Why 99% of traders lose money | Page 20 | Forex Factory

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Why 99% of traders lose money

  • #381
  • May 20, 2020 7:53pm May 20, 2020 7:53pm
Quoting smikester
{quote} And you are a charlatan: {image}
I don't think he is a Charlatan, but his results show he can trade and make money.
I also think the vast majority lose at forex, but mingary seems to be of the low % who make money from trading currencies.
Compulsions can be hard to resist
  • #382
  • May 21, 2020 3:50am May 21, 2020 3:50am
What percentage of restaurant start ups fail and what is the average loss to the owners? Can they start with a computer and $1,000 dollars?
Gone to a better place
  • #383
  • Edited 3:41am May 22, 2020 12:14am | Edited 3:41am
You may not compare a "normal bona fide business venture" (like a restaurant startup) to Retail Forex; lest some hopeful soul be mislead !! (:
Correlation does not imply causation!
Therefore, you may compare "oranges to oranges",

Retail forex is essentially a betting game.
In this less than zero sum game like retail forex, the retail market participants part with their money rather quickly, partly due to the low barrier to entry and the constant "come on for a swim the water is fine" type of lies.
Retail forex = glorified casino.

For instance, you are allowed to compare the success rate of "trading in retail forex is my sole source of income" to "playing poker is my sole source of income" as both are betting games and are played in a similar environment.
  • #384
  • May 22, 2020 5:20am May 22, 2020 5:20am
Quoting Mingary
You may not compare a "normal bona fide business venture" (like a restaurant startup) to Retail Forex; lest some hopeful soul be mislead !! (: Correlation does not imply causation! Therefore, you may compare "oranges to oranges", Retail forex is essentially a betting game. In this less than zero sum game like retail forex, the retail market participants part with their money rather quickly, partly due to the low barrier to entry and the constant "come on for a swim the water is fine" type of lies. Retail forex = glorified casino. For instance, you...
So I don't need my pots and pans at the poker table?

I'M SO CONFUSED
Congratulations ScalaFX for coming out of the closet!
  • #385
  • Edited May 23, 2020 12:27am May 22, 2020 5:37am | Edited May 23, 2020 12:27am
Quoting nubcake
{quote} So I don't need my pots and pans at the poker table? I'M SO CONFUSED
That is correct you don't need your pots and pans at the poker table.
I think you are confusing Pots and Pans with Plots and Plans ..
  • #386
  • May 22, 2020 7:29am May 22, 2020 7:29am
I think they were talking about pots and pans because a restaurant was mentioned...
  • #387
  • May 23, 2020 12:56am May 23, 2020 12:56am
Quoting smikester
{quote} And you are a charlatan: {image}

I am not even going to dignify that with a response.
  • #388
  • May 25, 2020 6:33am May 25, 2020 6:33am
Quoting Mingary
{quote} I am not even going to dignify that with a response.
and you don't have to, I think that your audited results speak for yourself. I doubt 5% of any self called "successful" trader will provide one if asked.
  • #389
  • Edited May 27, 2020 12:01am May 26, 2020 2:31am | Edited May 27, 2020 12:01am
Quoting dbt2020
{quote} and you don't have to, I think that your audited results speak for yourself. I doubt 5% of any self called "successful" trader will provide one if asked.
Your first post just to say this ?
What audited results ?
  • #390
  • May 27, 2020 6:31am May 27, 2020 6:31am
I am not sure what audited results they mean either.
  • #391
  • May 27, 2020 6:49am May 27, 2020 6:49am
Quoting Mingary
{quote} That is correct you don't need your pots and pans at the poker table. I think you are confusing Pots and Pans with Plots and Plans ..
That's actually a very smart reply.
  • #392
  • Jun 8, 2020 12:23am Jun 8, 2020 12:23am
Quoting dbt2020
{quote} and you don't have to, I think that your audited results speak for yourself. I doubt 5% of any self called "successful" trader will provide one if asked.
Mingary has shown himself to be a successful trader already.
Results have not been audited but he has results published on an old thread in Forex Factory.

How many other traders here can show the same?
Compulsions can be hard to resist
  • #393
  • Jun 11, 2020 8:46am Jun 11, 2020 8:46am
Many traders fail due to not having a proper trading plan and strategies. They also don’t manage risks and jump into trading without having any fundamental or technical analysis. All these things are really important if you wish to be a successful trader.
  • #394
  • Jun 12, 2020 2:21am Jun 12, 2020 2:21am
As far as I known, there are 80% traders lost money because they choose wrong brokers and it costs them high spreads and no rebate to get, also some non-regulated brokers even steal their money. and the broker do not help their customer to have a future plan about it...
  • #395
  • Jun 29, 2020 7:15am Jun 29, 2020 7:15am
I think many traders lose because of lack of well defined trading strategy and their inability to deal with their own emoitons
  • #396
  • Jun 29, 2020 10:05am Jun 29, 2020 10:05am
Losing money because of a flaw in your strategy is preferable to losing it by way of being scammed.
  • #397
  • Jun 30, 2020 3:32am Jun 30, 2020 3:32am
From my experience i would say because the lack of knowledge in forex and due to choosing wrong broker leads to loss.

When i started as a beginner i made many mistakes and dint try to learn from it but just kept doing it again and again.
  • #398
  • Jun 30, 2020 7:58am Jun 30, 2020 7:58am
Many newbies have similar experiences, unfortunately. I hope you have managed to overcome that?
  • #399
  • Jul 6, 2020 6:26am Jul 6, 2020 6:26am
Quoting Richardson89
From my experience i would say because the lack of knowledge in forex and due to choosing wrong broker leads to loss. When i started as a beginner i made many mistakes and dint try to learn from it but just kept doing it again and again.
when its time to choose a broker in that time they become emotional and take inappropriate decision.
  • #400
  • Jul 10, 2020 11:29pm Jul 10, 2020 11:29pm
I personally feel there are 2 main points to consider while trading
1) Don't be angry if you start losing- You will start placing more trades inorder to be in green again and that will just be the downfall. Better to take a day off and look where exactly you went wrong.

2) If your not sure about your entry trade dont take it- Better to be safe than sorry.
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