5 Things I have learned in 5 years of trading!

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!)

zzzTraders posted:
5 Things every trader should know, I believe.
Profitable trading is all about math, not hope. Calculations like:
1- Risk/reward ratios
2- Position sizing
3- Win%
4- Stop losses
5- Profit targets
It’s all math & no magic.
If you personalize losses, you can't trade.

croisssan posted:
To be honest, I learned a lot on the demo account. But after that I learned many more things that I always use in the process of work. As for me, the main thing is not to borrow for trading.

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?

LabuyaChicay posted:
5 year trading journey is not a small journey and this time passes through several ups and downs. During this period, a person learns how to go ahead in Forex and get the merit of developing a strategy. Personally, I prefer moving average strategy.

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?

forextrader777 posted:

LabuyaChicay posted:
Forex trading doesn’t only require trading skill rather it also requires some good human qualities like patience, perseverance and determination. When both are combined, trading success becomes easier for a trader. So, traders should devote to achieving success as early as possible.

Patience, Perseverance and Determination - strongly agree on these buddy!

LabuyaChicay posted:

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?

Nice to see your progress! But I believe, Learning is a continues process! Traders need to focus on mainly technical & fundamental analysis; having a good trading skill is the main concern here! Without a good trading skill no one can exist here!

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.

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.