90/90/90
90% of traders lose 90% of their accounts in 90 days
% Chance of success on a day trade is 20%.
Yeah, I don't believe those stats for even a millisecond. They're empty stats that anyone can make up to either sound dramatic or to push their agenda. No one asked me how I went in my first 90 days or how much I traded in those 90 days or what trades I did or what education I took or anything. How do they even come up with a crazy irrelevant stat like a "chance of success" and 20% seems like an awfully convenient round number. What does it even mean? Does it mean that any day trade has a success of only 20%? That would be impossible to calculate. What if I did 20 trades in one day and my biggest winner out valued the 19 losers?
He's trying to scare people but why? What's in it for him? I've done more "impossible things" on the options and FX markets than anyone would believe so I stopped listening to nay-screamers long ago. It is tough though and I've yet to nail FX but it's fascinating and the amount you can make is unlimited as long as you have goals and know when to quit. If the market only moves 800 points on average and your strategy relies on needing 1,000 points every trade then yeah the odds are against you but a better trader might have been very happy with 200 points (I've doubled my account with less) then the same move or even the same trade was a winner for one trader but a loser for another trader.
It's hard - but it's not as hard as they make it out to be. You just have to learn what to expect and when to take a profit and more importantly when to take a small loss because (as they say) "I've never met a big loss that didn't start out as a small one." I've lost more money wanting the market to do something than I have by accepting what it wanted to give me graciously.
Just sayin, stats can say anything - especially when they make them up. I bet if 5 or 6 of us put our heads together at the same time we'd clean up. It's not the tools fault if you don't know what to do with it. I've seen people trade 1,000s of lots and the market didn't even blink and I've traded .01 of a lot and found myself screaming "CONSPIRACY!!" because it looked like the market was instantly focusing on taking my money. I don't know how or why a broker would pour the millions and millions of dollars it's take to move the market a few points just so I can lose my $2 bet. It's just doesn't stack up.
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