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Which system is the best? Or which combinations of systems work the best? 46 replies

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Which is True about forex traders?

Quoting Porkpie
95% of traders on Forex Factory cannot spell LOSE!

Loose, loose wtf is loose???

It's LOSE idiots!!! LOSE
repeat ...LOSE
:-)
Looks like someone is not respecting fellow traders.

Regards,

Kris
A person is smart. People are dumb.
For those sensitive souls, please note the smiley face!
Quoting privatefr
Many Thanks. I am almost gone from FF, but from time to time I come to laugh and cry a little, and rarely to be surprised with something as simple and deep as your post......

What people dont understand is that you CANT master this profession, following a system posted on internet, or bought, or reading a book, or ten, you need a lot more than that, you need 10,000 screen hours...

A good reading about that here:

http://www.tradersnarrative.com/the-...cess-2460.html

Good Trading to all

Pepe
Thanks Pepe,

I can agree with the 10,000 hour rule. I actually came upon that while reading Brett Steenbarger's explanation of 'implicit learning'.

I tend to believe it is the subconcious mind that can eventually get trading right. I think that is where the gut-instinct or feel comes from. In my experience, the conscious mind really sucks at trading. Reading price-action and then not being able to explain how we do it is a good example of what comes from implicit learning. It's the many hours of immersion in the market that brings enlightenment.

Take Care.
Quoting Price
It's impossible to define what percentage of "traders" are unprofitable. Many try a few times and quit in frustration with a quickness. Many struggle indefinitely, and some make it to consistent gains.

But, a lot of activity in the market is corporate. They don't always care where the rate goes after they've done their business. There are many different reasons for entering positions, sometimes it is to hedge against future moves. Should this be included in the percentage ??

The one thing that the market will likely always do, is cream the masses....
Thanks Price for this invaluable contribution. Its highly appreciated.

Quoting privatefr

A good reading about that here:

http://www.tradersnarrative.com/the-...cess-2460.html
Thanks for the link. It's a great read.

You see, I pose the above question as I was thinking of ordering a trade station since am planning to go all out in my fx trading career. I started by asking myself the question about the company's welfare.

I said wont xyz go bankrupt by taking profitable traders' position, etc...? Then the question of the 95% of all or some came to mind.

I want to appreciate all the contributors here as I have been greatly enlightened by your posts.

From the above posts, I think the bottom line is: There are profitable traders and there are unprofitable traders.
  • Post #25
  • Quote
  • Last Post: Oct 4, 2011 8:57am Oct 4, 2011 8:57am
I wonder how the figures would look if split into scalpers, swing traders and position traders.

You'd probably find very few (if any) long term profitable scalpers, a few profitable swing traders and the largest percentage of profitable position traders.

I think it is undeniable that most intelligent traders could get rich slowly by position trading - but I think it is likely that most are seduced by the get rich quick promise of short-term trading.

From reading posts here it also seems that almost all traders are trading tiny funds (most less than $10,000). It would take many years to build a fortune from this base with position trading making the short term "get rich quick" illusion so much more enticing - which is probably why the "95% of traders" figure could well be true.
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