How do people fail at this?

[gaussian]

I haven't started trading real money yet. I wanted to make sure I knew what I'm getting into.

LOL

 

[SimpleMeLike]

Genuine question, not trying to be condescending. I really want to know what the catch is or where people are getting hung up. Background: I started practicing forex trading as a hobby a couple weeks ago using TDAmeritrade's thinkorswim and then with a practice account on Oanda (TD won't let me trade forex with my amount of money). I haven't started trading real money yet. I wanted to make sure I knew what I'm getting into.

Anyway, since I started trading, I haven't had a negative day. In fact, most days I'm positive 5-10%, and that's with my extremely limited knowledge of trading. I just did some research on the Internet and then jumped in. I have zero method whatsoever, I just keep in mind some basic tips I gleaned online combined with patience and common sense.

Yet, whenever I look online I see tons of negative people saying this and that, that Forex trading is a gamble, scam, etc., that you might as well go to the casino, that 90% of people lose money according to official sources, that the brokers have to profit somehow, etc. I was reading through the terms when I signed up for Oanda and even they said that 2/3s or their users lose money. How can this be? Aren't these people taking this seriously? I mean it's their money and everything. I understand some people are brash or just trying to get rich quick, but certainly not the majority of them?

Could it just be that I have what they call beginner's luck? Is it somehow different with real money, will new forces working against me appear as soon as I start trading with my own money?

I want to know what the catch is. Again, not trying to show off my skillz or anything, I'm just skeptical. I really just jumped into this and the returns seem too good for someone who just started with no knowledge whatsoever. Thanks in advance.

Hello ark93,

People fail at trading, because people stop trading after losing a bunch of money trading.

People fail at trading because they do not know how to trade to make consistent money and blow all the capital in the beginning stages.

Its like a person with no doctor experience trying to perform surgery for the first time. How many mistakes can the doctor make before really harming the patient.

For example, like an engineering degree. It take 5 years to obtain an engineering degree. Most traders want to make consistent profits in 2 months with no practice and no QUALITY education and no hardwork.

Some traders fail at trading because improper beliefs of getting rich in one month.

 

[maxinger]

You haven't started using real money.

demo trading is 90% technical, 10% mind control.
Seems like your technical is ok.
But you have to test yourself few more months to confirm that.
Because you have to trade various types of market (easy market, crazy market,
violent market, dead market ....).

Once you go live trading, then trading is
90% mind control, 10% technical.

 

[wrbtrader]

You haven't started using real money.

demo trading is 90% technical, 10% mind control.
Seems like your technical is ok.
But you have to test yourself few more months to confirm that.
Because you have to trade various types of market (easy market, crazy market,
violent market, dead market ....).

Once you go live trading, then trading is
90% mind control, 10% technical.

Its amazing how the mind behaves when switching from simulator trading to real money trading especially back n forth.

In fact, I think traders use the simulator for the wrong reasons which is why they have so much trouble traversing from simulator into real money trading to the point that they mentally begin sabotaging their trading whenever its real money because they know there's no do over unless they have unlimited amounts of trading capital.

wrbtrader

 

[subban]

Genuine question, not trying to be condescending. I really want to know what the catch is or where people are getting hung up. Background: I started practicing forex trading as a hobby a couple weeks ago using TDAmeritrade's thinkorswim and then with a practice account on Oanda (TD won't let me trade forex with my amount of money). I haven't started trading real money yet. I wanted to make sure I knew what I'm getting into.

Anyway, since I started trading, I haven't had a negative day. In fact, most days I'm positive 5-10%, and that's with my extremely limited knowledge of trading. I just did some research on the Internet and then jumped in. I have zero method whatsoever, I just keep in mind some basic tips I gleaned online combined with patience and common sense.

Yet, whenever I look online I see tons of negative people saying this and that, that Forex trading is a gamble, scam, etc., that you might as well go to the casino, that 90% of people lose money according to official sources, that the brokers have to profit somehow, etc. I was reading through the terms when I signed up for Oanda and even they said that 2/3s or their users lose money. How can this be? Aren't these people taking this seriously? I mean it's their money and everything. I understand some people are brash or just trying to get rich quick, but certainly not the majority of them?

Could it just be that I have what they call beginner's luck? Is it somehow different with real money, will new forces working against me appear as soon as I start trading with my own money?

I want to know what the catch is. Again, not trying to show off my skillz or anything, I'm just skeptical. I really just jumped into this and the returns seem too good for someone who just started with no knowledge whatsoever. Thanks in advance.

I think the spreads are different on the training platform compared to the actual trading platform. Oanda takes more of a cut on the spread in real life.

 

[El OchoCinco]

Genuine question, not trying to be condescending. I really want to know what the catch is or where people are getting hung up. Background: I started practicing forex trading as a hobby a couple weeks ago using TDAmeritrade's thinkorswim and then with a practice account on Oanda (TD won't let me trade forex with my amount of money). I haven't started trading real money yet. I wanted to make sure I knew what I'm getting into.

Anyway, since I started trading, I haven't had a negative day. In fact, most days I'm positive 5-10%, and that's with my extremely limited knowledge of trading. I just did some research on the Internet and then jumped in. I have zero method whatsoever, I just keep in mind some basic tips I gleaned online combined with patience and common sense.

 

[MeAgainstTheWorld]

Sounds like beginner's jackoff and blew their wad and think they accomplished something. Lol

 

[Scataphagos]

Genuine question, not trying to be condescending. I really want to know what the catch is or where people are getting hung up.

Sometimes the market "trades easy". Other times not... that plus traders sometimes (1) exercise bad judgement and (2) make mistakes.

Takes a while to get it all wrangled... by which time, most noobs have wiped out their trading capital.

 

[SimpleMeLike]

Takes a while to get it all wrangled... by which time, most noobs have wiped out their trading capital.

Scataphagos, you are right.

This is what happen to me and two of my friends. I lost about $7000 in about 6 months trying to trade with no experience, and just trying random things I found on internet or just following some random trading chat room person following their trades. All kind of mistakes with REAL money. I would think of an idea at night and try it the next day. If I made money, I would then go brag to my buddy. Next day get some losses, get mad, Change up again. Then someone in the chat room would tell me try this method, I try it too. Losing money all over the place. I stopped after losing about $7000, when I loss about $800 in one day after about 35 trades. I just said to myself "Man, you don't know what the hell you are doing, stop messing around wasting money, take a step back", unfortunately my two other friends went on to lose a lot more money going from purchase trading method to trading method. One friend really lost alot of money trusting all sorts of things with real money.

I look back now and wish I had better guidance/mentor from the beginning or found the ET forum earlier. I wish I had ask the right questions and trade paper instead of my real capital. I wish I had invested in quality trading education and ask questions before risking my real capital. Luckily I did not lose a lot of money and got some guidance now and continue my journey. I look at it as tuition and cost of business. I will say, you have to dedicate the time to this journey and may cost.

If I can say anything to anyone starting out new: VERIFY VERIFY Verify, Ask Alot of the right questions, Trade paper money til you see positive results. Don't waste your hard earn money trading if you not sure what you doing. It really takes practice and trial and error. Use the forum to ask questions.

 

[geedy]

Trade with real money, just a little bit, and all your questions will be answered.

Exactly, you know I was wondering if he has ever traded real account until I saw your reply. The market can be unpredictable sometimes and just go against you, this happens to everybody. Anyways; it's his story and it could be true and if not it's still his lost at the end of the day.