95% traders go broke, only 5% survive | Page 8 | Forex Factory

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95% traders go broke, only 5% survive

  • #141
  • Aug 18, 2013 1:37pm Aug 18, 2013 1:37pm
In Forex it depends on the trader how they work hard and increases the chances of success in Forex. In Forex there is very low rate of successful people and majority traders are lacking of proper knowledge and experience.
  • #142
  • Aug 18, 2013 3:58pm Aug 18, 2013 3:58pm
Quoting hedging
In Forex it depends on the trader how they work hard and increases the chances of success in Forex. In Forex there is very low rate of successful people and majority traders are lacking of proper knowledge and experience.
I agree that you need proper knowledge to trade forex, but to succeed you need more than proper knowledge, you need to know yourself. Are you disciplined? Can you maintain your coolness? because successful trading is in my opinion is about mastery of your emotions (90%) and 10% knowledge.

Just my 2 cents.
Fear prevent possibilities, and so does Greed
  • #143
  • Aug 18, 2013 5:34pm Aug 18, 2013 5:34pm
Quoting millionare
We need a more simplified approach and we will have more successful traders
Simple is key, the simpler my method gets the better it works!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #144
  • Aug 18, 2013 8:08pm Aug 18, 2013 8:08pm
Quoting millionare
Yes many people fail because they are not in the know. New traders are not given enough information on how to gain profits and survive.
As a new trader, do not expect that information will be given to you. You have to dig it yourself and perform due diligence in your endeavors. Keep this carve into your psyche, "You're on your own."
Fear prevent possibilities, and so does Greed
  • #145
  • Aug 21, 2013 6:08am Aug 21, 2013 6:08am
that is very true, you are on your own and have to sift thru a lot of stuff to find valuable information. Or get a mentor, somebody to teach you. But that can cost a lot of money, especially for somebody using the weeker currencies
  • #146
  • Aug 21, 2013 11:17am Aug 21, 2013 11:17am
Quoting dawntraeder
that is very true, you are on your own and have to sift thru a lot of stuff to find valuable information. Or get a mentor, somebody to teach you. But that can cost a lot of money, especially for somebody using the weeker currencies
The mentor is not the solution. Even if you learned from a good mentor still you cannot be a successful trader due to psychological issues.
  • #147
  • Aug 30, 2013 1:14pm Aug 30, 2013 1:14pm
There is very less percentage of successful traders because they are having proper trading skills and knowledge. There are also other traders and they are not successful because they are lacking proper trading skills like money management discipline knowledge.
  • #148
  • Aug 30, 2013 1:39pm Aug 30, 2013 1:39pm
Quoting forexsaint
Reading for the "n"th time, such a thread & the same "Golden" ratios.

Just in case the Thread OP is still reading or someone else is planning another "n"th thread with more or less same title....
IMO answer in short....

- There are no such golden ratios as 95%::5%.
- Simply, Majority lose & minority make money
- Because there are more reasons to lose rather than make money, in this profession.
- Because this profession demands preparation, hard work & emotional discipline, while majority of that majority think the opposite.

Hope this helps.
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #149
  • Sep 3, 2013 2:55am Sep 3, 2013 2:55am
Now here is some interesting real data. A list of out-performers at one forex broker.

The first thing to notice is that the average monthly gain over 12 months is not so jaw-dropping, but very creditable none the less.

The second thing to notice is that a number of these 'stars' have had some pretty awful bad months.
So awful that their accounts were wiped-out (read as -100%, and one was more than -100% !! ).

So take heart from this. Set your sights low, more than 0% consistently is good, and work on getting into double figures.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #150
  • Sep 3, 2013 8:28am Sep 3, 2013 8:28am
Quoting hedging
There is very less percentage of successful traders because they are having proper trading skills and knowledge. There are also other traders and they are not successful because they are lacking proper trading skills like money management discipline knowledge.

Yeah agree money management, discipline are very important factors
  • #151
  • Sep 4, 2013 3:00am Sep 4, 2013 3:00am
In terms of the introductory question: I would say nearly only the people who have success want to talk about it - in forums. So you mostly hear about traders who succeed and very seldom about traders who go broke. I guess that's why there's distorted perception.
  • #152
  • Sep 4, 2013 7:07pm Sep 4, 2013 7:07pm
Those stats are wrong.

Actually 99.6% of people lose money in FOREX.

Period.
The Black Swan: The Impact of the Highly Improbable
  • #153
  • Sep 5, 2013 2:31am Sep 5, 2013 2:31am
Quoting MapleLeaf
Those stats are wrong. Actually 99.6% of people lose money in FOREX. Period.
83% of statistics are made up at the time....
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #154
  • Sep 5, 2013 3:45am Sep 5, 2013 3:45am
Nothing is made up. Those stats are based on Official numbers on a study made by a PhD.

If you are really in FOREX, you should know that study, it's well known, you cannot ignore it.

And you cannot hide the facts of your "scheme" any longer at this point. Only someone naive would waste his hard earned money in a casino business model.

Just my four cents.
The Black Swan: The Impact of the Highly Improbable
  • #155
  • Sep 5, 2013 6:06am Sep 5, 2013 6:06am
It's like other businesses - big failure rate, only small % or success stories.

If you approach it professionally, learn from your mistakes and have the resilience to bounce back when it doesn't go your way you'll make it.

Most people aren't cut out to do this. Most people are looking for quick easy "lazy" money and fall flat on their asses.

Successful entrepreneurs take sensible risks, put in time effort and money and bounce back when their ventures fail. Can you do this?

If the answer is no don't trade.
Anything can happen.
  • #156
  • Sep 5, 2013 7:08am Sep 5, 2013 7:08am
I keep seeing this 99.6% figure, but from what I can gather after reading the study, the 0.4% remainder is the percentage of traders who have 4 CONSECUTIVE profitable quarters. (Someone please point me in the right direction if I've misinterpreted this)

While the numbers aren't good for us traders and there is indeed a high probability that we'll fail, I wish people wouldn't quote such figures as gospel and refuse to hear any alternative, there are so many other factors and questions to consider in this study:

  1. A trader who had consistently profitable quarters throughout his/her whole career, except for just ONE blip that just so happened to be in this study's sample could be included in your 99.6%.
  2. Even just on an annual basis, 3 of the quarters could be profitable, but ONE non-profitable quarter would also include them in the 99.6%.
  3. Further to this, what if the 3 profitable quarters were +100% or even more, and the non-profitable quarter was -1% or less?

Bear in mind, I'm not trying to discredit this study, he's done a lot of great work which is a joy to read.
All I'm saying is it's annoying that people chinese-whisper it all over the place and take the results out of all context.

  • #157
  • Sep 5, 2013 11:01am Sep 5, 2013 11:01am
This is because these 95% or traders have very weak mind and are not following the rules of the successful forex traders and thus losing more money to the forex market.
  • #158
  • Sep 5, 2013 11:47pm Sep 5, 2013 11:47pm
dont gamble in forex. forex is not gambling. i guess the 95% are gambling.
  • #159
  • Sep 6, 2013 12:49pm Sep 6, 2013 12:49pm
....its like examining your own shit in hope of finding gold nickels.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #160
  • Sep 6, 2013 3:18pm Sep 6, 2013 3:18pm
The odds of success are stacking against retail investors/traders. Forex is dirt cheap to trade, literally anyone can get in, thus people don't take it very seriously n just gamble their money away. Institution traders, doctors, lawyers spent years sharpening their skills. And yet so many people expect to make consistent profit in their first year of trading. First is attitude, second is proper education, then you might see the light. Spend some time watching Anton Kreil's interview, this is reality of the trading. http://www.youtube.com/user/InstituteofTrading/videos
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