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95% traders go broke, only 5% survive

  • #361
  • Mar 14, 2014 7:59am Mar 14, 2014 7:59am
Quoting Vitez
{quote} wow this actually happened? it's hard to believe she did not use stop loss? how come you didn't take her under your roof?
There are many stories like this one

I live in Australia, I was a single parent of two boys, I didnt have any money, I was busy trying to recover from the 20k I lost chasing the forex dream.
BTC Return This Year: na
  • #362
  • Mar 14, 2014 8:12am Mar 14, 2014 8:12am
Quoting M.A.C.Doug
{quote} There are many stories like this one I live in Australia, I was a single parent of two boys, I didnt have any money, I was busy trying to recover from the 20k I lost chasing the forex dream.
my special word in to my family is ( what is gone it is gone )

so how are you now in forex ?
  • #363
  • Mar 14, 2014 8:21am Mar 14, 2014 8:21am
Just control your emotions, don't go overboard. Profitability isn't impossible. You need the know-how. It's not about the indicators, it's about knowing the market, following it, and making predictions based on your knowledge. The price can go 3 ways:

Nowhere
Up
Down

While it sometimes goes nowhere it will eventually make a move. You have a 50% chance of predicting the right move. It increases when you look at more data and make your predictions based on the history of the price. Only 30% of FXCM accounts are profitable, but I have a feeling abounding losers were inexperienced and enticed by the ads and stories of fruitful traders. Education and discipline are key to prosperity.
Any advice I provide should not be considered a financial recommendation.
  • #364
  • Mar 14, 2014 1:26pm Mar 14, 2014 1:26pm
Quoting jakebvt
The price can go 3 ways: Nowhere Up Down While it sometimes goes nowhere it will eventually make a move. You have a 50% chance of predicting the right move.

You don't have anywhere near a 50% chance of predicting the right move, because a move consists of direction (up or down), magnitude (5 pips or 500 pips), and duration (in 5 minutes or 5 days).


Often times traders are told not to complicate things, but be wary of oversimplifying them too. Trading can be complex and simple at the same time.
  • #365
  • Mar 14, 2014 1:44pm Mar 14, 2014 1:44pm
Quoting M.A.C.Doug
{quote} There are many stories like this one I live in Australia, I was a single parent of two boys, I didnt have any money, I was busy trying to recover from the 20k I lost chasing the forex dream.
ok you sound like you've been there...may I ask did you loose 20k quickly or were you loosing a few $1000 accounts coming back like "ok this time I'll make it"

is forex the only bad boy? I wonder what are the stats for futures, equities, stock options etc....is it Forex or trading in general?
  • #366
  • Mar 14, 2014 2:29pm Mar 14, 2014 2:29pm
Quoting Vitez
is forex the only bad boy? I wonder what are the stats for futures, equities, stock options etc....is it Forex or trading in general?
I think you see more accounts being blown up in Forex due to the low cost of entry. Yes you can trade low cost stocks, indices, other equity instruments as well but not with the leverage that you can use in Forex and I think that is what makes Forex so appealing to a lot of people who don't have the capital to make it long term. There are so many who open up $100 or $1,000 dollar accounts. When you combine that severe undercapitalization with the ability to over leverage it can be a recipe for disaster quickly. Because of the leverage and margin you can't sustain in trades long enough

In my opinion I think if you are going to try and make a living in this profession (meaning paying all expenses AND having a savings/investment plan) you need to have sufficient starting capital of at least $25,000
  • #367
  • Mar 14, 2014 2:44pm Mar 14, 2014 2:44pm
i roughly calculate that, for me, i need 50k, or even 100k, to trade full time, and maintain a focus. that path would be very hard, i can foresee that here now.......

Quoting yazzie
{quote} I think if you are going to try and make a living in this profession (meaning paying all expenses AND having a savings/investment plan) you need to have sufficient starting capital of at least $25,000
  • #368
  • Mar 14, 2014 4:14pm Mar 14, 2014 4:14pm
Quoting M.A.C.Doug
{quote} The market can and will change your future just as you believe. I knew a very good trader. Female, mid twenties, Muslim background, middle class, educated. lived in Lebanon with her parents. She inherited $200k from her grandfather, who had owned land. We traded together, shared analysis and ideas. I saw her regularly take profit trading 3 weeks of the month and taking the fourth week off. I learned a lot from her Then, after about two and a half years, she got caught in a short squeeze on the Euro. Instead of taking the loss like she always...
Stream of consciousness from a day in the life of a forex trader

Lose and lose and lose some more, go on a Guru search and systems and indicators and spend lots and lots on the "sure fire" things and so called experts and do training some more and more books more systems and more money spent and lost in the market.
Now out of money?, no problem. go to bank borrow money, second mortgage and credit card and pay day loans and pennies found on the street and borrow money from friends and lose it all.
Now totally out of money?, friends and family? no problem. Trading on a demo full time because job was lost.
Wife and kids have left now with no home and living in a dumpster with only a laptop spending all day at McDonalds free internet trading demo account wondering what has happened but no problem making the biggest winning trade of them all recoups all losses plus some, realize still had life insurance, jumped off a bridge, ex-wife collects insurance money. She deserves it, now she can begin a new life.
  • #369
  • Mar 14, 2014 4:24pm Mar 14, 2014 4:24pm
Believe me, trading the currency markets is the most difficult thing you'll ever do your whole dammn life. You are going to go through different stages and eventually arrive at a self formulated and time tested mode of trading that suites you as a person, taking into consideration your strengths and weaknesses. This is the part most newbies dont like to hear " THIS PROCESS TAKES YEARS!!!. Its far far better if you started quite early like I did cause no matter how many accounts you blow in your learning process, you'll still have a roof over your head and food on your table courtesy of your parents ( I STARTED TRADING FX EARLY 2000 WHEN I WAS 22) If you embark on this journey at an old age of 45 to 50 with wife and children to support like Marpleleaf and Mingary, you'll only have yourself to blame stabbed with too many pains that you just can't describe to a sane man.

Now lets come to the fun part! Currency trading when you eventually get it right, is the most lucrative business on this planet earth. I make much much money in a month than most people i know would ever dream of making in a year or 2. I can afford to get anything I want presently without flinching! The more proficient you are, the more trading capital that gets pushed your way, don't worry, there's a whole lot of lazy money out there searching for proficient hands to manage, all you need is to be a consistent money maker for over a 2 year period and you'll be begged to manage $millions, but to get to this stage takes years of labor, discipline, determination and a very strong will to succeed. Sorry to say this but forex trading is not for everyone, only very few will eventually excel at this art, after all, millions of applicants go to medical school but just a few hundred graduate as qualified Doctors or surgeons.
  • #370
  • Mar 14, 2014 5:52pm Mar 14, 2014 5:52pm
Quoting Makavell
Believe me, trading the currency markets is the most difficult thing you'll ever do your whole dammn life. You are going to go through different stages and eventually arrive at a self formulated and time tested mode of trading that suites you as a person, taking into consideration your strengths and weaknesses. This is the part most newbies dont like to hear " THIS PROCESS TAKES YEARS!!!. Its far far better if you started quite early like I did cause no matter how many accounts you blow in your learning process, you'll still have a roof over your...
cant say more
  • #371
  • Mar 14, 2014 6:21pm Mar 14, 2014 6:21pm
Quoting Mingary
{quote} Stream of consciousness from a day in the life of a forex trader Lose and lose and lose some more, go on a Guru search and systems and indicators and spend lots and lots on the "sure fire" things and so called experts and do training some more and more books more systems and more money spent and lost in the market. Now out of money?, no problem. go to bank borrow money, second mortgage and credit card and pay day loans and pennies found on the street and borrow money from friends and lose it all. Now totally out of money?, friends and family?...
Quoted for the Damn Truth my friend..!!!!...

I could even bet M.A.C.Doug or even Scrooge McDuck (Diallist) anything they want any day they want that they cannot do a living (Minimum 3K per month) trading live RETAIL FOREX from their homes for a year...

But they won't accept.

Nothing else to add.
The Black Swan: The Impact of the Highly Improbable
  • #372
  • Mar 14, 2014 8:25pm Mar 14, 2014 8:25pm
Quoting MapleLeaf
{quote} Quoted for the Damn Truth my friend..!!!!... I could even bet M.A.C.Doug or even Scrooge McDuck (Diallist) anything they want any day they want that they cannot do a living (Minimum 3K per month) trading live RETAIL FOREX from their homes for a year... But they won't accept. Nothing else to add.
don't you ever sleep?
there is possibly some truth in what you say maybe 85-95%

but if you spent less time on here and more time with the charts you would see there are many ways to consistently make money from the market
  • #373
  • Mar 15, 2014 1:20am Mar 15, 2014 1:20am
Quoting Carlsberg
{quote} don't you ever sleep? there is possibly some truth in what you say maybe 85-95% but if you spent less time on here and more time with the charts you would see there are many ways to consistently make money from the market
If there was a way, then RETAIL FOREX BROKERS would not report 99.6% of losers to the US GOV...

In the past, this number was masked at 95%, because they were not forced to report anything to anyone.

But now, US GOV forces them to report their numbers and they can't LIE anymore... 99.6% of people lose money in FOREX.

Bye.
The Black Swan: The Impact of the Highly Improbable
  • #374
  • Mar 15, 2014 3:02am Mar 15, 2014 3:02am
I believe that : A lot of looser in the Money Market.... But i like to ear from Makavell his experience

I begin less than 5 months in `` multi- fx cie demo`` and after begin to do contest with a little success, finishing 6 and 8 position with 15$ and 9$ usd prize.

Now i just start for real with less than a 1,000$ and i am very afraid to loose money!!!!!

I cannot wait when i see $$$ to close the trade. I have to learn to trade more than 5 min. Some people say : Profit is always good to take and better than a lost.

What do you think of that ?????
Let the GOLD time Roll
  • #375
  • Mar 15, 2014 3:30am Mar 15, 2014 3:30am
Dear my friends in FF,

First of all, please don't be harsh to respond my post here later after you seen it.. And also no need nice words..

I just wanna sharing, these thread is about 95% failed, 5% success..

Let me make it short, I was blown my account several times from these 2 years.. It makes me 95% chart..

I have been also make profit several years ago up to 14K profit but, I greed and lost it..

But I never give up, and learn.. And try to understand forex pair movement, learn them.. And i'm still learning now and still make mistakes.. But i know, experiences helped me..

So, never stop to learn, have hope and faith.

3 weeks ago, I starting from $500, now I'm at the top #1 in FF Trades in March live account with 10K equity.. You all can see it live in these FF website. Its at the 'Trades' tab.. But im not shown the ammount in there just only in these thread i tell it.

And its not photoshop or fake, its real, live account connecteid with trade explorer.

I have made it, but its not what I would like to promote myself. Not at all..

I just want to encourage you all that 5% is real. Also with 95%.

Keep your spirit in fire. Learn and stick with your system, and always pray and give , share your small cents to poor people, church.. Or what you belive.. In the end, all will come back multiply to you.

Thank you for reading. Once again, I'm not promoting myself, ego, or anything, just want to encourage you all with all my lacks..

God Bless you all.
And I would like... And always thankfull to Jesus Christo God for He is blessing me.. Always.
I've failed many times, but I took the lessons,and never give up.God Bless.
  • #376
  • Mar 15, 2014 3:39am Mar 15, 2014 3:39am
Quoting Miss05
Dear my friends in FF, First of all, please don't be harsh to respond my post here later after you seen it.. And also no need nice words.. I just wanna sharing, these thread is about 95% failed, 5% success.. Let me make it short, I was blown my account several times from these 2 years.. It makes me 95% chart.. I have been also make profit several years ago up to 14K profit but, I greed and lost it.. But I never give up, and learn.. And try to understand forex pair movement, learn them.. And i'm still learning now and still make mistakes.. But i...
Awesome..
pengalaman yg hebat
Forex as Leverage
  • #377
  • Mar 15, 2014 4:32am Mar 15, 2014 4:32am
Quoting MapleLeaf
{quote} Quoted for the Damn Truth my friend..!!!!... I could even bet M.A.C.Doug or even Scrooge McDuck (Diallist) anything they want any day they want that they cannot do a living (Minimum 3K per month) trading live RETAIL FOREX from their homes for a year... But they won't accept. Nothing else to add.
It's a dramatization of course... those various phases will be experienced differently by different individuals; the context will be different.
But indeed, it's a metaphor for the "trader's journey".
  • #378
  • Mar 15, 2014 7:24am Mar 15, 2014 7:24am
Quoting MapleLeaf
{quote} If there was a way, then RETAIL FOREX BROKERS would not report 99.6% of losers to the US GOV... In the past, this number was masked at 95%, because they were not forced to report anything to anyone. But now, US GOV forces them to report their numbers and they can't LIE anymore... 99.6% of people lose money in FOREX. Bye.
even IG index in the UK, have said in a recorded interview, for last yrs results
that there winners are 8%
not .4%
and IG are allegedly not the easiest to make money with

change the record and get back to studying the charts
making people aware of the risk they take is fine, but if you cant find a way to make it work then that's your problem
you can either fix this or not
  • #379
  • Mar 15, 2014 7:55am Mar 15, 2014 7:55am
Quoting Carlsberg
{quote} even IG index in the UK, have said in a recorded interview, for last yrs results that there winners are 8% not .4% and IG are allegedly not the easiest to make money with change the record and get back to studying the charts making people aware of the risk they take is fine, but if you cant find a way to make it work then that's your problem you can either fix this or not
wow 8% winners! that sounds amazing!
  • #380
  • Edited 9:32am Mar 15, 2014 9:12am | Edited 9:32am
Quoting Vitez
{quote} wow 8% winners! that sounds amazing!
that was n't the point, but it also is n't 0.4%
you can find the IG index / CNBC interview online (or it was online)

where are these figures anyway for the 0.4%
if its true for the US, then there retail Brokers ought to be shut down


http://www.zerohedge.com/news/2014-0...y-1238-days-tr
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