Forex Trade Tips

It has long been argued by people within the currency trading industry that around 95% of traders who attempt to trade the forex markets will ultimately end up losing money. However new figures that have just been released from the actual forex brokers themselves suggest that this is not actually the case. In fact they all have a lot more profitable traders on their books than this. 

Oanda, one of the largest brokers, claim that 51% of their customer accounts generated a profit in the previous quarter, which is obviously a lot higher than the much quoted 5% that is often bandied about. This result isn”t necessarily the norm, however, because the average figure from the rest of the brokers is around the 20-30% mark. 

Even so, these findings suggest that there are a lot more people making money from forex trading than we previously thought. If you go to the various trading forums online, they are full of newbies and people who have lost money in the past. However behind the scenes there are clearly many traders who are quietly making a very handsome living from forex trading, and in all probability they are likely to be far too busy making money than wasting their time on these forums. 

Nevertheless it should still be pointed out that it is still generally true that most people do end up losing money. If these figures are accurate then on average 70-80% of traders lose money, which is obviously the vast majority of people. 

So if you are serious about joining the profitable 20-30% of people, you need to separate yourself from the majority. To do this you not only need to develop your own profitable trading strategy, but you also need to have a great deal of discipline in order to ensure that you don”t deviate from this strategy and start placing reckless trades. 

Anyway the point I want to get across in this article is that there is now every reason to get excited about forex trading, because there are a lot of people out there who are clearly making good profits, many more than we previously thought. I myself am in this group of profitable traders, and I know several of my blog readers and subscribers are too, so there is no reason whatsoever why anybody cannot join this 20-30% group of traders who are generating consistent profits from currency trading.