Only 5% traders are making money in any financial markets(stocks,commodities and forex).If you are new to online trading my first advice is not to believe any websites that claim for 100% accuracy in trading.It's absolutely impossible.
My question is can we predict our future?The answer may be we can guess.That's it, we cannot tell exactly what our future will be tomorrow.Same concept is applicable to trading.Nobody cannot predict exactly about what will happen next in the markets.
So forex trading business is all about probability and not exact or accurate.
Some new traders just need to get their account balance ruined with emotions in order to learn this lesson. Only after that they will confidently wait for appropriate entrances and exits disregarding emotional pressure and seemingly clear triggers for sudden movements. Tough experience is one of the best way for self disciplining, as in my opinion.
Xiantero posted: Tough experience is one of the best way for self disciplining, as in my opinion.
Unless you lose everything at once while your first experience :) In my opinion you should better start with demo account to try all the opportunities of trading soft. After sometime you will create your own strategy so it will help. Very important thing is to try this psychological moment when your hands are over your head
I agree with the above statements but take also into account that people go way too fast live. Whenever they have some positive trading experiences in their demo accoutns they change to live accounts. Better to get more experience and also take enough time to study analyses and charts. I frequently made in my demo time fibonacci analyses and this smoothed the way for my todays tradin abilities :)
MarkoGersten posted: I agree with the above statements but take also into account that people go way too fast live. Whenever they have some positive trading experiences in their demo accoutns they change to live accounts. Better to get more experience and also take enough time to study analyses and charts. I frequently made in my demo time fibonacci analyses and this smoothed the way for my todays tradin abilities :)
Remember, take your time!
That's a very good point, actually. Some people make a big profit a few times on demo account and think they're ready for a live account without having achieved being consistent in their profits, and that only leads to losses.
Although this 5% stat is not entirely wrong, yet i will personally disagree to it. It just scares the new traders. If you plan on going to moon without any training, what are you expecting? but if you are trained then stats are just to scare you. This Forex is the biggest financial market, everyone can join in, everyone can earn their bread through it. But train well and you can own the whole bread factory if you know what i mean.
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