Forex Indicators
Forex Currency Trading?
I read everywhere that 95% of forex traders are losing money. Why is that? I have one of their practice accounts and I have a huge profit so far. Is the practice account really live exchange rates or is it rigged to make you think that you can really make money?
Public Comments
- It's common to lose money on stocks and currency trading before you have a more informed and patient experience base. So, maybe other people do loose money but part of that 92 percent may be soldiers who are trading Dinars because they travel to Iraq. The Dinar has recently undergone a restructuring and so a lot of people lost money that way. I can't email you as you have it not allowed, but I wanted to ask you what currencies or currency you are making money in. Here it's mostly German Deutsch Marks because they are being bought as an inflation hedge.
- 1. These statistics are incorrect. Although many do lose, just as many, who follow strategies proven out by professionals, and who trade consistently by those strategies and NOT on emotion, win more than they lose. 2. Practice accounts do NOT have any rigging, because they run off the same exchange rates, using the same systems. What happens is that, when an investor who has NOT really studied up on his market jumps into the real account, for some reason those sound strategies get clouded with fear, trepidation and uncertainty...because now that investor is working with real money. When I traded in the practice accounts (and I had three I worked in), I treated it just like: a business; and real money. So when I went from practice to real, the strategies stayed the same, and I win much more than I lose...and I use my stop losses, and trailing stops religiously (probably not a good word as it connotes calling upon the 'devine' LOL) I hope this helps you. don't fear, just learn a lot, and don't be afraid to get onto forums and groups online to learn more. You can do it if you use sound investment strategies that are taught in many books out there. Best of success.
- Sure, I can make money in a practice acct. Problem is, rarely does anyone trade money exactly like they did in a practice acct. You generally don't have the same amounts to trade with, therefore you are more leveraged. In this case, you cannot hold through drawdowns, and often sell when you should buy in mid-fluctuation. lots of other scenerios.
- Paper trading FX is nothing like doing the real thing. I too thought I was a genius. There are too many reasons to list here..... but be very careful. (paper trading is not "fixed".... but one example of how bad they are is.... how do you "simulate" stop hunting by the broker or another trader?). Remember, most FX brokers (with a trade desk) take the opposite position from you. They make money when you lose!!!!!!!!!! Don't get involved in FX unless; You've done a ton of reading. You understand the importance of money management, position sizing, exit strategies & trader psychology. Oh.... by the way..... you'l have to work like you've never worked this hard in your life.
- you might as well check out this site where you can have a personal account manager and live one-on-one help to guide you and answer all your queries anytime of the day. moreover, their system allows you to trade with small amounts as well even for as little as $50.00. this is much better than operating "DEMO" accounts, where you are not really risking your own money. you may increase your level and scope of activity, as you find fit after getting familiar with the system. they can even execute your set rates, including Stop-Loss and Take-Profit rates, by using the latest technologies. they are simply committed to the principle that you should not lose more than your Stop-Loss amount at risk, as defined by you.
- You can try it by yourself ,never trust others comments.
- 90-95% of traders in general are losers. The problem with paper trading is that: 1) the demo might be slower than the actual market because of data feeds and the number of people using the demo 2) on an emotional level, paper trading is easier cuz ur not losing real money paper trading is important, so dont overlook it. FX gives you tones of leverage, so make sure that you only trade 1 or 2 lots at first...you can blow an account in a matter of minutes if not careful. GFT forex is a great "broker" to trade with
