5 Things I have learned in 5 years of trading!

sebking1986 said:
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?
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That driving for UBER is the better job than trading.
 
JackMorgan said:
its good to be a crypto con man or pimp. legal theft
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How dare you J-Mo!
Gretta insisted that I provide some perspective here...
Gretta say "Have some respect..."
kinda bring a tear to ya eye don't it chief.
 
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Glastonburyk said:
I honestly think when it comes to crypto right now I want out, it’s to wild and unpredictable. Anyone have exp with crypto that is positive?
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YES; i was positive that i wanted none.
But my banker dad paid for both of us to watch the movie ''The Sting''[1973 con job movie]
So i dont have a problem with people watching a con job; I would not pay many or any thing for a con job.
I don't do a lotto also =a stupid tax on people that cant do math, as Dave Ramsey says.
Live + learn. Good question.
 
LuckyMac said:
In what way do you think crypto is a con job?
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You mean besides it has no fundamental value??
You mean besides all other ways to get ripped off in crypto cr*p??
Ending on a positive note ; i'm positive i never wanted any.
Looks like the tax dodge part of it went up in smoke,also now IRS wants to know about your crypto cr*p, form 1040.
Think carefully before you answer that, the federal tax lawyer said.
 
KCalhoun said:
1. Small stops
2. Strongest charts
3. Price action is all that matters
4. Position sizing and scaling
5. Follow your rules
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A question if I may please.

Why isn't Volume and Volatility important?

If the Price Acton is approaching a Support or Resistance WITH high Volume wouldn't that increase the odds of a breakout?

Same with Volatility, if Price Action is approaching a Support or Resistance with low Volatility, wouldn't that increase the odds of breakout?
 
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