5 Things I have learned in 5 years of trading!

[Hariskhawaja]

One of the most important forex lessons to learn is the need of discipline, since it will determine whether your trades are successful or not. Given how quickly the forex market changes and how it is influenced by a variety of factors, this is extremely crucial.

 

[holycow]

Discipline, focus and patience are the traits which leads to become a successful forex trader in my opinion.

 

[fxoday]

Good point, discipline focus and patience, and enjoy in business, because when people are in their comfort zone, they have a fun hobby, they will remain happy with any condition, but forex is business, during learning process need heart fun and avoid greedily.

 

[FriendlyFX]

Patience is . Not only the patuence to wait for the right setups but the to literally sit on ones hands when conditions aren't there .
That and mastering your trading psychology is the definitive mark of a top trader

 

[Margelynlibrodo]

trading is truly not a quick rich scheme. it also requires a lot of patience

 

[fxoday]

Treat forex as a business don't treat it like gambling, although many people assumed forex is just like gambling, in fact how to succeed in forex need knowledge and experience, no shortcut to success here.

 

[Vivaan Jua]

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?

Well said, actually manual learning is the best way to start the trading journey! I see, most of the new traders wasting their time by searching profitable good trading indicators! But in reality, there is nothing like that! All of the technical tools are full of illusion; traders need to focus on their trading chart to understand the real facts!

 

[sebking1986]

There are patterns that are clear to see on a daily basis if you study one pair. No need to jump between pairs as many do.

 

[fxoday]

Focus on one pair is indeed good for understanding the character pair, but sometimes traders learn the correlation between pairs, this also gives valuable lesson if every pair has uniqueness correlation

 

[Dora_WalletInvestor]

Focus on one pair is indeed good for understanding the character pair, but sometimes traders learn the correlation between pairs, this also gives valuable lesson if every pair has uniqueness correlation

Certainly most major pairs are interconnected and influence each other to some extent, and it's good to understand that. However, exploring several pairs at the same time is only really advisable to experienced traders.