It is often said that only a small percentage (often touted as around 5%) of traders are profitable in the Forex markets. That means that the vast majority of traders are losing money every day.
However, many of these Forex losers are what I call “floaters”, in that they are people who try the Forex markets, lose a bit of money, and then stop trading. And it seems that there are an endless supply of these floaters to keep those select few who are profitable in profits.
So Why Do So Many Forex Traders Come And Go?
Probably one of the reasons for the high turnover of these floaters is that people enter the Forex markets unprepared. They jump right in at the deep end, and they either drown, or swallow enough water to scare them never to come into the water again. So how can you ease your way into the shallow end and wear armbands to keep you afloat? The answer lies in opening a demo account, and trading on it until you are consistently profitable. This might take years – but why trade with real money until you have the skills to be successful?
It is also apparent that a lot of intelligent, professional, and successful people enter the Forex markets thinking that success in other fields will naturally make them successful in the Forex markets. But this is not the case. The forex markets takes a unique skill set, personality, and knowledge base – and much of this needs to be learned and experienced before any success can come.
Many professional people find this to be too much work, and leave the Forex markets for other, more hands-off investment vehicles that will not damage their ego so much. The question is – can you take advantage of all of these traders who come and go in the Forex markets, and have the staying power to become one of the top five percent of traders who are profitable? That – is ultimately up to you.
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