How many of us will succeed in Forex?

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 -

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

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.

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

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

Thomas

Hi jatin,

The data refer to 95% beginner traders.
Only those who are persistent in their learning and research despite success of failure on the early stages are able to reach their goals.

Even if you practice 5 hours a day 6 months may not be enough to start managing serious investments, but may be just enough to try out your trading skills with a mini investment. First live trading experience in Forex is hardly ever smooth. No one wants to be a loser, but almost every one loses. You should be prepared first of all mentally, that's why also small initial investment is advised in order to take out additional pressure created by trading live money without previous experience. If you set a goal to test your skills, rather than a goal to prove that your are not a loser, then your trading experience will be productive and enjoyable!

Richard Dennis developed and lead turtles trading system and it is (I believe) available on the net.

Regards,
Edward

hi Edward here is jatin from india.i have3 qustions
1.)i want to know that u said that 95% of trader are loss in this business and just 5% are got seccess in this business. so i want to know that this data is only based upon beginners or all are experinced traders.
2.)And one thing i would like to ask u that if i practice 5hrs per day then i think i would be able to start real test trading in just 6 months.
3.)what do u think about the story of Richard Dennis is real or its just gossip.

Hi
not sure if i will make it but i intend to trade in one months time. i have attached myself to the MTI training programme.
What are the chances of me making it in the market with this training.

I'm also new to trading and I'm within my first quarter of live trading. Your emotions is a big deal in forex trading, also you must know the behavior of the currency pair your investing into. I have experienced with real money a volatile GBP/JPY take out my stop and then move in my direction during news report. I learned very fast from that experience. There are pairs that trend most of the time and pairs that range most of the time and then there are the hybrids - these trend, and range, and then trend again. Learn as much as you can about one particular pair first and develop a system for that pair at your time frame.

Hi Andrew,

Thank you for your question.
Here we are not challenging your abilities to learn fast and be ready to trade responsibly and profitably in short period of time.
There is another dimension of that, which doesn't depend on a trader - it is the Forex market itself and the global economy.
There are variety of possible trading condition on the market that should be learned, yet the market is not going to reveal all its cards and demonstrate its pitfalls at once. It takes time to test your trading system and skills against the market thoroughly.

Regards,
Edward

Hi, I'm a Forex noob and I'd like some further explanation please.. Why is it so important that I trade for at least 1 year..? Why can't I graduate in 6-9 months for instance and look for real profits in Forex?
thank you!

Andrew

I believe controlling ones emotions is the single most difficult skill to master in trading. Richard Dennis the guy who put together the Turtles back in the 1980s said, "I could print my trading system in the WallStreet Journal and almost nobody would be able to make money with it, because they wouldnt follow the rules! Their emotions would take over." By the way, the turtles trading system is on the internet for free! So Richard Dennis has given his famous Turtle trading system FREE to the public and people STILL cant make money in the markets over the longhaul. We can always count on the emotions of Human Nature to screw up a time tested trading system!

EMOTIONS IN TRADING SUCK:
Trading needs to be treated like a business. Trading is no different than starting a flowershop, or auto repair business or a antique store! All have profits and losses, all have expenses and revenue. The key is to find a trading system that fits ones personality so you are able to follow it to the letter.
Losing trades must be looked at as nothing more than the cost of doing business. Just like a Flowershop that has 4 employees who each make 25k a year, thats a $100,000 per year expense to the owner! If 15% of the flowers on hand die before they are sold, its a business expense. If the mortgage on his place of business is 2k a month, thats an expense! It's no different in trading, losing trades are a part of the trading business.

Master your emotions first, then you will master your trading!

Many Forex traders open live accounts too soon, which cause losses on a big scale. After that many Forex traders give up too soon...

Both facts are in favor of 95% to 5% statistics.

Rich