1 Reason The Well Known 90% Failure Rate Of Traders Isn’t True
90% of all traders fail…. I’m sure you’ve heard that before. If you haven’t then you haven’t been around the trading business for very long.
It makes you feel uncomfortable right? I bet it does! Who on earth likes the idea of starting in an endeavour where there is such a savagely high chance of failure. I’m absolutely sure you don’t.
You probably want us to tell you something nice and reassuring like that this statistic isn’t true. Well……
How about we tell you, like most things in this world, it’s both true and false.
So here is the way we see this breaking down……
Trading is an extremely tough business and there is absolutely no getting away from that. While the statistics are very difficult to reliably get hold of I think most in the industry are comfortable saying that 80-90% of traders do fail.
It’s true and you need to be aware of this right off the bat.
It is especially true when most getting involved in the markets come to it with completely incorrect assumptions. If you are from the ‘get rich quick’ crowd, which so many are, you almost definitely guarantee yourself you will be part of the 90%.
There is no such thing as easy money in this business. It takes a great deal of committed work and time.
Where the statistic is false is in an often unspoken aspect. You see it is mostly true for first time traders who begin trading and go on to burn their way through their first allocation of risk capital.
But what about those who were really committed to trading and came back with renewed commitment with a second amount of risk capital?
Well I think this is where you start to see the statistics change to being more in your favour as the committed trader.
You see it is not uncommon at all to hear that even the best traders in the world had a number of bumps in the road during their developmental years. Many have blown up their account. A number, several times! However, they kept coming back and in the end succeeded at realising their goal of becoming top performing traders.
In the daytradingroom.com chat room and forum you will be able to read and interact with professional traders who have been through this progression from losing trading to winning trading. Indeed there are a number of traders right in the midst of this at the moment.
You know what – this is completely natural.
Overall if you are really committed to trading you can make yourself part of the 10% of successful traders right from the start. There is however no shame if you were part of the 90% who failed initially if you have dusted yourself off and are back in the ring. This second or third time you stand a far better chance of being successful.
Just like any successful job it takes an enormous amount of effort to be successful at trading but you can do it.
The mission of the daytradingroom.com is all about “creating an elite community consisting of Pro’s, soon to be Pro’s and amateurs, that support each others work on developing trading skills and experience. Absolutely no ‘get rich overnight’ people wanted ;-)”.
We hope that we can help you in becoming successful and share in your journey along the way.
In future posts we will cover things that you can do to skew your odds of being successful.
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