5 Things I have learned in 5 years of trading!

reece Rispoli

Recruit
Messages
64
  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?
i totallt agree with what your saying for sure. one thing i have learned over the years is less is more.
 

ScottHughes

Sergeant
Messages
122
It took me a long time to realise being profitable isn't about the volume of winners I get but the quality of the trades I take. I spent a good portion of my initial years taking profits before my targets were hit often because my targets were daily and I never looked at the bigger picture
 
Messages
296
It took me a long time to realise being profitable isn't about the volume of winners I get but the quality of the trades I take. I spent a good portion of my initial years taking profits before my targets were hit often because my targets were daily and I never looked at the bigger picture

Ive come to realise that as well. The better the reward from the risk the better my trading has become
 

Buzanara

Recruit
Messages
6
100% a focus on quality trades over volume is the way forward.
That is a great thought, by the way. I never understand the scalpers who brag about the number of the deals they do per trading session. I prefer to make one successful deal which will bring me several decades of pips rather making decades of trades which will bring me several pips.
 

sebking1986

Private
Messages
558
Ultimately time is most valuable to me and of course money buys time. But I don't want to be sitting staring at charts taking 0.5R trades all day hoping my win rate leaves me in profit.
 

RachelEB

Sergeant
Messages
131
  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?
Very much agree with the points you have outlined here.
Nobody 3 is a harsh but true reality many new traders have to face up to if they are going to stay in the game!
But 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!
 

sebking1986

Private
Messages
558
I think the quote that I heard that resonated with me was "professionals focus on risk and amateurs focus on reward". Not sure who the quote was by though.
 
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