eToro – Forex Trading Forum

[djsheckie]

It may be a widely known fact that anywhere from 90 to 95% of Forex traders fail, but what isn’t as widely reported is why.

Unfortunately, most of the failed Forex traders think that by simply reading through the Idiots Guide to Forex and opening a new trading online fx account they’ll suddenly be raking in millions overnight. Well sorry to be the bearer of bad news, but it just isn’t so. That’s not to say that Forex isn’t profitable, it most definitely is, just ask the 5 to 10% of traders who’re successful. The real problem is that being a successful trader depends on the ability to work hard, educate oneself, and most importantly to ability to be patient.

[djsheckie]

Most of the traders who lose money are attracted to Forex because they seem to think it is the financial world’s version of a slot machine. Deposit money, press buttons, and get insanely rich quick. If it were that easy everyone would be trading Forex. Most of the 90 – 95% of traders who’ve failed didn’t trade for more than 6 months meaning that they most likely quit before they even had time to get a good handle on the market.

So, if most Forex traders are failing then whose raking in the billions of dollars available in the Forex market?

[djsheckie]

It’s the small percentage of traders who have stuck with it, made an effort to learn from their mistakes, and have developed a successful system that generates consistent profits.
Aside from the individual traders, this group also includes banks, institutions, and other corporate types who aren’t going to trade 20-30% of all their funds each year on the Forex market just for laughs. Besides, if banks can typically make around half of all their profits through foreign exchange trading they must have a pretty good handle on what does and doesn’t work.

So why do they succeed where others fail?

[djsheckie]

Well for starters the traders working for banks or other large institutions are professionals who spent a lot of time, effort, and probably money (in fact most of them probably hold some sort of university degree in economics, finance, etc.) learning about and understanding the market, and who are under pressure to make a profit and not just taking shots in the dark.
So, if you want to be successful in the world of online forex it would seem your best bet is to be patient while you’re learning the ropes, and allow yourself the time to develop your trading skills before you trade serious amounts of money.

[tomblair]

Very good read thanks for sharing :)

[gghaws]

I appreciate all the educational info that you provide. I'm a novice. Gloria

[frangipanni]

Thanks so much, your likr a one stop shop for great info! Keep them coming. So helpful for newbies like me.

[maduna]

Hi, I'm newbie on this, so, anyone who would like to share some reading? Books? Links? what would be the first step to take and of course the one that makes sense? thanx for your sharing.

Best Regards
Mauricio Aduna

[velafull457]

BRAVO

[siyasal1]

At the other hand, I think successfull trader do not distribute their experience.. Because their capability and earning methods is a product of hard working. This is my view.

[hasttaj348]

It may be a widely known fact that anywhere from 90 to 95% of Forex traders fail, but what isn’t as widely reported is why.

Unfortunately, most of the failed Forex traders think that by simply reading through the Idiots Guide to Forex and opening a new trading online fx account they’ll suddenly be raking in millions overnight. Well sorry to be the bearer of bad news, but it just isn’t so. That’s not to say that Forex isn’t profitable, it most definitely is, just ask the 5 to 10% of traders who’re successful. The real problem is that being a successful trader depends on the ability to work hard, educate oneself, and most importantly to ability to be patient.

Well for starters the traders working for banks or other large institutions are professionals who spent a lot of time, effort, and probably money (in fact most of them probably hold some sort of university degree in economics, finance, etc.) learning about and understanding the market, and who are under pressure to make a profit and not just taking shots in the dark.
So, if you want to be successful in the world of online forex it would seem your best bet is to be patient while you’re learning the ropes, and allow yourself the time to develop your trading skills before you trade serious amounts of money.

Well for starters the traders working for banks or other large institutions are professionals who spent a lot of time, effort, and probably money (in fact most of them probably hold some sort of university degree in economics, finance, etc.) learning about and understanding the market, and who are under pressure to make a profit and not just taking shots in the dark.
So, if you want to be successful in the world of online forex it would seem your best bet is to be patient while you’re learning the ropes, and allow yourself the time to develop your trading skills before you trade serious amounts of money.

Most of the traders who lose money are attracted to Forex because they seem to think it is the financial world’s version of a slot machine. Deposit money, press buttons, and get insanely rich quick. If it were that easy everyone would be trading Forex. Most of the 90 – 95% of traders who’ve failed didn’t trade for more than 6 months meaning that they most likely quit before they even had time to get a good handle on the market.

So, if most Forex traders are failing then whose raking in the billions of dollars available in the Forex market?

It may be a widely known fact that anywhere from 90 to 95% of Forex traders fail, but what isn’t as widely reported is why.

Unfortunately, most of the failed Forex traders think that by simply reading through the Idiots Guide to Forex and opening a new trading online fx account they’ll suddenly be raking in millions overnight. Well sorry to be the bearer of bad news, but it just isn’t so. That’s not to say that Forex isn’t profitable, it most definitely is, just ask the 5 to 10% of traders who’re successful. The real problem is that being a successful trader depends on the ability to work hard, educate oneself, and most importantly to ability to be patient.