5 Things I have learned in 5 years of trading!

Aug 16, 2021 at 09:31
7,084 Views
179 Replies
Biedrs kopš   6 ieraksti
Apr 11, 2022 at 12:55
#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
Apr 16, 2022 at 14:45
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
Biedrs kopš   18 ieraksti
Apr 18, 2022 at 12:10
Patience is very important.
Biedrs kopš   35 ieraksti
Apr 19, 2022 at 06:11
I have learnt that having proper knowledge, being consistent and patient is very important in forex trading.
Biedrs kopš   538 ieraksti
Apr 21, 2022 at 08:27
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.
Biedrs kopš   24 ieraksti
Apr 21, 2022 at 16:25
Zander09Arie posted:
Patience is very important.
Totally agree with this, too many people rich in and fail then give up.
Apr 23, 2022 at 09:45
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
Biedrs kopš   6 ieraksti
Apr 23, 2022 at 20:24
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.

 
Apr 24, 2022 at 06:20
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!
Biedrs kopš   32 ieraksti
Apr 25, 2022 at 05:50
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.
Biedrs kopš   41 ieraksti
Apr 25, 2022 at 10:04
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
Biedrs kopš   56 ieraksti
Apr 26, 2022 at 04:52
These are all such important tips for newcomers, thank you for sharing them.
Biedrs kopš   9 ieraksti
Apr 27, 2022 at 11:01
1. Learn first
2. Demo second
3. Focus on risk management
4. Back test ALL stragies
5. Start trading small on a live account
Biedrs kopš   25 ieraksti
Apr 27, 2022 at 19:54
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.
Sam.peters@
Biedrs kopš   78 ieraksti
Apr 28, 2022 at 03:59
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.
Biedrs kopš   34 ieraksti
Apr 28, 2022 at 11:43
Being patient, consistent, and sticking to a plan, in my opinion, is the key to trading success.
Biedrs kopš   139 ieraksti
Apr 28, 2022 at 16:08
tobeygomez posted:
Being patient, consistent, and sticking to a plan, in my opinion, is the key to trading success.
Very true. Traders are to be very patient. To find out a good strategy, a trader must work very hard with patience. Then, he has to stick with his plan. Thanks for your opinion.
Apr 29, 2022 at 01:43
Thanks for sharing your experience!
Biedrs kopš   1424 ieraksti
Apr 29, 2022 at 08:57
I've learned one thing.

95% of people lose money.

This means that 95% of people are talking out of their backsides.
11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Apr 30, 2022 at 15:13
stevetrade posted:
I've learned one thing.

95% of people lose money.

This means that 95% of people are talking out of their backsides.

Yeah that's true to an extent i think. I would question that percentage slightly as there was one saying 80% lose money a while back but you have to think a high percentage of businesses fail in a short period, there's a high drop out in medical schools, tough courses. This is not an easy business and dedication is a must to succeed. Its so hard to regulate or verify actual traders without a myfxbook and so many trust people without them. This is one of the huge problems with the industry of retail traders and this perpetuates people losing money as they are learning from unsuccessful people teaching them too.
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