5 Things I have learned in 5 years of trading!

sebking1986

Member
88 27
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

2. Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!

3. Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.

4. Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.

5. Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.


What else have you all learned in your time trading?
 

HeavLeighGill

Member
87 21
Great post! I’m glad to see that you mentioned setting acheivable goals because that affected me personally in the beginning and I don’t think it is talked about enough. I did realize that a lot of work went into trading, but I expected to make more at first and I think a lot of beginners think that way as well.
 
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NVP

Legendary member
37,758 2,100
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

2. Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!

3. Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.

4. Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.

5. Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.


What else have you all learned in your time trading?

a broker is important .....pick a big one with good track record ...most beginners fail right there ....

N
 
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CavaliereVerde

Experienced member
1,548 1,992
Many brokers are fine but not 90% of them are honest.
All brokers semms fine when you still expect high returns from trading, like 30% pa or more.
When you are seasoned and you lower your expectations you appreciete the value of a cheap broker.
 
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tradingout

Member
52 8
Many brokers are fine but not 90% of them are honest.
All brokers semms fine when you still expect high returns from trading, like 30% pa or more.
When you are seasoned and you lower your expectations you appreciete the value of a cheap broker.
Agree with you on the last line!
 

LuckyMac

Member
56 14
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

2. Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!

3. Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.

4. Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.

5. Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.


What else have you all learned in your time trading?
I think the biggest is the broker it has to be solid i like the one you've chosen for sure. Another is people being afraid of hard work and not having the commitment to ride the waves of success and failure. This is a business and needs to be treated as such. I think it's key to make sure you prepare yourself for lots of set backs like with any business but i have to say it will all be worth it when you have the time freedom to trade where you want and the money to do as you like.

One i would add is making sure you take trade management into you trading plan. So many have an entry and an exit i think you need to be absolutely sure of how you'll manage the trade when certain things happen. You'll never go broke taking profits!
 

Henow1969

Well-known member
282 31
I think brokers are important and we never should go with an unpopular broker. Always choose a broker with a good reputation and have trust in the market.
 

WalletInvestor

Member
97 29
I also think that choosing the right broker is important as far as trustworthiness goes. It is true, though, that - as long as you manage to avoid shady ones - the broker is not what makes or breaks your progress, as beginners sometimes think.
I like that you mentioned social media gurus, there are many of them who are not genuine indeed.
 

sharabela

Junior member
23 6
You are quite right. A broker does not win you money, but your strategy does, A true trading guru is hard to find, and it is never a get rick quick scheme. Trading needs trader to invest their time. We often ignore these facts, which we should not.
 

kevinkdog

Junior member
34 19
Nice top 5! I'll add one:

Most people should not be trading at all. Whether it is poor psychology or poor "technical" skills, most people would be best served sticking to buy and hold.
 

hatemypips

Established member
689 59
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

2. Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out!

3. Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.

4. Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it.

5. Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.


What else have you all learned in your time trading?
Not sure you are right regarding the first observation. There was noticeable improvement in performance when I found ECN brokers that works with solid liquidity providers as execution quality in tough times offer matters and can constitute your trading edge. I think it depends on the type of strategy though
 
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RachelFX

Member
95 24
These are excellent truths, and what I would add is Risk Management. If you can master this, you have a chance of truly learning how to trade successfully.
 

trenchbuys

Established member
835 36
There is much to learn in trading.

I like to keep things simple.

Be confident.

Stay Tuff.

Never Give Up.
 
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sebking1986

Member
88 27
Nice top 5! I'll add one:

Most people should not be trading at all. Whether it is poor psychology or poor "technical" skills, most people would be best served sticking to buy and hold.
Not a bad point. It certainly takes a certain mindset and ability. But then some struggle with buy and hold even though I would suggest many should be investing rather than throwing money into interest-less savings accounts that fail to beat inflation.
 
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