How many of us will succeed in Forex?
Submitted by Edward Revy on March 22, 2008 - 19:40.
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.
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