Why do 99% of the people who wants to be traders fail?
Not being willing to learn and not persevering after the shock of their first loss trade.
Not being willing to learn and not persevering after the shock of their first loss trade.
Why do 99% of the people who wants to be traders fail?
cause 99 % of traders are idiots..
They pay for mentors , and other idiotic things.. trading requires maturity and independence . theres no one to blame but themselves..
im 18 and i trade for a good living . There should be no excuse a teenager can accomplish something you cant ..
.. 
They pay for mentors , and other idiotic things.. trading requires maturity and independence . theres no one to blame but themselves..
im 18 and i trade for a good living . There should be no excuse a teenager can accomplish something you cant ..
.. cause 99 % of traders are idiots..
They pay for mentors , and other idiotic things.. trading requires maturity and independence . theres no one to blame but themselves..
im 18 and i trade for a good living . There should be no excuse a teenager can accomplish something you cant ..
An 18 year old who knows everything. - #109
- Edited 12:40pm Jan 26, 2010 11:48am | Edited 12:40pm
- | Joined Aug 2009 | Status: Trader | 335 Posts
an 18 year old who trades very successfully , and obviously doesnt care what you or any one thinks your probaly like 30+ years old and still have a full time job and one of the 99 %
In order to be a successful FX trader you need to deal with your fears and the greed factor. Ego also plays an amazing part.
I am a well rounded experienced businessman who has had many life experiences. I recall how hard it was to take my first loss in FX trading.
My first live trade was done on March 9, 2006 and I never had even one loss in my first 80 FX trades.
During June 2006, I moved my currency business over to Man Financial Canada and it was in June 2006 that I had my first loss.
Even though the loss was only $100 it was the...
- #112
- Jul 30, 2011 11:57pm Jul 30, 2011 11:57pm
- Joined Jul 2007 | Status: Short on USD/MXN, Long on legs | 16,578 Posts
I can't imagine it's 99% .....I think a person needs about 3+ years of study and will run across a lot of dead ends before "wow". Now, I know exactly why something or the market did this. Also, is quiting the same as failure. Than that number is probably true... ... I have been at it since 2005,,, for the most part up and down. I am not quitting my quest and enjoying it more and more as I spend more time at it. I have a day job so honestly, I don't care whether I make it or not. If it takes a decade and I develop that perfect ea, its something...
According to Oanda mandatory disclosures, anywhere from 30-35% each quarter is profitable
Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
- #113
- Jul 31, 2011 1:11am Jul 31, 2011 1:11am
- Joined Apr 2007 | Status: Trader | 1,842 Posts
99% is nonsense.
According to Oanda mandatory disclosures, anywhere from 30-35% each quarter is profitable
Shamu
Extrapolating a static sample set of FX traders over a longer period of time will show a gradual succumbing to the 90%+ failure rate.
- #116
- Aug 4, 2011 6:06am Aug 4, 2011 6:06am
- | Joined Feb 2007 | Status: Small is beautifull | 1,368 Posts
- #117
- Aug 8, 2011 5:31pm Aug 8, 2011 5:31pm
- | Joined Nov 2010 | Status: Yarr! Thar be pips about! | 45 Posts
stage1
1. thinking its easy
2. A Need for a quick fix "the glamour of the scalper"
3. Selfpicture of what you can and don't can do
4. High hopes for fast returns fast (there are very nice and fast returns but the will come to you, you can't force the market it doesn't give a fk about you)
4. False beliefs
5. Trading in a way that with luck can see profit short term but is really doomed from start long term.
6. Timing getting in to late to not miss that good drop that often turns bad
7. Preemptive execution. Going for a trade before my signal to get in early.
List can go on and on ive traded for 2(3 counting all the rading) years now. fisrt months steady draw downs a few trades that was viable close almost directly to ofset any losses.(tip read about loss averion).
After a year I was pretty much BE wiht some greens monts but not much.
Mindset changes i had to take to go from BE trading forever to push myseld into profit was after the facts easy.
Stage2
Trading is easy and yes that counter nr1 up there but when you come this far you still locking up potential thinking its hard.
but it isn't, It's easy and i dont care to much If i dont in an entry today so maybe im cheking in tnight again looking for some setup or ill just do taht tomorrow.
Make a strategy for the week it helps alot write and mark on you charts now what you will do there. Example on weekly i se a nice trendline retracing in pair that have a main trend direction. I mark the trandline wiht a fat marker so i dont see every little jump under tradline.
I do this one every pair then i just sit on my hands work with other stuff check them in the morning and evening. when i see atrade comming close to my predefined area of interest s start to watch closer. after breakout i zoom in on lower timeframes looking for a retrace, best is breakout then retrace to breakout then i enter. When i was unprofitable i would throw my trade on when just the slightest bar come over my sharp TL. Lets others loose money decidig if its a break or not when it clearly is move in.I move lower frames and take scalp like entry. after a few minutes set SL to BE and go have a coffe, Chillax.
Check you trade out later in the evening and either you got SL @BE out or you will have some decent pip gain, Now just let it ride With the BIG TREND and forget it . NOW your money are working for you! not you for money. Redo every week add position. TP NEVER!!
well tp when you need to refill some cash and add to equity and if Maintrend starts to show its invalid
Rinse repeat
If you looking for a kick go to vegas or some oline poker siter will probalby be mor fun way of loosing you mony
1. thinking its easy
2. A Need for a quick fix "the glamour of the scalper"
3. Selfpicture of what you can and don't can do
4. High hopes for fast returns fast (there are very nice and fast returns but the will come to you, you can't force the market it doesn't give a fk about you)
4. False beliefs
5. Trading in a way that with luck can see profit short term but is really doomed from start long term.
6. Timing getting in to late to not miss that good drop that often turns bad
7. Preemptive execution. Going for a trade before my signal to get in early.
List can go on and on ive traded for 2(3 counting all the rading) years now. fisrt months steady draw downs a few trades that was viable close almost directly to ofset any losses.(tip read about loss averion).
After a year I was pretty much BE wiht some greens monts but not much.
Mindset changes i had to take to go from BE trading forever to push myseld into profit was after the facts easy.
Stage2
Trading is easy and yes that counter nr1 up there but when you come this far you still locking up potential thinking its hard.
but it isn't, It's easy and i dont care to much If i dont in an entry today so maybe im cheking in tnight again looking for some setup or ill just do taht tomorrow.
Make a strategy for the week it helps alot write and mark on you charts now what you will do there. Example on weekly i se a nice trendline retracing in pair that have a main trend direction. I mark the trandline wiht a fat marker so i dont see every little jump under tradline.
I do this one every pair then i just sit on my hands work with other stuff check them in the morning and evening. when i see atrade comming close to my predefined area of interest s start to watch closer. after breakout i zoom in on lower timeframes looking for a retrace, best is breakout then retrace to breakout then i enter. When i was unprofitable i would throw my trade on when just the slightest bar come over my sharp TL. Lets others loose money decidig if its a break or not when it clearly is move in.I move lower frames and take scalp like entry. after a few minutes set SL to BE and go have a coffe, Chillax.
Check you trade out later in the evening and either you got SL @BE out or you will have some decent pip gain, Now just let it ride With the BIG TREND and forget it . NOW your money are working for you! not you for money. Redo every week add position. TP NEVER!!
well tp when you need to refill some cash and add to equity and if Maintrend starts to show its invalidRinse repeat
If you looking for a kick go to vegas or some oline poker siter will probalby be mor fun way of loosing you mony
The universe seems neither benign nor hostile, merely indifferent.
I started trading FX during September 2003. I demo traded using $50,000 accounts. I made my first FX trades during March 2006. My first 75 FX trades were all wins. In my first three months of trading I doubled a $25,000 US Dollars account to $50,000. I have managed as much as $250,000 US Dollars at one time. Over 80% of all my FX trades are winning ones. I have had margin calls, I have had EGO issues because of my earning PLUS 25% on managed funds each month of my FX trading career and at times I risked too much capital.
I consider myself based...
If someone talks about laziness, definitely I agree.
when you don't have willingness to learn something, you will don't get anything. I just lost some cash in FX on last friday because I was to lazy to make the analysis and read the fundamental. In fact, I knew that the GBP/USD would be going up, but I still open 4 lot sell position. I believe you know the result.
finally I had to cut it otherwise I will lost everything for the 2nd time. and the next game, I have to be more careful and do not be egoistic.
soo... you have to learn of every step that you take...
be success....
Golden Goose Return This Month:
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