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95% traders go broke, only 5% survive

Quoting HedgePiglet
I read yesterday that a brokerage went on record recently to say that between 40% and 60% of their accounts were profitable. I have personally spoken with a VERY large brokerage in London who confirms that almost every account they have thats funded with more than $50,000 is in profit. In excess of 90%. I also know from a good friend who is the head of Forex for a large Australian outfit that the churn rate (how many start, fund, lose it and leave) on the micro accounts as he called it ($1,000 or less) is over 80%. Anyone depositing more than $10,000...
Very well said Hedge! I'm coming up on a year and a half of living solely from my trading profits and I believe a large part of my success thus far is because from the start I treated my trading as a business and put a substantial amount of starting capital into my business. I couldn't fathom starting with a $1,000 account and trying to make real money off it......
Quoting HedgePiglet
I read yesterday that a brokerage went on record recently to say that between 40% and 60% of their accounts were profitable. I have personally spoken with a VERY large brokerage in London who confirms that almost every account they have thats funded with more than $50,000 is in profit. In excess of 90%. I also know from a good friend who is the head of Forex for a large Australian outfit that the churn rate (how many start, fund, lose it and leave) on the micro accounts as he called it ($1,000 or less) is over 80%. Anyone depositing more than $10,000...
on the other hand that sounds like broker mentality. deposit more and you will win....or not
Quoting Vitez
{quote} on the other hand that sounds like broker mentality. deposit more and you will win....or not
Ha ha ha...yes but in this case I'm pretty sure he wasn't pitching for my account! I guess it does sort of make sense though? There must be thousands of people who doodle online, see a link, click it, pop in $50 and click 'buy'. I still havent seen any formal papers that say they all lose though!
In life you get 3 types of people, those who can count and those who can't.
Quoting HedgePiglet
{quote} Ha ha ha...yes but in this case I'm pretty sure he wasn't pitching for my account! I guess it does sort of make sense though? There must be thousands of people who doodle online, see a link, click it, pop in $50 and click 'buy'. I still havent seen any formal papers that say they all lose though!
I doubt if any broker declares their take on the spread, or if they do tinker with client trades or even promise clients that they will lose money "formally". I guess if that were to happen we may as well declare Paris Hilton has the largest IQ..with Kardashians coming a close third..and as for the second position, I would nominate G bush jun..
I once started with 40k and was up to 175k in a week but lost it all next week .. I put my greed into it! so now my qs is I need someone who can trade for me, someone conservative.
Quoting Forexnuts
{quote} I doubt if any broker declares their take on the spread, or if they do tinker with client trades or even promise clients that they will lose money "formally". I guess if that were to happen we may as well declare Paris Hilton has the largest IQ..with Kardashians coming a close third..and as for the second position, I would nominate G bush jun..
As an aside, I won't mention names: I also speak regularly with the head of FX for one of London's largest banks, and by largest I mean a household name and on their retail FX side, they quite often have enough positions available on their own books that they are able to fill up to 80% of clients trades without even needing to go to market...think about it...the number had several 0's behind it...
In life you get 3 types of people, those who can count and those who can't.
Quoting HedgePiglet
{quote} As an aside, I won't mention names: I also speak regularly with the head of FX for one of London's largest banks, and by largest I mean a household name and on their retail FX side, they quite often have enough positions available on their own books that they are able to fill up to 80% of clients trades without even needing to go to market...think about it...the number had several 0's behind it...
LOL, I am not going to say that I am surprised seeing what some of the other brokers have been pulling..
@person who was asking for myfxbook results - Yazzie is right. Even if you post a link to myfxbook results, there will be a lot of people that say it's BS or made up, or you hacked the system. It happened to me. Real live verified results attract trolls faster than flies to poop too. It's not worth it.

That said, for people that are selling something or have a course, it should be international law that they must have their track records verified. Unfortunately it's not the case.
Quoting stuartlittle
I once started with 40k and was up to 175k in a week but lost it all next week .. I put my greed into it! so now my qs is I need someone who can trade for me, someone conservative.
Thats an awesome success! But the biggest problem in every kind of trading is what you already mentioned -> greed. Also if you trade with too much emotions. Made both of these mistakes myself. I am far from a professional trader but at least I startet to stop losing money. Small steps but at least forwards and not backwards.
I am one of the 95%, but I slowly become the 5% after my year 3 of trading.

I think one will eventually succeed in forex after correct all those stupid mistakes made in the first 3 years.
Learn to Trade is Important. Keep your bias & ego aside.
I think the percentage of people who are winning is around 10-15% .It's mainly because .many traders trade with EA-s , VPS and competition among brokers have pushed the fees down. Now EUR/USD spread is 0.7 pips few years ago it was 1-2 pips.
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.
in my opinion , :

99% loss their money :
50% ==> <1month
20% ==> 1-3 month
10% ==> get jackpot and withdraw some money and loss again
19% ==> always make new deposit ( addicted )


1% Win ..
I am just doing demo but I was doing pretty good with some currency pairs but then I started with Gold and it sucks now, I have gone long on gold but its like on a neverending downtrend now, I didnt even give the stop loss because it was like one of my 1st trades when I started to learn, so now its too great a loss to close the deal, I just keep it open and use my rest of the margin.

Please give some feedback of what you think I should do.

Also let me know if I have used the terms properly because I am new to this and I do not know all the forex lingo yet.
Because the 95 % need to lie, deceive and manipulate other's into believing them. You will be shocked to know how many so called experts or guru's who promote their courses online cannot even make profits consistently. But they cannot hide anymore!



-The Dark Knight
http://www.forexfactory.com/showthread.php?t=489540
In life you get 3 types of people, those who can count and those who can't.
Hi everyone, names andrew I am new to foex trading and new to this site. I have a trading plan/set of trading rules that I have came up with from all my research and would like someone to review it. PM me if you have the time and patience to help mentor someone new and if you can take a few minutes to review what i came up with. I also need help coming up with a trading system (non automated) that has the ability to follow my 10 Golden rules.

Thanks in advance.
Ps im real it rained in crossville, tn today (again)
I don't believe in 5% profit.
I am up almost 1,000 trading in my first month back at forex.
I attempted forex trading two years ago and lost a lot but learned quite a bit from my losses.
The two most important things I learned is to not enter a trade without enough margin where a big swing could liquidate your trade...talking about when big news comes out where some currencies go up and down almost 100 pips in the flash of a second.
Another important thing I learned is to be patient. I can't tell you how many times I have exited trades and lost out on 20,25,30 pips because I was like "damn!....200 bucks in 10 minutes...awesome! but if I had waited another 30 minutes and watched the indicators or trendlines like MACD and the ROI then I'de be up way more than being down.
why go with a regulated broker? who regulates them and how? And is it true, 95% of the people lose???

Steve
do you think it is smart to include in forex people close to you like family, relatives, friends,... by teaching them how to trade individualy or maybe providing them your signals?
Quoting yazzie
{quote} Very well said Hedge! I'm coming up on a year and a half of living solely from my trading profits and I believe a large part of my success thus far is because from the start I treated my trading as a business and put a substantial amount of starting capital into my business. I couldn't fathom starting with a $1,000 account and trying to make real money off it......
Me personally, $1,000 is far too small an amount to do squat with. If you're going to follow a 1x equity max per trade rule, all of your trades will be at the max from the get-go (assuming the minimum trade is a 1K lot). There's nothing particularly wrong with that, but for the fact that it wouldn't work with my trading style, which is to trade no more than .5 times equity per position. This allows me the flexibility to add to the position should be timing on entry be a little bit "off" without the portfolio being too exposed to the market. I am frankly amazed at folks who are trading at 5 x equity plus per trade. Kudos to them if they can make money that way, but my gonads are simply not large enough for that ... . Lol.
Fireworks are fun ... as long as you don't blow your fingers off.
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