90-95% lose money in forex market?

thanks Goz. The avatar is of course our semi divine ruler, Her Britannic Majesty Queen Elizabeth II sporting a replica top as worn by players of the mightiest football team ever to grace the Empire - The Queens XI (aka Rangers FC).
 
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rathcoole_exile said:
thanks Goz. The avatar is of course our semi divine ruler, Her Britannic Majesty Queen Elizabeth II sporting a replica top as worn by players of the mightiest football team ever o roam the Empire - The Queens XI (aka Rangers FC).
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Rangers :love:

Dedication + Hard work + Determination + Research/Homework + Screen time + Water + time + effort = CO2
Na, = Win


Like anything in life, trading isn't 'easy money' like lots of noobs think .... Its very difficult money because it requires a lot of work, ultimately trading itself is 'easy' but getting to that stage, realising its simplistic takes alot of time and effort.

To give you an idea of my own work.
Dedication = Quit school to learn full-time to trade, risky yes (Still doing a-level exams, but learnt from home) but i had a massive passion to trade and could see its potential.

Hard-work/Research/Screentime = Since quiting 4 months ago, i've spent everyday including weekends 8am-11pm researching trading on forums, baby pips, forex4noobs, informed traders, reading books, watching trading videos, testing ideas on historical charts, checking out indicators, learning price action, watching the screen for price patterns without trading them

That whole time i wasn't recieving any benefits for my hard work and thats the difficulty, family and friends just don't actually have a believe in anything you do. All my mates were like wtf are you doing, your going to fail your exams (Which i am).

I'm finally becomming slightly consistant, and not hugely profitable after all that work and i know i've got another 6 months of very hard work before i'm taking any real money....

Maybe you'll have a tougher or easier time - To me though its all worth it, especially since i'm so interested in it all.

When i was a no0b and read the 95% statistic, for some reason i was extremely confident i'd be in the 5%.
 
Don't mean to sound like you're Dad but it's a bit stupid ditching your exams that you've worked X years toward to learn the market when it'll still be here in 3 months when you've got Some A's in you're CV as a back up to trading.
 
On top - as 90%-95% of the people loose money.... what are the chances that someone entering the markets new will win? ;) Some words of warning are needed. VERY rarely does one find talent that "just has a grasp", and even then it requires hard work to be consistently profitable.

Shortcuts to hard work do not exist.
 
foredog said:
Don't mean to sound like you're Dad but it's a bit stupid ditching your exams that you've worked X years toward to learn the market when it'll still be here in 3 months when you've got Some A's in you're CV as a back up to trading.
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I know. I mainly quit out because i found lessons pointless personally and whenever it came to exam time i wouldn't have a clue but i'd just revise well and work hard.

So this time i decided to cut out even going to school and start revising for my exams earlier than usual. I only have 4 exams and i've done like 20, so i actually already have some pretty good grades.

:) But yeah true, i do agree - If trading doesn't work i'll start my own business anyway :D

But i'm very confident it will work tbh./
 
rathcoole_exile said:
no it's not. it's a piece of cake.
difficult ? what's difficult ? you flip a coin, place a trade and manage it according to a pre-defined plan.
If your risk parameters are correct, worst case you'll come out roughly even.

Trying to refine and improve it by giving a chart to a 5-year-old may improve your results. They have a secret capability that only children possess, like seeing ghosts, to spot what they call, in their secret language, a "trend".
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It does seem that lot sof people are looking for shortcuts that don't exist, I agree. I guess a lot of people do find trading difficult, otherwise I am guessing you would have posted fewer times.....

:cheesy:

Does over 2,000 posts make you some sort of authority, or does it mean something else?
 
It is true that 95% of trades loose their money. That is why I gave up manual trading an created an EA to place the trades for me. There is no emotion involved this way.
 
90 percent lose money in the market because 90 percent of the opportunites are not opportunites to make money.....

I systematically pass on 9 out of 10 opportunites....

I think this can be said for most situations in life & business in general.
 
SSINGH said:
90 percent lose money in the market because 90 percent of the opportunites are not opportunites to make money.....

I systematically pass on 9 out of 10 opportunites....

I think this can be said for most situations in life & business in general.
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Too right! Most of the traders we train have an 'I am a trader so I must trade today' attitude, which is entirely inappropriate.
 
SSINGH said:
90 percent lose money in the market because 90 percent of the opportunites are not opportunites to make money.....

I systematically pass on 9 out of 10 opportunites....

I think this can be said for most situations in life & business in general.
Click to expand...


Well, agree to some extent. But it depends on what exactly you mean. What does it mean that "90 percent of the opportunities are not opportunities to make money"? I see 50% of opportunities - either you are right or wrong ;)

I would say that 10% of people that earn money on markets are those who had the most power and patience to stay all those years in the game. It takes years to start earning and most of the guys come to forex market to earn 'quick money'. They can't do it so eventually they leave...and so on..and on...and this is how "you can't earn on markets" opinion grows.
 
disi said:
Well, agree to some extent. But it depends on what exactly you mean. What does it mean that "90 percent of the opportunities are not opportunities to make money"? I see 50% of opportunities - either you are right or wrong ;)

I would say that 10% of people that earn money on markets are those who had the most power and patience to stay all those years in the game. It takes years to start earning and most of the guys come to forex market to earn 'quick money'. They can't do it so eventually they leave...and so on..and on...and this is how "you can't earn on markets" opinion grows.
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it like mud slinging....one cannot treat this business as ' throw as much mud as you can, hopefully something will stick'.....you're likely to blow up your account before anything sticks.

Yes I would say the 90 percent of the opportunities presented in the market in general are not money making opportunities...its very bait and switch. If you see time as money, 90 percent of the opportunites will require more time than our patients allow, and even then time wears patients, so there is always a price to pay.

This business is generally liquid which is the most important feature of this game. Cash on tap!..and this is what should be exploited

I think that one should spend time to look for real opportunites to make clean trades, with strictly controlled entry & drawdown expectencies and controlled tiered target expectencies....these kind of opportunites are a one in ten and is apparent in this '90 percent lose head line'

What I'm trying to say is if a trade is likely to go significantly into the red as soon as you've made it...testing your stop loss, why would you place that trade???...its these 90 percent that lose since they have not done the home work properly.

Would you get in a car or aeroplane if you were told that 50 percent chance of death....the answers obviously no...so then why would you take a 50 / 50 chance with your own financial security?

The guys that stay in this business after years of involvement are the ones that soon realise that 60 percent of the time they have been in the 90 percent losing group, and the remaining 40 percent of the time when they have had no choice but to do the home work and place sensible trades or blow their account.
 
SSINGH said:
it like mud slinging....one cannot treat this business as ' throw as much mud as you can, hopefully something will stick'.....you're likely to blow up your account before anything sticks.

Yes I would say the 90 percent of the opportunities presented in the market in general are not money making opportunities...its very bait and switch. If you see time as money, 90 percent of the opportunites will require more time than our patients allow, and even then time wears patients, so there is always a price to pay.

This business is generally liquid which is the most important feature of this game. Cash on tap!..and this is what should be exploited

I think that one should spend time to look for real opportunites to make clean trades, with strictly controlled entry & drawdown expectencies and controlled tiered target expectencies....these kind of opportunites are a one in ten and is apparent in this '90 percent lose head line'

What I'm trying to say is if a trade is likely to go significantly into the red as soon as you've made it...testing your stop loss, why would you place that trade???...its these 90 percent that lose since they have not done the home work properly.

Would you get in a car or aeroplane if you were told that 50 percent chance of death....the answers obviously no...so then why would you take a 50 / 50 chance with your own financial security?

The guys that stay in this business after years of involvement are the ones that soon realise that 60 percent of the time they have been in the 90 percent losing group, and the remaining 40 percent of the time when they have had no choice but to do the home work and place sensible trades or blow their account.
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I think we did not understand eash other. I am not talking about the rule "few trades make most of profits". I am 9 years into this so I am one of the last people here on this forum not to understand it.

When I used to trade stocks or futures I did exactly the same thing. But forex does not work this way. Forex is not "trendy market" - retracements can go up to 70% and it is "ok" for this market. So putting "old" strategies into play does not work here that much.

if you don't believe me look at funds and money managers - how many of them trade forex? Have you seen any profitable traders on any "forex cups"? Maybe I am still too young, but during those 9 years I learned that forex requires different approach. Me myself and guys who earn money on FX have often use very "blasphemy" strategies which old market wizards would call "blasphemy". Nothing wrong with your attitude if it gives you money - this is what counts. You just have different approach than I do. That's fine imo as long as it work for us - right? ;)
 
there is a big chasm between the gap of know-how and can-do, and that is where all the money falls.

stand underneath it.
 
We think along the same lines, Mr Singh. My wife and I spend a lot of our time helping traders to get around the stuff in their heads that lead them to taking the 9 trades instead of the 1, if you know what I mean.
 
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