5 Things Successful Forex Traders Won't Say

carol1992

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Jan 21, 2021
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Most people know that forex trading is a profitable investment, but in fact, it also has its dark side. So, if you also want to learn more about forex trading and the secrets behind it, here are 5 things that you won’t hear from a successful forex trader.

No. 1 “My strategy is profitable in all market conditions”
When it comes to forex trading, there is no such thing as an infallible strategy that can be successful in any market climate. If there were, all traders would be millionaires by now. Indeed, It takes a lot of practice and hours of trial and mistakes to establish a successful strategy. And yet, this strategy cannot be profitable 100%.

No. 2 “I am 90% accurate”
In fact, 90% of traders lose money and quit, while the most successful traders usually don’t hit a success rate of 70%. You can lie to people, but you can’t argue with numbers. The market is so dynamic that a success rate of over 90% in the long-term is highly unlikely.

No. 3 “I don’t need risk management”
While losing money is inevitable in forex, risk management can reduce losses. Without a risk management strategy we will become irrational and emotional. Thus, a successful trader will never tell other traders that risk management is unimportant.

No. 4 “I never lose”
It is not possible to win all the time and never lose money, even for a successful trader. Being able to win and lose is part of the forex trading game. It is something you should accept in order to become a good forex player.

No. 5 “I’m self-taught”
Proper trading education is crucial to success. Because even if you have a genius IQ score, there’s no way you can learn everything about forex by yourself. Don’t expect your learning journey to be smooth. A truly successful forex trader will be willing to use different learning materials and learn from other traders as well as his own mistakes, which makes him stronger in the long run.

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hk_09

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Oct 30, 2020
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Agreed, those things come out of those trader's who either aren't too good with their trades or they haven't gone through the real stages of achievig success in forex. Every beginner, before he becomes a successful trader, has to work very hard and he knows exactly what is required of him to achieve further success here.
 
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vicjon1995

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Sep 29, 2020
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100% Correct. People who say “I never lose money” are a scam. It can be a goal and one must give his/her all to minimize the losses, but the truth is every trader has had losses, be it very small.
 
Aug 17, 2020
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I think if you learn from online materials and trading books and videos, you are technically self-taught. I don't want to sound nitpicky, but this is different from learning through school or from a mentor.
I agree with the rest. Especially the "I'm 90% accurate" part. Even if it is true, accuracy is not a good measure of your actual profitability. You can be 90% accurate and still lose money if your risk management is off.
 
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