Is forex for all kinds of people?

Do think forex is for all kind of people? I have be wondering why some people complain about forex, they say different negative words about forex. This really baffles me and I doubt if forex is truly for all kind of people, both the business positive and business negatives. please can some one prove me wrong by saying forex is for or not for all kind of people from all over the walks of life?

YES forex is really special field and not for EVERY one.

just like everyone cant be Astronaut or brain surgeon, everyone cant be Forex trader.

I can't believe I am even replying to this... but I will , I seem to have free time today.....


I can never be a teacher in this "modern" world.

You and many people went to high school and even college. But NOT ONE teacher EVER tell you to "Don't WASTE your time to become a fireman, a doctor, an engineer, an artist, an athlete, a farmer, a carpenter, a computer programmer, an actor, a singer, a writer, etc...."

Why? because the MODERN education system just view as forex is NOT for everyone. While Everyone CAN become whatever I listed above. But FOR some reason no teacher ever tell the kid to become a "TRADER".

I am sure you know why being a Trader have SOME NEGATIVE contribution to society.

Negative #1: A Trader does nothing but sit click buy sell , or even worse create a WINING Program in C++ (not mql4 lol...yeah i know not what you want to here) and do nothing but sit at the beach and watch the money rolling in. While the rest of society is working hard job like say mowing the lawn to feed their family.

Negative #2: A Trader does not work with other people ( very very few team work if it exist in a hedge fund). Your trade are your self your WIN Trade is YOUR PRIDE. Other people can NOT FEED on your SUCCESS like as they would if say (you are a player in basketball team, a doctor with NURSES to help you dissect body). The world want people to communicate share their success so EVERYONE around rich person "should get your rich lol"

Negative #3: A Trader sometime even make other people suffer like losing "their friend investment money" by trading for them . If they win great Trader make money % commission. If blown an account, well you know the drill "No liability on blown out account"

Negative #4: A Trader make other people who have tried be come a Trader and FAIL. So with the Jealousy they hate on the one who are smart and successful.

Negative #5: A Trader who is successful is the TOP PEAK OF all their soul. What I mean by that is : Being a trader make you 2x Angrier than normal people, 2x Sader than normal people, 2x regret, 2x HAPPIER than normal people, 2x DISCIPLINE than normal people, 2x NICE too..as you do give MORE TIP money when you eat at restaurant. So basically, those who master TRADING have MASTER THEM SELF!!! That would make ANYONE Jealous if they can't even do something simple as master them self...

---------------

So back to the Main Question: Is forex for All people?

My 100% unwavering reply is: IF I EVER become a teacher ........... I will teach ALL my student to become a trader, I will never advise ANYONE to be Anything else but a trader.

I am not saying other profession is bad. It's just not rewarding AND easy as forex.....

One thing I forgot to mention is:

blesssing23, since you are new I am not sure what "previous experience you have but just in case you really are new". I will say: If you don't quit forex after losing consistently for 4 year. Then you will make it as a trader. Because on your 4th year it will be the year you "finally profit consistently".

Where did you get your stats from???

Not everyone make it after 4 years, I saw someone post a stupid projected calculation of compound earning and treat it as a trading system and he mention he been trading for approx 5 years.


If you are happy with your current earning in life, never do forex. Only do forex if you got big hearted and not mind to lose all the money you have now.

Because the first 3 years will be very hard, unless you got someone really experience to guide you. And that experienced guy got to be not in delusion and deluded.


I lose a lot of money in my first 3 years of trading, I only start to make back some at 3rd year by posting my system up and improvise it over time with other traders.


If can, never start trade forex. If you going to start, make sure you play small, and have the capability to do so. At least for the first 3 years or so.

I believe everybody could be a trader.
But i also think a lot of people who try to learn to trade can't handle the first years of losses and the learning which is required to become a successful trader.

A friend of me recently asked me to teach him some of the knowledge i required in the years i am trading now.
He started with a demo account, after a few weeks he gave up.

A trader should never give up and never stop learning.
Even full time professional traders keep learning. Economic situations change all the time.
Global crisis which started in 2008, crisis in Ukraine/Russia right now, ...

I think trading is about willing to keep learning and adjusting yourself to every situation.
And that is something not everybody is willing to do or can do.

I think many people view trading as gambling. Since they can gamble on sports or games, then they think they can gamble on markets too.

However, they forget about the emotional aspect. When they bet on a sporting outcome they watch intently as the game progresses. Each score from their team, or the opposing team, causes them to react, correct? If you are playing poker and your hand is beat, do you react? How about if you win? Do you react?

In regular gambling you cannot take your bet back. If you see you are going to lose, you have to accept it. You feel emotional, but you realize you lost. In trading, you CAN remove money when you realize you are losing. However, it is difficult to accept the loss because unlike regular gambling, it is not an automatic loss. Because you have to DECIDE to lose, this adds an entirely different emotional state. This is what prevents a lot of people from being successful traders. The conflict of "What To Do" instead of "Win Or Lose". The conflict of deciding to lose when it is contrary to your nature to want to win.

Once you figure out how to control the emotional side of trading, then it becomes a business and not a gambling game. As a business, of course you need a mathematical edge, or an information edge, or a good combination of both. The edge is really nothing more than a tool that helps you control your emotions. While it is great to know the probability of movement or what will be said in a news release, your mind still needs "something" to determine your pivotal decision moment. That is, what do you personally determine, either technically or fundamentally, as a reason to enter or exit a trade? That "thing" replaces your uncertainty and thereby greatly lowers your emotions. It lets you accept the win or the loss by converting trading to regular gambling. Sure, you still have money to take when you stop a losing trade, but it gives you closure. Without something to use as your personal definition for closure, you will be an emotional wreck and either hate trading, or take too little of profit, or too big of losses.

For me, closure is technical, or in other words, a mathematical decision. If you have strong math skills like me, then naturally you will use them. But there are two sides of trading. I pay very little attention to economics or fundamentals. I do not try to predict market movement based on government, conflict, inflation, earnings, losses, or interest rates. There are many traders who do though, and even though our methods vary greatly, we are all still traders.

If you are not strong in math, nor do you care about how news related topics affect markets, then you probably should not trade. In my opinion, there is a difference between a trader and an investor. A trader is hands on and treats markets like a profession or job or career. An investor is just a gambler putting money into the market and "hoping" to profit. The difference? Traders do not "hope". They like trading and work to improve any weaknesses that will make them better. They develop and improve upon the pivotal decision making tool until it is as easy as "go / no go". DEEP inside anyone naturally "hopes", but the difference is having a way to provide closure, rather than continuous "hope".

I would say that trading is not for everyone. Gambling is not for everyone either. Trading is a higher level than gambling. First you must be emotionally and financially able to gamble. Then, if you like it enough, you can study and research and improve your "odds" of winning. Find your pivotal decision-maker, and then you are a trader. Look around. How many people first really like gambling? How many of those really like trading? How many of those have found their pivotal decision-maker? How many of those pivotal decision-makers are good enough to profit for income? The theoretical answer is about 27% of all people attempting to trade.

Of course, anyone can desire to trade, but it takes more than desire to be, and remain, successful. It is not for everyone...only 27%

Forex trading is something that anyone could do, if they are determined. Also it is not for everyone because it requires a certain amount of persistence and ability to adapt according to changes
One thing is trading should never come down to emotions. You should approach forex trading as a business and should never stop learning about forex trading

The stats come from my own experience and around 100 people that have trade forex before me. All them said that you can't profit your 1st 3 year, on your 4th year you will break even.

When I first played forex I DID NOT BELIEVE that. I REALLY believed that through 100% Dedication learning everything/trying everything that is ALL about forex. That you would and SHOULD be profitable in 2 year at earliest.

But boy i was WRONG, I did try everything, learning everything ....that i can as a Retail trader perspective "knowledge". Some info just can only get if you really trade at the bank so nothing i can do here. But I really put in LOT AND LOT AND LOTS of effort and charts times.

At my 4th year, I begin to actually wining...... why? because they say so? yes... or maybe they already know that... In order to win in forex you have to have 3 year of PAIN and suffering through the tough time... if you make it out alive.. You have aquire something that "you CAN NOT acchieve in 2 year no matter how dedicate you are" and that is . In your 2 year newbies ARE STILL LOST. Finding ways to trade, DISCIPLINE themself, They can never settle in 1 SYSTEM and stick to it. Because they are still NEW and need to keep learning... and every new knowledge might trash their previous FALSE knowledge. So back to square 1 if you want to say that way.

But in the 4th year of anyone trading life, the person WILL have a SYSTEM that they can trust (through forward testing for the past ...1 year meaning from year 3 to year 4).

So they should be come profitable, but SADLY by the 5th year they will realize that while they are profitable they definitely can not get rich quick. But ITS OK.

They understand and would just DEPOSIT alot of money like say 25,000$ to 30,000$ and trade to make "extra income" while going to work at a REAL LIFE job... like say.. Mcdonald. They would win like 500$ per 2 week average...


Of course there is alway expectation in ANY ..thing. That's the rule of the universe. That is some people in their 3 year just totaly ...slack off... but they still have a system in the 4th year.. But because of the lack of forward test. and then they never profit.


My words on have "effect" on the people who actually REALLY dedicate their time to forex. If you are not one of them... then you will be in my other list of Year 5+ of never succeed.

So there you have it .. the "Future of a forex carrer" laying it out on the table. So you don't make the same mistake like those who goes before you...

--------

A fun exercise for those who read this:

Suppose you say with your current system: You can win 3 trade out of 10 trade. <-- ok I believe you that it's possible.

You can say you win 6 trade out of 20 trade <--- ok I believe you it's possible

Now if you say you can win 300 trade out of 1000 trade <-- ok I might still believe you

However if you say you can win 15,000 trade out of 50,000 trade <-- I DO NOT believe you .. . I believe you will win less than 15,000 probably around at 8000 at most...

So the purpose of that exercise was: All of the trade have 30% win ratio, But as you can see the LONGER YOU STAY in forex playing for the rest of your life..

The NUMBER go against you. It's a LOSE for you in the long run..... So Find a way to ..make it so that in the FUTURE where you only win 8000 trade .... you still
make money. Then you will be successful.

add me to the 100 people, because its what happening to me now.

Lol Maybe you're better than most. The simple truth is a person could trade for 100 years and that doesn't guarantee success. Look at my favorite trader of all time Jesse Livermore, in my eyes the best trader who ever lived, a great example of what to do, what not to do and the struggles we all face a traders ( I recommend all trader to read his book). He learned trading from number quotes, many of the greatest traders today couldn't pull off such a feat, you can't teach that, it's a skill and only a few people are born with it. I consider myself an ok trader but I also know my short comings and live with them, but try my best to overcome. I can't tell you what's going to happen to the EUR tomorrow, but I can pick the spots where going against my analysis would take a huge sum of money to better my chance of getting a trade. A friend of mine came up with a formula for playing the lottery game Keno, he had an average winning streak of 1 in 4 games, and always made back more than he bet.The money was coming in but it was coming too slow for him In one month he started to double up his bets within days he lost every cent and felt so pissed he stopped doing it all together, he probably could have used that for a few years and make easy slow money, but short turn gain got him burned so we will never know.

A lot of guys who have the mind and skill set to trade come in and get the wrong information and just stop trading, and these are people who could have been very good. So it's a combination of luck and skill that get you in trading. Luck is what got me here but skill is what keeps me here. Even when you have the skills that still doesn't guarantee success, the better you get, the easier the temptation of greed to creep up on you and you could make very stupid mistakes. Sorry to be the bearer of bad news, but not everyone can be a good trader sorry.

LOL that's so funny how you establish like the absolute truth for everyone a thing deduce from your experience and the one of your friend, colleagues

furthermore that seems enough logical that everyone learns at different rythm , you don't think it's really pretentious to think nobody can learn faster than you ?... seriously ?

This is probably the only post in this thread I can really agree with.

The one thing I've learned throughout my trading career is to never speak in definitives, and to ignore anyone who does. This has really served me well.

From every stock trading forum I've ever been a part of...

"Stay far away from Forex. You'll lose all your money"

This made me want to discover Forex even more. Glad I did. Everyone who would say things like this never gave Forex a real shot, and those who did likely tried trading it the same way as stocks, and DID lose all of their money. You have to consider your source.

"Price action is the only way to trade. Indicators are for fools."

Glad I ignored this nonsense too. I've become a professional trader based on a customized combination of indicators. Price action only used to scale out of trades. Whatever works for you is fine, but I'm living proof that quotes like the one above is like for people that never figured out the right combination, lost their money, and gave up.

So to answer the original question, I do not think Forex is for everybody. I'd wager to say you have to be a 1%er to really be able to do it. I learned this from sports betting. 99% of people that bet on sports lose, not because they can't pick winners, but because they go after low percentage bets (parlays), and most importantly cannot manage their money with any sort of discipline whatsoever. You can hit at an unprecedented 70% win rate, and still lose all of your money fast. This goes triple in Forex. Managing money and emotions takes a lot of time, practice, and natural ability. One definitive I will say is unless your blindly following a successful trader, you have to have your money management and emotions in check in order to do this. It's a very hard thing to accomplish, and most people sadly just never get there.

Ya. This time forex is for all kind of people. But in previous time it was not for general people. Only high standard peoples were able to trader here and they became more rich trading it. But now it is time to change the era. Forget about all the false news on forex and search more and also study more on it, then you will understand automatically.

If you have a very high pain threshold, are incredibly patient, disciplined, determined to succeed no matter what, happy to spend hours-days-weeks-years alone in front of the computer, and are willing to learn, then yes, I would say forex is for you. If not, forget it.

I think the main point is control self emotions. For those persons who cannot control it, do not trade!

Everyone can be a trader - just click the button! didn't saying winning.

Yeap, especially if talking about retail Forex.