A few things just so we’re clear……
First and foremost before I even get too deep into this, my views and opinions do not necessarily reflect those of the Prop trading firm I work for. They sometimes agree, they sometimes conflict, but my firm is nice enough to let me trade and think as I please.
At the end of the day, I am one person with an opinion, just like you are too, nothing more.
If you take my advice and use a particular tool or method to trade, and you lose money, this is ultimately your fault. I have no control over your account.
If you take my advice and use a particular tool or method to trade, and you WIN money, this is your doing as well. High-five yourself for seeking out good advice.
In the end, all opinions are my own, and they are just that — opinions.
When I say “99% of Forex traders either lose money or cannot make enough to live off of”, or some variation of that quote, I do not know if it’s really 99%. You would have to infiltrate private data to see who is actually making money, interview all of them, and see if they are satisfied with where they are in the trading world and in their trading careers. Impossible.
That’s why there is no data on this. I….have….looked….everywhere.
If anyone asks to “site your source” on this 99% number, I obviously could not, because no data exists.
If I was betting however, I would bet a substantial amount of money that the number is closer to 100% than it is 99%. If you take all of the Forex traders in the world, then take the ones who can do it exclusively, or who have shown enough success to get hired on by a company to strictly trade, you would likely be looking at 1 trader for every 1000, and I may be overshooting it.
And I don’t say this to brag. I do say it to qualify myself at times, but more importantly to illustrate a very large point that the odds are against the common trader with the tools and methods that are most popular out there today. My entire YouTube channel is centered around this idea.
This brings me to #3
There are a handful of Forex traders making money off of support and resistance lines. I actually know of a couple. I’m sure there are some killer Fibonacci nerds out there finding ways to beat the game. RSI Indicator success stories? I’d be very surprised.
My point, and I mention this in the blog and videos too, is how unbelievably difficult it is to achieve top success by using these tools. The odds are extraordinarily high.
Again, you cannot measure this, but I work for a firm with over 250 professional Forex traders, many who I’ve spoken with, and in 9 years of trading have corresponded with traders all over the planet, and have found these discoveries to be very accurate.
I try to explain this to viewers/readers, and offer alternatives. That is all.
I will add to this disclaimer as needed, but I can see the dumb complaints coming already. Might as well get ahead of it.
If you have any questions, please contact us.