5 Things I have learned in 5 years of trading!

millietreen

Private
Messages
15
  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?
Some great points made in here
 

momo3HC

Sergeant Major
Messages
537
The best what i`ve learned is to not risk what i can`t afford to lose. I you follow this everything is fine and easier.
 

FriendlyFX

Sergeant
Messages
240
Focusing on winning trades as opposed to the money you would like to make.
Sounds a bit idealic I know but that's the game changer in psychology
 

fxoday

Recruit
Messages
719
Focusing on winning trades as opposed to the money you would like to make.
Sounds a bit idealic I know but that's the game changer in psychology
Forex trading is like a psychological game, in real trading usually trader will felt anxiety when face floating loss increase or had feeling happy when looking profit in floating increase, or emotion when hit stop loss, here control emotion important to make quality trading.
 

sebking1986

Private
Messages
552
Loss aversion is something I really struggled with coming into trading from matched betting actually. Took me a while to get over it. Made me very trigger shy.
 

FriendlyFX

Sergeant
Messages
240
I heard from a lad I took private lessons few years back through Zoom , he had to say no to a London girl on teaching as she maxed out her credit cards on her account and was convinced she'd make it all back on Fib levels nothing else just 1 lesson on Fibs so he wouldn't partake in the fiasco !!
 
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