95% traders go broke, only 5% survive | Page 7 | Forex Factory

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95% traders go broke, only 5% survive

  • #121
  • Jul 7, 2013 12:44pm Jul 7, 2013 12:44pm
Quoting Turveyd
{quote} Slowed down to M5 recently, 30pip SL's slowed it down, still intraday but getting much better testing results and so far trades, only had 1 week Live so far, so early days. 10SL's work in theory, but not in practice sadly.

Try to think bigger picture.Instead of 10-25 pips think 100-600pips with less work!!
One of my favorite articles on trading.
http://www.learntotradethemarket.com...-forex-trading
What Crocodiles Can Teach You About Trading
In trading, you have to be defensive and aggressive at the same time
  • #122
  • Jul 7, 2013 12:46pm Jul 7, 2013 12:46pm
Quoting Davit
{quote} Try to think bigger picture.Instead of 10-25 pips think 100-600pips with less work!! One of my favorite articles on trading. http://www.learntotradethemarket.com...-forex-trading What Crocodiles Can Teach You About Trading

Nah I'm a react to live trading situation only, not a long term predictive person, I like to start my app on the Nexus 7, watch, set alarms, place a few trades, make some money then switch it off totally and do something else.

Haven't got the financing to trade on that kinda level, with the required SL's risk.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #123
  • Jul 7, 2013 5:56pm Jul 7, 2013 5:56pm
Quoting Davit
{quote} Try to think bigger picture.Instead of 10-25 pips think 100-600pips with less work!! One of my favorite articles on trading. http://www.learntotradethemarket.com...-forex-trading What Crocodiles Can Teach You About Trading
That is a very interesting article. I have a lot of time for Nial Fuller.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #124
  • Jul 7, 2013 6:03pm Jul 7, 2013 6:03pm
Quoting Exodus
{quote} That is a very interesting article. I have a lot of time for Nial Fuller.

To be honest key for very successful trading is patience.Knowing when NOT to trade.I rather wait until most opportune time and fire my orders for max gain then scalp for peanuts.
This is not suitable for guys who are used to play PC games. You must think like a chess player and not react for every ripple.
In surfing terms only some waves are worth riding others are ignored.Something worth pondering.
In trading, you have to be defensive and aggressive at the same time
  • #125
  • Jul 7, 2013 6:09pm Jul 7, 2013 6:09pm
Quoting Turveyd
{quote}.... Haven't got the financing to trade on that kinda level, with the required SL's risk.
Yes you have! Are you still trading a micro account with FXCM?
You and I have swapped banter many times in the past, and like you I have found it very difficult to stamp-out my impulsive behaviour. So now that I have half stamped it out I can tell you that, eventually, fatigue set in and caused me to re-assess my trading.

Use a trade leverage of 2:1. Wind the time frame of your charts out to 4hr, or more, and look at what the market is doing.
Then pick a trend entry, or a swing entry, and set your market entry order at a point where you would think "gotta have that" and just ignore it if it doesn't trigger. You are shooting for at least 50 pips, and more often a couple of hundred.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #126
  • Jul 8, 2013 2:33am Jul 8, 2013 2:33am
Quoting Exodus
{quote} Yes you have! Are you still trading a micro account with FXCM? You and I have swapped banter many times in the past, and like you I have found it very difficult to stamp-out my impulsive behaviour. So now that I have half stamped it out I can tell you that, eventually, fatigue set in and caused me to re-assess my trading. Use a trade leverage of 2:1. Wind the time frame of your charts out to 4hr, or more, and look at what the market is doing. Then pick a trend entry, or a swing entry, and set your market entry order at a point where you...

Absolutely correct. `always go for highest pip haul along with low-leverage = road to success
  • #127
  • Jul 8, 2013 3:30am Jul 8, 2013 3:30am
Quoting Exodus
{quote} Yes you have! Are you still trading a micro account with FXCM? You and I have swapped banter many times in the past, and like you I have found it very difficult to stamp-out my impulsive behaviour. So now that I have half stamped it out I can tell you that, eventually, fatigue set in and caused me to re-assess my trading. Use a trade leverage of 2:1. Wind the time frame of your charts out to 4hr, or more, and look at what the market is doing. Then pick a trend entry, or a swing entry, and set your market entry order at a point where you...
Micro / Mini no difference on FXCM but 600pips is still $60, 1/3rd of my account.

I'm prefering M5, I did try to go back to M1 again but failed so M5 it is, tried M15 not enough detail.

Unless I find something, easy and repeatable that turns effectively nothing into loads not millions then there is no point me trading to be honest, rich or bust!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #128
  • Jul 8, 2013 4:11am Jul 8, 2013 4:11am
You really only need small but consistent profits. They start to multiply quickly.
  • #129
  • Jul 8, 2013 7:51am Jul 8, 2013 7:51am
Quoting tandh
You really only need small but consistent profits. They start to multiply quickly.

Wow that sounds so easy! How would you propose to accomplish that? What system? Scalping?
  • #130
  • Jul 8, 2013 4:59pm Jul 8, 2013 4:59pm
Sounds like that not only we shouldn't trade all the time but it is also our edge.

Ok now we are really talking about the main issue - they ARE gunning for stops! So if we trade of of 1H chart are we vulnerable to those "gunners"?

As far as TP I'd say to each their own. Catching big swings looks easier hindsight..


Quoting jmtini
{quote} Wow that sounds so easy! How would you propose to accomplish that? What system? Scalping?
http://www.forexfactory.com/showthread.php?t=414566
  • #131
  • Jul 9, 2013 11:18am Jul 9, 2013 11:18am
Quoting Vitez
Sounds like that not only we shouldn't trade all the time but it is also our edge. Ok now we are really talking about the main issue - they ARE gunning for stops! So if we trade of of 1H chart are we vulnerable to those "gunners"? As far as TP I'd say to each their own. Catching big swings looks easier hindsight.. {quote} http://www.forexfactory.com/showthread.php?t=414566


Hi vitez

Glad you found that thread/trade explorer - speaks volumes doesn't it?

I found this on another thread (I thought it was really excellent advice even for more experienced traders):

Define your risk before you take any trade, spend chart time to see how PA behaves especially around S/R

once you can define a high probability set up, be discipline and patience to wait for the set up, if there is no high prob set up or if you have missed one, then don't be sad or angry, market will not go anywhere, the set ups will appear again for sure..... so move on and wait for another set up

Do demo to be confident before you go live

Stop spending so much money on seminars or other people systems, everything is available online, you can just google it.

if you are looking for systems here are some for you, and it is updated regularly:
http://forexwinners.net/forex/category/systems/

you can use any system you want, but remember when the system generate signal, check the PA, S/R, and trend (usually the signal from trading systems like genesis matrix trading system, would mean it has good momentum, so no need to check momentum anymore, or like in Genesis they double confirm with stochastic) on your trading TF and higher TF, when you see everything in confluence then you can be confident.
Find a system that suits you and stick with it, do not spend your time to go from system to system

The more commonly use the indicator, the more valid it is.... logically, more people looking and acting at the same indicator or S/R levels, the more valid it is. therefore no need to use fancy indicators, just use simple ones like MA, Stochastic, etc will do

This is the journey where you need to find the way on your own, hopefully you can make it,

please remember: PA, S/R, Trend, momentum, Higher Time Frame, Confluence, Money Management, Stop Loss, Take Profit, Hardwork, Discipline and Patience
  • #132
  • Jul 18, 2013 3:06am Jul 18, 2013 3:06am
It was a long journey from 95% to 5% for me. Nearly 2 years, now I have some systems that hare giving me green pips. All I need more is some fine tuning and 6 months more.
  • #133
  • Jul 18, 2013 3:55am Jul 18, 2013 3:55am
Quoting jmtini
{quote} Hi vitez Glad you found that thread/trade explorer - speaks volumes doesn't it? I found this on another thread (I thought it was really excellent advice even for more experienced traders): Define your risk before you take any trade, spend chart time to see how PA behaves especially around S/R once you can define a high probability set up, be discipline and patience to wait for the set up, if there is no high prob set up or if you have missed one, then don't be sad or angry, market will not go anywhere, the set ups will appear again for sure........
great quote
Failure leads to Success if one learns from mistakes and never give up
  • #134
  • Jul 25, 2013 6:27am Jul 25, 2013 6:27am
Quoting jmtini
{quote} Hi vitez Glad you found that thread/trade explorer - speaks volumes doesn't it? I found this on another thread (I thought it was really excellent advice even for more experienced traders): Define your risk before you take any trade, spend chart time to see how PA behaves especially around S/R once you can define a high probability set up, be discipline and patience to wait for the set up, if there is no high prob set up or if you have missed one, then don't be sad or angry, market will not go anywhere, the set ups will appear again for sure........
BS, BS and BS.
  • #135
  • Jul 29, 2013 12:43am Jul 29, 2013 12:43am
We can do that, we can go from 95% losers to 5% winner if we are consistent and hard working. It may take long if you are doing it on your own, but it is still achievable.
  • #136
  • Jul 31, 2013 7:03am Jul 31, 2013 7:03am
Hi, I'm learning to trade. Really not easy. I refuse to be of the 95% that go broke. I am learning from the internet mainly. The 2 courses I have paid for have been a waste of money.
The 1 important thing that i have learned is to read the forex factory calander and news everyday to get the market sentiment. I am only trading the majors, so its a simple question of ' how does the USD feel today, strong or soft?'
I am very new so any help, especially on systems and statergy would be greatly apprciated.
  • #137
  • Jul 31, 2013 7:22am Jul 31, 2013 7:22am
Go to www.babypips.com and work through their school of pipsology. It teaches all the mechanical stuff you will need.
Your other theme of getting a feel for the market is an important one. You will have to learn that for yourself.
Wishing you the best of luck, which you will also need at times.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #138
  • Aug 6, 2013 12:50pm Aug 6, 2013 12:50pm
Quoting Exodus
Go to www.babypips.com and work through their school of pipsology. It teaches all the mechanical stuff you will need. Your other theme of getting a feel for the market is an important one. You will have to learn that for yourself. Wishing you the best of luck, which you will also need at times.
Good advice from you, all those traders that want a short cut to success cannot make consistent profit trading in forex market. We have to go by the rules and only then we will become a part of those 5% winning in forex.
  • #139
  • Aug 10, 2013 7:23am Aug 10, 2013 7:23am
I am not sure if I would believe on that percentage but most probably the percentage of failures is really higher. There might be lots of traders from all over the world but few succeed or earn good amount of returns from their investments.
  • #140
  • Aug 17, 2013 6:17pm Aug 17, 2013 6:17pm
Quoting sandycarrot
in every internet forum we get a warning 95% traders go broke ,only 5% survive ,,but,, in every internet forum we see and hear this many people say they are profitable maybe about 98% only a few people who say that they failed maybe about 2% what do you think guys ? S.C.
Only 95%? I thought it was closer to 99% who fail. People tend to post when they are profitable and then disappear when they go broke.
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