TOTW If you could go back in time, what trading advice would you give yourself?

Sharky

Admin
5,615 370
This week's TOTW poses the question, 'If you could go back in time, what trading advice would you give yourself?'

Step out of your TARDIS or DeLorean (take your pick!), and come face to face with you former self; from the knowledge and experiences you've gained over the years, what trading advice you would give yourself?

ps. Let's assume you don't have a copy of the trading equivalent to Grays Sports Almanac :cheesy:

Last week's TOTW: Is it possible to feel no emotion when you win or lose a trade?
 
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ffsear

Senior member
2,158 439
I would have spent less time on a demo account and put in a small amount of money (few hundred quid) and started trading it earlier.

The step from demo to real money was huge for me. It taught me things about myself that I didn't know and couldn't read in any book or on any website.

I sure that losing real money made me a much better trader.

Demo trading is great for learning the mechanics of trading, but it very definitely is not real!
 
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trendie

Legendary member
6,536 1,129
Stay with it, patience, it will come good eventually.

It will take longer to become consistent than you initially thought.

Trade longer TFs in the beginning, so you can keep earning whilst learning.

Get over the fascination with indicators sooner rather than later. Understand correlation.

Learn to be wrong gracefully, and without self-reproach. If you're going to be wrong, do it cheaply.

Don't take it personally.


Failing that, I would go back in time with a print out of the highs and lows of EVERY volatile market.
Or patent red-coloured bubblewrap and call it stress-buster. (one for the Red Dwarf fans out there)
 
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Mr Fox

Established member
510 136
If it was before I learnt it would be Learn as much as possible, and don't waste it on worthless courses, instead visit T2W for guidance.

If before early stages it would be don't trade with 10% risk/trade with no SL.

If before last year it would be stop modifying your strategy, or you will end up with something totally different, which doesn't work, and will batter you psychologically.

If it was one month ago, then it would be, TAKE EVERY 'KIN TRADE, and remember that OH is always home from work around 18.20. :whistling

Best
John
 
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Pat Riley

Established member
794 178
If anyone comes up to at any point in the future, lookin a lot like yourself, and tries to give ya any advice, kick him square and hard in the nuts and walk on.


Apologies to me twin brother as I thought it was me.

Kidding aside, I don't know I'd take any more notice of meself than I did any of the other good folk who have tried to advise me throughout me formative years, and beyond. I rather like the organic way I've developed and done what I've done and I'm sure most other traders feel the same way too. If we hadn't done the stuff which in retrospect we realise wasn't such a good idea, we probably wouldn't have got where we are today. I think it's a major error to believe you can know the results of advice however well intentioned. One mistake avoided could take you off down a route where you make ten times as many.

I've lost count of the number of professionals I've encountered over the years across a range of issues whose advice in retrospect was worse than none at all.

I suppose I'm sayin keeping your own counsel is better than any advice you'll ever get from anyone else as only you know you.
 
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drtro

Active member
216 21
You should have started scalping for $0.05-0.10/share per trade at 90% success before spending 6 months losing $60k gambling on penny stocks and other home runs.
 

Vinayak1000

Junior member
38 1
I would focus on reading 2 good trading books and stick to the principles outlined in them. A good book that comes to mind is Quantitative Trading by Ernest P. Chan.
 
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ffsear

Senior member
2,158 439
I would also add the importance of focusing on only a handful of markets (3-4) to start with.
I spent too long trying to follow 20+ Forex pairs, being a jack of all trades, expert in nothing.

These days its FTSE, DAX, DOW and EUR/USD only
 
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drtro

Active member
216 21
I would also add the importance of focusing on only a handful of markets (3-4) to start with.
I spent too long trying to follow 20+ Forex pairs, being a jack of all trades, expert in nothing.

These days its FTSE, DAX, DOW and EUR/USD only

I feel the same applies to the stock market. People wake up every morning and gamble on the biggest pre-market movers not even knowing what the company does. I greatly increased my success rate by sticking to a small selection of stocks that I follow and know well, such as AAPL, TSLA, and GOOG. I know them all very well, although sometimes TSLA can be a heart breaker.
 

Taufiq

Newbie
8 0
This week's TOTW poses the question, 'If you could go back in time, what trading advice would you give yourself?'

I really appreciate very much for the question. I have challenged myself for sometimes with such trivia.

One much more precious thing than an advice to myself is that I realize a big stupidity phenomenon of my own. Once I got busted with my first account, I just know that a new trader is just like a new walking baby pushed to climb up the moon.

So my advice to myself should be: Read (in Arabic= Iqra', in Bahasa= Baca, in Javanese=Wacanen).

Thank you.
 

Forexmospherian

Legendary member
39,928 3,300
Imagine yourself as a 15 year old virgin - who's not even kissed a similar aged member of the opposite sex - embarking on a new journey away from home - ie - a two month vacation in Magaluf or Ibiza with the aim of becoming a new sex god

Its going to be fantastic - you know your attractive - you have been reading all the right books etc etc

What can go wrong?

OK - I suppose its just bad luck that you have consumed far too much sangria the first 3 times you pay for the services of the local hooker and then you get lucky - you make it with this "older person' who does not tell you they have a STD and then finally you hit 'gold' and have a weeks relationship that you later finds leads to an unwanted pregnancy

No surely - nothing could be worse than this experience in real life?

Well yes - its known as trying to be a successful retail forex trader

Instead of being a two month or two year adventure - its more likely a three or five year 'jail sentence' and by then you might just be gone from a beginner to not quite intermediate level

If I had known what I would have to go through to finally get to a consistence successful level - I reckon I would have never started

Hindsight is such a fantastic thing to have - I easily wasted a few years not realising there is just so much to find out and discover - not just about the markets - but also about yourself

Not everyone will make it - well to be brutal maybe only 10 - 20% of all who start see success and then maybe only a very small percentage make continual good monies trading daily- but if you do finally get there - its well worth all the headaches, stress, commitment, hard work etc etc etc you have been through

Finally - I reckon in another 5 years I will be really good :) but saying that I will be retired before then - I hope

Good Luck on your trading journey

Regards

F
 

Splitlink

Legendary member
10,850 1,233
The shares I had and sold! No use crying over spilt milk but my answer would be to keep invested in shares and only trade to hedge those during setbacks.
 
 
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