5 Things I have learned in 5 years of trading!

croisssan posted:
I learned a lot, but the most important thing is not to forget about having a demo account. Sometimes a strategy can be worked out on a demo account so that later you do not get losses on a real one.

A demo is the best place to learn forex properly.

Also useful. But it should be understood that everyone can draw their own personal conclusions based on the results of a particular situation.

@skihav Yes you are right. Every trader has his own understanding. Every person is different both physically and mentally. Nothing is applicable for everyone.

skihav posted:
Also useful. But it should be understood that everyone can draw their own personal conclusions based on the results of a particular situation.

Every trader should make a good plan to make money from this market.

UweMoench posted:
@skihav Yes you are right. Every trader has his own understanding. Every person is different both physically and mentally. Nothing is applicable for everyone.

I also think that first you have to prepare yourself for trading. You can gain trading knowledge but it will be much easier for you to make a profit.

One thing which i have totally kept in my mind all these years is that you need to take the emotions out of your trading.

Gabriel99 posted:
One thing which i have totally kept in my mind all these years is that you need to take the emotions out of your trading.

I think it's more about controlling emotions than removing them but I get your point completely. There is no room for knee jerk reactions and extreme emotional states in trading.

UweMoench posted:
@skihav Yes you are right. Every trader has his own understanding. Every person is different both physically and mentally. Nothing is applicable for everyone.

I have a problem, sometimes I like to trade and sometimes I don't like to trade. What is the reason for this?

When you first start, breaking even at the end of the month might be a good target for you. Protecting your capital is your number one priority. Don't compare your 1000 hours of practice to someone else's 10,000 hours. Focus on improving from where you were 6 months ago.

AliaDare posted:

UweMoench posted:
@skihav Yes you are right. Every trader has his own understanding. Every person is different both physically and mentally. Nothing is applicable for everyone.

I have a problem, sometimes I like to trade and sometimes I don't like to trade. What is the reason for this?

I would perhaps look at what might be driving these swings in motivation. What are your goals in trading? Are they soley money related or is there a bigger picture? Are there habits you have on days that you feel good/bad? Can these be harnessed more. Any other factors you think might lead to these changes? I would suggest maybe keeping a diary if you don't already or non-trading events in your life and see if there are any patterns you can spot.

I think that traders can really learn quite a lot in 5 years of work. The main thing is to understand how to use it.

I totally agree with these tips. I especially liked the thought of the internet gurus. In most cases they are just scammers. I can also share some thoughts of mine and hopefully, they will be useful for the newbies to the market. First of all, it is of vital importance to concentrate on learning rather than getting profits at the early stages of trading. I mean that surely everyone comes to forex wishing making money sitting at home without any bosses. However, in the beginning you should learn in order to make profits in the future. That is why you should start with demo account, then trading microlots and gradually increase your position size. More often than not beginners experience a feeling of lost opportunities when some of their deals on demo account become successful. However, this idea is very dangerous if you don't really know how the things are done here. Secondly, you should make a trading diary when you will write down all of your thoughts which precede making trading decisions. It is of great importance because it will help you analyze your trading strategies and the criteria which make you take this or that decision.

This is the statement I relate to the most, after so long learning and building i feel i have so much knowledge but lack the confidence in my own ability.
'If you can't spot the liquidity then you are the liquidity.'

Remembering your experience over 5 years, you can remember different situations. The market is very dynamic, and sometimes you need to be prepared for a lot.

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?

I agree but I find a broker is important it’s about finding one that works for you

Gabriel99 posted:
One thing which i have totally kept in my mind all these years is that you need to take the emotions out of your trading.

Yes. You have to control your emotions to make a good trading career.

'If you can't spot the liquidity then you are the liquidity.'
This is the skill which needs to be mastered in forex trading.

1. Research
2. Strong technical analysis
3. Backtest strategies
4. Use stop loss and take profits
5. Do not over trade

Fascinating notes actually. I would argue with you because of the very first note. In my opinion, brokers are really important, because they not just provide you with conditions for trading activity, but also they affect your mood. If you are not satisfied with the broker and the conditions which it provides, then perhaps you will not be in a very good mood and you will feel inconveniences. Actually, I judge according to my experince. I had plenty of brokers and I always had to change them because of the conditions. However, we shouldn't forget that all of us are individuals and we all have different goals and attitude toward trading.