ASIC: 80% of Binary Options traders, 72% of CFD traders and 63% of Forex traders lose money

truetype said:
Because there are endless threads bemoaning the pattern daytrader rules.
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So you have no hard proof, just a personal subjective opinion...
There are also a lot of traders trading in products where there are no pattern daytrader rules. So they are already exluded.
 
mlawson71 said:
People often say that 95% of traders lose money, but that number is not supported by offical survey statistics and is more of an expession of the opinion that a lot of traders do lose money.

We finally have some official statistics!

The Australian Securities and Investments Commission says 80% of Binary Options traders lose money, while the percent with CFD and forex traders is 72% and 63% respectively.

The findings are published in June in a paper titled “Improving Practices in the Retail OTC Derivatives Sector”.

A recent ASIC review of 57 of forex, CFD and binary options brokers also identified a number of risks associated with the financial instruments offered to retail investors.

Frankly, those numbers aren't as bad as imagined they would be, but they're still pretty bad, in my opinion.
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Those are actually great odds, compare to the odds of making the NBA, NFL, MBL, becoming a surgeon, a CEO of a Fortune 1000 company.... With those odds, I should take a serious look at forex.
 
And yet... half the posters on ET can't scrounge enough money to avoid pattern daytrader rules. :wtf:
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That percent is probably too low. I recall a poll regarding acct size on BigMike's earlier this year. I think 80% reported having less than 25k!
 
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