5 Things I have learned in 5 years of trading!
Jun 28, 2022 at 14:33
AliaDare posted:Yeah, that’s the power of this community; there have so many expert traders, who are willingly sharing their experience that helps the newbies to grow their own trading skill!
Exactly, a lot of knowledge can be gained from this post. As a trader, you need to know these things well.
Mitglied seit May 05, 2022
20 Posts
Jul 03, 2022 at 20:02
If you start off right, you will do alright. First thing to learn is the basics.
Mitglied seit Apr 09, 2019
538 Posts
Jul 05, 2022 at 12:56
AbbasAliKhan08 posted:
learning is important but any kind of learning can be useless if there is no regular level of practice.
Certainly directed learning and study are important but there are certain universal factors that are the same for everyone regardless of how you end up trading. But things to consider are what will your time availability likely be when trading and therefore what will this mean for the trading style I will end up pursuing in the near term, what is my appetite for risk, have I got a relatively stable income before starting etc. The on from there factors like how am I reading price, what are entry signals I need to look for. Where would I put my SLs and TPs in different trade scenarios.
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 23, 2020
869 Posts
Jul 06, 2022 at 05:47
In Forex business, those who became successful from Forex trading became just because of their passion. Passion drives a person towards the horizon of success. And it’s natural that they will face several ups and downs but they should not lag behind from trading. Eurotrader supports their traders in many ways to develop their trading.
Mitglied seit Apr 09, 2019
538 Posts
Jul 08, 2022 at 12:45
I agree that passion is a good driver but more as an initial starter. This is why it is important to have discipline and good habits in place as they get your through when the passion on enthusiasm wanes.
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 20, 2020
399 Posts
Jul 11, 2022 at 11:47
sebking1986 posted:
I agree that passion is a good driver but more as an initial starter. This is why it is important to have discipline and good habits in place as they get your through when the passion on enthusiasm wanes.
Discipline for me is the biggest factor. It's the one that can help you follow a trading plan and money management
Mitglied seit Apr 09, 2019
538 Posts
Jul 11, 2022 at 13:56
100%. I found reading Atomic Habits by James Clear really useful in understanding the benefit of small changes and habits in helping to create discipline and to keep moving forward
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 20, 2020
399 Posts
Jul 17, 2022 at 15:22
Gasbag posted:
Thank you for sharing your knowledge and experience with us. We always learn many things from experience in the forex market. This experience gives us an edge over others in the long run. One thing that I learned as a trader is that skills matter more than strategy. Yes, we do need a strategy to work with but it being successful depends on our skills and knowledge only.
It does for sure but its also persistence you need to believe in yourself and the process even when things are not going well and that uncertainty is tough when you're in it
Jul 21, 2022 at 09:09
Notandum posted:
Forex trading is not just a process of making money, but you learn several things along the way. I have learned the importance of being patient, believing in myself and my trading, and controlling emotions.
learning and earning go together. You cannot earn without learning. If you focus on learning then the earning will come naturally
Mitglied seit Jun 22, 2022
21 Posts
Jul 21, 2022 at 11:22
The start you make is essential but what you go through in your trading journey matters even more. Where the profits fill you with confidence, losses may drain you. Learn to find a balance because both the results will keep coming in. Expectations are okay but no need to make them your sole goals.
Jul 22, 2022 at 07:00
Here’s what I have learned -
1. Using a stop loss is important, but you shouldn’t set it too close. Because the volatility of the market tends the price chart to frequently go up-and-down. Setting the stop loss too close to the entry point will exit your trading too soon.
2. Maintaining a trading journal is helpful in a lot of ways like keeping a track of your profits and loss, keeping a record of important decisions, and other things.
3. Setting unrealistic goals is only going to harm your mentality and mindset. Set achievable goals and targets.
4. Demo trading is really necessary to get a grip of the market before starting live trading.
1. Using a stop loss is important, but you shouldn’t set it too close. Because the volatility of the market tends the price chart to frequently go up-and-down. Setting the stop loss too close to the entry point will exit your trading too soon.
2. Maintaining a trading journal is helpful in a lot of ways like keeping a track of your profits and loss, keeping a record of important decisions, and other things.
3. Setting unrealistic goals is only going to harm your mentality and mindset. Set achievable goals and targets.
4. Demo trading is really necessary to get a grip of the market before starting live trading.
Mitglied seit Jul 06, 2022
24 Posts
Jul 22, 2022 at 07:13
Thank you! Very informative post!
I will also share my 5 commandments:
1. Always use a trading plan
2. Treat trading like a business
3. Become a student of the markets
4. Only risk what you can afford to lose
5. Know when to stop trading
I will also share my 5 commandments:
1. Always use a trading plan
2. Treat trading like a business
3. Become a student of the markets
4. Only risk what you can afford to lose
5. Know when to stop trading
Jul 30, 2022 at 10:03
Ricochet posted:Yes. So true. That's a good lesson.
Forex trading has taught me patience and stability. It’s not just about what you do but also about how you behave. You must stay open to everything that comes as a result because if you fail at accepting your results, you fail at trading.
momchil_slavov@
Mitglied seit Jul 20, 2020
399 Posts
Jul 31, 2022 at 14:49
Ricochet posted:
Forex trading has taught me patience and stability. It’s not just about what you do but also about how you behave. You must stay open to everything that comes as a result because if you fail at accepting your results, you fail at trading.
Really true you have to be able to face the truth and your trading performance if you bury your head in the sand its a recipe for disaster
Mitglied seit Apr 09, 2019
538 Posts
Aug 02, 2022 at 12:02
100% trading brutally exposes your flaws and failure to be humble in the face of that and learn results in losses. Not only in trading but in other facets of life.
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 20, 2020
399 Posts
Aug 07, 2022 at 15:51
sebking1986 posted:
100% trading brutally exposes your flaws and failure to be humble in the face of that and learn results in losses. Not only in trading but in other facets of life.
Really does reveal everyone's risk appetites and limits. It's a personal journey that if followed through is literally life changing in many aspects
Mitglied seit Apr 09, 2019
538 Posts
Aug 08, 2022 at 09:07
I think it was Anton Kreil that said that in most cases if you find a successful trader you will find a person that is successful in many other aspects of life as well.
If you can't spot the liquidity then you are the liquidity.
