It's a loser's game - officially
Updated
This post is modified and re-posted after it was banned (a matter of fact and the truth). Why? I was said to be promoting a broker's website seemingly because by I identified the source of quotation and said that they were being honest. I have now substituted the name the broker with a fictitious ABCXYZ (which is not the name of any broker as far as I am aware). The rest of the post is the same. I promote nobody - not even myself. ESMA is not a broker.
The quotation is directly from an email I received today from ABCXYZ.com
ABCXYZ.com has been fully transparent on the risk of losing money on it's platform.
Nothing in this educational post is to suggest that people avoid trading. The sole intention of this post is for new and season traders to better understand the risks, and to realise the amount of effort, discipline, training and sacrifice that are needed to become consistently profitable.
As a new trader your chances are very very slim, for making consistent profits over months or years. Some people think that it's all about following a set or rules. Well, if it was that simple then 80% of people would just follow rules and be millionaires. That's not going to happen!
For novices, the high probability of losing money is nothing to do with any particular broker. It must be something else! I'm afraid the most important factor is hardly ever discussed in forums. What's that? It's about 'trader psychology'. It's that unseen thing - the elephant in the room - that causes the problems.
I say, it does not matter what system you use to tackle the markets with, the underlying obstacle is 'your psychology'. It is not about mastering the charts. It's all about self-mastery. Any dissenting opinions? Have your say now.
For the avoidance of doubt or suspicion, I am 100% committed to helping other traders develop for absolutely no pecuniary or other advantage to me - ever! In other words, I'll never take you to some site that sells tips, signals, or courses - where you'd start of at free but then have to pay to learn from some 'inner circle'.
The quotation is directly from an email I received today from ABCXYZ.com
ABCXYZ.com has been fully transparent on the risk of losing money on it's platform.
Nothing in this educational post is to suggest that people avoid trading. The sole intention of this post is for new and season traders to better understand the risks, and to realise the amount of effort, discipline, training and sacrifice that are needed to become consistently profitable.
As a new trader your chances are very very slim, for making consistent profits over months or years. Some people think that it's all about following a set or rules. Well, if it was that simple then 80% of people would just follow rules and be millionaires. That's not going to happen!
For novices, the high probability of losing money is nothing to do with any particular broker. It must be something else! I'm afraid the most important factor is hardly ever discussed in forums. What's that? It's about 'trader psychology'. It's that unseen thing - the elephant in the room - that causes the problems.
I say, it does not matter what system you use to tackle the markets with, the underlying obstacle is 'your psychology'. It is not about mastering the charts. It's all about self-mastery. Any dissenting opinions? Have your say now.
For the avoidance of doubt or suspicion, I am 100% committed to helping other traders develop for absolutely no pecuniary or other advantage to me - ever! In other words, I'll never take you to some site that sells tips, signals, or courses - where you'd start of at free but then have to pay to learn from some 'inner circle'.
Note
ESMA has required all brokers to declare what percentage of accounts will lose money. This means that all brokers including ABCXYZ will soon be publishing the statistics. Caution to other traders: avoid quoting these figures and providing factual references identifying brokers, else from my experience you will be found in breach of Tradingviews rules.Note
The news has been out since August 2018 that the European Securities and Management Agency (ESMA) has compelled all brokers (subject to its jurisdiciton) to reveal their statistics on the percentages of losing trader accounts. Search for article headed, "ESMA Regulations Reveal: Where CFDs Traders Lose the Most". The reported percentage of losing accounts ranged between 63.7% and 86%, with an average of 76.3%.
For the avoidance of any misunderstanding, my reporting on these figures is not with the intention of promoting any broker or set of brokers.
I believe that it is in everybody's interests to access this important information to better understand the risks involved in 'financial trading' - and that I am within Tradingview's rules for reporting it.
FED balance sheet 42% of GDP @ 2020-01-26. Does money have value anymore? [Different perspective on the virus youtu.be/NjTdvALChwk ]
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