5 Things I have learned in 5 years of trading!

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In forex trading, I've learned that having the right knowledge, being consistent, and being patient are all crucial.

Quercine posted:
In forex trading, I've learned that having the right knowledge, being consistent, and being patient are all crucial.

Risk managment 👌👌

Even though long-term trading brings the perfection in trading, I prefer scalping the most. For scalping nicely, you need to have a scalping-friendly broker. Scalping enables a trader to derive profit from the market quickly by entering and exiting trade within a very short time.

SteveFx11 posted:
Even though long-term trading brings the perfection in trading, I prefer scalping the most. For scalping nicely, you need to have a scalping-friendly broker. Scalping enables a trader to derive profit from the market quickly by entering and exiting trade within a very short time.

I combine Trends and Scalping to give me much profits.

One of my biggest lessons are:
1) Learning to calculate what I'm actually risking before I take a trade, it has saved me in the long run.
2) I use stop orders below a previous bullish candle when I want to sell at a zone and vice versa which means I don't get activated if the zone don't hold and because it's a pending order, I calculate my risk before the move.
3) Risk to reward is super important, I usually set 1:3 and manage the trade till it hits or not hit my TP.

Your first point is so important. Focus on managing risk and the profits will take care of themselves if your system is solid and well tested.

sebking1986 posted:
Your first point is so important. Focus on managing risk and the profits will take care of themselves if your system is solid and well tested.

It really is its the bedrock of all successful trading. Once the edge is there we can then progress knowing the risk of bust or ruin isn't a factor

It’s not just what you aim at but also about what you are doing to achieve your aim. Everyone wants to make money but not everyone does the required hard work to win in the long term. You have to write your own destiny.

Besides earning knowledge by watching video tutorials, you should practice on demo account. Otherwise, it will create a great deficiency of knowledge in you.

Washboard posted:
It’s not just what you aim at but also about what you are doing to achieve your aim. Everyone wants to make money but not everyone does the required hard work to win in the long term. You have to write your own destiny.

Love this point of view. I think so many people are too quick to give up when something seems hard. We're all capable of becoming rich or changing our situation, but it often takes a lot of thought and action to get there.

HeavLeighGill26 posted:

Washboard posted:
It’s not just what you aim at but also about what you are doing to achieve your aim. Everyone wants to make money but not everyone does the required hard work to win in the long term. You have to write your own destiny.

Love this point of view. I think so many people are too quick to give up when something seems hard. We're all capable of becoming rich or changing our situation, but it often takes a lot of thought and action to get there.

Agree, i think a purpose is key if the the target and reasoning isnt driving you it is so easy to become aimless and now have the drive and motivation to go that extra yard that's needed for sure

Here are my five lessons!

1. The markets are always changing
2. You need to keep learning
3. A good trading plan is essential
4. You need to be disciplined
5. You need to manage your risk

A trader must nurture the wish of self-development otherwise earning success will be difficult for traders. One of the phases of self-development is to avoid over and over mistakes.

I think that a yearning to develop must be present in most professions but it is especially important in trading. You get left behind very quickly otherwise.

sebking1986 posted:
I think that a yearning to develop must be present in most professions but it is especially important in trading. You get left behind very quickly otherwise.

I completely agree its one profession where self awareness and progression a must. Its where consistent analysis is needed to make sure success continues as the years go on

So glad you said keep your emotions under control rather than be emotionless. One is achievable and one is sociopathic.

sebking1986 posted:
So glad you said keep your emotions under control rather than be emotionless. One is achievable and one is sociopathic.

That is the key. It is controlling and riding the emotions like a wave that will make a successful trader its so key to accept and embrace being human rather than fighting against it

Professionals traders don’t open and close trades randomly rather they look into the market very carefully. And analyze the market thoroughly to forecast the market.