FREE FOREX STRATEGIES
Forex brokers comparison

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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Hi Azma,

Brokers can't manipulated prices specifically for your trades.
There are natural beginner traps in the market in which many beginners fall during their first trading steps. New traders tend to enter the market the very moment or close to the moment when it is actually preparing to reverse, of course they don't know about it because they lack additional knowledge and experience.

There is no conspiracy in Forex, but you have to learn to see the key price levels, at which expert traders take control over the market.
Focus on the topic of support/resistance and learn as much as you can about it.

Regards,
Edward

Hi,

Found this website two days ago and I have read some topics here and there. I find this topic very interesting that people write about their emotions about how they started and how long IT will take.

Well I don't know how long it will take when I can call myself a profitable trader, but I am working on it. Since I started trading it has been one year now. I started with demo account to figure out how trading software works (more less) and went live. Yes I did lose! I went back to demo for one week and I understood that I can't learn using fUnNY MoNEy so went back to live and trading small size since then but still trading.

I have read a lot of books about trading and yes they helped me and yes they didn't. There is so much wisdom offered about trading that you don't know whats right or wrong. Probably there is no right or wrong...right?! :) I have read so many books so actually I can write one of myself and nobody will not figure out that I am not making millions with trading.

Learning does take time and there are many people who need to learn how to learn. Trading is a very emotional work and I am not thinking that people must get rid of emotions contrary emotions are good, but there is a need for control your emotions and to master your emotions you need skills. It is very unlikely to get good skills by reading all there is about trading. There is a need for screen time and real trading with all emotions and fears.

Nice website and keep up the good work!

B.

Thank you, B.

You too, keep the good work, and happy trading!

Regards,
Edward

One thing I've learned is find signals and look at them in historical terms. Meaning compare your signals with the movements of th market Usually 1 to 6 months back. Use more than one time frame to trade. Longer term is good but will signal too late on major moves but also keep you from being fooled by false signals that shorter term signals.

Don't trade on big news days....recently I tried to time the market on a big news day and got cleaned out. The market just oscillates too wildly.

Don't get greedy....it's one of the biggest mistakes you can make. a 20 pip profit is better than 30 pip loss.

Remember Forex is more of an art than a science. The more you practice the better you craft will be.

I've traded on a demo account and have taken a $50K account to well over $130K in 2 weeks. Trading a demo account is different from live because you don't care about fake money....if you lose it you can open another account and try again.

Trading live is completely different.
When it's real money the anxiety, greed, impatience, and stress sets in and you start closing positions you shouldn't have closed and open positions you shouldn't have opened.

I do agree...you should practice for 6 months then take about $2K that you don't care if you lose and open an account with about $500 and take max $3 positions. If you lose the $500 study what went wrong and deposit another $500 to try again.

Don't get greedy if you make money and start taking larger positions. Stick to the $3 positions or less. The less the size of the position the longer you will be in the game or market should things go bad for you. Anything less than $3 dollars won't be that exciting when you make it and won't hurt enough for you to learn from when and if you lose it.

It's easier said then done but money management, discipline, patience are important to mastering forex but are the hardest to learn.

As always, thank you for a great summary and advice!

Best regards,
Edward

when we say that be in discipline, it means that you have a system and you are following that system even when you are loosing. Making a trading system is easier but following is much difficult. Learn to trade your system. Also your system must have performed well in past(that give you just confidence nothing else) and it must posess money management rules, now rest is on your shoulders that you follow it. If i grade my preferences by my experience of past three years of tracking stocks and 2months experience from just tracking forex markets,
1.money management(risk x% of your capital every trade)
2.follow your trading system(discipline is following your plan/ts)
3.trading system(you dont need best ts,but it must fetch profit on past many different time frames, historical data)
I have not made money or at break even point in trading stocks from past 3 years, i read books and read blogs and try to learn forex, at least I know what can work and what not. But now I am turning pessimistic that even after learning day by day whether I will be a successfull trader one day or not. I have no option but just to learn. I have not met people from last 3 years who are consistently making money from trading, but i know many people who have lost their hard earned money, even homes and some people even criticise me of even learning in this field. I sometime think that if I will not be a successful trader people will criticize further more. I want to be a successful trader one day whatever it takes to be there, I will learn, my passion is to be a successful trader. //I have one question to all, are there any people who are making money on consistent basis from trading??? If the answer is yes I will replenish myself that I can be a successful trader one day too, I am ready to learn and continue even it takes 20 years from now to be a successful trader. Please carry on this conversation, keep coming with your stories of trading. Keep learning, learning is like your insurance to trading.

You shouldn't be afraid of criticism or hide from anyone that you trade Forex. Currency markets as well as futures, indexes - is an enormous industry, where banks, hedge funds, investment funds, other institutions as well as retail traders have been participating for decades.
None of them will be there now if it wasn't profitable.

But it is a serious business for serious and smart investors, many of traders nowadays forget about this. Today everyone who has $100 to spare can become a trader, it doesn't mean, however, he/she will become a successful trader. You have to have a talent for it and learn + practice a lot.

I love Forex and trade successfully, I hope it'll inspire you to continue working on
reaching your goals.

Best regards,
Edward