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only 5% traders survive

Discussion in 'Beginners Bootcamp' started by osasyankee, Oct 7, 2007.

  1. osasyankee

    osasyankee Private, 1st Class

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    I am a newbie... But there is this speculation that only 5% of traders actually excel... This whole speculation is really making it hard for me to go live with an account...Can somebody tell me if it is true....... If yes, how come people still keep on going into the trade? I have been going throught this forum for sometime now, no one has actually complain to have made losses,....I think this whole statement is false, just to restrict a lot of people from going into the forex trading:.....
     
    #1 osasyankee, Oct 7, 2007
    Last edited: Oct 7, 2007
  2. Elshabarn

    Elshabarn Recruit

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    only 5% traders

    To trade successfully in forex you have to make up your mind to stay in it. All worthy courses in life have some element of risk. That is what separate the quitters from the winners.

    You should be aiming to be amoungst the 5% or even 1%. The majority carry the vote when it comes to losing out of good things.

    All the best.

    Elshabarn
     
  3. rpaco

    rpaco Sergeant

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    From what I have read the 5% includes professional traders as well and at 5% may be too high. It is not easy, best read all through Babypips and there is a heap of free information out there on technical trading. But All the technical indicators do not forecast what will happen when you trade the news with Felix. Look at the other threads here and read them all.
    If you are not willing to do that then forget trading, unless you are a born natural you wont stand a chance without study and then lots more study. Think of it as going to school, then college, then university, then doing a Phd and if you did all that right and have the ability to only do the right thing wiht absolute discipline then you MAY succeed.
    OR you can subscribe to trading signals services and use them. BUT if you do that you need to be at your terminal at the right time and to follow instructions exactly, instantly. Many of these systems are not compatible with having any sleep, it depends who wrote the system and where they trade from. You can get around this by using a fully automatic system. (FXDD or FXAuto) etc. Also there are differences in the chart values between your mentor's (indicator supplier's ) chart and the one you are using, from your FX dealer, both in values and timing. Felix and others have written about this, read every thing you can.
     
  4. vidigix

    vidigix Private

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    Dear OsasYankee,
    I do not wish to scare you,but actually 5% is not the accurate percentage of traders who succeed in forex.From what I've seen so far,it's closer to 1% ! This is because,the majority of those who venture into forex do not actually know what they are doing.Even majority of the so called gurus belong to this 1% since most of them have already lost money in forex and in order to recoup their losses,they put out bogus forex seminars and webinars which only scratch the surface(or never do) to lure unsuspecting newbies into parting with their money.These newbies after posting a couple of losses,decide to put out their own webinars and seminars...and so the cycle continues and more and more intending fx traders add to the losing percentage.But thanks to God sent people like Felix,maybe someday the winning percentage of fx traders will be increased.But for now,please keep on practising on a demo account and get you feet thoroughly soaked and not just wet.
    Finally and most importantly,Please never risk more money than you can afford to lose.I hope this helps a bit.
     
  5. osasyankee

    osasyankee Private, 1st Class

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    THANKX vidigix

    ,
    I'm still taking my time to practce on demo which I've been doing for the last past 2 months. Maybe I stil need more time. Thankx
     
  6. MarieLindeen

    MarieLindeen Recruit

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    I would suggest getting Felix's signals and follow them. Use them on your demo first. When you are confident using the demo, then move on to a live account. Also www.babypips.com does have a TON of information. Easy to read and humorous in places. Hope this helps.

    Blessings ~ Anne Marie
     
  7. josephnio

    josephnio Recruit

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    i agree with them.

    babypips.com has a lot of info in understanding the forex.. i had the same experience too..

    I hope you would get over on those dilemma.. Good luck and God Bless us!
     
  8. osasyankee

    osasyankee Private, 1st Class

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    thanks all

    I just opened a demo with alpari(just yesterday).I heard they are kool. I'm very much anxious to apply Felix's trading signal from on monday. Stil fully going thru babypips.com....Thanks josephino
    I hope to share my success with you guys soon when I go live maybe in a forth night
     
  9. No Time

    No Time Private, 1st Class

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    Well said. Felixs' signals are great and very useful. IMHO it takes YEARS to BECOME succesful in forex. You win some and you lose some. Money management is a big part to longevity in this business.
     

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