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5 Things I have learned in 5 years of trading!

Seb King (sebking1986)
Aug 16 at 09:31
posts 143
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?

If you can't spot the liquidity then you are the liquidity.
lovefortrading (perryjohn765)
Aug 16 at 13:27
posts 238
HeavenLeighGill (HeavLeighGill26)
Aug 16 at 13:50
posts 109
Great points! I guess I’ll share my thoughts as well -
1.) I agree that things are usually more up to the trader as far as profits and things go (as long as the broker isn’t a complete scammer). Also, like the whole tree planting thing you mentioned. Never seen a broker that actually makes an effort for the environment before.
2 & 3.) I hate seeing gurus and strategy’s that advertise “guaranteed results”. It sucks that beginners get roped into these things and waste their hard earned money and I think that it gives the false idea that trading will be easy if you just follow others.
4.) One of the biggest reasons that people quit (IMO) is probably because they expect things to be easy/effortless and they don’t realize that it does take hard work to become a successful trader. If it was super easy everyone would do it!
5.) People wanna quit when they don’t make as much money as they expected, yet they overlook the fact that there’s still money to be made. Even if it starts as a little extra pocket money here and there, you can grow the amount over time. It’s worth it in the long run. This is why people need to have reachable goals from the start.
Thanks for posting, all of your points are worth consideration.

forex_trader_[2383465]
Aug 16 at 19:19
posts 8
I have learned attempting to 'predict' market moves is a fools game. Don't predict, follow the larger trend on whatever time frame you're trading.

As regards opening trades, I almost always use entry stop orders. If the market moves in the opposite direction, your order won't get filled.

Atorgeru
Aug 25 at 19:32
posts 8
Great article, I think it will be very useful for those who are only on their initial stages in trading. Speaking about your first point I suppose that brokers matter a lot in case we speak about rookies. They have to learn lots of things before starting trading activity, that's why novices are also seeking for a support. Brokers here play major role. Brokers are this support which novices expect. I guess that brokers always should help thei traders to find out something new for them. That's why I prefer such brokers where is a quick customer support which can help to sort out things very quickly. I really appreciate that fact.

WaltonCharles
Aug 29 at 20:30
posts 128
Broker is the most important thing in this market.

SteveHanks
Aug 30 at 08:43
posts 446
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?

Very informative post for the newbies.

Unellene
Aug 30 at 16:27
posts 283
I always liked to read such topics, because each trader has his own work experience, his own problems and their solutions, thank you!

seasweetpickle
Aug 30 at 17:02
posts 8
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?


Best top 5 list. I wish I had seen this when I first started

AliaDare
Aug 31 at 01:21
posts 672
Exactly, a lot of knowledge can be gained from this post. As a trader, you need to know these things well.

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