5 Things I have learned in 5 years of trading!

[murray t turtle]

All very true. My purpose in printing out charts was to help develop the rules to use. Such as differences in patterns that work best vs stop out.

Following rules takes discipline. For example I bought UVXY eod yesterday bc one of my rules for trading it is to buy when it closes down >5% as it did.

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MAYBE the best risk/reward = plenty of printed charts Demo may work well if one has a photo memory + i dont. But brokers like demos, so have to look @ all the angles

 

[Pezza]

the main thing i have come to learn from every thing in trading is that you can only rely on your self, no one else out there is going to make you money or build your knowledge of trading and discipline. not saying that you cant work with others to grow or help each other out. but in the long game it is all about the time and energy you put in to building and growing your self as a trader to where you will achieve your best.

 

[murray t turtle]

Start with $100K, and after one year you have about $12.5M. It sounds easy enough.
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Sounds /looks easy;
but then\ have to wonder why there are so few day trading companies\+ fewer that last.NOT saying it cant be done..................................................................

 

[Kstyles11]

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 it’s important to find a trustworthy broker one that is well recommended and of course one you have researched

I’ve found useful help on social media


It’s good to have a plan/strategy I personally think it’s important

it’s deffiently not a get Rich quick scheme it takes time and knowledge luckily there is help out there


agree set achievable targets no race just take time and learn from mistakes

 

[Swiss_cheese]

the main thing that I understood is that you should never give up, even in the worst case scenario, but take it as an experience

Absolutely. Every mistake is a valuable lesson!
Just don't make it twice

 

[Pezza]

i think through a journey of entering forex world many people go though different stages. you get hit by all the gurus and money and think yeah i can do this and get rich. then you lose it all. then you see a signal service and think yeah i can make it all back and go and lose some more.
then you start using indicators and EA's and think ok now i know how to trade and follow some guy on Instagram. Then lose it all again. at some point some will give up and some will keep going. some will keep buying in till there money has all gone and some will find education and build there knowledge to become traders. its just the story of forex

 

[Dorourke5]

1. You can never stop learning enough about Forex and yourself.
2. 90% Psychology 10% Trading System.
3. Your Exit - (Risk to reward) is far more important than your Entry
4. Follow your rules (System) and only makes changes to your system based on historical data - not your emotions.
5. Chose the right broker that fits your trading style, account size, and your trading goals.

And just keep trying. It's not a sprint, more a marathon.

 

[reecerispoli]

i agree on most points there, broker choice is important but not as important as many people think, do a little research first before making that choice, i think point 5 is very important

 

[Bouffant]

The success of your trading career doesn’t depend on how many trades you execute in a day. But how many of them turn out to be profitable. It’s not just about entering a trade at the right time but also about exiting from a trade at the right time. You might lose sometimes but the profits you make should be on the greater side.

 

[RachEB]

Some very good points here, number 2 was the first hard lesson for me!

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!