Rom wrote: Remember, 95% of traders loose
Hello Rom,
I nearly always smile when I see that comment appear in various posts & threads around the forum world. It's a very misunderstood & slightly contentious quote.
Not wishing to pick holes in your spelling, but the phrase is spelt; "95% of traders
lose" not loose. 2 very different meanings indeed
Having said that, I think it really ought to be re-phrased to;...
"95% of
get-rich-quick merchants lose" when attempting to trade.
That statistic is hauled out every so often to help explain the inadequacies of new, often raw entrants to this business.
These get rich quick merchants, who the phrase actually refers to, are the same candidates that get lured into the various dodgy MLM schemes that do the rounds every now & again.
The same candidates who get conned by slick land & property salesmen who persuade them to pour large chunks of money into dodgy deals.
The same candidates who get ripped off by spurious franchise sellers & other dodgy money making opportunities.
They become attracted to trading (& Forex) by the same greedy promises that draw them in to any other falsely inflated, hard sell environment.
They usually however, share common traits.
They're generally woefully unprepared, totally (psychologically) unsuited to this type of endeavor & disastrously under funded.
They assume all they have to do is register on a forum (any forum), pick up the 1st sexy looking scalping system that catches their eye, demo it for a week & then slap a few hundred bucks down with a bucketshop broker & away they go to millionaire status in 2 years flat!
It never ceases to amaze me the ease & consistency in which money flows from the recklessly unprepared to the well drilled, adequately prepared participants.
Most of the time it’s as simple & effortless as shooting ducks in a barrel.