Do you know that 99% of retail forex traders lose money?
Why 99% of retail traders lose money { here }
and hanover gave a long list why { here }
Why 99% of retail traders lose money { here }
and hanover gave a long list why { here }
- No proven methodological edge
- Lack of knowledge and experience
- No trading plan
- Failure to accept losses (causes recovery systems, irrecoverable open losses, revenge trading)
- Poor or non-existent risk management (i.e. focusing on return over everything else)
- Making decisions based on P/L rather than market probabilities/behavior (focusing on the money, rather than the process)
- Undercapitalization (causes greed, overtrading, overleveraging) -- [NOTE: according to many br0kers, this is the most common cause of failure]
- Over-reliance on money management (including ideas like same-pair hedges, baskets, grids, averaging down recklessly, martingale variants)
- Complacency: a lack of respect for the market
- Laziness: trying to find a color-by-number shortcut to riches (i.e. make the most money in the shortest time with the least effort)
- Adherence to "$250 to $100,000 in 6 months" type notions
- Adherence to trading myths
- Lack of discipline
- Lack of patience
- Lack of resilience (unable to bounce back after losses)
- Lack of composure/nerve (afraid to "pull the trigger")
- Lack of stamina (quit too quickly)
- Lack of dedication (failure to put in the required number of hours of study)
- Failure to understand the importance of statistical validity, and the nature of statistical fluctuation
- Failure to keep a journal
- Over-reliance on automated systems (EAs)
- Over-reliance on technical analysis (using tools that "don't work")
- Exiting too early (should take higher RR trades)
- Exiting too late (should take lower RR trades)
- Hindsight bias
- Confirmation bias
- Recency bias
- Apophenia
- Curve fitting
- Strategies that test profitably, but are not grounded in real market inefficiencies
- Randomness of price movement
- Letting outside noise affect your decision making
- Underestimating the effect of br0ker costs
- Underestimation of the amount of expertise that is required
- TDA with IMT
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
2
I am watching too! Big Picture - Weekly is sideways market type - Daily bearish previous day with 10/50EMA ... anything can happen around these MAs - H4 10/50EMA in play with RN levels {image} H1 - I have my price level alert set @1.14250, anything reaction PA setup between 114250 and 114500 is my favourite TMS EVO entry {image} ...
? EDIT: I think I...
That is putting it mildly.
