Trading Discussion 5 Things I have learned in 5 years of trading!

[cashisking149]

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

 

[Swissycheese]

Agreed that it is certainly not a get rich quick scheme! Some good points in here.

Also, you can not buy experience. Time in the markets is one of your most valuable assets.

 

[btaliat]

You have really learnt some lessons. And those lessons are good for the betterment for anyone that wants to go into forex as an investment. There are some social media experts that always enitce people to join their groups for signals even when they are not even into any forex trading.

 

[Good luck]

You have really learnt a lot of things in your past year of trading and all these features will always keep you going in getting good results in your business and how you can also achieve more.but needs to be more dedicated to ones business or any firm that one set up to be able to grow faster in such a business or trade

 

[Wisdom01]

The thing I have learnt too is that if you want to make a sucessful trade , you have to have strategy , because that is what would lead you more into trading sucessfully and Making profit from the trade you are doing , so it is is very important in forex trading

 

[Pezza]

this is my top point: 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.
then this: Trading of any type is NOT A GET RICH QUICK SCHEME!
this you need to learn fast: Social media “gurus” often don’t actually trade themselves
just a good one will do: broker is not that important. 90% of them are fine
once you understand and learn this you will do well: Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal

 

[Reecerispoli]

setting achievable goals is number one, you want daily goals whether in forex or not, completely each one like a small percentage gain each day on your account or a weekly target, then yearly target. each day contribute to each goal. this is why its so important

 

[cashisking149]

The idea of 1% a day improvements is something I aim for. Seem small and insignificant on their own but over time manifest into something larger.

 

[destinyrim]

Good points, especially the second one. There are countless ‘trading gurus’ these days especially on Youtube and other social media platforms selling their trading courses. Most of these gurus are nothing short of a scam just trying to make money from you. Unfortunately, new unaware traders fall prey to these gurus and start implementing the unverified knowledge on their trading accounts. No doubt, this is why there are more failures than successful traders in the market.

 

[cashisking149]

Good points, especially the second one. There are countless ‘trading gurus’ these days especially on Youtube and other social media platforms selling their trading courses. Most of these gurus are nothing short of a scam just trying to make money from you. Unfortunately, new unaware traders fall prey to these gurus and start implementing the unverified knowledge on their trading accounts. No doubt, this is why there are more failures than successful traders in the market.

I just think you have to question motive. If you are doing well from trading and that buys you time, why would you then need to take the time to actively "train" new traders and put together course material. An eBook maybe as it is passive once the work is done but actively going out to bring traders onto a course screams of "this is actually how I make my money".

 

[Setho]

There is a very popular saying between people that you have actually not arrived in forex market if you have not blown and account before and in other words turn your account back to zero. I have also been able to learn that thought leaders and influencers on social media are actually not really helping you by giving you all those signals. The lot of them have actually partnered with some broke-ass whenever you sign up with their link and they are going to receive a particular percentage on the amount of three that you have been losing. This is why it is always important to do your own research.

 

[Asad Ali]

Excellent points, particularly the second. There are numerous 'trading gurus' selling trading courses these days, particularly on YouTube and other social media platforms. Most of these gurus are nothing more than a con trying to take your money. Unfortunately, inexperienced traders fall prey to these gurus and begin implementing unverified information on their trading accounts. Without a doubt, this is why the market has more failures than successful traders.

 

[Ahtisham Tahir]

I agreed with your all points. "No one can give us ready-made strategy" we have to make our own strategy, we have to learn how to achieve the goals we have to start plannings otherwise we cannot reach to the destination of our life.

 

[HeavLeighGill]

Great points! I think a lot of people approach trading with the idea that they can get rich by following those influencers and believe that it's a quick and easy way to amass a fortune. Most of those people lose a lot and it accounts for a lot of the failed traders, but I think a lot of them could have a better outcome if they came into it with realistic expectations.

 

[Ivo Zetticci]

Market research ability goes above every things. Market research is essential for every trader because you can’t understand Forex without this research. Staying with the market for a long time will help you catch the actual market environment. Eurotrader offers the most reliable trading platform and fast trade execution facility.