5 Things I have learned in 5 years of trading!

[sebking1986]

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?

 

[HeavenLeighRob]

Great points! You mentioned a lot of topics that I think many traders overlook, so hopefully this post will help many to avoid common issues like putting too much faith into gurus or strategies, setting unachievable goals, and so on.
One other thing I had to learn the hard way was not to beat myself up over losses. Used to feel depressed or try to regain them, only to cause myself to lose more. Thankfully, I learned when to take a break and find something to do to cool off (usually take a walk if weather is nice or have a cup of coffee). Then come back with a clear head.

 

[fxoday]

Good valuable lesson, forex business indeed not get rich scheme, in forex, there are type investor trader and real trader, usually, investor trader prefers to looking for profitable trading software, follow copy trade, investing PAMM, etc, but the real trader will learn with their own selves how to become a profitable trader

 

[sebking1986]

I honestly haven't found anything else that works other than submitting to time and practice and doing it yourself

 

[JimmyRozza]

Agreed that it is certainly not a get rich quick scheme! Some good points in here.

Also, you can not buy experience. Time in the markets is one of your most valuable assets.

 

[sebking1986]

Agreed that it is certainly not a get rich quick scheme! Some good points in here.

Also, you can not buy experience. Time in the markets is one of your most valuable assets.

100% the time aspect is what people don't want to submit to. By all means pay for courses if you think they will benefit you but there is no substitute for then taking that information and sitting there backtesting and training.

 

[Vinfred]

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.
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?

This words should print everyone and follow. But in real life we always hope to get extra money in fast way. Thank you for your work man

 

[AliForexTalks]

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.
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 agree with that. People think some things are really difficult, but they are not that tough too, It is all about one’s passion and skills.

 

[holycow]

100% the time aspect is what people don't want to submit to. By all means pay for courses if you think they will benefit you but there is no substitute for then taking that information and sitting there backtesting and training.

I think courses and mentors always pave the way in our success however they does not comes for free like demo accounts so who ever is willing to learn the forex trading should spare few bucks to buy relevant resources as well.

 

[TareqS]

You are very right on the note that Forex is never a get rich quick scheme. We often make this mistakes. Thus, 95% of us fail in this market, a strategy is to be found by a trader himself. It may need time, but he/she has to work hard towards it until it is found that really works for him/her.