Feb 02 2022 at 14:48
windpower posted: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.
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!)
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.
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!
zzzTraders posted:Absolute truth.
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.
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.
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.
croisssan posted: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!
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.
Number 4 is so important its not a get rich quick scheme contray to the IG fanfare gurus bloody leaches and charlatans
Mar 02 2022 at 06:57
sebking1986 posted: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!
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?
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.
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
It’s not flashy or quick mate, like any profession or should I say business venture it comes with risk and hard work
sebking1986 posted:Good to see this, I learnt to keep a control on my emotions.
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?
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.
Mar 29 2022 at 10:14
sebking1986 posted:Really appreciate your hard work!
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?
Mar 31 2022 at 18:40
forextrader777 posted:LabuyaChicay posted:Patience, Perseverance and Determination - strongly agree on these buddy!
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.
These are actually the most valuable skills in all of forex!
LabuyaChicay posted:Absolutely right. I can only add the tech to fundamental must be like a Pareto law - 80:20 in advance to technical.sebking1986 posted: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!
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?
Apr 01 2022 at 02:06
Very helpful post and I gain a lot of information as a trader.
Apr 04 2022 at 16:30
skihav posted: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 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.
Apr 10 2022 at 14:26
HeavLeighGill26 posted:skihav posted: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 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, it actually put a lot of things in order for me and gave me some clarity. Some posts just really put things into perspective
Apr 11 2022 at 01:41
Knowledge is the most important thing in forex trading.
