The reason that new traders fail that doesn't involve psychology

sizhouren posted:
So how much do you think traders really makes from the forex market? I have heard that forex markekt is not really worth 4 trillion dollars a day. The real trading forex market for retail clients are only around 1 billion dollars a day maximum, thats why there is always liquidity reason and market moves once you trade big. Do you think its possible for a trader to make 200000 a day off forex market without the broker hunting them to death?

I dont buy into broker hunting - why would a broker dishonestly work against you when they make far more money in the long term if your trading goes well... food for thought...

On another note - I know of a few traders making 6 figures from fund management.
My opinion is that you cant safely make anything 'Full Time' on your own funds unless you have at least 100K... but again, thats my opinion.

BenNathanFX posted:

sizhouren posted:
So how much do you think traders really makes from the forex market? I have heard that forex markekt is not really worth 4 trillion dollars a day. The real trading forex market for retail clients are only around 1 billion dollars a day maximum, thats why there is always liquidity reason and market moves once you trade big. Do you think its possible for a trader to make 200000 a day off forex market without the broker hunting them to death?

I dont buy into broker hunting - why would a broker dishonestly work against you when they make far more money in the long term if your trading goes well... food for thought...

On another note - I know of a few traders making 6 figures from fund management.
My opinion is that you cant safely make anything 'Full Time' on your own funds unless you have at least 100K... but again, thats my opinion.

[/quote

i second that

rob559 posted:

BenNathanFX posted:

sizhouren posted:
So how much do you think traders really makes from the forex market? I have heard that forex markekt is not really worth 4 trillion dollars a day. The real trading forex market for retail clients are only around 1 billion dollars a day maximum, thats why there is always liquidity reason and market moves once you trade big. Do you think its possible for a trader to make 200000 a day off forex market without the broker hunting them to death?

I dont buy into broker hunting - why would a broker dishonestly work against you when they make far more money in the long term if your trading goes well... food for thought...

On another note - I know of a few traders making 6 figures from fund management.
My opinion is that you cant safely make anything 'Full Time' on your own funds unless you have at least 100K... but again, thats my opinion.

[/quote

i second that

99% of brokers will 'B-book' you. In other words: they take the other side of the trade... So when you win, they lose... and when you lose, they profit (+spread + commissions ).

I have even met a broker company owner who admitted that he was 'B-booking' everybody... Why...? Because 90% of traders lose...

His broker firm does not have ANY Liquiidty Provider. He simply bets against his clients, the same way as Casinos do...

Why...? For the same reason. 90% of the gamblers lose... In other words: HE IS THE CASINO!

Oh, yes... What does he do with his profitable clients...? Simply attaches Boston Technology's 'virtual dealer plug-ins' and this software takes care of the winners... Being a broker is like owning an ATM...

WAKE UP PEOPLE!!

If you want REAL market conditions, move your strategies to the regulated and centralized Futures markets (currencies, e-minis. etc...)

I will kill soon any broker that plays casino... : )
Boston Technology's 'virtual dealer plug-ins' can't affect swing style

CrazyTrader posted:
I will kill soon any broker that plays casino... : )
Boston Technology's 'virtual dealer plug-ins' can't affect swing style

You are right, Man! There are some smart people here. No doubt you got so many 'Vouches' here... (alhough more than me).

So there are two ways brokers deal with profitable 'swingers':

1. They consider them as 'collateral damage': i.e. the 10%.

But, please show me ANY MyFxBook account which could achieve at least +5% monthly profit with less than -25% DD on a single ACCOUNT which could fulfill these conditions. I have even started a MyFxBook thread in 2013(!) on this topic, but until today there has been no single account fulfiilling the stated conditions... So the 'Casino Theory' is probably correct confirmed by looking at the S65 Mercedes of the owner of the above mentioned brokerage,

OR

2. They will delay or dispute withdrawals, so the cliient will move on to another 'Casino'...

OR (as a last resort)

3. The broker just disappears in THIN AIR as Reza Mokhtarian of Capital Trust Markets did (just recently) with all the funds of his clients ($500k+)... while showing off on YouTube in his $400k+ Lamborghini while parking a Ferrari, a Rolls-Royce AND a Bentley in the garage of his mansion in Canada...

(https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/39614-capital-trust-markets-capitaltrustmarkets-com-possible-scam-alert.html)

Here we go... you got a vouch.

I got vouch simply because I provide my signals for free... and followers love them as they are so awesome.

1) I see your thread... and I can't provide any account that matches these conditions so far.

2) I will make sure to withdraw step by step...better, I will go with Interactive broker

I agree with you, all brokers with commercial marketing on the web are just rubbish. I'm with fxcm, even them, I have some doubts.

Yeah... One must be a Crazy Trader trusting any Forex broker... I am just disgusted being a victim of Capital Trust Markets...

Capital Trust Markets is still online - in spite of being de-registered by the NZ Authorities - advertising as the 'Most Trusted Name in Forex'... and being 'regulated by the Financial Services Provider of New Zealand'...

Forex is FULL OF SCAMS... One has to be very careful about where to deposit funds... You may never see it again while your broker is driving a Lamborghini...

FxMasterGuru posted:
Yeah... One must be a Crazy Trader trusting any Forex broker... I am just disgusted being a victim of Capital Trust Markets...

Capital Trust Markets is still online - in spite of being de-registered by the NZ Authorities - advertising as the 'Most Trusted Name in Forex'... and being 'regulated by the Financial Services Provider of New Zealand'...

Forex is FULL OF SCAMS... One has to be very careful about where to deposit funds... You may never see it again while your broker is driving a Lamborghini...

At some point, we will create our own brokerage as discussed into past...

CrazyTrader posted:

FxMasterGuru posted:
Yeah... One must be a Crazy Trader trusting any Forex broker... I am just disgusted being a victim of Capital Trust Markets...

Capital Trust Markets is still online - in spite of being de-registered by the NZ Authorities - advertising as the 'Most Trusted Name in Forex'... and being 'regulated by the Financial Services Provider of New Zealand'...

Forex is FULL OF SCAMS... One has to be very careful about where to deposit funds... You may never see it again while your broker is driving a Lamborghini...

At some point, we will create our own brokerage as discussed into past...

I thought about it for the mentioned reasons... But then, you have to put up 1:1 leverage for the Liquidity Providers... and without REAL leverage, it is very unpractical...

Unlless one wants to be another 'B-booking' Retail Casino...

FxMasterGuru posted:
Unlless one wants to be another 'B-booking' Retail Casino...

No way, I'll never be scammer

CrazyTrader posted:

FxMasterGuru posted:
Unlless one wants to be another 'B-booking' Retail Casino...

No way, I'll never be scammer

Then the only alternatives are the CENTRALIZED Currency Futures markets...

CrazyTrader posted:

FxMasterGuru posted:
Unlless one wants to be another 'B-booking' Retail Casino...

No way, I'll never be scammer

 Hello sir. I do see you have a ton of vouches. I'd like to know if you have/are managing any accounts? If so, I have a 5k account which I would like to be managed, if you can demonstrate your ability to profit in a live account. I'll be awaiting your response.

forex trading is not so easy it's need years to practice & how to manage your risk mostly traders make little profit & big losses then wiped accounts in few days

Guys do you think it's possible to earn 8 figure income from forex trading??? or it's simply not possible i have never seen such an account before.

Guys i have changed my strategy from taking profit of risk reward of 1:3 to only 1:1.5. Do you guys think it will be more profitable in the long run as i have noticed a lot of trades which should have taken profit at 1:1.5 but beacause i let it run till 1:3, ,most of them have reversed resulting in only small profit. What do you think guys? please let me know, thank you.

I still belief psychology have a main roll in trading failure, sure fundamentals are important too (to a point in which many traders close all or most trades when huge news are on the way) however I've seen a lot more accounts been blown up due to lack of emotional control than to fundamentals.

@sizhouren I don't know if you could get that as income, but sure there must be trading accounts of that size (mostly institutional probably). Trading can provide you income for sure, well-earned income and even high income, but surely if you started to increase your revenues you should invest in other assets as well.

If you see your system works better with 1.5 then is good, maybe the system you were using didn't worked well with a risk-reward 1:3. What is important is that you minimize your losses and expand your winnings in order to get a good balance in your account. I have only 55% of winnings in my real account but I have a profit of 233%. Focus on that.

Best regards,

Forexmanager9 posted:

CrazyTrader posted:

Forexmanager9 posted:
Well, could be one of the reason but certainily not the Major reason why traders fail.

Right!

Here is the only reason:
https://chatwithtraders.com/ep-015-joel-kruger/



'Trades based on Technical analysis = Gambling, Trades based on Fundamental Analysis = Investing!'

Scalping: minutes to hours
Day trading: hours to days
Swing: days to weeks
Investing: months to years

each trading style will be suitable depending on personnalities. I know traders that scalp the trends (fundamental outlook) based on Technical Analysis, why would they be gamblers?

There can NEVER be JUST ONE REASON why '90%' traders fail bcoz those 90% includes thousands or possibly few million traders around the world. Everyone has different mindset and so does different trading style. A losing factor for few traders may not necessarily be the same losing factor for other traders.

Some lose bcoz of high leverage and at the same time there are traders who win using high leverage bcoz they know how to CORRECTLY and EFFECTIVELY use it. Losing Factorsssss purely differs from trader to trader.

So just wake to the fact that THERE CAN NEVER BE ONE LOSING FACTOR though there can be one major factor.

There are lots of reasons why 90% of traders fail,mostly because they have no formal training ,when your up against the brightest in the industry ,the latests news ,insider knowledge,you can't expect to jump into the ring with mike tyson and not get whacked,unless you know his weakness ,learn his moves inside out,plus someone has to pay for wall street
Fundamentals are skewed and bad news is only released after top managers have sold their own stock,companies lie all the time.
I have a whole list of the things you need to look at first even before fundamentals,examine the board of directors,is there any conflicts of interest,what kind of shares do they have,any more than 9 people on a board is too many,look at SEC filings,court cases,if all that is fine then look at the numbers.
I scalp the eur/usd and I trade stocks.

Be lucky!

sizhouren posted:
Guys i have changed my strategy from taking profit of risk reward of 1:3 to only 1:1.5. Do you guys think it will be more profitable in the long run as i have noticed a lot of trades which should have taken profit at 1:1.5 but beacause i let it run till 1:3, ,most of them have reversed resulting in only small profit. What do you think guys? please let me know, thank you.

To answer your question,most likely not,your gonna miss out on bigger profits.
What time frame are you working on?look at the bigger time frames to get direction,plus any news out.whats correlated with what you trading eg: eur/usd ~ dax.whats it doing?If I open up the hour chart or 4 hour chart and spot a trend forming or a range trade,I set up support and resistance on the range trade,click on the 15 min chart,wait for the trade to spike through to knock out the retail stop losses,wait for its reversal then put a trade on,set my stoploss 2% below ,wait for my trade to play out until it gets to the midpoint of the range ,close out ,unless its a strong trend,repeat process,wait for extremes,sometimes it will bounce off the line other times it will spike through.if your working on smaller time frames you have to be nimble or you're gona get chopped up.1:1 .If your scalping you really need to practice in demo and have a winning strategy and stick to it .

Be lucky!

ChvPt posted:
I still belief psychology have a main roll in trading failure, sure fundamentals are important too (to a point in which many traders close all or most trades when huge news are on the way) however I've seen a lot more accounts been blown up due to lack of emotional control than to fundamentals.

@sizhouren I don't know if you could get that as income, but sure there must be trading accounts of that size (mostly institutional probably). Trading can provide you income for sure, well-earned income and even high income, but surely if you started to increase your revenues you should invest in other assets as well.

If you see your system works better with 1.5 then is good, maybe the system you were using didn't worked well with a risk-reward 1:3. What is important is that you minimize your losses and expand your winnings in order to get a good balance in your account. I have only 55% of winnings in my real account but I have a profit of 233%. Focus on that.

Best regards,

Psychology has a major part to play in Trading!!!to be a professional trader you have to mind read !


Be lucky!