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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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I have demo traded for for 18 months. My experience reveal that to succeed you have to pick a single currency pair. Study its movements for a period of at least one month. Monitor how they behave during the Asian trades overlaps and the western trade overlaps.

John

hi edward,
I have just demo traded for 2 months with a lot of intensive reading and
studying anything I can lay my hands on.
I was planing to enter the market when I got lucky
coming across your website---------Man--------trading is like
fighting with a lion-------empty handed--------could I kill
a lion with my bare hands after 2 months of intensive combat training.
A lion that is so hungry its waiting for me to make any move-----any move.

well I think the other traders here should have an answer for me.
should I go ahead or do I need more training.

the Lion killer

Hi the Lion killer,

My advice would be to wait and study a bit longer before you go out to kill your first lion.
If you have settled with a trading system, give it a full test of 3-4 months at least. In the meantime use your free hours to continue studying.

Regards,
Edward

hi edward.
i need to know more about EA...MT4
how to set it up & how to use it.
thanks

newbe at rini

This video should help
(there are also more similar videos on http://www.youtube.com/)


Regards,
Edward

When ever I see an EA for sale I get very angry... The question I want to ask the person marketing the product is "who really wins? Me or you?" not sure what proportion of the 95% have failed in this style but forex is a business not a fantasy.

Trendlines and fundamentals is all you need. Look at what the market is doing now, not what happened in the past.

Hi Edward,

Thank you for this wonderful website. The amount of beneficial information is enorme.
I would have to agree that trading for a solid amount of time is necessary for any trader to get to understand the forex market, and how to apply different strategies with different market conditions. I myself have learnt this the hard way. I was introduced to the forex through my brother who started trading and made some intereting profits. I read few books and articles then jumped directly to live trading. I opened an account of 100,000yen, and lost most of it within days. I have done everything wrong, trading without stop loss, nor target limit in mind, always hoping that the market will reverse. I was shocked after I lost everything and stopped trading for about 8 months.
Now I am back again to trading but only on a demo account. Until I feel comfortable with the few strategies I am testing, and am sure I can manage my equity properly, I intend to continue demo trading.

Anyway, that's my story, and once again thank you for this website and this opportunity to share information between all.

I appreciate your feedback and the story!
These live stories are the best proof and example of real Forex trading - a great value for beginner traders.

Best regards,
Edward