Thursday, December 5, 2013

39% Forex Traders Are Profitable (3-3) - FXCC

FXCC Forex Trading

It’s impossible to gauge that breakdown of actual numbers of
profitable traders from the information and data,
but a figure above 50% would be a fairly safe bet
and let’s just take our logic a stage further;

in order to be full time, (for some time),
the vast majority would have to be profitable,
otherwise they’d simply give up the job.

 It’s interesting to note the further away
we’re moving from this fantasy 10% figure the more
we analyse a small piece of hard (audited) data.

There’s another aspect to this debate on success
that’s also worth mentioning, perhaps supporting the view
that FX is the best environment to trade in.

If the wider trading success figure is closer to 20%,
but the top ten USA FX brokers’ clients are all above 32%,
then are we being delivered an obvious message there?

If you want to enhance the probability of being
a profitable trader then trade FX over and above equities,
or indices and only consider using (dare I say it)
an ECN/STP broker such as FXCC.

Autumn Waterfall in mountain with foliage

Here’s my own take on a more human level so to speak;
I refuse to accept that anyone who has gone through
my pain barriers over the past five years or so,
who has gone to the extremes of discovery I realised
was compulsory in order to become
a consistently profitable forex trader,

wouldn’t ultimately be successful and
by successful I’d suggest a metric
of taking a regular and reasonable salary
or investment return of the forex market.

And as I’ve stated on numerous occasions
unless you attack our ‘forex challenge’ full time

you’ll never ‘kick off the shoes’ and
trade part time in a laid back fashion,
that’s a luxury that only comes from experience.

Autumn Rise - Wetmore Pond (Huron Mountains - Upper Michigan)

Back to the question posed in the initial paragraph; 
“why do so many lose at trading forex and 
what are the adjustments so many have to make 
in order to be in that top forty percent of winners?”

I’ll leave you with six reasons and
please feel free to join in on the blog
with your own suggestions or additions.

Now I’m not about to ‘eulogise’
on the reasons and of provide solutions,
it’s a straightforward list and there’s no riddle,
the answers are there, the solution evident.

But firstly a recap,
if close on forty percent of traders are successful
then success as a profitable forex trader
may be more in reach than you’d first envisaged.

And that one figure,
far higher than most would have anticipated,
should be heralded as encouragement for fledgling traders.

Six Reasons For Failure

  • Low start up capital
  • Failure to manage risk
  • Greed
  • Indecision – doubting the plan
  • Trying to pick tops or bottoms
  • Refusing to be accept losses

FXCC Forex Trading

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