ok, i have had my wine. and there are no dumb questions. the underlying premise of your question might be wrong, 90%????? - where did you pick that up? I know, I have heard it a million times, but never with any evidence. Therefore it is not correct until proven to be so. Most academic papers I see on trading strategies talk about trading one indicator. Who does that? I certainly don't. Maybe Woodie but his success is doubted plenty these days - and he uses several indicators as well. In trading, question everything you hear or read. If the RSI is oversold - that is not a fact, it is an interpretation which might be wrong it its premise. When I sell you my house, it does not mean I am loosing and you are winning or vice versa - it means that I am moving on - same goes for trading, i.e. trading against the box (doesn't exist anymore but the principle remains) no need to see it in loosing vs winning - the market is big enough for all of us
This is exactly correct. You can trade anything... If the liquidity and bid/ask spreads are favorable. Conversely... If the above is unfavorable... it's hopeless. The FOREX market is extremely fragmented... No only do you have futures and options... But you have countless cash liquidity pools... And many ETFs. There are definitely combinations of the above... That can be traded profitably on a daily basis... And I'm talking scalping in and out of complex hedges... But it helps a lot if you are an experienced Pro Trader... With good infrastructure. FOREX is no place for amateurs.
I would say no market is a place where amateurs can profit, unless they go long the bubble like 90's in stocks or last years in oil... And stop "trading" before it bursts. How many "profitable traders" there were in late 90's... Most are blown up and gone since markets became more tricky... Trading is a serious profession, somewhat similar to professional sport. One has no hope to succeed unless he/she is ready to commit as much training as pro sportsmen do which is several hours EVERY DAY for YEARS.
Absolutely, and I think that is where the '~90% lose' stats are probably right on the money. Most brokers offer crazy leverage and low account opening requirements, with just a few hundred bucks any wannabe off the street can be trading 100's of thousands in just a few hours time. The lure of phenomenal returns with a few clicks of a mouse is simply too much for them to ignore, and after all trading is just a 2-horse race right, buy or sell, how hard can it be!
Hello, I am not making a living yet, but I started trading Forex firm's capital and with good results which I have no doubt in, more money will follow. Hence, after having say 2-3 times more than I trade now, I already can make a living even with 2-5% monthly return. Of course, i am aiming higher Good luck to everyone!!!