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.
The problem with beginner traders is that believe in what they see online than practical results. Few months ago a popular trader posted a trading signal and because of how influencial he is a lot of people copied that trade, the amounts of money they put into it was really crazy but they did that because they he's an accurate trader, not one person made profit from that trade. Most of these people don't trade professionally, some flip without applying risk management, they just try to get others to buy their courses.