"LOSING MONEY TRADING FX (AND A SIMPLE SOLUTION)
by Steve W. on 10/20/2008 01:54:00 AM EST
We all know the statistic, and it’s not a pretty one. According to CRB, “Ninety-two percent of day traders trying to scalp lose money. Only eight percent are successful. Out of the eight percent, only two percent of the day trading public makes money on a consistent basis.” Why then, when these numbers are so widely publicized, would so many newer traders come into the market each and every day and try to earn a killing? It’s simple: economics. The majority of the human population is economically driven, and there’s no justice to go into the reasons as to why. It’s why lottery games where individuals have a 1 in 47 million chance of winning keep getting millions upon millions of people trying twice a week to hit the jackpot. People want money, and they want it now."
Read the rest below...
http://www.nobrainertrades.com/2008/10/you-lose-money-trading-fx.html
Wednesday, July 29, 2009
Long EUR/USD 1.4019
Playing 61% fib and previous S&R. We came 4points from my TP at 1.4049 but did not take it out. We've now ranged down to 1.40...I'm holding this trade as it's a significant level and should provide a more meaningful reaction.
I will accept the loss in stride and move on to the next one if we can't make this happen.
I will accept the loss in stride and move on to the next one if we can't make this happen.
Eur/usd long 1.407
And were just a few points away from my stop with price at 1.405....I'm a little frustrated with it. Strong level and I would have liked to have seen a move already.
Missed my usd/chf call alert/trade this morning, slept through it. I don't want to talk any more about that....hurts to see a well marked out level miss beacuse of sleep.
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