Author Topic: Newbie Questions  (Read 671 times)

Sharkie

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Newbie Questions
« on: May 27, 2020, 11:15:41 AM »
Ive bin looking around and see different numbers for how many fx traders fail. Really big differences not even close to each other from 55/60% right up to 99%. I cud live with 60% but if 99% fail then what is the point of trying? I would have more chance buying a lottery ticket.
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eddieb

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Re: Newbie Questions
« Reply #1 on: May 27, 2020, 05:15:22 PM »
Ive seen lots of different numbers bandied about and tbh I don't think anyone really knows.
Brokers will show you the percentage of retail clients who succeed/fail with them, but that is only part of the story.
They don't know how many traders moved to other brokers and then became successful.
They don't say how many traders were under capitalised

What seems pretty certain is that a huge number start trading with little or zero knowledge.  Then there are those who get scammed out of their money, regardless of how welltheir trades went.

The low entry barriers for forex enable a lot of people to participate who,  quite frankly,  shouldn't be allowed to trade for their own good. 

Try not to let the numbers and what I say put you off. Trading can be fun (honest) and I have met some really good people through it. Just take your time learning the craft, don't rush into it, and when you do go live don't be afraid to lose before you win.

Namaste
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

Sharkie

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Re: Newbie Questions
« Reply #2 on: May 29, 2020, 09:50:45 AM »
Cheers for that eddieb.
Can I ask another question. The beginners guide talks about different type of orders. Should I try all of these when i use my demo acount or should i just use one and if just one which is the best one to use?
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eddieb

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Re: Newbie Questions
« Reply #3 on: May 30, 2020, 07:57:28 PM »
My own thoughts are that you're safest beginning with just standard buy and sell orders. When you've used them a lot in demo, then you may want to try the others. I can't remember the last time I used anything other than standard orders.Would be interested to hear if anyone else uses others regularly
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

LuckyMac

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Re: Newbie Questions
« Reply #4 on: January 15, 2021, 12:32:01 PM »
Ive bin looking around and see different numbers for how many fx traders fail. Really big differences not even close to each other from 55/60% right up to 99%. I cud live with 60% but if 99% fail then what is the point of trying? I would have more chance buying a lottery ticket.

Its all risk to reward and having the mentality to deal with the losses and trust the process

sebking1986

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Re: Newbie Questions
« Reply #5 on: January 19, 2021, 02:00:03 PM »
Most traders will lose money at some point. As mentioned above it is too balck and white to say x% of traders never make money. There are a massive % of "traders" that have a pop without learning or practicing, blow their accounts and call it a scam. I bet you they account for a huge % of the people who lose money. It is tough for sure but it is an area where persistance pays. Those who learn from losses and keep pushing on often are the ones that turn a corner eventually.

eddieb

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Re: Newbie Questions
« Reply #6 on: January 19, 2021, 03:53:31 PM »
Most traders will lose money at some point
Been there, done that, bought the tee shirt.
I lost a small amount on my first account after a few months of trading. Then, for totally unrelated reasons, I changed brokers. I am profitable with my current broker, but my old broker will count me as one of his losing accounts. I doubt I am alone in swopping brokers.
Also, the regulated brokers show their percentage of losing accounts (my broker today shows this as 77%). Do non-regulated brokers do this, and if they do are they showing true numbers?
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

LuckyMac

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Re: Newbie Questions
« Reply #7 on: January 22, 2021, 05:12:57 PM »
I think losing money is a right of passage haha

sebking1986

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Re: Newbie Questions
« Reply #8 on: February 24, 2021, 12:31:02 PM »
Yeah we all lose some money early doors and losses are part of the game long term too. No trader is 100%

Tracey

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Re: Newbie Questions
« Reply #9 on: March 22, 2021, 10:29:20 AM »
I lost money to begin with, but came down to mindset and perserverance to believe in what I was doing.

The perentages to me are not important, it is what I do that will determine if I am successful or not.

Sharkie

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Re: Newbie Questions
« Reply #10 on: March 22, 2021, 02:08:46 PM »
it is what I do that will determine if I am successful or not
Thats something a lot of new traders cant or wont accept. If they have a run of winners, then its down to them being a 'natural' or having found the holy grail of trading. If they lose money then its because they were conned, the broker is crooked, or fx is a scam.
If anything they need to turn this on its head. If they start out with a run of winners, they need to carefully study what happened to try and see why they won and if it is for a reason that can be replicated. If they lose, they need to begin by looking at themselves- were they properly prepared before trading (did they have a plan, a strategy, money management), did they stick to the plan/strategy, did something unexpected happen that caused the loss (news event), or do they need to revisit the plan to see if it is flawed.
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LuckyMac

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Re: Newbie Questions
« Reply #11 on: April 10, 2021, 01:18:45 PM »
This is the dangerous thing about forex you need to have tunnel vision at times. Whether 60% fail or 99% fail is irrelevant. If you think youll fail before you start thats the problem. Get a strategy, build your psychology and be determined. Believe your own eyes. Most will say 10% a month is impossible some make that in a day. You have to believe in yourself and stay focused

Caesar

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Re: Newbie Questions
« Reply #12 on: April 10, 2021, 02:24:38 PM »
you need to have tunnel vision at times.
So very true. With so many out there selling snake oil systems that offer huge returns at little risk, irs easy to get distracted and to try taking short cuts.
Learn your craft and you can reap the benefits for years
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