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95% failure rate?

  • #61
  • Nov 1, 2008 4:19pm Nov 1, 2008 4:19pm
Quoting aediaz1
You'd be amazed how far a person can get just by having the right mind-set.
For sure!

Quoting Niandra_lade
If you want to be in the 5% that make it, here is the answer....
Part of the answer. I'll go that far.

The problem with The Secret and similar books is that
they imply that mind-set is all you need.

You can be successful at Forex, or anything else, by
positive attitude only? BS!

Oh, there is one thing you can do...write self-help books.
  • #62
  • Edited 8:01pm Nov 1, 2008 6:24pm | Edited 8:01pm
Isn't this based on inspirational motivation?

Aren't we as traders taught to leave those feelings at the door?

Quoting Niandra_lade
If you want to be in the 5% that make it, here is the answer....



















http://judyoz.com/media/ccp0/prodlg/the%20secret.jpg
  • #63
  • Nov 1, 2008 11:23pm Nov 1, 2008 11:23pm
Quoting KudzuFX
are you the 5% yet?



.
I'm not in the 5% community who make 95% of the money, no.
Measure twice, cut once
  • #64
  • Nov 1, 2008 11:37pm Nov 1, 2008 11:37pm
OOOOOOO the Secret.......... What a bunch of mental masturbation
Didn't your mama tell you you'd go blind if you did that.....
Same Whore .... Different Dress
  • #65
  • Nov 2, 2008 12:56am Nov 2, 2008 12:56am
I would suggest that there is at least one thing more powerful than reading motivational books...

...figuring out what the 5% are doing to be the 5% and being willing to do it 100% of the time.


W O R K




.
  • #66
  • Nov 2, 2008 1:19am Nov 2, 2008 1:19am
Quoting KudzuFX
I would suggest that there is at least one thing more powerful than reading motivational books...

...figuring out what the 5% are doing to be the 5% and being willing to do it 100% of the time.

W O R K

.
Same Whore .... Different Dress
  • #67
  • Nov 2, 2008 1:26am Nov 2, 2008 1:26am
Quoting johnedoe
OOOOOOO the Secret.......... What a bunch of mental masturbation
Didn't your mama tell you you'd go blind if you did that.....
If you ever go through the process of learning how to programme you subconcious, it can bring life changes that you would otherwise not even dare to dream about.
Note here. There is a big difference between knowing something and in applying that knowledge.
Polishing my crystal ball
  • #68
  • Nov 2, 2008 5:07am Nov 2, 2008 5:07am
Quoting 30XTCi
If you ever go through the process of learning how to programme you subconcious, it can bring life changes that you would otherwise not even dare to dream about.
Note here. There is a big difference between knowing something and in applying that knowledge.
Exactly, and you only have to look at hypnotherapy to see how effective these methods can be.

Like FXSurfer said it's only part of the answer, but psychology does play a major part in trading. Not enough time and focus is spent on it which goes some way to explaining the alleged 95% figure in my opinion.
  • #69
  • Nov 2, 2008 9:33pm Nov 2, 2008 9:33pm
Thanks for all of your posts and taking the time to write them they are all great.

I guess it’s safe to assume that no magical system, book, or EA will put you in the top 5% if indeed there is a 5%
  • #70
  • Edited 4:23am Nov 5, 2008 12:48am | Edited 4:23am
Quoting 30XTCi
If you ever go through the process of learning how to programme you subconcious, it can bring life changes that you would otherwise not even dare to dream about.
Note here. There is a big difference between knowing something and in applying that knowledge.
I'm not to sure most people are ready to be aware and listen the same way a select few do. The application of an internal knowledge base is vast and can bring about a major internal revolution for those that accept the transformation. The action, or application as you call it, is not applied at all - rather it was a part of you all along and becomes you as you we're meant to be. When your able to remove yourself and your thoughts from this market you will see it for the first time. There must be struggle to accomplish this feat though. Sometimes we have to lose in order to never lose again. Perfection in trading is never achieved.
  • #71
  • Nov 5, 2008 7:23am Nov 5, 2008 7:23am
Quoting 30XTCi
If you ever go through the process of learning how to programme you subconcious, it can bring life changes that you would otherwise not even dare to dream about.
Note here. There is a big difference between knowing something and in applying that knowledge.

have you programmed your subconscious to be in the 5% yet? how will you know you are in the 5% when you get there? will your subconscious recognize the 5% when it arrives? do you know if you are in the 5% right now?
  • #72
  • Nov 5, 2008 7:58am Nov 5, 2008 7:58am
After so much failure you start to see what works and what doesn't. Its a long proccess and it takes a lot more money and work than you would think when you first start. Lot of traders come into this job thinking they will soon quit their jobs and be financially free, but end up frustrated real quick as they learn that it will actually take time.

I think it all comes down to not only having a system but also to follow it to the dot with consistency. When the time comes and you actually make it to that 1-5% be very careful and not fall back to the previous percentage.
Cheers.
  • #73
  • Nov 5, 2008 8:49am Nov 5, 2008 8:49am
Quoting KudzuFX
have you programmed your subconscious to be in the 5% yet? how will you know you are in the 5% when you get there? will your subconscious recognize the 5% when it arrives? do you know if you are in the 5% right now?
It's a long story that I won't go into here.
The answers are 1) It's an ongoing process.2) I will be trading $8000 per pip. 3) No, my conscious self will
know.4)Yes, I know I'm not.

Does anybody know where the "top 5%" starts or ends. I am sure I have no idea nor do I care. I am prepared to do whatever it takes, just as much mentaly as physically.

Reading a book like "The secret" or " Think and grow rich" or "I'm OK-You're OK"or "Rich dad poor dad" and Authors like Deepak Chopra, only give you the tools required to start to learn how to program.
The problem is most people ( lets take a random number like 95% )are "too busy" and they " don't have time " to follow through and use those tools as effectively as they should. That part takes a great deal of effort. Not just saying "think positive" a few times.You know the line : Life is what happens while your busy making other plans.

Roy
Polishing my crystal ball
  • #74
  • Nov 5, 2008 9:07pm Nov 5, 2008 9:07pm
Quoting 30XTCi
It's a long story that I won't go into here.
The answers are 1) It's an ongoing process.2) I will be trading $8000 per pip. 3) No, my conscious self will
know.4)Yes, I know I'm not.

Does anybody know where the \"top 5%\" starts or ends. I am sure I have no idea nor do I care. I am prepared to do whatever it takes, just as much mentaly as physically.

Reading a book like \"The secret\" or \" Think and grow rich\" or \"I'm OK-You're OK\"or \"Rich dad poor dad\" and Authors like Deepak Chopra, only give you the tools required to start to learn how to program.
The problem is most people ( lets take a random number like 95% )are \"too busy\" and they \" don't have time \" to follow through...
u sure u r trading $8000 per pip? should have show us your screenshot or write your trading journal here, must be interesting.
  • #75
  • Nov 5, 2008 10:10pm Nov 5, 2008 10:10pm
Why not? Let us see that, I don’t have experience and wanna get some
  • #76
  • Nov 6, 2008 8:37am Nov 6, 2008 8:37am
^#(^
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #77
  • Mar 12, 2012 3:51am Mar 12, 2012 3:51am
Well, I'm kind of late to the discussion but this topic never will lose its actuality.
The following text it was taken from the BabyPips's forum and it seems pretty legit. Here it is:
"A class action lawsuit took place about 8 years ago against a broker who provided access to futures markets, including forex futures.

They found that 88% of their traders who used this particular brokerage lost money after 1 year of opening an account.

that leaves 12% profitable... but remember, the definition of profitable is having at least one penny more in the account than when you opened it.

Say, if one opened an account with $10,000. And at the end of the year, had $10,001. This would be part of the 12% profitable.

The lawsuit was formed on the basis that the broker had advertised in such a method that suggested clients would make money trading with them. They were a fairly large company if I recall...and survived well past the lawsuit.

The lawsuit consisted of over 1,000 former clients, and the 88% losing figure was on the basis of a court ordered audit that forced the broker to disclose the statistics of ALL of its clients...not just the ones suing.

It's safe to say that of that 12% that make money...only half make enough to do it full time...and how many of them continue to make money, year after year? I'd guess very few. 5% might be a bit high.

My own broker representative told me of the accounts he oversees, over 90% are no longer actively trading. If they are making money...they would probably be actively trading, no?

I once was in a bit of a debate with a V.P. of a VERY well known online stock brokerage, (it's a household name in the United States), and he concluded the argument by stating in a farily condesending tone: "I've never seen a single day trader who ever makes money...and i'm the guy who sees who makes what in their accounts!"
http://forums.babypips.com/forextown...orex-real.html

Needless to say I'd very much like to be in the top 5 percentage, but the path to that place it's not easy, nor for everyone.
  • #78
  • Edited 5:28am Mar 19, 2012 4:39am | Edited 5:28am
I believe there is a 95% failure rate but it depends on how you define failure. Doe it include those that tried it for one day and then quit? Does it include those that put $100 into a micro account and lost it in one day and then quit? I would say that people that treat this the right way usually succeed. Most people will say this is "Treat it like a business". I must say that I completely disagree with this line of thought because it's not a business. You aren't going to lose your business if you go on vacation even for a year. What do you think would happen if you had a successful business and left it for a full year and then wanted to start where you left off? Do you think that would be possible? You don't have customers or advertising. What it is is a LOT OF HARD WORK. That's it. Have the attitude that this is not a get rich quick scheme. This is not easy. It requires consistency, stability, hard work, and a willingness to learn and to stick to it. I would say that number drastically changes once you have the proper attitude.
  • #79
  • Mar 19, 2012 7:04am Mar 19, 2012 7:04am
Quoting bfis108137
would say that people that treat this the right way usually succeed.
This.

That 95% fail or whatever real figure it is, makes it sound as if trading is so hard as to be nearly impossible and not worth bothering with. The truth of the matter is that most people attracted to trading are attracted because they want big money quickly. As most of us know, trading can get you big money slowly but rarely quickly. That's the big problem.

Do your 2-6 years worth of learning (we all learn at different rates and have varying amounts of time on our hands), keep your risk low at the start and grow it as you improve and work tirelessly at taking emotion out of your trading so you can keep a clear mind and it eventually becomes fairly easy. One day I suspect that trading will become very easy for me and I have no doubt to some people out there, it's pretty much as natural as kicking a football is to Messi already. It's just that it'll take a fair while to get there and most people just won't give it that time.

As you say, anyone approaching it in the right manner should see profitability regularly at some point.
  • #80
  • Mar 19, 2012 9:19am Mar 19, 2012 9:19am
Quoting Trotty
This.

That 95% fail or whatever real figure it is, makes it sound as if trading is so hard as to be nearly impossible and not worth bothering with. The truth of the matter is that most people attracted to trading are attracted because they want big money quickly. As most of us know, trading can get you big money slowly but rarely quickly. That's the big problem.
I agree, good post. I also think that to get any sort of meaningful understanding behind the statistic you need to analyse what sort of people make up the 100%, very often totally the wrong type of people are enticed into this business on the expectation of instant easy money.
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