How many of us are already making profit consistently? | Forex Factory

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How many of us are already making profit consistently?

  • Poll

  • Are you making consistent profit in trading forex?
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  • #1
  • First Post: Apr 17, 2012 9:56pm Apr 17, 2012 9:56pm
Dear All,

There are some people saying that 90% or more are likely to fail making profit consistently trading forex. I am curious about the real number, please kindly help to answer the poll to know the approximate real percentage of people actually can make money consistently in this forex "jungle"

Thank you
Failure leads to Success if one learns from mistakes and never give up
  • #2
  • Apr 17, 2012 11:42pm Apr 17, 2012 11:42pm
who cares? the % of people that make money is irrelevant as long as YOU MAKE MONEY. If you are looking around for encouragement as to see how possible it is for YOU to make money, the answer again is who gives a sh#t? 5%,40% does not guarantee YOU will make money.

concentrate on YOU making money.
AVT INVENIAM VIAM AVT FACIAM
  • #3
  • Apr 18, 2012 12:31am Apr 18, 2012 12:31am
Quoting the redlion
who cares? the % of people that make money is irrelevant as long as YOU MAKE MONEY. If you are looking around for encouragement as to see how possible it is for YOU to make money, the answer again is who gives a sh#t? 5%,40% does not guarantee YOU will make money.

concentrate on YOU making money.
lol we should ask twee to put a "like" jsut like facebook.

otherwise i can't like your post lol
  • #4
  • Apr 18, 2012 2:31am Apr 18, 2012 2:31am
Quoting jinchu
Dear All,

There are some people saying that 90% or more are likely to fail making profit consistently trading forex. I am curious about the real number, please kindly help to answer the poll to know the approximate real percentage of people actually can make money consistently in this forex "jungle"

Thank you
Actually, we do not need to know how many of those who fail in this trading. You just focus on your own business. Remember, it will only reduce the spirit of our trade.
  • #5
  • Apr 18, 2012 5:24am Apr 18, 2012 5:24am
There is already a current thread on this

http://www.forexfactory.com/showthread.php?t=350541

and looking at the numbers its pure cr@p
  • #6
  • Apr 18, 2012 5:49am Apr 18, 2012 5:49am
to markmc27: thanks for pointing that up

to redlion:
I am not looking for any encouragement, I am just curious about the numbers, just for fun, while I am waiting for a trade signal....
Failure leads to Success if one learns from mistakes and never give up
  • #7
  • Apr 18, 2012 1:07pm Apr 18, 2012 1:07pm
Quoting the redlion
who cares? the % of people that make money is irrelevant as long as YOU MAKE MONEY. If you are looking around for encouragement as to see how possible it is for YOU to make money, the answer again is who gives a sh#t? 5%,40% does not guarantee YOU will make money.

concentrate on YOU making money.
I think you are missing the point here. If you wanted to learn a new skill such as hang gliding, and you weren't sure how hard or easy it was to succeed at, you might want to know how many people who attempt to do it, manage to fly and how many crash and die. If you knew that 99% of pilots crashed and died and only 1% learned to fly, you'd know just how unlikely it was that you'd be in the 1% group who suceeded.

People pull these statistics out of their bottoms. There is no conclusive figure out there for what percentage of traders fail. It is so subjective, every broker has their own books, and traders al have their own definition of what failure means. To some blowing an account is failure. To others they have only failed after they give up trying for 10 years.
  • #8
  • Apr 19, 2012 12:06am Apr 19, 2012 12:06am
Quoting Roofx
I think you are missing the point here. If you wanted to learn a new skill such as hang gliding, and you weren't sure how hard or easy it was to succeed at, you might want to know how many people who attempt to do it, manage to fly and how many crash and die. If you knew that 99% of pilots crashed and died and only 1% learned to fly, you'd know just how unlikely it was that you'd be in the 1% group who suceeded.

People pull these statistics out of their bottoms. There is no conclusive figure out there for what percentage of traders fail....
well, we could maybe look at a proxy, like funds or hedge funds. Also here the majority are losing money.
Another good comparison is with companies. American auto companies for example: there have been thousands in the beginning, now only 3 or so still exist.
  • #9
  • Apr 19, 2012 12:45am Apr 19, 2012 12:45am
Quoting thelws
lol we should ask twee to put a "like" jsut like facebook.

otherwise i can't like your post lol
Damn I was thinking the same thing.
All that is left in FF is just plain garbage. "Cloggie"
  • #10
  • Apr 25, 2012 9:04am Apr 25, 2012 9:04am
I am already making consistent profits

looks like most of us are making profits !
  • #11
  • Apr 26, 2012 9:19am Apr 26, 2012 9:19am
I guess there are bunch of bright people that have balanced emotions in this forum. About half of the people here are winning forex traders? And all of you are rookies? That's amazing or just spewing out lies...
  • #12
  • May 31, 2012 2:32am May 31, 2012 2:32am
I am still Breakeven (losses about equal to profits) ((
  • #13
  • Jun 1, 2012 2:19pm Jun 1, 2012 2:19pm
No single trader makes profit 100% of the time, so that part goes out of the window. However, a few experienced traders do manage to close most of their trades in the positive side.
And on my part, kind of in the swing, getting more profits for the last 2 mnths but still, a long way to go.
  • #14
  • Jun 1, 2012 2:26pm Jun 1, 2012 2:26pm
WOW and again 43% is making profit constantly!!!
I'm surprising.
Who knows maybe some of the traders who votes today for constant profit, tomorrow will vote for the 0 profit in total trades and after 1 week will vote for the minus :-)
  • #15
  • Jun 1, 2012 2:33pm Jun 1, 2012 2:33pm
Quoting jinchu
Dear All,

There are some people saying that 90% or more are likely to fail making profit consistently trading forex. I am curious about the real number, please kindly help to answer the poll to know the approximate real percentage of people actually can make money consistently in this forex "jungle"

Thank you

I'll give you what I feel are the REAL, REAL numbers that NO ONE else will really give you...but I will.

I'd say if you decide beyond a shadow of a doubt that you want to succeed as a trader, and are willing to do whatever it takes, for whatever amount of time, and still feel the same way in 1 year after you've started trying to get it...i'd say you probably have a 50% of getting it eventually (lets say, within 3-7 more years)

If you find someone who does it full time who will teach you, I'd say you up your chances to about 80-85%, and cut your time down to about 1.5 - 3 years.

I think 98% fail because 95% of those guys don't make it to the 1 year mark and still feel even more driven to succeed than they did when they started.

How many relationships fail? like....all of them? unless you marry the person. and then, at least in the U.S. you still have a 50% chance to fail.

BUT... if you can make it to the point of marriage, you have even money odds to do pulll it off.

and like a relationship, a year in this biz will show you everytihing you need to know in order to decide if you REALLY want it

X
  • #16
  • Jun 1, 2012 2:43pm Jun 1, 2012 2:43pm
Quoting Avarice3000
I guess there are bunch of bright people that have balanced emotions in this forum. About half of the people here are winning forex traders? And all of you are rookies? That's amazing or just spewing out lies...
this forum is massive. millions of pageviews per month, over 100K members... and probably more of them are profitable than the general population who tries to trade...

I could say 10-15% of the community...and probably not be far off. this is a forex community after all...and probably has a higher success rate than just anyone who clicks on a "MaKe MonIES In 4X!!" ad and throws their $500 bucks in.

and of all those, how many have voted....? probably not many. but, i think if someones a winner, they will more likley vote. I am. I did. if someone thinks i'm just BS'ing, click my trade explorer. 2 weeks isn't much of a track record, and i'm "modeling" this after a revision to my trading plan.... but, it's something, and the numbers don't suck, nor is the risk:reward ratio something nuts.

also, i know for certain that oanda's userbase has about a 40% win rate over all on a 3 months basis. How do I know? because some government audit that came out 1-2 years ago that forced brokers as part of U.S. compliance to disclose this number.

I believe 2nd place had about 31%... and most were around 20ish%.

Know why? cuz losing traders close their accounts... so they arn't represented very well.

Also, making a penny in 3 months on a single trade is still profit. that counts.

and making 10% a month for 3 months in a row counts.... and if the guys loses 100% on month 4.... well, he will probably close out and move on... At any given time, many more people than 1-5% are profitable traders.

I know when I opened my first account, I was profitable for about 2 whole weeks!

they don't consider longevity tho, or AMOUNT of profit. just that your account is up over the last 3 months.

so this is an unrealistic number...but, it is a number just the same, and very likley a correct one (even if it doesn't measure what most think of when they think "profitable trader")

X

P.S. I will also speculate that winning traders are more likley to vote than losing traders. I know I wouldn't have voted when I didn't know how to trade. And now, i feel kinda special to do so. silly? ya...but i still think this accounts for a lot of the possible disrepency.
  • #17
  • Jun 8, 2012 2:53am Jun 8, 2012 2:53am
Really like this website. I'm a noob to trading Forex, started with a demo account and made a little profit so I opened a live account at $2,000. In about 2 months I managed to get it to $3,300, and then managed to get it back down to $2,200. I just can't seem to find a strategy that I'm comfortable with.. does anyone have any tips or suggestions?
  • #18
  • Jun 8, 2012 3:03am Jun 8, 2012 3:03am
Quoting Tenseven
Really like this website. I'm a noob to trading Forex, started with a demo account and made a little profit so I opened a live account at $2,000. In about 2 months I managed to get it to $3,300, and then managed to get it back down to $2,200. I just can't seem to find a strategy that I'm comfortable with.. does anyone have any tips or suggestions?
Well... I do trade full time, though right now I'm personally working on bringing up my consistency to a level where I am profitable every week.... with a minimum expectation of every month.... here is a link to my journal here... and how I personally analyze the market, as well as some of the internal struggles that goes on as I do so.

I can't speak for others, but I know that the trading issues I discuss, as well as the analysis I do, does provide me a very good understanding of what is likely to happen over the next 12-24 hours, as well as what price points will be good opportunities to go long or short from. You might find it helpful ::::::

X

http://www.forexfactory.com/showthread.php?t=364409
  • #19
  • Jun 8, 2012 3:08am Jun 8, 2012 3:08am
Quoting forextraderx
Well... I do trade full time, though right now I'm personally working on bringing up my consistency to a level where I am profitable every week.... with a minimum expectation of every month.... here is a link to my journal here... and how I personally analyze the market, as well as some of the internal struggles that goes on as I do so.

I can't speak for others, but I know that the trading issues I discuss, as well as the analysis I do, does provide me a very good understanding of what is likely to happen over the next 12-24 hours, as well as...

Wow that's awesome! Why do you trade on so many different currencies though? Do you look for trends?
  • #20
  • Jun 8, 2012 3:28am Jun 8, 2012 3:28am
Quoting Tenseven
Wow that's awesome! Why do you trade on so many different currencies though? Do you look for trends?
Well thank you, and your welcome

As far as why I look at so many markets, it's because I look to find markets that provide the lowest risk, highest probability situation on a day to day basis. If a long trade on eur/usd looks like it might be good...but in fact, I look at the eur/gbp, and see the eur/gbp is dropping quite a bit, it tells me that even though a long on the eur/usd may be good... I will have even better probability for success be trading the gbp/usd (since both are stronger than the USD, but the GBP is the stronger of the two)

So, I'm constantly looking to see exactly what market provides the best opportunity of all, and then determine entry and exit points using technical analysis... and it's the same analysis for every market, so it's not like I have to do anythign different other than type a different ticker symbol in.

It's just about stacking probabilities in ones favor. Find the strongest currencies for a day, and take them long against the weakest currencies, and you'll do much better than just trading the same currency every day regardless of the quality of an opportunity being presented that day.

X
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