5 Things I have learned in 5 years of trading!

Aug 16, 2021 at 09:31
6,574 Views
179 Replies
Member Since Aug 05, 2021   401 posts
Feb 02, 2022 at 14:48
windpower posted:
Most important thing I have learned is that a demo account is the most valuable asset that you can invest in (and it is free!)
Agree with you there! I've seen so many posts where beginners are eager to skip demo trading and never understand why you'd opt out when it's free and the best hands on tool for traders to use.
Member Since Mar 01, 2018   43 posts
Feb 02, 2022 at 15:41
5 Things every trader should know, I believe.
Profitable trading is all about math, not hope. Calculations like:
1- Risk/reward ratios
2- Position sizing
3- Win%
4- Stop losses
5- Profit targets
It’s all math & no magic.
If you personalize losses, you can't trade.
Have your trading charts ready!
Member Since Oct 20, 2018   300 posts
Feb 20, 2022 at 12:46
zzzTraders posted:
5 Things every trader should know, I believe.
Profitable trading is all about math, not hope. Calculations like:
1- Risk/reward ratios
2- Position sizing
3- Win%
4- Stop losses
5- Profit targets
It’s all math & no magic.
If you personalize losses, you can't trade.
Absolute truth.
momchil_slavov@
Member Since Apr 09, 2019   538 posts
Feb 21, 2022 at 10:43
Agreed, if you're rushing then it's probably not a good trade.
If you can't spot the liquidity then you are the liquidity.
Member Since Apr 18, 2020   54 posts
Feb 25, 2022 at 04:45
The things which I have learnt throughout my trading journey are how to keep patience, stay dedicated, focused and how to manage risks and capital efficiently.
Member Since Feb 15, 2022   219 posts
Feb 25, 2022 at 09:07
croisssan posted:
To be honest, I learned a lot on the demo account. But after that I learned many more things that I always use in the process of work. As for me, the main thing is not to borrow for trading.
That’s true, I see a number of new traders try to gather huge amount of capital to trade in live account! Although, their trading skill isn’t up to the mark! Forex is a risky business where more than 90% traders are losers! So, don’t try to make quick money here!
Member Since Feb 12, 2019   105 posts
Feb 28, 2022 at 20:32
Number 4 is so important its not a get rich quick scheme contray to the IG fanfare gurus bloody leaches and charlatans
Member Since Feb 16, 2022   119 posts
Mar 02, 2022 at 06:57
sebking1986 posted:
1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with.

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?
Nice to see your progress! But I believe, Learning is a continues process! Traders need to focus on mainly technical & fundamental analysis; having a good trading skill is the main concern here! Without a good trading skill no one can exist here!
Member Since Feb 16, 2022   119 posts
Mar 02, 2022 at 11:14
5 year trading journey is not a small journey and this time passes through several ups and downs. During this period, a person learns how to go ahead in Forex and get the merit of developing a strategy. Personally, I prefer moving average strategy.
Member Since Jul 20, 2020   399 posts
Mar 25, 2022 at 08:22
LabuyaChicay posted:
5 year trading journey is not a small journey and this time passes through several ups and downs. During this period, a person learns how to go ahead in Forex and get the merit of developing a strategy. Personally, I prefer moving average strategy.

Thats the key though there are so many ways to skin a cat and i think persistance and perseverance are the actual qualities you need to be successful in this industry
Member Since Apr 16, 2017   39 posts
Mar 27, 2022 at 09:03
It’s not flashy or quick mate, like any profession or should I say business venture it comes with risk and hard work
Member Since Aug 21, 2021   61 posts
Mar 28, 2022 at 04:58
sebking1986 posted:
1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with.

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?
Good to see this, I learnt to keep a control on my emotions.
Member Since Feb 16, 2022   119 posts
Mar 29, 2022 at 06:08
Forex trading doesn’t only require trading skill rather it also requires some good human qualities like patience, perseverance and determination. When both are combined, trading success becomes easier for a trader. So, traders should devote to achieving success as early as possible.
Member Since Jul 20, 2020   399 posts
Mar 31, 2022 at 18:40
forextrader777 posted:
LabuyaChicay posted:
Forex trading doesn’t only require trading skill rather it also requires some good human qualities like patience, perseverance and determination. When both are combined, trading success becomes easier for a trader. So, traders should devote to achieving success as early as possible.
Patience, Perseverance and Determination - strongly agree on these buddy!

These are actually the most valuable skills in all of forex!
Member Since Oct 20, 2018   300 posts
Mar 31, 2022 at 20:46
LabuyaChicay posted:
sebking1986 posted:
1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with.

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?
Nice to see your progress! But I believe, Learning is a continues process! Traders need to focus on mainly technical & fundamental analysis; having a good trading skill is the main concern here! Without a good trading skill no one can exist here!
Absolutely right. I can only add the tech to fundamental must be like a Pareto law - 80:20 in advance to technical.
momchil_slavov@
Member Since Aug 10, 2021   178 posts
Apr 01, 2022 at 02:06
Very helpful post and I gain a lot of information as a trader.
Member Since Aug 05, 2021   401 posts
Apr 04, 2022 at 16:30
skihav posted:
I can say even more - I learned a lot more than just 5 things. To work in this niche, you need to learn a lot more.
I agree that there is a lot of information to learn and many of us will probably continue learning 5+ years into trading, but also thought this list did a good job of covering some of the most important information that many beginners may not know or others may learn the hard way.
Member Since Jul 20, 2020   399 posts
Apr 10, 2022 at 14:26
HeavLeighGill26 posted:
skihav posted:
I can say even more - I learned a lot more than just 5 things. To work in this niche, you need to learn a lot more.
I agree that there is a lot of information to learn and many of us will probably continue learning 5+ years into trading, but also thought this list did a good job of covering some of the most important information that many beginners may not know or others may learn the hard way.

I agree, it actually put a lot of things in order for me and gave me some clarity. Some posts just really put things into perspective
Member Since Aug 10, 2021   178 posts
Apr 11, 2022 at 01:41
Knowledge is the most important thing in forex trading.
Member Since Apr 04, 2022   3 posts
Apr 11, 2022 at 10:07
sebking1986 posted:
1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with.

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?

Great post! Thanks for the provided useful information. I'll share what I learned myself in several years of trading:

1. Never give up - there will be ups and downs, and you can’t run away from this fact. Always remember why you started and never give up on your goal
2. Price is the king - Price is the only thing that shows a real indication of the market
3. Manage the Risk - Managing the risk will keep you in this business. Never become greedy and try to avoid risking more than you can afford to lose.
4. Trading plan is your daily guide to trading success
5. Discipline is everything

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