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The worst trading advice you can get

Aug 18 2022 at 11:46
48 ieraksti
Lack of preparation

I came across this advice today

'You need to start trading. It doesn't matter if you know what you're doing or not, you'll figure it out later.'

No wonder that people lost their money when they get such advices!

Which, in my opinion, **is really bad.** First of all, there's no logic - if all you need is just start, why so many do not succed?

But most important, it's like telling the high school senior, *'it doesn't matter if you know what you're doing or not, just start doing surgeries, you'll figure it out later'*. What I want to say - without adequate preparation, you will be no more than a capital donor in the market. Trading is a serious job. You need knowledge, skill, and strong psyche. It doesn't come from the air.

If you want to know how serious and who you have on the other side of the market, check job offers from biggest brokers and funds. Having PhD and good programing skills is no surprising, it's become a standard - these are your opponents. That's the 'other side'. Do you really think, you have a chance with them with no preparation?

What was the worst advice you've received so far?
Huge Changes, New Ideas & Decline Of Traditional Investing
Seb King (sebking1986)
Aug 18 2022 at 14:20
538 ieraksti
You need to start surgery. It doesn't matter if you know anything about medicine or anatomy, you'll figure it out once inside. A sentence that sounds absurd when said out loud. I don't know why some feel that replacing surgery with trading makes it more plausible. It makes me wonder if these morons try saying their tripe out loud sometimes.
If you can't spot the liquidity then you are the liquidity.
HeavenLeighGill (HeavLeighGill26)
Aug 24 2022 at 16:13
401 ieraksti
I was wondering how bad the advice would be once I saw the title, now I see. Let's just go out blindly throwing money into the wind, when we could have trained and prepared. I understand being excited and eager to start, but starting that way is just asking to blow your account and fail as a trader from the very start.
Martin Joe (SupplyZT)
Aug 31 2022 at 15:32
26 ieraksti
Ridiculous statement.
You dont start trading until you use demo for at least 6 months and having a good grounding in your Fx education and a bit of Fundamental analysis
Seb King (sebking1986)
Sep 01 2022 at 10:02
538 ieraksti
I wonder if there was a bit left out where they said first sign up to this broker using my link...
If you can't spot the liquidity then you are the liquidity.
Sep 03 2022 at 08:58
34 ieraksti
I was advised to switch to live account from demo after a month, which I think is a very less time to understand the forex market.
Sep 12 2022 at 10:46
80 ieraksti
The worst trading advice I ever got was that forex is about knowing the basics, and in-depth knowledge isn't important, which now seems unrealistic and ridiculous.
Marcel Durham (MarcellusLux)
Sep 21 2022 at 12:23
274 ieraksti
You don't have to do anything but just buy an EA that will trade.
Marcel Durham (MarcellusLux)
Sep 21 2022 at 12:25
274 ieraksti
or another bad advice: trade without a strategy, you lucky guy
Sep 29 2022 at 09:30
11 ieraksti
My advice is to go to a couple of forex trainings. You will learn a lot there!:)
Oct 04 2022 at 05:27
51 ieraksti
The worst advice is trade until you make profits. A serious mistake is to resist the urge to hold onto lost deals in the hopes that the market will turn. By not cutting losses, a trader risks losing any profits they may have gained elsewhere.
Oct 04 2022 at 11:07
26 ieraksti
Trading is all about luck - only those who become successful are lucky, or the market favours the most. That is the worst advice I have ever come across.
Oct 04 2022 at 17:07
869 ieraksti
If you are in consistent losses, it means you are not yet enough knowledgeable for trading broker. In this case, you need both global economic knowledge and market technical knowledge.
Oct 05 2022 at 14:33
183 ieraksti
Use different accounts types help a trader in making portfolio. The best way to survive in Forex is making portfolio because avoiding mistakes completely is impossible.
Oct 11 2022 at 10:44
16 ieraksti
Truly this is the worst advice. You should not enter the forex market without enough preparation. The first step that a beginner has to take is learning and demo trading. You should not be trading on a real account until you feel confident enough to risk real money in the process.
Oct 12 2022 at 10:52
125 ieraksti
Oh I know one. The worst trading advice that I heard was:
- Oh dear buy my signals and you forget about what losses are forever.
I did not buy those signals at all after that words lol.
Oct 18 2022 at 10:43
8 ieraksti
Definitely the worst advice is what the OP stated. The person who gave it must not have been a well wisher of the trader at all!
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