5 Things I have learned in 5 years of trading!

PipjappBevy

Junior member
Absolutely, I too haven’t seen any profitable signal seller in my trading career. What I often come across is a hoax, so the only thing I do rely on is my knowledge and experience, and that has given me decent success.
 

Farm Yard Forex

Well-known member
Great post, simplicity is so key not just for success but to prevent mental burn out. Some just want to put it on and hope too and that is one of the largest reasons for failure. Stick to a system and accept their will be losses and the battle is close to being won
I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.
 

LuckyMac

Active member
Abs
I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.

Absolutely, Some try to be day traders when working a busy 9-5 miss an opportunity see a less probable one and then get SL'd whereas if they were swinging it would have suited them better. Vice versa too as if you try to swing and have too much time on your hands you will tinker with your trades
 

RachelFX

Active member
1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use ******* 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?

For me learning Risk Management above all else.'Mastering' 'Understanding' was the break through lesson for me and is what has kept me in the Forex markets!
 

momo3HC

Well-known member
The best what i`ve learned is to not risk what i can`t afford to lose. I you follow this everything is fine and easier.
 

Jungletrader

Active member
No matter what size your bankroll I can't emphasis enough using proper money management.
2% max though I'm using no more than 1% for the last while really helps with the physiological side of trading
 

momo3HC

Well-known member
One thing which I have learnt is how to establish a good strategy and how to keep a control on emotions.
Both are important parts from trading. (y)
 

Farm Yard Forex

Well-known member
I think a lot of that comes from treating demo as close to real as you can though. The importance of instilling good habits is so important in trading.
 

Farm Yard Forex

Well-known member
Trading has taught me a number of things, but the most important thing I've learned is entering and exciting the market at the right time. This has helped me get better profits and minimize my losses.
So important to know this before entering a trade in my opinion rather than jumping in and out based on emotion.
 

Jungletrader

Active member
This was a painful lesson for me jumping on the charts and trying to find a trade .
The joys and losses of been a newbie lol
 

Calix_12

Newbie
One thing which i have learnt in trading is don't follow the crowd or news blindly and stick to your own trading plan.
 

Farm Yard Forex

Well-known member
Agree on 3. Be aware of when it is but the outcome is rarely an indicator of price direction.

Well agree on all of course but that particularly lol!
 
 
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