THE 90-90-90 SLOGAN
The 90-90-90 Slogan is now frequently used in the FOREX INDUSTRY. It has become the daily speech of most traders and it has really capture the mindset of many beginners, average, even the mindset of the so-called professional traders.
WHAT IS 90-90-90 SLOGAN?
It’s a belief system that is ruling the minds of many in this industry that ‘90% of traders tend to lose 90% Of their capital in the first 90 days (90-90-90) of their trading career. So when this statement is been mentioned to the hearing of a beginner, he/she get scared, discouraged and eventually comes to conclusion that Forex Trading is the most risky and the most disastrous online business ever, forgetting the fact there are other professions that are more disastrous than Forex trading and also forgetting how lucrative Forex trading is and could be in the future if the they patiently learn the right method of doing it.
In mine opinion, I would suggest the 90-90-90 slogan be replaced with ‘Learn the Right Approach and You will succeed’.
The first question that runs through my mind is ‘WHAT ARE BEGINNER TRADERS EXPOSED TO as they begin their trading career?
Secondly, WHY DO 90% OF TRADERS FAIL TRULY? Is it because;
They lack Proper Risk management or
They lack the Right education or
Over trade their account or
They have no strategy that works?
The whole of these could be factors contributing to the failure of 90% that are failing, YES.
BUT WHY DO THOSE WHO HAVE REALLY INVESTED IN THE RIGHT EDUCATION STILL FAIL?
The answer to these is still based on the fact that at the beginning Level (Foundation), many traders are exposed to just a single strategy e.g SUPPORT and RESISTANCE which doesn’t really expose the beginners to the in-depth nature or the TRUE NATURE of the Market.
Using one strategy to predict the MASS PYSCHOLOGY is highly detrimental. So by this approach, many traders get stuck and get tired of trading.
LEARN THE RIGHT APROACH!!!