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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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This poll is unclear about how many hours trader spend trading.

If a trader demo for 3 months and spend about 10 hours per day VS a trader who demo for 2 years but spend only 1 or 2 hours per day, who will end up been a good trade ?

This poll is unclear about which time frame trader used.

If a trader who trade based on daily chart, he would need a year or two for trading before going live whereas a trader who trade based on 1 min chart only need 1 - 3 months of demo.

I think the poll should be based on number of demo trades instead of number of months. This poll just doesn't make any sense

Although your arguments are good, I'd disagree with you in general.

Who is going to count the number of demo trades?
How to classify what time frame had been traded while demoing? Demo traders chaotically switch from one time frame to another and it takes some time to settle down on a single one or a few.

Poll doesn't take into consideration how many hours a trader spent every day, everyone sets his/her own goals and time for studying Forex, instead the poll counts how long it took/will take a trader to master what he learned before trying live trading.

Polls are good because they are simple. If to make them collect every single piece and variation of data, it would be long, complex and impractical.

Kind regards,
Edward

I am a newbie and burnt off two micro accounts of $100.00 each already. I followed the advice of a mentor who adviced against usage of stop losses. I learnt my lessons in a hard way. Until I start increasing the balance on my demo accounts profitably, now learning on my own, I will not go life again. The mentors entry method works over seventy percent of the time but he claims is 100 percent if you allow it to turn in your favour. Now I know better. The wasted time, emotions,hope...I vowed not to quit anyway. I will be part of the 6% winners in the end. God willing. I will work it and not just pray it.

i am also forex noob,I have to learn lot to be a successful trader.

Anil Kumar Raju
http://forexfapturbo.blogspot.com

Hi Edward,
Thanks a lot for this fantastic site! I do agree with what you wrote in this article. I'm a miserable example of what greed and emotions can make. I'm now 3 weeks into live trading. I started with with £3000 and now I've barely got £1000 despite being over 1200 pips positive! I wish I'd known what a stop loss and a strategy were when I first entered live trading. I would let a loss run hoping it'd reverse and lose £500 in one trade. On this other hand I would take a profit of £20 in case the market suddenly reverses. Having lost 10 trades in a row I decided to take opposite positions to what I initially thought would be right. I lost subsequent 10! I'm now learning strategies and how to stick to a plan. It's a hard time I must say. I hope I can use it profitably. I really do. Cheers Gryb

Hi Edward,

Originally, I thought the the poll was incorrect. That was 2.5 years ago! Even now, I have not gathered enough information or practice to make me feel confident enough to go live. You were correct for saying that it really does take a long time.

For preparation, I thought that theoretical as well as practical knowledge were needed in order succeed. I decided to take some graduate level courses in investment management and trading and must say that I was very humbled indeed by my lack of knowledge. In addition, I did an enormous amount of supplemental reading into different trading strategies including the ones listed on this site to find the trading method and strategy that I was most comfortable with. Then, I had to choose the time frame. Finally, I had to understand about beneficial hedging effects offered by negative correlation, the pitfalls of trading psychology, entries, exits, positions sizing models, whether to be a fundamental or technical trader or both and the list goes on and on!

To conclude, I think that I am finally ready but it was not an easy road. You were correct for warning people about how hard it is to trade.

Thank you,

George

Hi Gryb and George,

Thanks a lot for your great feedbacks, guys!
Your live examples provide a remarkable insight into Forex trader's real practice.

I highly appreciate it and hope it'll send a message to everyone looking to become a Forex trader.

Best regards,
Edward

Hi Edward,

I started on demo account(s) about 3 months back. In those 3 months I tried 3 different brokers. In the demo account, when I first started, I made huge losses and lost all the virtual money. I learned that I was being greedy (as said in a lot of posts here) and that was the reason of losses. So when I started with second company (demo account), I thought I will pay a max of +- 30 pips. So I tried that, controlled my emotions (even though it was a demo a/c) and made some good profits over the next 3-4 weeks. I did the same with the 3rd broker and did quiet well with demo accounts.

Now the bad part.. I opened a live account and in first 36 hours lost 80% of my capital. PURE PURE GREED. I forgot the principles I learned earlier, kind of became overconfident. I opened a trade at 1.00 PM, was 70 pips UP at 4.00PM. I thought let it be open and I will reach home and then will close. I reached home and when I opened my m/c at 6.15 PM, I was DOWN 80 pips. My inner self (GREED) said no, it will go up.. but sadly by 11.00 PM the loss was 130 pips. I put a stop at 180 pips and a limit of 20 pips and went for sleep. In the morning I was down with 180 pips.. trade closed. Having lost almost all of my invested money, I am back to demo a/c, trying to get to a strategy before going back LIVE.

So guys, please stick to basics, No GREED and yes practice more on demo accounts. Money is hard earned, so don't let it go like this

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