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Why 99% of traders lose money

  • #121
  • May 8, 2018 5:40am May 8, 2018 5:40am
Quoting maria098
Traders lose money in the Forex market due to the lack of knowledge, trading without any strategy, lack of experience and of course lack of patience. High spreads and hefty commission also erodes the profit of traders.
Knowledge is the key; I see a number of new traders try to make money from their 1st day of trading although they have no knowledge on technical as well as fundamental knowledge, traders have to make a profitable trading system based on their trading knowledge & experience.
  • #122
  • May 9, 2018 1:50pm May 9, 2018 1:50pm
Quoting ZikriIrfan
{quote} Knowledge is the key; I see a number of new traders try to make money from their 1st day of trading although they have no knowledge on technical as well as fundamental knowledge, traders have to make a profitable trading system based on their trading knowledge & experience.
knowledge is the key at any sectors to ensure success . but its is to be achieved by passing a long time with great patience. but i have seen according to my experience, within very short time traders try to get knowledge . but its not possible at all.
  • #123
  • May 14, 2018 1:06am May 14, 2018 1:06am
Quoting ZikriIrfan
{quote} Knowledge is the key; I see a number of new traders try to make money from their 1st day of trading although they have no knowledge on technical as well as fundamental knowledge, traders have to make a profitable trading system based on their trading knowledge & experience.
Yes, you are right, number of traders want to make make money from the very first day of trading without having any significant knowledge and experience about it. Then it became like a gamble if you are lucky then you will win and 99% of them are not lucky enough to make the profitable trades.
  • #124
  • May 16, 2018 1:42am May 16, 2018 1:42am
Quoting maria098
{quote} Yes, you are right, number of traders want to make make money from the very first day of trading without having any significant knowledge and experience about it. Then it became like a gamble if you are lucky then you will win and 99% of them are not lucky enough to make the profitable trades.
Without knowledge, there is no way with your luck! Forex is a knowledge based profession, so only knowledgeable traders are lucky!
  • #125
  • May 16, 2018 1:52am May 16, 2018 1:52am
1 key success is do not test your trading strategy on one pair.
Try all pairs including indices and commodities.
Once you have found the perfect pair, you can put more focus on it, maximizing profit and minimizing drawdown.
When all ready, do pilot testing with small money.
After you become more confident increase the money.
My trading strategy loves Gold because Gold can move hundred of pips in a day unlike currencies it moves barely 100 pips in aday on average.
Because of the Gold wide range in price, it prevent the order to hit the SL.
This is not investment/trading advise. Will not hold accountable for loss
  • #126
  • May 17, 2018 4:09pm May 17, 2018 4:09pm
Quoting yousername
1 key success is do not test your trading strategy on one pair. Try all pairs including indices and commodities. Once you have found the perfect pair, you can put more focus on it, maximizing profit and minimizing drawdown. When all ready, do pilot testing with small money. After you become more confident increase the money. My trading strategy loves Gold because Gold can move hundred of pips in a day unlike currencies it moves barely 100 pips in aday on average. Because of the Gold wide range in price, it prevent the order to hit the SL.

appreciate , thanks for your nice post with nice detail.
  • #127
  • May 18, 2018 3:25am May 18, 2018 3:25am
I'd always thought of this problem as just lack of patience or something, but your explanation is more comprehensive for real
  • #128
  • May 18, 2018 9:12am May 18, 2018 9:12am
Lack of patience and discipline can be a real problem for a lot of traders, in my opinion. One shouldn't discount them.
  • #129
  • May 19, 2018 5:25am May 19, 2018 5:25am
Quoting mlawson71
Lack of patience and discipline can be a real problem for a lot of traders, in my opinion. One shouldn't discount them.

Yes it is. Without a real trading discipline that’s not possible at all to lead a comfortable trading life in spite of having most powerful analyzing trading knowledge. besides acquiring good knowledge and experience it is more appropriate to ensure discipline when trading in a real account.
  • #130
  • May 19, 2018 7:23am May 19, 2018 7:23am
Quoting AdamCrist
{quote} Yes it is. Without a real trading discipline that’s not possible at all to lead a comfortable trading life in spite of having most powerful analyzing trading knowledge. besides acquiring good knowledge and experience it is more appropriate to ensure discipline when trading in a real account.
What advice would you give to people who struggle with being disciplined?
  • #131
  • May 19, 2018 7:36am May 19, 2018 7:36am
behind losses there is a big reason to choose a wrong broker , so choosing a broker should be in cool mind , please don't choose a broker in an emotional state , because broker can affects the result of our trading with certainly.
  • #132
  • Jun 14, 2018 6:21am Jun 14, 2018 6:21am
Quoting AlexImam
behind losses there is a big reason to choose a wrong broker , so choosing a broker should be in cool mind , please don't choose a broker in an emotional state , because broker can affects the result of our trading with certainly.
should choose the broker which is more appropriate to the concept of trading that will be used , if you love doing scalping of course should choose the platform which allows this concept without any restrictions.
  • #133
  • Jun 14, 2018 8:38am Jun 14, 2018 8:38am
Quoting mlawson71
{quote} What advice would you give to people who struggle with being disciplined?
Write out a checklist and post it next to your trading screen. DO NOT place or exit a trade without checking off each item on the list.

Even though a commercial pilot has thousands of hours of flight time, they would never, never push back from the gate without checking off each item on the checklist. Imagine that you put your life at risk on an international flight with a pilot who "struggled with being disciplined".
  • #134
  • Jul 5, 2018 6:16am Jul 5, 2018 6:16am
there are many important things in Forex trading and from all choosing a right broker is more important , bu its quite difficult to make sure right one , because most of them are found to be scams.
  • #135
  • Jul 9, 2018 9:47am Jul 9, 2018 9:47am
As it turns out, the percentage of people who lose money to Forex trading is actually quite a bit lower than that, but it’s still pretty significant.

According to a survey by the Australian Securities and Investments Commission (ASIC) among 57 brokers 80% of Binary Options traders lose money, while the percent with CFD and forex traders is 72 and 63 respectively. The survey also lists various reasons why people lose money.
  • #136
  • Jul 10, 2018 5:27am Jul 10, 2018 5:27am
nathan, choosing a broker is really difficult particularly for newcomers because of poor experience , before choosing a broker it is more appropriate to ensure the brokers performance. and FPA is the best place for that.
  • #137
  • Jul 10, 2018 8:04am Jul 10, 2018 8:04am
Quoting AdamCrist
nathan, choosing a broker is really difficult particularly for newcomers because of poor experience , before choosing a broker it is more appropriate to ensure the brokers performance. and FPA is the best place for that.
I totally agree, Adam! I just remembered my own experience. As a rookie I tried my first trades not knowing anything and I fully trusted the broker and t the end I lost all my investment, because of blind trust.

And, Yes, you can count me in, in those 98%, but now i am a bit smarter and more educative than before.
  • #138
  • Jul 10, 2018 10:29am Jul 10, 2018 10:29am
I know forex since I was in high school.
..my introduction to the forex world were not great. I started because the marketing of that forex broker said that "It is the pathway to the richness", "you can be rich quickly with a little amount of money" et cetera.

Then I started deposit on that broker.

As a high school student, my emotion is not mature yet. I started trading with fear, monitoring a trade with an uncertainty and exit the market if the trade already makes some pips. ..and then frowned when I know that it is too early and could make more profit. Enter the market again with greed and exit because of stop-loss.

Repeat until no money left in the account.

I forgot about forex until I enter college. I am curious. Then I started learning again. Indicators, price action, all of them. I created a new account in new brokers after browsing which brokers have a great regulation to ensure my money is safe.

Until now, I got a consistent profit. The thing with forex is;
1. YOU NEED TO BE DISCIPLINED.
2. HAVE A TRADING SYSTEM.

That two work enough for me.

Cheers,

IR
  • #139
  • Jul 10, 2018 10:47am Jul 10, 2018 10:47am
Quoting Pinacolada
{quote} I totally agree, Adam! I just remembered my own experience. As a rookie I tried my first trades not knowing anything and I fully trusted the broker and t the end I lost all my investment, because of blind trust. And, Yes, you can count me in, in those 98%, but now i am a bit smarter and more educative than before.
I did even worse - I trusted an account manager from my broker to tell me how to trade. That did not go well, it was a blatant scam.
  • #140
  • Jul 10, 2018 3:28pm Jul 10, 2018 3:28pm
FPA is a good source to make sure which is good broker by reviews. i admit the importance of this site.
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