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  1. #21
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    the odds are huge.... the statistics of 95% of trader loose money is already telling us the chances of you being successful as a trader is 5% and of the 5% its not a constant 5% meaning a different group of 5% exist every day and all the time.. so you could be the 5% today but tomorrow and the rest of your life you will fall back to the 95%. so you do the calculation

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  3. #22
    Moderator Array cubicrey's Avatar
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    Hi,
    I found a good article from John Forman "Top three signs you shouldn’t be a Forex trader".

    --start
    The question of whether someone really should not be a Forex trader is one that’s not often brought up in discussions between market participants. It’s almost as if the baseline assumption is that the sole criterion is that you want to trade. While I’m a believer in the view that just about anyone can learn, there are limits to that. Ignoring the obviously physical and mental disabilities, here are the ones I think are most important.

    Lack of Impulse Control
    If you cannot keep yourself from acting on impulse – meaning making snap decisions without a plan – then you’re likely not going to do well in trading. Successful trading means applying a consistent edge. That, in turn, requires a plan that is being followed, not making random trades when the mood hits.

    There is probably some confusion here when the subject of gut instinct comes into play. Here’s the deal, though. If you’ve only just started trading, you have no gut instinct. That comes from long experience. If you’re a rookie making gut trades, for your own good you should stop now. Any success you’ve had to this point is almost certainly a function of luck, not skill.

    A Troubled Emotional State
    We all go through periods when we’re in a mixed up emotional state. It could be relationship issues, family difficulties, the death of a loved one, stress at work, or any number of other things that put you off your game. These are not good times to trade. Granted, trading can be an escape from the emotional strains in some cases, but that’s only if the trader can consistently execute their normal work and strategy without it being impacted by what’s going on in the rest of their life.

    Trading has a way of really exposing emotional problems, even among the most stable of individuals. If you’ve already got some mental strains going on, trading is likely to either make it worse, or to see you feed on that emotion in destructive ways – like trading angry. It is best to stay clear of the markets when these sorts of things happen if there’s any chance of spill-over or distraction.

    Looking for a Quick Buck
    Trading is not a get rich quick program. Any systems or broker ads that lead you believe otherwise are being deceptive. As any trader who’s been around more than a year will tell you, trading is a marathon, not a sprint. If you come into the market looking to make a fast killing you are almost certainly going to blow your trading account up because you’ll end up taking much too much risk. Basically, you’ll be a gambler rather than a trader.

    I could probably toss in “those who think trading is going to be easy”, but that might rule out almost every new trader.

    That all said, though, the things I’ve noted above can all be viewed as changeable. Lives can calm down. People can learn to follow a plan rather than just do whatever occurs to them at a given time. The gambling impulse can be replaced by a more long-run view. That means there’s hope for just about everyone, so long as they do right by their expectations.
    --end


    cheers

    R
    All that is necessary for evil to triumph is for good men/women to do nothing. Sharing is caring

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  5. #23
    Moderator Array cubicrey's Avatar
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    Hi,

    The following statistic is getting from an experienced Trader but there are no proven evidence in any kind of form to justify it, however these need to be ponder for those who wanna success in the FOREX market.

    Basically, there are two types of traders - 1) Intra-day and 2) Position

    Does anyone know who are those in 95% and 5%?
    He further breakdown the percentage of each group:-
    The 95% from the 95% losers are intra-day traders and 5% from the 95% losers are Position traders; whereas
    The 95% from the 5% winner are position traders and 5% from the 5% winner are intra-day traders.

    --to be continued
    Last edited by cubicrey; 10-16-2010 at 05:40 AM.
    All that is necessary for evil to triumph is for good men/women to do nothing. Sharing is caring

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  7. #24
    Standard Member Array Zoki's Avatar
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    Excellent article.
    According my opinion the major problem to trade for a living is a following: the good trading could be very boring.
    Because of mentioned the trading could serve the big part of the cake in a long run, but it is good to switch some other businesses.

  8. #25
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    Quote Originally Posted by cubicrey View Post
    Hi,

    The following statistic is getting from an experienced Trader but there are no proven evidence in any kind of form to justify it, however these need to be ponder for those who wanna success in the FOREX market.

    Basically, there are two types of traders - 1) Intra-day and 2) Position

    Does anyone know who are those in 95% and 5%?
    He further breakdown the percentage of each group:-
    The 95% from the 95% losers are intra-day traders and 5% from the 95% losers are Position traders; whereas
    The 95% from the 5% winner are position traders and 5% from the 5% winner are intra-day traders.

    --to be continued
    Wow, very interested to hear in your stats my friend!!
    Pleeeease

    Though personally, I don't believe the spread between intra-day and position trader success are that big. Maybe closer to somewhere in the middle ("swing trading").

    Also, please tell us who the source is.

  9. #26
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    Quote Originally Posted by cubicrey View Post
    . . .

    Does anyone know who are those in 95% and 5%?
    He further breakdown the percentage of each group:-
    The 95% from the 95% losers are intra-day traders and 5% from the 95% losers are Position traders; whereas
    The 95% from the 5% winner are position traders and 5% from the 5% winner are intra-day traders.

    ...
    Thanks for the stats, cubicrey.

    Since I am an intra-day trader, so all I need to do is to break into the top 0.25% (= 5% of 5%) club!! Great.

    But I would like to offer two slightly different angles to the above statistics.

    (1) Liquidity issue: I assume that successful traders are those trading in the millions (or billions) dollars range. And I would also assume (since I am not there yet, the best I can do is to assume for now) that there is also less liquidity available trading in the shorter timeframe especially if you are trading at very large lot sizes.

    In other words, as a trader becomes more successful, the bigger is the trading capital and the trading lot size, then the more difficult it is to trade in the lower timeframe, and more likely the big traders to be forced to go up to the higher timeframes. So I think it may be more of a necessity for successful trader to trade in the higher timeframe due to liquidity availability issue, than necessarily a personal preference or skills.

    (2) Life-style reason: But of course, there may be other reasons too, For example, if I am already a multi-millionaires, I probably do not want to be still glued to my computer screen scalping 5 to 10 pips on the M15 time frame all day long. I would like to enjoy my life too. So position (longer-time-frame) trading will make more sense to me too. But this is a reason of preference, not necessarily a reflection that shorter time-frame trading does not work.

    But of course, since I am an intra-day trader, it is to my selfish advantage to believe the above two points are true. Otherwise, I should just give up trading now, or switch to position trading. Haha!

    But I do admit that successful scalping for a long haul is not easy.
    Last edited by joeytrader; 10-18-2010 at 11:50 AM.

  10. #27
    Moderator Array cubicrey's Avatar
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    Hi,

    IMHO, there are no wrong or right if you choose to become either an intraday or a position trader, but each of them have their own perspective respectively and one shall identify it clearly. The common characteristics of both type of successful traders possess three most important things to trading success:-
    1. Risk Control
    2. Discipline and
    3. You need perseverence to execute 1 and 2.
    without the self-reliazation about the said 3 important keys, loser will remain as a loser and give up sooner or later.

    Most people think that winning in the markets depends on finding some secret formula. The book Market Wizards, Jack Schwager has come to the conclusion that trading succcess has much more to do with attitude. read what these two renowned Market Wizards have to say...

    "I don't think anybody winds up making money in this business because they started out lucky..The key is consistency and discipline."-Richard Dennis

    "You don't need any education at all to do it...It's perseverance..Because it is like any job, if you stand there long enough, you have to pick it up."-Tom Baldwin



    Scan each trade. Feel the thrill of victory, the agony of defeat, and down to earth realization that what the winners say is true...the key to success is perseverance.

    I will reveal what is the perspective of a position/trend trader here....stay tune....

    to be continued....


    cheers

    R
    All that is necessary for evil to triumph is for good men/women to do nothing. Sharing is caring

  11. #28
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    It is very hard to trade for a living because most of traders losing money. So keep your work and trade part-time

  12. #29
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    The odds of success in Forex are really no different than any other startup business.

    According to the Small Business Administration, 90% of all new businesses (ALL) will fail within 5 years.
    The odds of failure are 99% for new restaurants.

    The most common reason cited for failure in any new business is undercapitalization.

    I'm only quoting government statistics.

  13. #30
    Platinum Member Array Marchello's Avatar
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    MHO>>

    The success of a trader in any market is directly proportional to their trading DISCIPLINE and
    observe the Malcolm Gladwell's , becoming a superstar takes about 10,000 hours of hard work. as minimum (google look up )

    That is what I deduced from the Turtles ref: discipline .. that I read a long time ago .. and always good to be reminded ..
    Last edited by Marchello; 11-01-2010 at 05:25 AM.

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