadmap to successful trading.
i dont think thats the percentage. 99% is alot… should be around 70-75 i believe
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If only that were true
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remember we are talking about day traders, trading retail, through a on-line broker, and trying to beat the spreads, plus that broker is making money off you some how, free trades are not really free
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You have presented it very nicely. Yes, this is what the case is. Traders invest their money in a hurry and start live trading with a great hope. They lose their money as well as confidence. Consequently, they quit trading. It is a serious business. Traders must study and practice for at least 2+ years before making proper investment or take it as a full time business.
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You are absolutely right buddy!
For how long have you been trading forex?
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Well the only reason I think most of the traders fail is because of their over-confidence in their trading skills and considering this to be a cake-walk. I always insist on demo trading. In fact even after 7 years into trading, I go back to my demo account to test the strategies according to the latest technologies and platforms.
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Check their credentials before you open an account. Plenty of information out there to do research. I even used to check Forex Peace Army to see their reviews
Very good stats indeed. I think too many people approach trading with a Lotto or gambling mentality. That is when it is over before it even starts.
I started trading in 2007 and got my teeth knocked out in the 2009 meltdown. That was the most invaluable lesson I ever learned in trading. Nothing like a market meltdown to make you evaluate your priorities.
After all these years I am still here since I never forgot why I got into trading to begin with. It is a fallback retirement policy. Nothing more, nothing less. So I started trading at 31 and my goal is to learn and fine tune until I am 50. Then I will use all my knowledge that I have gained to use trading as a way to maintain my way of living. When people retire they have to drop their living standards to prevent themselves from running out of money. My trading goal has never been to get rich, it was and always will be a way to maintain lifestyle.
So I think trading success depends a lot on why you are doing it. Having said that, it also comes down to this: It is not about the dog in the fight, but rather the fight in the dog that make or break your success in trading. How much effort are you really willing to put into it?
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This is my benchmark: Every time I reach a new level of success, I get a phone call from a broker offering me better rates on what I am getting from my current broker. I do not know how they get my phone number, but they know me and my trading history. TF Global Markets hunted me down last year, so I killed my previous broker and went with them. Since then, I have accelerated my growth with my own custom trading system by 250% per month. Either TF gives me the spread free option for free…or I will wait for that next phone call. Once you make money, they hunt you. Look for lowest spreads and zero commission with a minimal fee option. DO NOT pay commission per trade!
If I make $160 risking $40, the commission is on the $160. I feel it is unfair. I carry all the risk!
// I am waiting for that correction comment: Oh, please correct it, I am smiling, waiting.
Interesting your naming institution s without even really answering the question
Fair point. Ask the question again please. I shall be clinical. People like you make me realize that dropping my guard and being myself is a serious mistake. I am autistic, struggled my whole life to connect. But on your cold level, I am god! I switch of like a light bulb. I can end you without emotion. This is a shot over your bough. Try me again, it will not end friendly. Your choice.