5 Things I have learned in 5 years of trading!

FriendlyFX

Sergeant
Messages
171
Agreed with the posters above.
Broker choice is paramount.
I use regulated and offshore.
Depends on what I'm trading and what leverage I require if I'm hedging etc .
Good reviews section here
 

AliForexTalks

Private, 1st Class
Messages
54
  • strong numeracy skills.
  • excellent communication and interpersonal skills.
  • teamworking ability.
  • physical and mental stamina.
  • independent thinking.
 

millietreen

Recruit
Messages
7
  1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use REMOVED as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps. FPA FORUMS TEAM NOTE: General Forex Talk is a non-commercial folder. DO NOT make broker recommendations in non-commercial folders unless you want to meet Spam Cat.
  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?
Great points made here!
 

sebking1986

Private
Messages
453
Agreed with the posters above.
Broker choice is paramount.
I use regulated and offshore.
Depends on what I'm trading and what leverage I require if I'm hedging etc .
Good reviews section here
I also use some regulated ones as well. As you say I think it's different tools for different jobs.
 

pezz55

Sergeant
Messages
175
shame that some of your points get muted even though you are trying to share your experience with others form what you have learnt and how you are building as a trader. definatly agree about all the social gurus for years i was looking for the next best thing to invest in but learning that it is only down to me to build a better financial future
 

Keith201

Recruit
Messages
1
  1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use REMOVED as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps. FPA FORUMS TEAM NOTE: General Forex Talk is a non-commercial folder. DO NOT make broker recommendations in non-commercial folders unless you want to meet Spam Cat.
  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?
Takes time to become a trader and a decent broker helps
 

sebking1986

Private
Messages
453
shame that some of your points get muted even though you are trying to share your experience with others form what you have learnt and how you are building as a trader. definatly agree about all the social gurus for years i was looking for the next best thing to invest in but learning that it is only down to me to build a better financial future
Ah rules are rules, perhaps not the right place to post it. Wasn't "recommending" as much as just saying who I use among others. Only a part of one of the 5 points though.
 

pashaev

Sergeant
Messages
130
I would also add the markets do not stand still and we need to manage to synchronize with them. Yesterday's strategy may not work tomorrow.
 

fxoday

Recruit
Messages
623
I would also add the markets do not stand still and we need to manage to synchronize with them. Yesterday's strategy may not work tomorrow.
Yes, it's right because the market always changes, the pattern may differ, and learning market pattern I think will help us to adjust the trading strategy, in rally market, range market we can use suits trading strategy to minimize the mistake.
 
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