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5 Things I have learned in 5 years of trading!

Williamfreed
Apr 01 at 02:06
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Very helpful post and I gain a lot of information as a trader.
HeavenLeighGill (HeavLeighGill26)
Apr 04 at 16:30
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skihav posted:
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 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.
CraigMcG2020
Apr 10 at 14:26
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HeavLeighGill26 posted:
skihav posted:
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 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 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
Williamfreed
Apr 11 at 01:41
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Knowledge is the most important thing in forex trading.
Nato Revishvi (NataliaRev1)
Apr 11 at 10:07
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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?

Great post! Thanks for the provided useful information. I'll share what I learned myself in several years of trading:

1. Never give up - there will be ups and downs, and you can’t run away from this fact. Always remember why you started and never give up on your goal
2. Price is the king - Price is the only thing that shows a real indication of the market
3. Manage the Risk - Managing the risk will keep you in this business. Never become greedy and try to avoid risking more than you can afford to lose.
4. Trading plan is your daily guide to trading success
5. Discipline is everything

groundhogday
Apr 11 at 12:55
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#4 '4) Trading of any type is NOT A GET RICH QUICK SCHEME! It t' Is an important one. If everyone knew that then most people wouldn't even start trading
CraigMcG2020
Apr 16 at 14:45
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groundhogday posted:
#4 '4) Trading of any type is NOT A GET RICH QUICK SCHEME! It t' Is an important one. If everyone knew that then most people wouldn't even start trading

To be honest i think you're absolutely right if they knew that it was hard work they would stay well away. I suppose some just don't get it until years later. Im 2 years in now and finally becoming profitable but its been blood, sweat and tears tbh
Zander09Arie
Apr 18 at 12:10
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Patience is very important.
MasterMove
Apr 19 at 06:11
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I have learnt that having proper knowledge, being consistent and patient is very important in forex trading.
Seb King (sebking1986)
Apr 21 at 08:27
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MasterMove posted:
I have learnt that having proper knowledge, being consistent and patient is very important in forex trading.

Learning and education is key. I have no idea why some people come into a multi-trillion dollar a day business and think they can pull money out with no education in it.
If you can't spot the liquidity then you are the liquidity.
Jim_B
Apr 21 at 16:25
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Zander09Arie posted:
Patience is very important.
Totally agree with this, too many people rich in and fail then give up.
CraigMcG2020
Apr 23 at 09:45
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sebking1986 posted:
MasterMove posted:
I have learnt that having proper knowledge, being consistent and patient is very important in forex trading.

Learning and education is key. I have no idea why some people come into a multi-trillion dollar a day business and think they can pull money out with no education in it.

That is one of the most baffling things for sure. Like there are traders with degrees and 7 year internships and retail traders for a better word spending years honing their craft and then someone comes in after 2 months and thinks they're gonna hit 6 figures a month
Hovis147
Apr 23 at 20:24
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Self Discipline is the most important thing to have. Devise and test multiple strategies and when and only when you find a successful formula, then implement it and stick to all of it parameters every single time.

 
LyudmilLukanov
Apr 24 at 06:20
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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.

Well Said, actually demo is the best way to learn Forex! So, new traders need to start their trading journey by using the demo! They should the demo as like their real account! Which traders try to avoid the demo initially, they suffer a lot in their live trading!
BrienBooker
Apr 25 at 05:50
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1. You must have a consistent set of actions before you get a consistent set of results
2. You must have an edge in trading
3. Ability to work under pressure.
4. Those who make money fast, also lose money fast
5. Trading is not only about earning money, but it also teaches you a lot more than what meets the eye.
fxashely89
Apr 25 at 10:04
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1. Patience is the key
2. To limit the risk, stop loss is the best tool.
3. Developing a strategy and sticking to it.
4. Analysing charts to understand price movements.
5. Accepting failures gracefully
Vomitoryy
Apr 26 at 04:52
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These are all such important tips for newcomers, thank you for sharing them.
tatteredhope
Apr 27 at 11:01
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1. Learn first
2. Demo second
3. Focus on risk management
4. Back test ALL stragies
5. Start trading small on a live account
Sam (Rasperr)
Apr 27 at 19:54
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tatteredhope posted:
1. Learn first
2. Demo second
3. Focus on risk management
4. Back test ALL stragies
5. Start trading small on a live account
Great suggestions.
Starting small on a live account is always savvy advice too.
davemack
Apr 28 at 03:59
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All I have learnt in my trading career is that the right mindset is the key to success. Traders having right mindset are prepared mentality and emotionally to do the hard work with consistency and face the challenges of the market.
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