5 Things I have learned in 5 years of trading!

[Vo32ss]

You're right.
A lot of people believe it can bring in quick money.
It's just business as usual.
It takes time and knowledge.

 

[Tahntaman]

There are many more rules. It's just that everyone shapes them for themselves as they go along their way in the market.

 

[pezz55]

Very good points there. It's sad there are so many con artists out there giving forex trading a bad name. It also takes much more hard work than people expect. There is always learning going on and the markets are forever changing. No such thing as quick cash in trading.

 

[Androlen]

Great article I guess, you correctly described all the vital things. In my opinion, traders always must be prepared to learn lessons, like at school, because trading is such an activity where you can't stay on one place. You always will be developing your skills, upgrading knowledge and gaining experience. This process is unavoidable and irreversable. To my mind, the maind idea of trading is to learn every day, you shouldn't dedicate lots of time to it, you just try to do something in order not to notice how you are learning. It's the best progress in trading, when you start getting knowledge without any second thought and take it for granted.

 

[Petezaa]

Thanks for sharing this - very insightful!

 

[Gazel]

These tips are really down-to-earth and have direct connection to the reality. However, I don't quite agree with the first tip. Choosing a right broker is very important for several reasons. First of all, in spite of the fact that forex market is getting more and more regulated, there are still lots of scammed brokers which will take your money away. Everyone should definetely watch out before depositing their money on some broker's account. Second of all, traders whould also pay attention to the trading conditions which are offered by the broker. Most of the traders don't notice the spreads and commissions and other kinds of charges, but sometimes they can take the major part of a trader's profits which is very depressing. Thirdly, you should make sure that the broker does approve your trading style. I mean that not all of the brokers are ready to work with the scalpers. Such brokers allow to open positions for not less than 60 seconds. You should also be attentive if you want to use trading bots in your trading. Many brokers don't have trading bots support at all.

 

[Felhamand]

I don't agree with the broker's role in trading.
The broker is the most important thing in trading because if a broker is a total scam, then whatever skills and knowledge you have, you'll not take any profits and lose your deposit. Brokers are mediators between traders and forex market. There are lots of things where they can cheat you. THe most obvious thing is that they will not allow you to withdraw the money. They can show you some beautiful numbers of 1000% profits within a week, but it is nothing more than just the numbers on the screen and these numbers can never be turned into the money.
Some scammed brokers cheat on traders providing them with wrong information about the asset prices. It usually happens when it comes about binary options when some traders trade within ultrashort timeframes, when every minor fluctuation matters. So, the scammer just draws some numbers which it is interested in and the majority of traders lose their money.
More than that, even trading with honest and decent brokers can give you no profits. For example, the charges may be so high that you'll give the biggest part of your profits to the broker having nothing to yourself.
Therefore, all of the traders should be very attentive while choosing a new broker to work with.

 

[forexinmind]

Yeah right!
Choosing a broker is a very critical job and needs proper research before finalizing any.

 

[Luke_D]

I don't agree with the broker's role in trading.
The broker is the most important thing in trading because if a broker is a total scam, then whatever skills and knowledge you have, you'll not take any profits and lose your deposit. Brokers are mediators between traders and forex market. There are lots of things where they can cheat you. THe most obvious thing is that they will not allow you to withdraw the money. They can show you some beautiful numbers of 1000% profits within a week, but it is nothing more than just the numbers on the screen and these numbers can never be turned into the money.
Some scammed brokers cheat on traders providing them with wrong information about the asset prices. It usually happens when it comes about binary options when some traders trade within ultrashort timeframes, when every minor fluctuation matters. So, the scammer just draws some numbers which it is interested in and the majority of traders lose their money.
More than that, even trading with honest and decent brokers can give you no profits. For example, the charges may be so high that you'll give the biggest part of your profits to the broker having nothing to yourself.
Therefore, all of the traders should be very attentive while choosing a new broker to work with.

Agreed with you on this. Choosing broker is very critical, so it is not feasible to say that. Plus newbie are better picking regulated brokers to avoid having issues later on.

 

[sebking1986]

The vast majority of brokers are ok though. There are so many to choose from that are largely ok. I'm not saying go and find the most obscure ropey looking one you can but it's not something that requires you to research to death and never get started. I use both regulated and unregulated brokers and both have their merits and drawbacks. But a short while reading up on some reviews and to a lesser extent user experiences can help you to decide which to try out at least.