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How many of us will succeed in Forex?

Many of us have probably heard the statement that 95% of beginners lose in Forex and remaining 5% become successful.

A common trading journey in Forex starts with demo account and develops into live account with further positive or negative outcome.

We have made own simple research that was aimed to find out how long on average traders plan to demo trade Forex before going live.


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There is a pdf with Original Tutle trading rules for everyones reference here:
Turtle trading rules

Thomas

Hello. Interesting article and I would say it is definitely true for the same reason I have seen many times in other fields of money making, that most want a get rich quick scheme. The greed comes into play and the money management and rules of the system goes out the window. For me, I will admit straight up that I am a forex newbie. However, I understand many of the principles it takes to succeed. I will not even think about live trading until I can make a consistent profit with a demo account using a strategy that I know will transfer to a live account. The other important thing I am doing, other than reading as much as I can about the subject, is looking into automated trading. A "bot" doesn't have emotion, and if and when I am confident that I understand what the bot is doing, and it is making a good return in demo mode, I will try it live with a small amount of money and see how it goes. Due to my past in other markets, all this may take one month or years, but I know I'll be prepared when I finally do "go live".
All the best trading, Robert

hello.My name is hossein.I`m a beginner trader.I think there is a standard that you can find out that a trader is successful.I think if you have this standard you can have a live account.no matter if your account is 1000$ or 1000,000,...$ .
My standard is:if a trader has an account history that his losses are smaller than his profits,and at the end for a long period of time,his account is in profit,he is a successful trader and is among 5% winners.

Hi -

I've bee trading for 3 months solid - real trading. I've taken some big hits - 2 to be specific, but had plenty of wins - too many to mention. My Balance however is way below where I started. The lesson I've learnt is that your money management is in deed more important than your strategy! Hind site is 20/20 - we all know that but please believe me when I say this! Money management and emotional management are completely underrated!

Regards
Dean - SA

i must say most of this stuff is not facts...i started trading within a month and the first week lost two thirds of my bank but regained it within three weeks..i feel the most important thing is not to get greedy....that was my problem...when you winning you would want to up the stakes, which would more than likely be your downfall.

Hi All,

I am a newbie at fx, and have traded live for less than one month.

On a demo account I earned $850 dollars in one day. With the live account, I lost
80% of my capital in six days. Then I discovered the Trailing Stop and how to trade in small amounts.

The message? Dont't Be Greedy.

Happy trading,
JMV

I would like to see what the ratio of successful to unsuccessful would be if your numbers were filtered to eliminate the people who go into Forex because they think it is a get rich quick, cute little home based business opportunity, which requires little if no effort on their part.
I have visited websites with FAQ's that clearly indicate that the questions are being asked by people who have done no homework whatsoever, and I believe this is skewing the numbers.
I believe the numbers are much more favourable for people who actually put in the time and effort to become knowledgeable and proficient, after all, even the experts had to start somewhere.
Perhaps the numbers are generated this way to give all the internet scam artists an opportunity to try and suck money out of people honestly trying to work hard and learn.

hi,

i'm new too to forex. admittedly, my main reason for taking forex is the possibility of making insane amounts of profits!!!

after reading of the 'sobering' comments, i believe it's a long slog. even with an initial capital of USD2k and 10% monthly compound interest, it will take about 2-3 years to reach 1 million.

i signed up for a course which taught me a trading system(which meant they took my money and taught me a system)a lot of frustrations were coursing through my veins... why this rule, why that rule e.t.c. also, when i profit, i felt like a hero but when i lost a trade, i became doubtful of the strategy.

i guess i want to profit all the time. later, i learnt that the strategy is not 100% but will give profits OVER time. even then, there's the urge/pang to profit all the time, whenever I want to.

i agree to continuous learning and being humble... and not greedy

many seem to believe it's a road to riches with no effort but that's not true. sobering but true :(

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