5 Things I have learned in 5 years of trading!
Mitglied seit Jul 20, 2020
399 Posts
Jun 05, 2022 at 14:46
momo3HC posted:CraigMcG2020 posted:Actually the truth is somewhere between.Bransle posted:
All traders need to know what other traders are doing. But it doesn’t mean that your trading decisions must solely be based on what others tell you about. You must do your own analysis to be able to make the right moves.
How do you mean traders need to know what other trader's are doing? im not sure i agree, just for the fact we trade the market not other traders
What is the purpose of knowing what other traders are doing besides the actual macro view like a COT report or something?
Jun 06, 2022 at 11:59
5 things I have learned in 5 years of trading:
1. Trading is not a quick money-making scheme. It needs a lot of hard work, patience, and discipline.
2. Trading is a lifelong learning process. To be a successful trader, you must keep learning.
3. Believe in yourself. Do not take every other person's word for it.
4. No one can provide you with a successful strategy. It is something that comes with trials and errors.
5. Set achievable goals and work for them with all of your mind and soul.
1. Trading is not a quick money-making scheme. It needs a lot of hard work, patience, and discipline.
2. Trading is a lifelong learning process. To be a successful trader, you must keep learning.
3. Believe in yourself. Do not take every other person's word for it.
4. No one can provide you with a successful strategy. It is something that comes with trials and errors.
5. Set achievable goals and work for them with all of your mind and soul.
Mitglied seit Mar 17, 2022
47 Posts
Jun 07, 2022 at 05:02
From my own experience, i have learnt some important lessons in forex trading, such as
1. Do not trust social media rumours
2. Always give preference to practice instead of tips and tricks
3. Analyse and study every factor related to forex very curiously
4. Avoid emotional trading
5. Keep patience and consistency
1. Do not trust social media rumours
2. Always give preference to practice instead of tips and tricks
3. Analyse and study every factor related to forex very curiously
4. Avoid emotional trading
5. Keep patience and consistency
Mitglied seit Apr 09, 2019
538 Posts
Jun 07, 2022 at 14:05
Commonition posted:
From my own experience, i have learnt some important lessons in forex trading, such as
1. Do not trust social media rumours
2. Always give preference to practice instead of tips and tricks
3. Analyse and study every factor related to forex very curiously
4. Avoid emotional trading
5. Keep patience and consistency
Solid advice there. Like 2 a lot. Practice creates habits and habits help to avoid impulsive trading.
If you can't spot the liquidity then you are the liquidity.
Jun 10, 2022 at 05:20
1. Do not believe every opinion about the forex market.
2. A strategy is something that you gain by doing trading in the market, no matter if it is on a demo account or a live one.
3. Learning is an endless process
4. You need to chase realistic goals only.
5. Trading is not a get-rich-quick scheme; patience is mandatory.
2. A strategy is something that you gain by doing trading in the market, no matter if it is on a demo account or a live one.
3. Learning is an endless process
4. You need to chase realistic goals only.
5. Trading is not a get-rich-quick scheme; patience is mandatory.
Mitglied seit Jun 02, 2022
24 Posts
Jun 10, 2022 at 09:30
What I have learned in my trading career is that all that you do to make money doesn’t always get you money. Sometimes, you make a trade just to lose your money. But as you can stop it from happening, it is best to make peace with the fact and trade with only that money that you can live without. You won’t get it back easily.
Mitglied seit Apr 09, 2019
538 Posts
Jun 10, 2022 at 10:58
I think the same goes with trading as it does investing. Part with only what you can lose. Sadly desperate people ignore this and then end up more desperate.
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 20, 2020
399 Posts
Jun 12, 2022 at 10:39
sebking1986 posted:Really do like ive seen people put tens of thousands into EA robots and are losing so much of their life savings with no due diligence done at all
I think the same goes with trading as it does investing. Part with only what you can lose. Sadly desperate people ignore this and then end up more desperate.
Mitglied seit Apr 09, 2019
538 Posts
Jun 13, 2022 at 10:26
Same with cryptos as well. People desperate to change their circumstances taking completely mad risks and paying the price for it.
If you can't spot the liquidity then you are the liquidity.
Jun 15, 2022 at 05:49
We always learn a lot of things from experience in the forex market. I will list down some things I learned as a forex trader.
1. Knowledge and skills give you an edge
2. Risk management is the backbone of a trading account
3. Emotional trading always lead to losses
4. There are no shortcuts to success in forex and anyone who says that might be a scammer
5. Discipline, consistency and patience should be developed for becoming a successful trader in the long run.
1. Knowledge and skills give you an edge
2. Risk management is the backbone of a trading account
3. Emotional trading always lead to losses
4. There are no shortcuts to success in forex and anyone who says that might be a scammer
5. Discipline, consistency and patience should be developed for becoming a successful trader in the long run.
Mitglied seit Aug 05, 2021
401 Posts
Jun 15, 2022 at 14:18
Meatus posted:
4. There are no shortcuts to success in forex and anyone who says that might be a scammer
Totally agree with this one. I hate seeing new traders get hyped thinking they've found some magic answer that requires little to no effort on their part. A lot of people are desperate to give themselves a better life and they listen to these false promises, lose their money, and give up immediately It's rather depressing and it's shocking to see how many fall for it.
Jun 21, 2022 at 05:29
The most important things that a trader must take into consideration are enough learning and practice, discipline, patience and consistency, emotional control, being confident in your own trading strategies, and learning and relearning and applying is the key.
Mitglied seit Jun 26, 2020
327 Posts
Jun 23, 2022 at 07:52
learning is important but in spite of having much learning approach the result of trading can be useless if there is no regular level of practice.
Mitglied seit Jul 20, 2020
399 Posts
Jun 25, 2022 at 16:07
Tradelist45 posted:
learning is important but in spite of having much learning approach the result of trading can be useless if there is no regular level of practice.
Very true this also has to be done on a live account after the appropriate practice on a demo account. Its hard to follow each step but one is as important as another
Mitglied seit Jun 12, 2021
132 Posts
Jun 26, 2022 at 08:47
but to continue in demo trading is really challenging especially when you are a new in trading.
Jun 27, 2022 at 07:01
The most important thing that I learnt as a trader was to never believe that you know everything about the market. The forex market has its own way of letting people know that it is stronger than anyone. You must be able to keep your risks low until you can take big losses. After all, making up your mind is more difficult than actually trading.
Mitglied seit Jun 28, 2022
24 Posts
Jun 28, 2022 at 09:28
5 things I have learned are
1.Losing trades are simply a part of the process of finding profitable trades.
2.Stop-loss orders are a good way to prevent losses.
3.The results of your last trade should not affect your next trade.
4.Emotions will be involved with trading.
5.The forex market is so volatile, that it must be carefully monitored.
1.Losing trades are simply a part of the process of finding profitable trades.
2.Stop-loss orders are a good way to prevent losses.
3.The results of your last trade should not affect your next trade.
4.Emotions will be involved with trading.
5.The forex market is so volatile, that it must be carefully monitored.
