5 Things I have learned in 5 years of trading!

[PipjappBevy]

Absolutely, I too haven’t seen any profitable signal seller in my trading career. What I often come across is a hoax, so the only thing I do rely on is my knowledge and experience, and that has given me decent success.

 

[Farm Yard Forex]

i agree with all points here, point 5 is the most important i think

Something that I think applies to trading as well as many other aspects of life.

 

[Farm Yard Forex]

Great post, simplicity is so key not just for success but to prevent mental burn out. Some just want to put it on and hope too and that is one of the largest reasons for failure. Stick to a system and accept their will be losses and the battle is close to being won

I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.

 

[Farm Yard Forex]

I am on demo till now and so far I have learnt to formulate and backtest strategies for a better understanding.

Best way. Create good habits with your strategy as this will make the transition to live trading as smooth as possible.

 

[LuckyMac]

Abs

I think burnout also comes as a direct result of not thinking logically when deciding on which trading styler best suits your time availability and ability.

Absolutely, Some try to be day traders when working a busy 9-5 miss an opportunity see a less probable one and then get SL'd whereas if they were swinging it would have suited them better. Vice versa too as if you try to swing and have too much time on your hands you will tinker with your trades

 

[Farm Yard Forex]

Exactly, either incorrect approach will likely lead to overtrading and taking poor quality trades.

 

[RachelFX]

1. A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use ******* as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.

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?

For me learning Risk Management above all else.'Mastering' 'Understanding' was the break through lesson for me and is what has kept me in the Forex markets!

 

[Farm Yard Forex]

Oh yeah it's vital. The quote I read or heard was "professionals focus on risk and amateurs focus on profit".

 

[Jungletrader]

One key point that stuck with me is the pace of your own journey, not comparing your 1000hrs with someone else's same journey it's your pace not a competitive race

 

[Farm Yard Forex]

One key point that stuck with me is the pace of your own journey, not comparing your 1000hrs with someone else's same journey it's your pace not a competitive race

You will be forever dissatisfied comparing your 1000 hrs to someone else's 10,000 hrs. Waste of energy.

 

[momo3HC]

The best what i`ve learned is to not risk what i can`t afford to lose. I you follow this everything is fine and easier.

 

[Jungletrader]

No matter what size your bankroll I can't emphasis enough using proper money management.
2% max though I'm using no more than 1% for the last while really helps with the physiological side of trading

 

[Farm Yard Forex]

I stick to 1% too. Personally don't feel any need to go higher than that.

 

[momo3HC]

One thing which I have learnt is how to establish a good strategy and how to keep a control on emotions.

Both are important parts from trading.

 

[Farm Yard Forex]

I think a lot of that comes from treating demo as close to real as you can though. The importance of instilling good habits is so important in trading.

 

[Farm Yard Forex]

Trading has taught me a number of things, but the most important thing I've learned is entering and exciting the market at the right time. This has helped me get better profits and minimize my losses.

So important to know this before entering a trade in my opinion rather than jumping in and out based on emotion.

 

[Jungletrader]

This was a painful lesson for me jumping on the charts and trying to find a trade .
The joys and losses of been a newbie lol

 

[Calix_12]

One thing which i have learnt in trading is don't follow the crowd or news blindly and stick to your own trading plan.

 

[Happy2trade]

Five things:
1 Take emotions out of the door.
2 Learn risk management
3 Don't follow the news
4 Develop patience
5 Use Stop loss

 

[Farm Yard Forex]

Agree on 3. Be aware of when it is but the outcome is rarely an indicator of price direction.

Well agree on all of course but that particularly lol!