A common and very popular myth, widespread in media and the internet is that 95% of investors or speculators who have tried their chance in FOREX have failed.
Are these statements based on solid evidence/statistics or are they only general assumptions?
How many of us have real chances of succeeding in this field?
This is a very complex question that requires some rational explanations, real figures, and less vague statistics or assumptions that we frequently stumble upon on the internet.
Obviously, there are always people who make money by trading on FOREX.
However, making money constantly is a different story, so in the long run, there will be fewer people who earn money than those who lose.
Most rookies plan on trading on real money a few weeks after practicing on a virtual account, and very few are willing to learn more, gain the necessary experience in order to understand the currency trading before they jump into it.
In other words, most beginners want a big, fast and maximum profit.
Most times, they dreams are being shattered by this “cruel reality” known as “loss”. As they have less knowledge and they don’t want to expand their knowledge by going through forex forums and learning more about Forex Trading.
So the main reason behind this tough verdict is that in any field of activity, professionalism requires time and work.
Students spend 5-6 years in universities to acquire a profession while an athlete practices for years until he achieves performance.
Trading on the stock exchange is pretty similar so stop believing that this will turn you into millionaires overnight because it’s stupid and ignorant.
Trading on a demo account is an excellent method and also free of testing your and practicing your skills.