5 Things I have learned in 5 years of trading!

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.'

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

'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.

No. 3 is key and where most will fall over. Nobody will hand over a profitable strategy

WaltonCharles posted:
Broker is the most important thing in this market.

totally agree with this. one thing that sticks out that i learned is less is more.

Develop some regime that works for yourself only. Its hard to understand other peoples ideas and try to fit them exactly into your own trading life

Even if your analysis is correct, accept the loss. because losses will teach you the lesson while profit does not.

WOTMAN_ posted:
Develop some regime that works for yourself only. Its hard to understand other peoples ideas and try to fit them exactly into your own trading life

Precisely why I am so anti signal services. I just don't think they are helpful even if the signals are legit.

Very much agree with the points you have outlined here.

Number 3 is a harsh but true reality many new traders have to face up to if they are going to stay in the game!

But for me learning Risk Management above all else.'Mastering' 'Understanding' was the break through lesson for me and is what has kept me in the Forex markets!

Risk management is something a lot of traders start learning after it's already too late to save an account.

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!)

A trading strategy has to be personal. One of the unique things about this business.

windpower posted:
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!)

Demo platform is very helpful to gain knowledge about these 5 topics. Platforms that can keep valuable assets safe during my training.

Demo can get you so far but you will get different results when you go live...

One of the best most comprehensive lists ive seen cannot argue with it .
If only more people would taje more heed and stock in these before throwing good momey down the drain

The best traders hone their skills through practice and training. You will also do a self-analysis to see what is driving your trade and learn how to not apply fear or greed to the equation.