5 Things I have learned in 5 years of trading!

padutrader said:
i have learnt that trading anything but day does not fit my financial needs....risk i can specify and control
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Trading sim certainly seems to fit your needs, because there is no consequence. You do not have a valid opinion in this thread, faker.
 
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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STRONGLY DISAGREE with point #1. Maybe for licensed U.S. Equity brokers.. but not so for Crypto, or even Forex! Sometimes it's a just a guy with a server set up in his basement, or something in a foreign country. Do your due diligence on your broker; they can take your money and run.
 
padutrader said:
agree

just trade sensible size is my idea of risk management.....nothing fancy [risk management] but size is all important to me.......not too small or big.

maybe it is a get poor fast scheme.

i have also learnt that many times no trade is the best trade........there are many times discretion is the better part of valor: patience and waiting for clarity and for the market to show ' it's hand ' is important or critical
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i just wanted to add this: that to enter the trade or not is a decision to be made by the trader so in theory it is possible to wait for the almost sure trades.........if you do do this you will get many fewer trades but if you are making losses it is an adjustment well worth making
 
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