5 Things I have learned in 5 years of trading!

[Flink]

The lesson that I’ve learnt is that it’s okay even if you are making losses as long as you know what the reason behind your losses is and are willing to improve them.

 

[Farm Yard Forex]

The lesson that I’ve learnt is that it’s okay even if you are making losses as long as you know what the reason behind your losses is and are willing to improve them.

For sure but you also need to be able to accept that sometimes a good trade can lose and there's not much you can do about those. Equally a bad trade can win so I think it is important to look at all trades taken at the weekend.

 

[IceThor]

I think you need to be aware of the news.

 

[Farm Yard Forex]

I think you need to be aware of the news.

It certainly helps to know when major news events are occurring 100%.

 

[IceThor]

It certainly helps to know when major news events are occurring 100%.

be aware but don't actually trade them

 

[Farm Yard Forex]

They offer opportunity but trading the immediate aftermath or during the news is account suicide in my opinion.

 

[Farm Yard Forex]

I agree and disagree with your point. I agree that there are a number of factors but I also think that the underlying principles of the way the market moves is algorithmic and therefore predictable to an extent. I might not know exactly where price can go but I can certainly isolate probable levels and look for supporting confluences to make those levels a stronger draw on price.

 

[IceThor]

I agree and disagree with your point. I agree that there are a number of factors but I also think that the underlying principles of the way the market moves is algorithmic and therefore predictable to an extent. I might not know exactly where price can go but I can certainly isolate probable levels and look for supporting confluences to make those levels a stronger draw on price.

Couldn't agree more.

 

[Smith2525]

Since getting into trading a few years back, I also find that I pay much more attention to the news and world events than I did before. I have been paying more interest and learning much more about the financial world than I ever did before. Trading can help your mind grow as well as your balance.
Some good points in the OP. Learning to cut losses short has been a big one in improving my success.

 

[LuckyMac]

It does if there is no history of it. Assuming things are scams before there is evidence to suggest so doesn't make it the case.

Regulation doesn't protect funds in certain countries so in those cases perhaps better to invest less in an unregulated broker and make use of leverage. If you are using a massive amount of capital to trade with then the chances are that you know what you're doing unless you're a total numpty with no appreciation of risk management. If you do know what you're doing and have the capital then the chances are you have contacted brokers/banks and are using a professional account rather than retail account anyway.

Exactly most professional traders have accounts with banks and institutions that trade massive volumes. After that its retail all to a degree

 

[Farm Yard Forex]

Since getting into trading a few years back, I also find that I pay much more attention to the news and world events than I did before. I have been paying more interest and learning much more about the financial world than I ever did before. Trading can help your mind grow as well as your balance.
Some good points in the OP. Learning to cut losses short has been a big one in improving my success.

I totally agree. Trading is multi-faceted in how it how it changes you. Most think it will just be a way of money but it changes the way you look at so many things.

 

[Melodiousmelody]

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

Yes to all of these 3!

 

[Jungletrader]

All common sense but still good to have them printed it's never any harm to have them posted as a reminder

 

[Resolve]

All common sense but still good to have them printed it's never any harm to have them posted as a reminder

In the Forex trading business the use of trading skills are very important for us.

 

[IceThor]

In the Forex trading business the use of trading skills are very important for us.

Wow hello captain obvious

 

[LuckyMac]

Like I say, most have absolutely no business at all selling signals.

Really they don't i dont understand why they need the money for signals if they're so profitable

 

[Farm Yard Forex]

I can totally see the point if you are making money as why not diversify and have business income. But do so when you have something to offer rather than a basket full of lies.

 

[EddieT]

Really good comprehensive list .
Number 4 is the bitter pill most newbies have to swallow.
It's anything but get rich quick scheme.
Patience is paramount

 

[High-altitude-drifter]

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?

Go where nobody is looking

 

[jonahelen527]

Losses are difficult to accept but no matter how hard you try to win every time, you will have to accept them by the end of the day. Earlier you understand the hard reality of the market, hassle-free your trades can turn out to be.