Bransle posted: All traders need to know what other traders are doing. But it doesn’t mean that your trading decisions must solely be based on what others tell you about. You must do your own analysis to be able to make the right moves.
How do you mean traders need to know what other trader's are doing? im not sure i agree, just for the fact we trade the market not other traders
Actually the truth is somewhere between.
What is the purpose of knowing what other traders are doing besides the actual macro view like a COT report or something?
5 things I have learned in 5 years of trading: 1. Trading is not a quick money-making scheme. It needs a lot of hard work, patience, and discipline. 2. Trading is a lifelong learning process. To be a successful trader, you must keep learning. 3. Believe in yourself. Do not take every other person's word for it. 4. No one can provide you with a successful strategy. It is something that comes with trials and errors. 5. Set achievable goals and work for them with all of your mind and soul.
From my own experience, i have learnt some important lessons in forex trading, such as 1. Do not trust social media rumours 2. Always give preference to practice instead of tips and tricks 3. Analyse and study every factor related to forex very curiously 4. Avoid emotional trading 5. Keep patience and consistency
Commonition posted: From my own experience, i have learnt some important lessons in forex trading, such as 1. Do not trust social media rumours 2. Always give preference to practice instead of tips and tricks 3. Analyse and study every factor related to forex very curiously 4. Avoid emotional trading 5. Keep patience and consistency
Solid advice there. Like 2 a lot. Practice creates habits and habits help to avoid impulsive trading.
If you can't spot the liquidity then you are the liquidity.
1. Do not believe every opinion about the forex market. 2. A strategy is something that you gain by doing trading in the market, no matter if it is on a demo account or a live one. 3. Learning is an endless process 4. You need to chase realistic goals only. 5. Trading is not a get-rich-quick scheme; patience is mandatory.
What I have learned in my trading career is that all that you do to make money doesn’t always get you money. Sometimes, you make a trade just to lose your money. But as you can stop it from happening, it is best to make peace with the fact and trade with only that money that you can live without. You won’t get it back easily.
We always learn a lot of things from experience in the forex market. I will list down some things I learned as a forex trader. 1. Knowledge and skills give you an edge 2. Risk management is the backbone of a trading account 3. Emotional trading always lead to losses 4. There are no shortcuts to success in forex and anyone who says that might be a scammer 5. Discipline, consistency and patience should be developed for becoming a successful trader in the long run.
Meatus posted: 4. There are no shortcuts to success in forex and anyone who says that might be a scammer
Totally agree with this one. I hate seeing new traders get hyped thinking they've found some magic answer that requires little to no effort on their part. A lot of people are desperate to give themselves a better life and they listen to these false promises, lose their money, and give up immediately It's rather depressing and it's shocking to see how many fall for it.
The most important things that a trader must take into consideration are enough learning and practice, discipline, patience and consistency, emotional control, being confident in your own trading strategies, and learning and relearning and applying is the key.
The most important thing that I learnt as a trader was to never believe that you know everything about the market. The forex market has its own way of letting people know that it is stronger than anyone. You must be able to keep your risks low until you can take big losses. After all, making up your mind is more difficult than actually trading.
5 things I have learned are 1.Losing trades are simply a part of the process of finding profitable trades. 2.Stop-loss orders are a good way to prevent losses. 3.The results of your last trade should not affect your next trade. 4.Emotions will be involved with trading. 5.The forex market is so volatile, that it must be carefully monitored.