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The story of success on Forex: the trader, who managed

While this is still a small sample size, the statistics are holding true. And I think one must find a lot of time for trading you one wants to be successful in it. They were able to trade firm capital; more firm capital would be allocated to each trader based on performance. The attitude to trading in the forex markets is no different. Where and how do you find Investors? Also, if a mentor is highly selective about who they mentor, only taking on traders with specific personality traits and aptitudes, then the success rate goes up even more.

Top three most successful Forex traders ever; Top three most successful Forex traders ever. Whether you are new to trading Forex or an old hand at the currency markets, you are likely to share one key aspiration: How do I become more successful at trading in ?

Success Story of a Part Time Forex Trader

I do trade with the profits. Due to maxed out lotsize of 99 the equity curve is no longer parabolic up but has straighten out, but still going up. I do this to fight the 1 percent by draining their banks a bit with lots and lots of people and… to become even richer from all the commissions… of course ; Good luck to you all finding your strategy!

Enough for now, hope to make you all rich next year!! Subscribe to get daily updates directly to your email inbox. October 16, Last updated on December 2, by Andriy Moraru.

Hedging Strategies in Forex. July 15th, at 3: What a lame article!!! July 15th, at 8: January 18th, at March 17th, at 7: Sounds like the regirgitated babble of a FX loser. BS is spot on. March 20th, at 8: July 1st, at 2: September 25th, at 5: August 6th, at June 11th, at 7: July 13th, at 2: In other words, conditions were very favorable—oh, and because we had more capital, we traded bigger positions, providing for greatly reduced commissions compared to what a normal stock day trader would face.

Favorable indeed, and yet only 3. We need to consider some things when looking at a 3. You have to really want to do it so you can stick it out through the long initial learning curve.

Many people who came through the doors of the firm lacked that hunger. They left it up to the trader to decide how they would trade. Training was mostly order types, market basics, and software related. Regardless of the reason, very few people who wanted to trade actually become successful. They came to trade, but ultimately left with nothing in their pockets while people sitting next to them continued to make money.

To me, that is the real statistic. Then again, being a good mentor is more than just being a successful trader. I have developed my own strategies, and often input from others has actually hindered that objective personal strategy development. Now some mentors are better than others. Some may offer absolutely no benefit, and you have the same 4. Also, if a mentor is highly selective about who they mentor, only taking on traders with specific personality traits and aptitudes, then the success rate goes up even more.

Women make much better traders than men. Only 10 women came to trade smaller sample size while I was at the firm. If we just look at males, the successful rate drops to 3.

I verified these stats with multiple current or former trading firm managers. Their stats were very close to those mentioned above, creating a larger woman-trader sample size. In a male-dominated industry, the women who came to trade typically really wanted to do it, and were serious about it. Not a good start. Be serious and commit to the process—just as if you were starting any other business.

Women are more readily able to learn from their mistakes. A man will repeat the same mistake over and over again, unable to admit to himself he is wrong because of his ego.

Women also listen to those they consider experts. These are general statements. As an additional perk, of the males who are already successful , the presence of ladies on the trading floor tends to increase their performance. Very few people who were unprofitable for several months continued to trade.

For most of those that became successful, about 6 to 7 months of approximate full-time hours about hours seemed to be the magic number where they flipped the switch and began making money. Only 7 traders from the firm who were unsuccessful within the first year continued to trade beyond the 12 month mark. Since leaving the firm, I know of about 5 people who have traded a full year or more without seeing success.

Determination does improve odds. That may seem disappointing. But, that is about 4x better odds than if you only try it for a few months. Most of these traders simply continued to make the same mistakes over and over again, failing to learn from their mistakes. Some people do learn from their mistakes, it just may take them a year or more to figure it out.

You will definitely need to put in time and practice if you want to become successful. At least a few hours a day. As we will learn later though, it is up to you to practice the right way. You can tell someone what to do, as the firm did, but unless they are willing to do it no amount of practice will improve their skill. I constantly see this on the golf course. Guys have played for thirty years—lots of practice on the course and on the range—yet are no better than the day they started and they bitch about it.

Instead, perfect practice only leads to improvement. It is only later on—often a year or more—when trading becomes a truly part-time gig. Or, if only putting 1 to 3 hours a day during the week, then you will probably need to put in some hours on the weekend as well.

This will very likely lead you to lose whatever capital you have deposited in your brokerage account. The odds of day trading success are heavily against you. Trading is a job.

Day trading is often boring, which surprises many people. Other days, an hour or two of trading can leave you mentally, and physically, exhausted. There is so much information to process in such a short amount of time…and you need to stay totally focused in such conditions as a mistake could cost you dearly. Day trading is a negative sum game due to commissions.

Your profits have to come from someone else losing or giving up a profit. Successful traders have been doing this a long time, and have wiped out many small and new traders. Know how you will handle every single situation which may arise, and have a plan for it. While it uses examples from the forex market, the concepts apply to day trading stocks and futures as well.

Strategies are important, but so is learning how and when to implement them. The overall figures indicate that if you are male, you have about a 3. Choices and work ethic determine whether we end up falling on the winning or losing side.

If you are serious about trading, and commit six months to a year of really self-evaluating your performance and practicing , I believe your odds of success are high.

In my experience and opinion, women have a higher chance of becoming successful traders than men. Are these stats perfect? Yet there are successful traders who obviously have overcome the odds. They choose to succeed and do what it takes.

That said, not everyone who practices really hard at basketball gets to play in the NBA. The nice thing about trading is that you decide how much you are comfortable with making.

While there are guys making millions a year, if you can make a comfortable living doing what you love, and that is what matters. It makes sense and enables profit. Hi Nial, a big thank you for this valuable information. This is an encouragement for us new traders and gives us a new positive thinking which is different from what we were previuosly taught almost every where on the internet.

Thanks you are a blessing to us…. A lot of what you say hits the mark in my situation. I am planning to start trading for real in So to become a Profitable Trader as you mentioned in your article will be considered a success for me.

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Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Checkout Nial's Professional Trading Course here. Rahmat May 14, at 2: Hettie February 18, at 7: Hi Nial, I have learned a lot, and can see why your strategy is working. Gaurav Pal July 26, at 4: The beginning of the article is so good and friedly. Jerry February 25, at 7: FX is simple but not easy. Best of luck Reply. Dan October 13, at Joe August 6, at Ranganathan August 4, at 6: Tomson July 8, at 8: Cheers Tomson Sweden Reply.

Josef March 30, at 9: Thank Nial, you are so good at what you teach. Tim May 20, at 3: Charles Soon May 17, at Jason Tay May 16, at 4: Rocket May 16, at 8: Nial, Another timely reminder of the basis for successful trading.

Many thanks for your continued education and support. Hi Nial, The articles you emailed helped me tremendously. Geoff Perry May 13, at Thanks for sharing all your wisdom and guidance Reply. Khairul Azan May 13, at 5: Thanks Nial, This is a good article.. My account start turn to profit as I practice this in my trade. May 13, at Lyndon May 13, at Thanks for confirming that the goal I have set is achievable.

Jose May 13, at Richie May 13, at Nial, Great article and your site and course is the best investment I have done. Great article from a Great Man, We thank God for your life. Jo May 13, at 9: Dean May 13, at 9: Michael May 13, at 8: James M May 13, at 7: Kotijett May 13, at 7: Fang May 13, at 6: Tauqeer Khan May 13, at 4: Mathematically very strong statement and beliveablem Reply.

Wayne May 13, at 4: Nial, You just keep the good stuff coming. Flash May 13, at 2: Well thought out and presented Nial.

It sorts out the wheat from the chaff for many people. Kyaw Htay May 13, at Darrell J May 12, at Ricardo May 12, at Regards, Ricardo Pica Reply. Galen May 12, at Fuller Thank you for a directional change in my thinking. Piotr Janiga May 12, at George May 12, at Hi Nial So true,simply having a solid education in an effective trading strategy and truly mastering it greatly increases your chances of making money.

Olusola May 12, at Mike May 12, at Chris May 12, at 9: Thanks Nial, it all makes a lot of sense. Just need to implement it now.

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There is no single formula for success for trading in the financial markets. Think of the markets as being like the ocean and the trader as a surfer. Surfing requires talent, balance, patience. What are Your Chances of Success as a Trader? - So, what are your chances of succeeding as a Forex trader?? This is a very important question that deserves some logic-based discussion, rather than the vague general statements that we so often read on the internet. Let's tackle this question head-on with some supporting evidence and logical thought, this will hopefully give you some confidence. Forex Success. likes. Forex Market = $ TRILLION/per day Industry Direct Sales = $ BILLION/per year Industry There is enough for.