How many percent of succesful traders in forex world?? - page 3
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FXCM is buying IBFX. What is interesting is this :
"A majority of the clients being acquired are located in Asia and have traded through IBFX's Australian regulated entity,"
If we assume that there is, let say 20-30 account holders, with about $50 million, average account is $1000 (or less).
So much about the reason why 95% fail : under capitalizing is by far the most common reason
I don't know
The fact is that forex is going down everywhere except in Asia. Now just assume that those people decided to replace Macau with forex and that they are trading 0.5 a lots with those average $1000 accounts (to "make some money"). That gives them 200 pips that they can afford to lose. Man, one day like yesterday will clean up 30-40% of them in a single day (how much of the traders thought that at 1.3 there will be a support yesterday and they went in long?) And all that not because they are newbies but because they heard, saw or read somewhere that "forex can bring you good money". That is all. All this is becoming a game of persuading poor to handle their money to the rich and to blame themselves for that simply because they were not told "but you have to be rich already before forex can make you income that is enough for something more serious than two bowls of soup"
quite a few blew their life savings this wk (on a different forum)
one 16k, another 50k
others are in the hole with hope and prayers
we see this time and again, this wk has been bad though
but others cleaned up and just got short, and had the losers waited to gain more experience they would nt of lost anywhere nr as much and probably would of won aswell
maybe peer pressure and greed take over as everyone seems to be winner around the forums,
and the reality is its much more the other way around, just not many admit it until the end
moral of the story don't trade the market - unless your an expert
don't use all your life savings and always use stops (as some now wished)
actually i am not really sure how many percent who are successful in Forex trading, however I seen one article that telling the failed traders is 95% but I don't think it is true because Forex is quite hard and it is not easy and not all people can understand well on how to read the market.
If a trader uses well balanced leverage and risk I do not think that stop loss is necessary at all. You can always close your order manually too. But with leverages like the new "modern" 1: 500, 1:1000 or 1:3000, it is no wonder that people are loosing. That is no trading.
I know a man that traded for living 35 years and he never ever used a stop loss. Think of it. He survived in trading 35 years and he was able to live comfortably from that (and he does not care for the old age either - he is well taken care off with what he earned)
The whole trick is not to gamble but to trade and think (not just one)
quite a few blew their life savings this wk (on a different forum)
one 16k, another 50k
others are in the hole with hope and prayers
we see this time and again, this wk has been bad though
but others cleaned up and just got short, and had the losers waited to gain more experience they would nt of lost anywhere nr as much and probably would of won aswell
maybe peer pressure and greed take over as everyone seems to be winner around the forums,
and the reality is its much more the other way around, just not many admit it until the end
moral of the story don't trade the market - unless your an expert
don't use all your life savings and always use stops (as some now wished)How did they lose the whole account?
In my experience account of 50K is not an account that someone will lose just like that (nobody will invest that money if he does not know what is he doing). It was probably just a demo account and now somebody is seeking attention on the net
If it was real account, then that money was not his at a first place (he did not earn it trading) - he would have known in that case that CB conference is always a big risk to trade
I think that it does not matter if the account is a real account or not
As I said, from the IBFX being sold data we can calculate what roughly is an average account size. And that is one of the main reasons for failures : people, in forex you will not get rich if you do not have enough money to invest. Meaning : you have to be rich already in order to be able to make money that is significant from forex.
All that reminds us to a Rockefeller tale how he got rich : he got a cent, bought an apple, shined it up and sold it for 2 cents. Then he bought 2 apples, shined them up too and sold those for 4 cents. And then his aunt died and left him a million dollar.
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Forex for poor (small accounts) is what forex brokers love : those accounts are doomed to fail.
How did they lose the whole account?
In my experience account of 50K is not an account that someone will lose just like that (nobody will invest that money if he does not know what is he doing). It was probably just a demo account and now somebody is seeking attention on the net
If it was real account, then that money was not his at a first place (he did not earn it trading) - he would have known in that case that CB conference is always a big risk to tradeit was real money
don't really want to add much more about it
but the word suicide was mentioned a few times this wk on FF
i'm not trying to preach, it just serves as a warning to all of us
Good luck everyone
Yep, you are right
Lets leave it as is and hope for the best
Last ECB conference when Draghi cut rates was almost the same like this : big change down and when it paused somebody pushed it right back just to make to go down again the next day. CB press conferences can not be traded any more. Algos took over the news trading