A lot of traders are not as profitable as they claim to be. I don't know the exact percentage but I can say and stand to be corrected that 95% of traders even the so called professionals are not profitable. How do I know this through simple deduction. 95% of these unprofitable traders make their money through other means and their unsuspecting followers don't know this. Some of the means are
- starting a YouTube channel and making money of
a) affiliate program
b) YouTube ads
- Having a paid course.
- Trading signals
- Selling trading merch
- impressions
- and others.
The true 5% of traders that are very successful and profitable do not even have a YouTube channel (only a very few exceptions). They are strictly for trading only, day in and say out.
This is very true, but I am not 100% sure that is true in cryptocurrency trading. However in forex trading, which is actually my background, I later understood that people that teaches how to trade make more money by teaching than trading itself. I also do not know the exact percentage of people that are winning in the trading. Many people have said that it is less than 5% but I refuse to believe. If it is less than 5% that is winning in trading that means that is no much difference between trading and gambling. Even in gambling I think more than 5% wins. Be it cryptocurrency trading or forex trading it is either a win or a lose. But then many people do not know whether they are winning or they are losing. This is because they do not have the data to know accumulative losses or wins. The trader who wins on a long run is a good trader.
However some people will lose for consecutive times but immediately they win big they will forget about all the losses they have had in the past and they will continue telling the history of their recent wins, making it look as if they are always on the winning lean.