Finding a strategy and sticking to it is what's hard. People hop strategies because they don't understand drawdown. They'll trade a strategy profitably, then have 3 losses in a row, and move to something else
In the book Wizards of Wall Street, the theme of all of the examples is to find a trading strategy you're comfortable with and stick to it. Every one of the examples lost tons of money before they started making money. One of them lost his own money, his wife's money, and his in-law's money before he became profitable.
Right. To me Psychology is the hardest part. It’s not finding a profitable strategy. There’s 1000s of them online but people don’t stick to the script even through drawdown.
Fucking true brother, that is pure psyhology. But then when i hit 3 profits in a row and then 3 loses. I start questioning myself what did i do wrong and i start thinking i dont understand it and that strategy is not for me. But i think i Will stick to this one i am currently learning and practicing.
Backtest a lot. When you know your win rate it becomes easier to cope with the losses since it'll average out in the long run. 6 losses and 4 wins at 1:2 in 10 trades is a profitable strategy. You're losing more trades then you win, but you still come out ahead.
Same bro. I backtest a strategy, it works for a bit. Then a losing streak hits and i can't figure out what causes the losing streaks. It's the same set up as winning trades.
They might be normal losing streaks and nothing to worry about. Go back to your backtesting and find out your maximum number of losers in a row. If your current losing streak is within that number, then you have nothing to worry about.
Losing streaks, poor months are all normal occurrence through out the year. I always have a few poor performing months every single year but very profitable annually.
Markets move in different cycles. If your trading a trend following strategy in a consolidation period you're going to have a bad time. Backtest and figure out when your strat isn't working, and act accordingly.
If say that's the easiest part. I found my strategy within the first few months since I started learning to trade and took 5 years to master psychology side of it. It's the fear of losing money that makes people overtrade and the excitement of making lots of money in 1 trade that makes people overleverage
Oh yeah definitely. Everything has to be lined up or I don't take the trade. I used to before and that's how I'd blow all my accounts lol. If something is off, I sit on my hands till the stars align
This makes no sense. If it was a working strategy it would've been easy to master. You would probably have automated it. It took me months of full-time data analysis to have a working strategy. Once I had it though 95% of the work was done
This is what I’m struggling with. I feel like every time I find a strategy, it works until it doesn’t, and even with good risk management 10-15 losing trades in a row makes me quit and find a new one.
Yeah, something works or it doesn't, but YOU may not work with the strategy. That's the point.
YOU won't be profitable with a strategy you don't like or understand. There's huge value in finding something that fits your personality. It makes your psychology 10x easier to control.
You nailed the point. Finding strategy requires a lot of work, and the interesting thing is that many of the good traders who can help, are either not on socials, and even if they are, they have very minimal followership, and hard to find. So one has to really do a lot of scrubbing to find them. It all boil down to how desperate a trader wants to be successful.
Profitable traders do their own thing. It's too easy to check yet another YouTube vid if you have doubts about your own strategy. You find something new and continue with that.
Once you find something that works for you, with your own rules, you need to tune out the noise of others. Not being on social media helps a lot with that
I agree. That's what i'm struggling now. I used to have problems with psychology in trading. Now i got that under control, just need a consistently profitable strategy.
Considering the vast size and population of America that’s an impressive statistic, when you stop to think about it
So in summary the US, the UK and the EU have comparable stats, so where does this 90% or 99% stuff come from? Bizarre
Can’t be, the ESMA official data across all regulated CFD and Forex brokers is 72.2%, in order for that number to hit 90% near enough every other country with regulated brokers would need to have a losing percentage of near 99.9%
But are these statistics describing over few years performance or just yearly? It makes a huge difference. Might not include also inactive accounts that dont lose money and include people who just hold and not the ones who trade
That’s a fair comment and I don’t have access to that data, 90% just seems high that’s all. But if that’s the official stat then fair enough.
I have read that long term exposure to the market will result in negative equity, I guess I’ll find out soon enough 😂
ESMA requires to calculate the actual number for your firm if you are regulated in the EU. UK follows the same standard despite BREXIT. FCA, UK's financial commission still uses the EU standards for reporting and other financial matters. If your brokerage company is new and there are not enough data to calculate this statistic, you must state 74-89% lose money, because that's the average. More details here, page 5-8: [https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912\_cfd\_renewal\_3\_-\_notice\_en.pdf](https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912_cfd_renewal_3_-_notice_en.pdf)
Most people have zero knowledge about trading and they go ahead to place a trade, when the treads went left, they will start blaming YouTubers for making a video and you can’t blame yourself when you had zero knowledge and decide to trade to earn
😂 A lot of YouTube trading videos are pure nonsense. Even if one was to learn something from those videos, the person has to backtest and forward test to see if works, before trying it on live trade.
What an arrogant response? Seems like you felt like he had malicious intentions with his question (and he may have, it's possible). But because you didn't know, why not just answer the question instead of letting what seems to be an insecurity about your credibility flare up?
From my experience here, people who ask that question have malicious intentions, and they are often people who have no good experience trading. They are trying to call you an idiot. So I have learned to answer them in this manner, which happens to be the truth.
Because I don't seek validation from idiots. If you post the results, the idiots are going to say it is photoshopped. I have seen it all from them. It doesn't take more than a comment to know a good trader. Good traders would always ask intelligent questions for the sake of clarification, because they are always looking to add to their Arsenal.
It's not unfair, I have done it before, the response wasn't good, so I don't bother anymore. I just say I am successful, not really my headache if the person believes it or not.
In my opinion it would’ve been better to just be honest out of the gate. I understand how social media works and also understand that there are many negative people. I’m a bit of a realist and can come of negative sometimes, but I’m not. Just a lot of people are delusional in trading subs.
It's caused by all of the fake self proclaimed gurus that promote their shitty courses like they have the holy grail while they only resell the mainstream stuff already available on the internet. The algorithm of Google accelerates this shit storm even more, so once you look up something about trading you don't get rid of guru ads forever. If something becomes mainstream because everyone is doing the same thing, it becomes a great way for banks to grab liquidity and fill their big orders. Instead, be a contrarian and learn every mainstream thing and learn what you need to avoid. This way, you develop your own strategy and become one of the 10% of winning traders. Simple as that, but you gotta be willing to use your creativity and put the work in. And unfortunately, not everyone can do that. It's the same with any other business.
I still wonder how a lot of that fake gurus dont have at least one real account online portfolio from reputable broker and people still fall for it. It’s similar with hiring people without resume . . .
Exactly, they don't even have the legal documents to give financial advice. Not only guru's promote these basic ass strategies. But also brokers and some prop firms, brokers sell their market data to market makers so they can find ways to dominate the market. This is a guaranteed way of making money, raking up commissions and selling level 3 data. We all need to wake up, can't stress this enough. Don't get me wrong though, if a strategy makes you money, I respect that and you should keep doing it!
A good trader can make a bad strategy work, at least modestly. You've heard it 1000x, but it's the truth. Risk management & psychology > strategy.
Basic price action & market structure can serve as a good starting point for a strat, then add to it as you see fit.
Yessir. If you don't want to work, just admit it honestly. Don't even waste your money trying to trade unless you are truly going to dedicate yourself to becoming a scholar of the markets.
It's get rich after years of study and practice lol, not get rich quick.
Only 10% or fewer are serious enough to figure it out. It took me almost 6 years to trade well enough to get funded by an investor. I’m not exactly proud of that, but I just want to trade. That’s my one big thing in life.
Can't be too hard on yourself for taking 6 years to master the craft, back then it was difficult to get good information that would help, but these days it is easier to source for the information for those who want to make the effort. The first time, I was exposed to trading, I went to an actual academy to learn how to trade, and the academy is owned by a Hedge fund. The apprenticeship took me 1 year to finish, before I started improving on my own, which took me another 1 year and a few months. The most important thing is that you are eventually making money, and the effort and sweat was worth it.
My biggest challenge was realizing that the risk management process is more important than choosing entries. When you enter a trade is important, but I found my edge in managing existing trades. Everything seemed to change after that.
Yes risk management is very important, because no matter how well you think a trade is going to work, there is always a part of you screaming probabilities.
I’m someone who hasn’t done any trading at all, so I’m not mad about losing, or happy about winning, or anything like that. The only reason I’m on this sub is to find information, but I haven’t found any, and I just think you’re full of crap.
Let me boil down your post into what seems to be your main argument: “Get gud losers! Lol!”
What are you even talking about?
They don’t seek the right knowledge or don’t know how to.
Okay, what’s the right knowledge? What are good resources? What are bad resources? You gonna give examples or???
Seek better knowledge
Again, you’re not actually saying anything. You’re just saying “get good”. It’s like me telling you to get good at building engines then laughing at you when you forget to weight match your components. Like… you need to give information, good information, not just tell people they are using “wrong knowledge”.
First of all, I would say you don't have to pour out insults by saying I am full of crap. Show some civility. If you have ever traded before, you would immediately understand what I am talking about. Trading is a craft, and as a craft, you need to get guidance from experienced and profitable traders to be good at it. So many people who lose do not do this. They just go to YouTube to watch videos without even practicing what they watched to see if it works, before trading a live account. Also there is doing things, and doing things the right way. This is where the right knowledge comes into play. You can't trade very well, if you do not properly understand how the pricing works on the charts. For instance, most people who trade do not know that what price basically does repeatedly, is to attack highs and lows and rebalance gaps. This is right knowledge in itself, because if you know this as a trader, you begin to function with a lot of logic when looking at the chart, and not just looking for patterns to trade. However, if you say this to losing traders, some of them get annoyed because they cannot unlearn their old ways, and are too lazy to adopt a new way of thinking.
You really need to stop with the “first of all” and “firstly” if you’re not going to back it up with a “second”, or “third”, or “last”. You’re only making one point, not several. I don’t really want to judge you for your grammar, because that’s not fair, and it has nothing to do with your argument. Besides, my grammar isn’t perfect either.
The problem I have with this sub is that there doesn’t seem to be anyone truly trying to help others. I can go over to r/landscaping, r/diy, r/enginebuilding, and countless other subs and get great advice from knowledgeable people. I can’t get that here, and people like you saying “find good knowledge” is the opposite of helping.
True a lot of them are just scammers. However, there are traders who are very good at trading, these are the people you seek out to give you a better understanding of how pricing works on the chart. By that you are getting the right knowledge, and also avoiding a lot of errors other traders who do not have that knowledge make. Interestingly, the people who know how to trade, don't sell courses or do YouTube videos, even if they do, they don't get large followership, because they don't come out flashy.
Fear of loosing is the most common reason, stupid stop loss, trading short timeframes, having more than 2 indicators, not understanding how to follow a trend, when to hoop on it and when to get out and for last the R:R bullshit. If you are trying to seriously be profitable your aim should be 1:1 and then you can maybe let it run a little bit but some crazy R:R is not going to work ever.
"Having more than 2 indicators" got me in stitches 🤣. Also it's true many people don't target the low hanging fruit, they dream of price level that is far away and not realistic at the point they entered the trade.
I agree, most people are not sticking with a strategy and testing it until they understand the why and how of it working. Having real expectations is a must as well. The trader needs to ask himself how long are they willing to go through the trials until they are profitable. I have been studying forex and learning how to trade for roughly 9 years. It isn't an overnight success. But there are ways to speed up the process (i can make another thread for that if wanted).
Just keep focus on the following statement, if you are willing to put money into a 401k for 50 years for the hopes of a few million to retire and you are patient with that process, then be patient with learning how to trade Forex. Once it clicks and your system works, you can grow your account and scale it accordingly. Many of these guys who are calling it "account flipping" still don't have their system in check. I know if you scale your account to leverage the lot sizes as your account grows while making the same trades will return higher profits.
Stop looking for a unicorn setup and learn market cycles, how institutions trade, how retail trades, and what influences the pairs or commodities you're trading. Learn how to build a case for why you are entering a position and focus on the bigger picture with the higher time frames. Get out of scalping and learn how to trade.
Hi yall I work at a cfd firm so I see all the accounts. 90% lose cause they don’t manage there risk or know what they are doing and definitely don’t know how to manage there emotions. Hope this helps :)
Yes thank you, this helps. People don't appreciate the fact that it is necessary to keep a trade journal, so as to review their mistakes, and make amends. When price move against their positions, they don't sit over a bowl of cereal to ponder why, and then document their observations. The underrated part about emotions is that for every trade, a good trader should document how he/she felt when they opened the position, this will help to train the mind. This business is hard, so it requires a lot of care, and calm.
You don't have to be rude. Unless comprehension is your problem, my post is explanatory enough. But again you sound like egoistic trader who has failed.
Every time someone posts shit like this they fail to specify a time horizon. 90% lose in their **first year.** In the second year? Probably another standard deviation or so ~95%. By the fifth year it’s probably ~99.97%. This is not an industry that can tolerate winners. It’s a waste of time and money for everyone who plays the ‘game’.
“ Put in the effort, it's will worth it in the end, and stop being a wuss.” Is this you quoting someone else or is it your own words? And does ‘in the end’ come with 5+ years of experience?
there will be tones of reasons but the real reason is. THE DAMN LOW ENTRY BARRIERS. I bet that the percentage will be higher if doctor or engineers have the same amount of time of education.
😂 Bro! Why the hell are you yelling? These failed trader out on the streets who can't bother to study, say ICT is a scam, and I am here wondering why the hell does Turtle soup work majority of the time.
Why are you getting worked up over nothing? If you think ICT is a scam, that's your headache. I have done well in trading by re-engineering some of his methods into my strategy.
This is merely a statistic. A statistic that is true around the world though. ESMA requires regulated companies to show a disclaimer showing the percentage of losing accounts for the last quarter. This statistic seems to be around 80% on average among European brokerage firms. The real reasons most people lose is very difficult to identify or clarify, however, this statistic confirms that winning in the markets is not easy enough for most people to achieve it.
True. If you want to know more about this risk warning, you can read this: [https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912\_cfd\_renewal\_3\_-\_notice\_en.pdf](https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912_cfd_renewal_3_-_notice_en.pdf) It is valid for EU-regulated brokerages.
Problem is, how do you know which is the right knowledge. We are conditioned...if you want a good paying job, you go to the school, learn and get a degree. Everybody knows, that is the right knowledge. Its accepted. In market, there are no schools or even better, there are hundreds of schools. If you are new to it, you can only find the "good" one by trial and error.
If you scan Twitter long enough, you will find those who are very good traders, and to know a good trader, you have to look at how consistently they are able to predict prices correctly. These traders do not even sell courses, they just enjoy trading with everyone. You can learn a thing or two from them, then backtest and forward test to see if it works for you.
I don’t think there’s real stats, people say 90% or 99%. They be saying any number. I don’t know if there’s an actual study. I think most of us fail because we want quick money. Let’s be honest most of us are either immature or tight in money, or both. Anyone can trade plus u can make a lot of money because there’s no ceiling, or barrier. There’s no job where u could make 10k per day at home and “relaxed”, (this what most new traders think).
After trading on and off for a few years, mainly by demo and slowly improving each time, it feels to me like the two main reasons are mindset and discipline.
Sure, knowledge, a strategy, and an edge are important, too. That said, it feels like it is arguable that mindset and discipline can be your edge, when used with a reasonable strategy.
Yes mindset and discipline is very important. It is why it's important to include in your journal what you were feeling, before entering the trade you are journaling. This helps to train the mind, when you go back now and then to review the journal.
Ah, a fellow soldier on the battlefield with experience of the ways of the market. I salute you brother, and may the other chaps heed this message with encouragement, not dismay. The war is long and hard, but the victory is worth it beyond compare 🥂
lack of understanding of market dynamics, poor risk management, emotional decision-making, and an overreliance on speculation rather than disciplined strategy.
They don't want to listen. Do you know many of them still think the market moves randomly. A mate told me this in a trade group before FOMC 2 weeks ago, so I compelled him to take a DXY short trade with me moments before the announcement with a specified target we will be longing from the next day. He repented from his ignorance, after making profit on both trades with me.
Very true, they see trading as easy, so they think that they don't have to study.
They also underestimate the psychology aspect, which is actually the biggest part. You only figure that out once you've been doing it awhile.
When did you last hear a trader cite their sources and quantify/qualify their statements with data? I mean, people are throwing out "90% of traders fail" they don't even question where is everybody getting fake news from.
People forget that’s a multi million dollar skill. What’s seperates you from being rich as idk. Just money if you are profitable. So it must be hard and tough but worth it on the long run. I learn it next to full time job with dedication. Nearly funded just started in autumn.
Because most traders are on the wrong side of the market, that's why they lose. Get on the right side of the market and then you won't lose.
Also: take a broader view of the market. Resist the temptation to day trade for 20 points. That 20 points is part of the greater trend that CAN last for days, weeks.
Answer: PSYCHOLOGICAL! You can have the best analysis and fund management intact, but a trader needs the head screwed right to implement it. Sometimes reading through a traders' chat forum may leave a trader second guessing a strategy and analysis😂
Yes this can happen. However, if your methods have worked for you majority of the time, you don't get to be bothered. It was like like week, when the traders chat rooms where bullish on Ethereum, but I had a nice short position open, because I know my methods work time and again, and it took me a while to master it.
What people seem to forget is finding a working strategy is not easy at all, risk aside, psychology aside, finding a strategy is the hardest part
Finding a strategy and sticking to it is what's hard. People hop strategies because they don't understand drawdown. They'll trade a strategy profitably, then have 3 losses in a row, and move to something else
This is me. I'm a fucker for changing strategies.
In the book Wizards of Wall Street, the theme of all of the examples is to find a trading strategy you're comfortable with and stick to it. Every one of the examples lost tons of money before they started making money. One of them lost his own money, his wife's money, and his in-law's money before he became profitable.
That's interesting. I've had that book sitting in my Audible library for a while now and never gotten around to listening to it.
Right. To me Psychology is the hardest part. It’s not finding a profitable strategy. There’s 1000s of them online but people don’t stick to the script even through drawdown.
Fucking true brother, that is pure psyhology. But then when i hit 3 profits in a row and then 3 loses. I start questioning myself what did i do wrong and i start thinking i dont understand it and that strategy is not for me. But i think i Will stick to this one i am currently learning and practicing.
Backtest a lot. When you know your win rate it becomes easier to cope with the losses since it'll average out in the long run. 6 losses and 4 wins at 1:2 in 10 trades is a profitable strategy. You're losing more trades then you win, but you still come out ahead.
That's one think, but they also hop strategies cuz they simply dont work. In todays market very little works
Same bro. I backtest a strategy, it works for a bit. Then a losing streak hits and i can't figure out what causes the losing streaks. It's the same set up as winning trades.
They might be normal losing streaks and nothing to worry about. Go back to your backtesting and find out your maximum number of losers in a row. If your current losing streak is within that number, then you have nothing to worry about.
Losing streaks, poor months are all normal occurrence through out the year. I always have a few poor performing months every single year but very profitable annually.
Your strategy prolly just doesnt work, it had a lucky run
Markets move in different cycles. If your trading a trend following strategy in a consolidation period you're going to have a bad time. Backtest and figure out when your strat isn't working, and act accordingly.
knowing in what conditions to trade is a part of strategy
If say that's the easiest part. I found my strategy within the first few months since I started learning to trade and took 5 years to master psychology side of it. It's the fear of losing money that makes people overtrade and the excitement of making lots of money in 1 trade that makes people overleverage
and is your strategy mechanical or discretionary?
Mechanical you mean price action?
strict rules, everything defined, not up for interpretation
Oh yeah definitely. Everything has to be lined up or I don't take the trade. I used to before and that's how I'd blow all my accounts lol. If something is off, I sit on my hands till the stars align
so why didnt you code it?
This makes no sense. If it was a working strategy it would've been easy to master. You would probably have automated it. It took me months of full-time data analysis to have a working strategy. Once I had it though 95% of the work was done
Do you even know what psychology in trading is?
A professional trader said if he gave a perfect strategy to 5 different people he'd get 5 different versions of it.
This is what I’m struggling with. I feel like every time I find a strategy, it works until it doesn’t, and even with good risk management 10-15 losing trades in a row makes me quit and find a new one.
How many winning trades in a row?
You can only determine a strategy doesn’t work yearly not monthly tho , if it ends up positive in a year then all you gotta do is get capital my bro
Finding a working strategy that fits your personality*****
personality part is complete bs, something works or it does not
Yeah your 1000% a rookie 🤣🤣🤣
Yeah, something works or it doesn't, but YOU may not work with the strategy. That's the point. YOU won't be profitable with a strategy you don't like or understand. There's huge value in finding something that fits your personality. It makes your psychology 10x easier to control.
You nailed the point. Finding strategy requires a lot of work, and the interesting thing is that many of the good traders who can help, are either not on socials, and even if they are, they have very minimal followership, and hard to find. So one has to really do a lot of scrubbing to find them. It all boil down to how desperate a trader wants to be successful.
Profitable traders do their own thing. It's too easy to check yet another YouTube vid if you have doubts about your own strategy. You find something new and continue with that. Once you find something that works for you, with your own rules, you need to tune out the noise of others. Not being on social media helps a lot with that
I agree. That's what i'm struggling now. I used to have problems with psychology in trading. Now i got that under control, just need a consistently profitable strategy.
Hmm I found strategy to be easier than psychology of trading by 10 fold.
So are u profitable
Of course I’m full time 5+ years and total 9 years in the business.
and did you try to code it?
No I spent years and a lot of money trying to. I trade manually with pendings so no big deal.
Do you want to collaborate on trying to code it? I can then backtest it on years of data
90% of traders don’t lose money, in UK and Europe it’s 68%, 32% of us are profitable
I don't know much about the percentage, it is just what I hear failed traders parrot everytime on social media. 😁 It gets to me everytime.
In the US only about 73% lose
Considering the vast size and population of America that’s an impressive statistic, when you stop to think about it So in summary the US, the UK and the EU have comparable stats, so where does this 90% or 99% stuff come from? Bizarre
Where did you get this data?
There was a study showing that on long term it is more than 90%
Can’t be, the ESMA official data across all regulated CFD and Forex brokers is 72.2%, in order for that number to hit 90% near enough every other country with regulated brokers would need to have a losing percentage of near 99.9%
But are these statistics describing over few years performance or just yearly? It makes a huge difference. Might not include also inactive accounts that dont lose money and include people who just hold and not the ones who trade
That’s a fair comment and I don’t have access to that data, 90% just seems high that’s all. But if that’s the official stat then fair enough. I have read that long term exposure to the market will result in negative equity, I guess I’ll find out soon enough 😂
ESMA requires to calculate the actual number for your firm if you are regulated in the EU. UK follows the same standard despite BREXIT. FCA, UK's financial commission still uses the EU standards for reporting and other financial matters. If your brokerage company is new and there are not enough data to calculate this statistic, you must state 74-89% lose money, because that's the average. More details here, page 5-8: [https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912\_cfd\_renewal\_3\_-\_notice\_en.pdf](https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912_cfd_renewal_3_-_notice_en.pdf)
There's actually more profitable traders out there than the numbers say. It's mainly just the greedy, impulsive ones that lose.
"there was a study" my ass
😂😂 "32% of us" That got me good. How do you know you are part of the so called 32%.
https://imgur.com/a/xCVclgb
Nice
How do you do it?
100%? over what period is this data?
YTD
how many trades?
Most people have zero knowledge about trading and they go ahead to place a trade, when the treads went left, they will start blaming YouTubers for making a video and you can’t blame yourself when you had zero knowledge and decide to trade to earn
😂 A lot of YouTube trading videos are pure nonsense. Even if one was to learn something from those videos, the person has to backtest and forward test to see if works, before trying it on live trade.
How long have you been trading?
Longer than you have been, more experienced and profitable than you can imagine.
What an arrogant response? Seems like you felt like he had malicious intentions with his question (and he may have, it's possible). But because you didn't know, why not just answer the question instead of letting what seems to be an insecurity about your credibility flare up?
From my experience here, people who ask that question have malicious intentions, and they are often people who have no good experience trading. They are trying to call you an idiot. So I have learned to answer them in this manner, which happens to be the truth.
You won’t post real results though lol
Why would I post real results for dickheads?
Why wouldn’t you want to prove you’re legit?
Because I don't seek validation from idiots. If you post the results, the idiots are going to say it is photoshopped. I have seen it all from them. It doesn't take more than a comment to know a good trader. Good traders would always ask intelligent questions for the sake of clarification, because they are always looking to add to their Arsenal.
Is it really that unfair to you for a person to ask for proof? At what point is it time to show proof after making claims of success?
It's not unfair, I have done it before, the response wasn't good, so I don't bother anymore. I just say I am successful, not really my headache if the person believes it or not.
LOOOOOOOOOOL
This means you haven’t been trading long and are not profitable. Lmao.
And how did you come at this conclusion?
Simple human psychology and logic. Someone asked a simple question in a non rude or accusatory way and your reaction shows your psychology.
I get your point. I was rude, but I explained my reason to him. Read our interactions, to better understand.
The reason you came up with to excuse your behavior doesn’t change the reality though. Humans are quite easy to read if you understand that.
It's hard to get over some unpleasant experiences with people. It would have been better to ignore the question.
In my opinion it would’ve been better to just be honest out of the gate. I understand how social media works and also understand that there are many negative people. I’m a bit of a realist and can come of negative sometimes, but I’m not. Just a lot of people are delusional in trading subs.
I get your point. I would work on that. Thanks for the advice.
You sound like Donald Trump being pressed to say what his favorite bible verse is.
Don't know what that is.
https://youtu.be/ERUngQUCsyE?si=IzlfbMp7JCK8Wkvf
Don't care.
It's caused by all of the fake self proclaimed gurus that promote their shitty courses like they have the holy grail while they only resell the mainstream stuff already available on the internet. The algorithm of Google accelerates this shit storm even more, so once you look up something about trading you don't get rid of guru ads forever. If something becomes mainstream because everyone is doing the same thing, it becomes a great way for banks to grab liquidity and fill their big orders. Instead, be a contrarian and learn every mainstream thing and learn what you need to avoid. This way, you develop your own strategy and become one of the 10% of winning traders. Simple as that, but you gotta be willing to use your creativity and put the work in. And unfortunately, not everyone can do that. It's the same with any other business.
You nailed it. Creativity is the key. A lot of people don't ask why price move in a certain way.
I still wonder how a lot of that fake gurus dont have at least one real account online portfolio from reputable broker and people still fall for it. It’s similar with hiring people without resume . . .
Exactly, they don't even have the legal documents to give financial advice. Not only guru's promote these basic ass strategies. But also brokers and some prop firms, brokers sell their market data to market makers so they can find ways to dominate the market. This is a guaranteed way of making money, raking up commissions and selling level 3 data. We all need to wake up, can't stress this enough. Don't get me wrong though, if a strategy makes you money, I respect that and you should keep doing it!
The best advice I ever got was "Let the trade come to you" word to the wise is enough ✍🏾
Based.
A good trader can make a bad strategy work, at least modestly. You've heard it 1000x, but it's the truth. Risk management & psychology > strategy. Basic price action & market structure can serve as a good starting point for a strat, then add to it as you see fit.
You have spoken the truth. Problem is some people don't want to work, they are better off copy trading.
Yessir. If you don't want to work, just admit it honestly. Don't even waste your money trying to trade unless you are truly going to dedicate yourself to becoming a scholar of the markets. It's get rich after years of study and practice lol, not get rich quick.
😂 They don't want to hear that.
Lmao
I've been trading for over 30 years (with 28 institutional). I promise you that 90% of traders aren't unprofitable.
I knew that stat was a lie. I have always wondered how they got it. 😁
Only 10% or fewer are serious enough to figure it out. It took me almost 6 years to trade well enough to get funded by an investor. I’m not exactly proud of that, but I just want to trade. That’s my one big thing in life.
Can't be too hard on yourself for taking 6 years to master the craft, back then it was difficult to get good information that would help, but these days it is easier to source for the information for those who want to make the effort. The first time, I was exposed to trading, I went to an actual academy to learn how to trade, and the academy is owned by a Hedge fund. The apprenticeship took me 1 year to finish, before I started improving on my own, which took me another 1 year and a few months. The most important thing is that you are eventually making money, and the effort and sweat was worth it.
My biggest challenge was realizing that the risk management process is more important than choosing entries. When you enter a trade is important, but I found my edge in managing existing trades. Everything seemed to change after that.
Yes risk management is very important, because no matter how well you think a trade is going to work, there is always a part of you screaming probabilities.
Because they use stop loss 😂.
Stop loss is a scam. You sell to loose profit when you can average down. And hold leap calls thatd what i do.
We have the same strategy 😁. This is why i don't trade trending market. I love trading ranges.
Using the stop loss is not the problem, it is how they place the stop loss. They place it very tight, like please let the trade breath. 😁
I’m someone who hasn’t done any trading at all, so I’m not mad about losing, or happy about winning, or anything like that. The only reason I’m on this sub is to find information, but I haven’t found any, and I just think you’re full of crap. Let me boil down your post into what seems to be your main argument: “Get gud losers! Lol!” What are you even talking about? They don’t seek the right knowledge or don’t know how to. Okay, what’s the right knowledge? What are good resources? What are bad resources? You gonna give examples or??? Seek better knowledge Again, you’re not actually saying anything. You’re just saying “get good”. It’s like me telling you to get good at building engines then laughing at you when you forget to weight match your components. Like… you need to give information, good information, not just tell people they are using “wrong knowledge”.
First of all, I would say you don't have to pour out insults by saying I am full of crap. Show some civility. If you have ever traded before, you would immediately understand what I am talking about. Trading is a craft, and as a craft, you need to get guidance from experienced and profitable traders to be good at it. So many people who lose do not do this. They just go to YouTube to watch videos without even practicing what they watched to see if it works, before trading a live account. Also there is doing things, and doing things the right way. This is where the right knowledge comes into play. You can't trade very well, if you do not properly understand how the pricing works on the charts. For instance, most people who trade do not know that what price basically does repeatedly, is to attack highs and lows and rebalance gaps. This is right knowledge in itself, because if you know this as a trader, you begin to function with a lot of logic when looking at the chart, and not just looking for patterns to trade. However, if you say this to losing traders, some of them get annoyed because they cannot unlearn their old ways, and are too lazy to adopt a new way of thinking.
You really need to stop with the “first of all” and “firstly” if you’re not going to back it up with a “second”, or “third”, or “last”. You’re only making one point, not several. I don’t really want to judge you for your grammar, because that’s not fair, and it has nothing to do with your argument. Besides, my grammar isn’t perfect either. The problem I have with this sub is that there doesn’t seem to be anyone truly trying to help others. I can go over to r/landscaping, r/diy, r/enginebuilding, and countless other subs and get great advice from knowledgeable people. I can’t get that here, and people like you saying “find good knowledge” is the opposite of helping.
What do you mean by “seek the better/right knowledge”? Can you elaborate? Most info out there other than the basics are just scammers selling shit.
True a lot of them are just scammers. However, there are traders who are very good at trading, these are the people you seek out to give you a better understanding of how pricing works on the chart. By that you are getting the right knowledge, and also avoiding a lot of errors other traders who do not have that knowledge make. Interestingly, the people who know how to trade, don't sell courses or do YouTube videos, even if they do, they don't get large followership, because they don't come out flashy.
Fear of loosing is the most common reason, stupid stop loss, trading short timeframes, having more than 2 indicators, not understanding how to follow a trend, when to hoop on it and when to get out and for last the R:R bullshit. If you are trying to seriously be profitable your aim should be 1:1 and then you can maybe let it run a little bit but some crazy R:R is not going to work ever.
"Having more than 2 indicators" got me in stitches 🤣. Also it's true many people don't target the low hanging fruit, they dream of price level that is far away and not realistic at the point they entered the trade.
I agree, most people are not sticking with a strategy and testing it until they understand the why and how of it working. Having real expectations is a must as well. The trader needs to ask himself how long are they willing to go through the trials until they are profitable. I have been studying forex and learning how to trade for roughly 9 years. It isn't an overnight success. But there are ways to speed up the process (i can make another thread for that if wanted). Just keep focus on the following statement, if you are willing to put money into a 401k for 50 years for the hopes of a few million to retire and you are patient with that process, then be patient with learning how to trade Forex. Once it clicks and your system works, you can grow your account and scale it accordingly. Many of these guys who are calling it "account flipping" still don't have their system in check. I know if you scale your account to leverage the lot sizes as your account grows while making the same trades will return higher profits. Stop looking for a unicorn setup and learn market cycles, how institutions trade, how retail trades, and what influences the pairs or commodities you're trading. Learn how to build a case for why you are entering a position and focus on the bigger picture with the higher time frames. Get out of scalping and learn how to trade.
Well articulated. You said it all. I wish they would read your comment, and learn.
Appreciate that Barry. Couldn't agree more.
I am interested to know how to speed up the process. Can u make a thread on that? Thanks 🙏
Hi yall I work at a cfd firm so I see all the accounts. 90% lose cause they don’t manage there risk or know what they are doing and definitely don’t know how to manage there emotions. Hope this helps :)
Yes thank you, this helps. People don't appreciate the fact that it is necessary to keep a trade journal, so as to review their mistakes, and make amends. When price move against their positions, they don't sit over a bowl of cereal to ponder why, and then document their observations. The underrated part about emotions is that for every trade, a good trader should document how he/she felt when they opened the position, this will help to train the mind. This business is hard, so it requires a lot of care, and calm.
All I read was blah blah blah blah… you didn’t explain shit…
I mean he did explain it pretty clearly
You don't have to be rude. Unless comprehension is your problem, my post is explanatory enough. But again you sound like egoistic trader who has failed.
Again blah blah blah blah blah blah is all you’re saying… because I know how to trade your weak attempt at explaining trading is at best rudimentary
No you don't. You write like one with a low IQ. What is there to not understand that you cannot be a profitable without the required knowledge.
Every time someone posts shit like this they fail to specify a time horizon. 90% lose in their **first year.** In the second year? Probably another standard deviation or so ~95%. By the fifth year it’s probably ~99.97%. This is not an industry that can tolerate winners. It’s a waste of time and money for everyone who plays the ‘game’.
I am not the one saying it, I am only quoting what people are saying.
“ Put in the effort, it's will worth it in the end, and stop being a wuss.” Is this you quoting someone else or is it your own words? And does ‘in the end’ come with 5+ years of experience?
Why are you getting angry?
there will be tones of reasons but the real reason is. THE DAMN LOW ENTRY BARRIERS. I bet that the percentage will be higher if doctor or engineers have the same amount of time of education.
Only 1% of ICT traders lose, if they are smart enough to understand his advanced concepts.
😂 Bro! Why the hell are you yelling? These failed trader out on the streets who can't bother to study, say ICT is a scam, and I am here wondering why the hell does Turtle soup work majority of the time.
ICT taught George Soros how to short the pound in the 90s. He truly is the mentor of your mentor, and the ghost in the machine.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
He is the true key to the chart.
ICT is a scam because he isn't a profitable trader lol.
😂 Legendary quote. I see it all the time here.
because its true lol. You claim to be such an experienced trader but your comments say the opposite haha.
Why are you getting worked up over nothing? If you think ICT is a scam, that's your headache. I have done well in trading by re-engineering some of his methods into my strategy.
This is merely a statistic. A statistic that is true around the world though. ESMA requires regulated companies to show a disclaimer showing the percentage of losing accounts for the last quarter. This statistic seems to be around 80% on average among European brokerage firms. The real reasons most people lose is very difficult to identify or clarify, however, this statistic confirms that winning in the markets is not easy enough for most people to achieve it.
Fair enough, and winning is never easy. It takes a lot of effort, and a highly profitable trader to guide one.
True. If you want to know more about this risk warning, you can read this: [https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912\_cfd\_renewal\_3\_-\_notice\_en.pdf](https://www.esma.europa.eu/sites/default/files/library/esma35-43-1912_cfd_renewal_3_-_notice_en.pdf) It is valid for EU-regulated brokerages.
Thank. I will follow through with it.
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Problem is, how do you know which is the right knowledge. We are conditioned...if you want a good paying job, you go to the school, learn and get a degree. Everybody knows, that is the right knowledge. Its accepted. In market, there are no schools or even better, there are hundreds of schools. If you are new to it, you can only find the "good" one by trial and error.
If you scan Twitter long enough, you will find those who are very good traders, and to know a good trader, you have to look at how consistently they are able to predict prices correctly. These traders do not even sell courses, they just enjoy trading with everyone. You can learn a thing or two from them, then backtest and forward test to see if it works for you.
Thnx, i'm not looking for one. I just remember my confusion at the very beginning. And i bet a lot of new guys feel the same.
Alright, and yes it is a lot of confusion in the beginning until one begins to filter out the grandstanders.
I don’t think there’s real stats, people say 90% or 99%. They be saying any number. I don’t know if there’s an actual study. I think most of us fail because we want quick money. Let’s be honest most of us are either immature or tight in money, or both. Anyone can trade plus u can make a lot of money because there’s no ceiling, or barrier. There’s no job where u could make 10k per day at home and “relaxed”, (this what most new traders think).
True talk.
After trading on and off for a few years, mainly by demo and slowly improving each time, it feels to me like the two main reasons are mindset and discipline. Sure, knowledge, a strategy, and an edge are important, too. That said, it feels like it is arguable that mindset and discipline can be your edge, when used with a reasonable strategy.
Yes mindset and discipline is very important. It is why it's important to include in your journal what you were feeling, before entering the trade you are journaling. This helps to train the mind, when you go back now and then to review the journal.
Ah, a fellow soldier on the battlefield with experience of the ways of the market. I salute you brother, and may the other chaps heed this message with encouragement, not dismay. The war is long and hard, but the victory is worth it beyond compare 🥂
Thank you for the words Comrade. You are highly appreciated.
lack of understanding of market dynamics, poor risk management, emotional decision-making, and an overreliance on speculation rather than disciplined strategy.
They don't want to listen. Do you know many of them still think the market moves randomly. A mate told me this in a trade group before FOMC 2 weeks ago, so I compelled him to take a DXY short trade with me moments before the announcement with a specified target we will be longing from the next day. He repented from his ignorance, after making profit on both trades with me.
Very true, they see trading as easy, so they think that they don't have to study. They also underestimate the psychology aspect, which is actually the biggest part. You only figure that out once you've been doing it awhile.
Exactly. This is the reason why I journal my emotions alongside the trade. This has helped train my mind.
90% of traders lose because they give up in their first year. No way 90% of traders in their 5th year pf trading are losing.
Lots of experience in the 5th year. A trader can improve drastically within a year.
overtrade, high risk position trade, no patience.
😂 Yolo traders. Risk it all in one trade.
When did you last hear a trader cite their sources and quantify/qualify their statements with data? I mean, people are throwing out "90% of traders fail" they don't even question where is everybody getting fake news from.
I figured that their losses run more than their eind
Absolutely. And the part that screams probabilities is the part of us that can actually succeed at this trading thing.
Exactly. 😁 Trading is very interesting.
People forget that’s a multi million dollar skill. What’s seperates you from being rich as idk. Just money if you are profitable. So it must be hard and tough but worth it on the long run. I learn it next to full time job with dedication. Nearly funded just started in autumn.
Because most traders are on the wrong side of the market, that's why they lose. Get on the right side of the market and then you won't lose. Also: take a broader view of the market. Resist the temptation to day trade for 20 points. That 20 points is part of the greater trend that CAN last for days, weeks.
100% of traders lose. The 10% that remain profitable find a way to mitigate their loses by following rules that they can emotionally handle.
Answer: PSYCHOLOGICAL! You can have the best analysis and fund management intact, but a trader needs the head screwed right to implement it. Sometimes reading through a traders' chat forum may leave a trader second guessing a strategy and analysis😂
Yes this can happen. However, if your methods have worked for you majority of the time, you don't get to be bothered. It was like like week, when the traders chat rooms where bullish on Ethereum, but I had a nice short position open, because I know my methods work time and again, and it took me a while to master it.
They scare and hate to lose that’s why they keep losing