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It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you will be imperiled in every single battle.
He was right,
New traders do not possess any sort of mental model of how markets operate, and very few (with the exception of perhaps sports people or performers), have any real knowledge of their own personal psychology.
If you think about it, someone who was completely ignorant, but consistant in applying the most useless of systems should be able to achieve break even minus transaction costs. The fact that most of us initially do MUCH worse is a good indication of where the problems lie, and its not the lack of a decent system !
I'd just like to come at this 95% fail 'accepted wisdom' statistic from a different angle; how can you increase your probability of not being in that huge percentile?
Dedication, consistency, discipline, sound MM, sound risk, research, professionalism...the list of requirements to not be in that 95% group is endless. Let's take one or two aspects; consistency and or discipline/dedication. Until traders perhaps move onto/move up to using EAs to automate their strat. they have to firstly 'put in the hours' and that IMHO is were the vast majority will fail, at the first hurdle.
Let's now turn that 95% stat on its head, how do the 5% achieve success and become consistently profitable in a relatively short space of time? Not difficult to ascertain why is it. I'd hazard a guess (probability based )and suggest that the percentage of success rises exponentially for those who slavelessly dedicate themselves to the task in all its forms.
It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you will be imperiled in every single battle.
He was right,
New traders do not possess any sort of mental model of how markets operate, and very few (with the exception of perhaps sports people or performers), have any real knowledge of their own personal psychology.
If you think about it, someone who was completely ignorant, but consistant in applying the most useless of systems should be able to achieve break even minus transaction costs. The fact that most of us initially do MUCH worse is a good indication of where the problems lie, and its not the lack of a decent system !
Very well written and said, zupcon. Trading is way beyond systems and indicators. It's more of a mind game, a mindset, yes, your own personal psychology. I spent more time on this mindset topic in my last Z3 coaching camp than the actual mechanics of trading the system. Traders, conquer yourself, more importantly your disciplines and you will find that profitable consistency will follow.
Greed and fear is human nature, how successful you want to be in forex trading depends on how much you can overcome your emotion. The enemy is yourself, nobody else. That is why we need a good trading robot.
I suggest you try this amazing robot built on AI technology at www.4xGoEasy.com
Honnestly I don't believe in this 95%
At this moment the market is constantly changing, due to this fact lots of profitable openings are being created.
In order to have a consistent program you'll need to have a strategy where you can profit if the market moves slowly or when big spikes occur.
Of course there is a high percentage of unsuccessful traders. Why? because they are not really traders in the first place. The unsuccessful trader is simply an individual looking for a jackpot, quick cash, 1 million in a week! Forex has nothing to do with any of those. All 95% can go and try their luck in Las Vegas. More chances there to win anything.
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Of course there is a high percentage of unsuccessful traders. Why? because they are not really traders in the first place. The unsuccessful trader is simply an individual looking for a jackpot, quick cash, 1 million in a week! Forex has nothing to do with any of those. All 95% can go and try their luck in Las Vegas. More chances there to win anything.
I agree with this. A Real Trader will
- read the books
- take the long view
- do the work
- take the losses w/o emotion
- trade the right size
- let the profits run
- not expect to reach the moon in one attempt
etc etc
__________________
The greatest power is often simple patience.
while a real statistic, its couched in misleading terms
95% of those who ATTEMPT forex may well lose, and they lose for all the reasons being enumerated below and RARELY after gaining the experience to become and remain competent.
I tend to average 350 full lot pips a day BUT it didnt happen overnite as most of my students are finding out, but theyre gaining on me every day.
NO, nothing commercial going on here at all --- just an ole trader who likes to see others WIN at this game and not throw their money down a hole.
After you LEARN how it works, its nothing but a spirited game (ok, lately moves more like a dead duck) that has specific rules, methods of understanding and is NOT a wild melange of moving numbers with NO clear direction or reason --- just takes a wee bit o time to learn what the banks are doing and where theyre heading.
Once you can understand THAT, then you can at least follow them and often BEAT THEM to where theyre going, without raising a sweat.
enjoy and trade well
mp
Quote:
Originally Posted by daniellefr
Of course there is a high percentage of unsuccessful traders. Why? because they are not really traders in the first place. The unsuccessful trader is simply an individual looking for a jackpot, quick cash, 1 million in a week! Forex has nothing to do with any of those. All 95% can go and try their luck in Las Vegas. More chances there to win anything.
__________________ KNOWLEDGE and EXPERIENCE are the handmaidens of the riches of forex, and i buy them roses every day, with many a thank you !
)and suggest that the percentage of success rises exponentially for those who slavelessly dedicate themselves to the task in all its forms.
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