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Profitable traders


I have heard for years that only 5% of traders are profitable. The CFTC mandates that FX brokers release there % profitable traders in an effort to encourage tighter spreads and increased competition. Oanda released these numbers for Q3.....

http://www.oanda.com/


Do 48% of oanda traders make a living trading the Eur/usd? Probably not, but you need to treat your trading as a business. And one thing that onanda has that others don't is .09-1.2 Eur/Usd spread. I did trade with FXCM a 2.8pip spread and switched to MBtrading as soon as I learned the spreads were 1.6-1.8 pips. The .70 pip spread saves me around $350 a day. Most traders simply stick with the same fx broker because its to hard to switch funds or they don't want to learn a new platform. You also need to take good notes...I no longer log every single trade, but I do tally every hour I trade. I trade better on Sunday evenings thru Monday I make 50-75% of my week at that time. Thurs-friday is the worst time to trade FX for me so I trade Gold or bonds mostly then. Any business that dosn't know when or where they are most profitable is only a matter of time.
I am still completely lost CharterJoe.... Forex appears to be pretty complicated though it has more opportunity if you use naked charts with no indicators.....