Why do 99% of the people who wants to be traders fail? | Page 5 | Forex Factory

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Why do 99% of the people who wants to be traders fail?

  • #81
  • Feb 23, 2008 11:36am Feb 23, 2008 11:36am
Still haven't got any response from him.
  • #82
  • Feb 23, 2008 1:42pm Feb 23, 2008 1:42pm
Quoting Tjpld
Still haven't got any response from him.
I only post here to be helpful. It also helps me to relax by sharing my knowledge.

As for my credentials it is so simple. Just send me a email to [email protected] and I will send you the PDF file of my 1502 REAL FX trades between October 2, 2007 and November 6, 2007 where I managed $99,980 US Dollars for a client out of Hong Kong and I earned him $19,246.02 in real profits. My first 693 FX trades were all wins.

How much more direct can that be ?

Now for the question ! What exactly do you want answered ?

I am awaiting the question.

Thank You...

Sincerely

Bruce
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  • #83
  • Feb 23, 2008 3:50pm Feb 23, 2008 3:50pm
Quoting Warren Forex
I only started trading FX using Demo accounts from September 2003 until March 8, 2006 and then managing funds for other people under a LPOA from March 9, 2006 until present day.

I Average PLUS 20% return a month each month that I trade.

Why can I go 693 FX trades in a row without a loss ? Why do I average plus 20% a month constantly ?

I traded a Demo account through PFG in Chicago that they set up for me with an amount of $5,000,000 US dollars.

I traded it for exactly 56 days or 8 weeks and did 1804 FX trades.

I had 4 losses in 1804 FX trades.

I increased the Demo account to PLUS $7,500,000 US dollars.

Would you like me to send you the documented PDF file of those 1804 FX trades ?
So how much of this is in adult money?

I never did demo trading. Is it like playing monopoly and believing you are Donald Trump, only without the bad combover hairdo. :

Another answer why there is such a high failure rate in trading is how gulliable people are and how gulliable some believe others are.
  • #84
  • Feb 23, 2008 8:50pm Feb 23, 2008 8:50pm
Quoting SunTrader
So how much of this is in adult money?

I never did demo trading. Is it like playing monopoly and believing you are Donald Trump, only without the bad combover hairdo. :

Another answer why there is such a high failure rate in trading is how gulliable people are and how gulliable some believe others are.
I post with respect for you. Now to show me respect send me a email and I will send you the proof.

Then there will be no doubt or issues related to being gulliable.

I await you email.

Have a great Sunday

Bruce
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  • #85
  • Feb 23, 2008 8:52pm Feb 23, 2008 8:52pm
Quoting Warren Forex
I post with respect for you. Now to show me respect send me a email and I will send you the proof.

Then there will be no doubt or issues related to being gulliable.

I await you email.

Have a great Sunday

Bruce
The below comments relate to REAL FX trades, not demo ones.

I only post here to be helpful. It also helps me to relax by sharing my knowledge.

As for my credentials it is so simple. Just send me a email to [email protected] and I will send you the PDF file of my 1502 REAL FX trades between October 2, 2007 and November 6, 2007 where I managed $99,980 US Dollars for a client out of Hong Kong and I earned him $19,246.02 in real profits. My first 693 FX trades were all wins.

How much more direct can that be ?

Now for the question ! What exactly do you want answered ?

I am awaiting the question.

Thank You...

Sincerely

Bruce

http://www.forexfactory.com/images/misc/progress.gif

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  • #86
  • Edited Feb 24, 2008 12:05pm Feb 23, 2008 8:57pm | Edited Feb 24, 2008 12:05pm
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  • #87
  • Feb 23, 2008 10:29pm Feb 23, 2008 10:29pm
hahaha... 99.999999999999%! There's 1 guy living in a shack in Montana that's got it all figured out, that's it.

IMO the reason(s) are different for everyone, be it system or psychology or money management.

But I'll take that PDF of your trades, always good to learn other ppl's systems.
  • #88
  • Feb 24, 2008 10:50am Feb 24, 2008 10:50am
Quoting Rabid
hahaha... 99.999999999999%! There's 1 guy living in a shack in Montana that's got it all figured out, that's it.

IMO the reason(s) are different for everyone, be it system or psychology or money management.

But I'll take that PDF of your trades, always good to learn other ppl's systems.
Thank You

Just send me a email to [email protected] and I will email it to you as soon as I get your email. Mention your name that you use on Forex Factory.

Have a GREAT Sunday.

Best regards

Bruce
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  • #89
  • Feb 28, 2008 10:18pm Feb 28, 2008 10:18pm
Hey

I do agree DEMO is the way to go for a newbie....

Im a newbie and im just starting to understand the complexities. In the beginning everything looked easy and then it got really confusing..but you have to try to work out things slowly and take time understanding the charts. The more you look at them the more you understand. It just takes a lot of patience and discipline.

Check out the thread by PeterFM. It really helped me a lot.
  • #90
  • Jun 26, 2008 5:30am Jun 26, 2008 5:30am
I just finished reading this thread. There is much good information here that would be helpful to read.

Have a Good Trading Day !!!


Bruce
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  • #91
  • Jun 26, 2008 3:10pm Jun 26, 2008 3:10pm
Quoting Warren Forex
I just finished reading this thread. There is much good information here that would be helpful to read.
.......
In my very humble opinion, there are two eye-catching posts in this thread:

#15 by Mr Roboto
#27 by Italian Sharp

There are two reasons that they stand out to me. First, they state what should be completely self-evident. Second, they mirror the results of my own research and trading experience.

David
  • #92
  • Dec 31, 2009 7:32pm Dec 31, 2009 7:32pm
i think its fear and greed.

u need to convert fear into confidence, that is not hard to do. but the hardest is how to resolve greed.

greed is the one that makes you tweaked a 'reliable' 10 pips system into a 100 pips system and then to a 1000pips system.

just my 2 cents
  • #93
  • Jan 5, 2010 6:37pm Jan 5, 2010 6:37pm
Quoting hartnet
i think its fear and greed.

u need to convert fear into confidence, that is not hard to do. but the hardest is how to resolve greed.

greed is the one that makes you tweaked a 'reliable' 10 pips system into a 100 pips system and then to a 1000pips system.

just my 2 cents
Discipline solves all trading problems, IMHO.
  • #94
  • Jan 5, 2010 6:39pm Jan 5, 2010 6:39pm
Quoting hanover
In my very humble opinion, there are two eye-catching posts in this thread:

#15 by Mr Roboto
#27 by Italian Sharp

There are two reasons that they stand out to me. First, they state what should be completely self-evident. Second, they mirror the results of my own research and trading experience.

David

#27 nails it, IMHO.
  • #95
  • Jan 6, 2010 7:49am Jan 6, 2010 7:49am
Lack of discipline
  • #96
  • Jan 6, 2010 10:22am Jan 6, 2010 10:22am
Unrealistic goals, poor understanding of leverage (or risk in general) and complete ignorance of macroeconomics.
  • #97
  • Jan 6, 2010 10:26am Jan 6, 2010 10:26am
Quoting tdion
Forex is gambling. It's only a matter of time before a huge losing streak comes.... That's why so many people lose.

Don't you agree with me, Seeking_Light?
Ha good point... the negative expected return doesn't help your chances.
  • #98
  • Jan 6, 2010 5:11pm Jan 6, 2010 5:11pm
We have had over 20 traders "go through our doors" in a year with 2 staying. No matter what we teach them I find it is what is in their head that either helps them succeed or fail.

The ones that succeed ultimately work through the unforeseen mental blocks. Those are usually the ones who "really want it" and have the desire, discipline, and motivation to get over whatever hurdle they have to.

The ones that want to drive a Porsches and live in big houses and get rich never make it. Obtaining the wealth come with hard work whatever it may be. I think technical trading is fairly straightforward and almost anyone can learn it. it's what's rattling around in the brain and emotion that gets in their way.

So basically everything that people have pointed out. I just think you need to find the passion for trading, whatever that passion is focused on, and build on it.

On some of the junk I see in the forums I can almost peg exactly where that trader is at mentally. It's either the broker's fault or the "broker is ripping them off" or .... the list goes on. I think knowledge patience and desire will help anyone be a good trader.

If you're struggling think about this little saying:

"most people quit when they are on the 1 yard line". They run 99 yards and say "look how far I had to run. I'm tired, exhausted. This isn't worth it." If they would have only gone that little bit extra they would have the touchdown.

My 2 pips! Happy trading!
  • #99
  • Jan 6, 2010 7:45pm Jan 6, 2010 7:45pm
Quoting pipjunky
"most people quit when they are on the 1 yard line". They run 99 yards and say "look how far I had to run. I'm tired, exhausted. This isn't worth it." If they would have only gone that little bit extra they would have the touchdown.
It ain't over till the Fat Lady sings.
  • #100
  • Jan 6, 2010 9:55pm Jan 6, 2010 9:55pm
Quoting steveshelby
Discipline solves all trading problems, IMHO.
With all due respect, discipline alone does not solve all trading problems. You need an edge and 10,000 hours. People who cannot accept criticism (like yourself) will not last long, because psychologically they think their methods are always right and cannot accept losses. IMHO, first you need to fix your ego.
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