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The worst trading advice you can get

NewCityTrader
Aug 18 at 11:46
48 posts
Lack of preparation

I came across this advice today

'You need to start trading. It doesn't matter if you know what you're doing or not, you'll figure it out later.'

No wonder that people lost their money when they get such advices!

Which, in my opinion, **is really bad.** First of all, there's no logic - if all you need is just start, why so many do not succed?

But most important, it's like telling the high school senior, *'it doesn't matter if you know what you're doing or not, just start doing surgeries, you'll figure it out later'*. What I want to say - without adequate preparation, you will be no more than a capital donor in the market. Trading is a serious job. You need knowledge, skill, and strong psyche. It doesn't come from the air.

If you want to know how serious and who you have on the other side of the market, check job offers from biggest brokers and funds. Having PhD and good programing skills is no surprising, it's become a standard - these are your opponents. That's the 'other side'. Do you really think, you have a chance with them with no preparation?

What was the worst advice you've received so far?
Huge Changes, New Ideas & Decline Of Traditional Investing
Seb King (sebking1986)
Aug 18 at 14:20
538 posts
You need to start surgery. It doesn't matter if you know anything about medicine or anatomy, you'll figure it out once inside. A sentence that sounds absurd when said out loud. I don't know why some feel that replacing surgery with trading makes it more plausible. It makes me wonder if these morons try saying their tripe out loud sometimes.
If you can't spot the liquidity then you are the liquidity.
HeavenLeighGill (HeavLeighGill26)
Aug 24 at 16:13
380 posts
I was wondering how bad the advice would be once I saw the title, now I see. Let's just go out blindly throwing money into the wind, when we could have trained and prepared. I understand being excited and eager to start, but starting that way is just asking to blow your account and fail as a trader from the very start.
Martin Joe (SupplyZT)
Aug 31 at 15:32
26 posts
Ridiculous statement.
You dont start trading until you use demo for at least 6 months and having a good grounding in your Fx education and a bit of Fundamental analysis
Seb King (sebking1986)
Sep 01 at 10:02
538 posts
I wonder if there was a bit left out where they said first sign up to this broker using my link...
If you can't spot the liquidity then you are the liquidity.
henrytrade
Sep 02 at 07:35
57 posts
The worst advice that I received in my initial days was to not study the market and just guess and trade.
tobeygomez
Sep 03 at 08:58
34 posts
I was advised to switch to live account from demo after a month, which I think is a very less time to understand the forex market.
RobertFerrari
Sep 04 at 05:36
415 posts
One of the phases of self-development is to avoid over and over mistakes. So never adhere to mistaking, rather innovate newer approaches of recovery.
electrica333
Sep 12 at 10:46
53 posts
The worst trading advice I ever got was that forex is about knowing the basics, and in-depth knowledge isn't important, which now seems unrealistic and ridiculous.
RobertFerrari
Sep 18 at 12:54
415 posts
To stay out of risk, try to trade in low spread trading pairs to avoid trading risk. Besides so, a trader should use low leverage to avoid risks.
Marcel Durham (MarcellusLux)
Sep 21 at 12:23
191 posts
You don't have to do anything but just buy an EA that will trade.
Marcel Durham (MarcellusLux)
Sep 21 at 12:25
191 posts
or another bad advice: trade without a strategy, you lucky guy
RobertFerrari
Sep 28 at 16:45
415 posts
Stop loss is an essential aspect that we mostly ignore. Forex is a highly volatile market, which can crash your capital in the glimpse of an eye.
Raven1209
Sep 29 at 09:30
10 posts
My advice is to go to a couple of forex trainings. You will learn a lot there!:)
Eloise
Oct 04 at 05:27
45 posts
The worst advice is trade until you make profits. A serious mistake is to resist the urge to hold onto lost deals in the hopes that the market will turn. By not cutting losses, a trader risks losing any profits they may have gained elsewhere.
Scortation
Oct 04 at 11:07
26 posts
Trading is all about luck - only those who become successful are lucky, or the market favours the most. That is the worst advice I have ever come across.
Juggerrnaut
Oct 04 at 11:42
18 posts
I can not imagine how a real trader would give off advice like that. Unless a foolish rookie has deep pockets to spend on a live account through a hit and trial method, no one would risk their money like that. Trading without knowledge is equal to gambling.
LyudmilLukanov
Oct 04 at 17:07
851 posts
If you are in consistent losses, it means you are not yet enough knowledgeable for trading broker. In this case, you need both global economic knowledge and market technical knowledge.
SteveFx11
Oct 05 at 14:33
164 posts
Use different accounts types help a trader in making portfolio. The best way to survive in Forex is making portfolio because avoiding mistakes completely is impossible.
MythCloset
Oct 11 at 10:44
16 posts
Truly this is the worst advice. You should not enter the forex market without enough preparation. The first step that a beginner has to take is learning and demo trading. You should not be trading on a real account until you feel confident enough to risk real money in the process.
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