Interesting post I came across by 'the real thing' about retail trading. Any thoughts?

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The post written below by 'the real thing'; a successful currency trader with over 30 years experience;

http://www.forexfactory.com/showthread.php?p=205799#post205799

 

2 bits of invaluable advice from that post

First, and most important

Most people think that communities like this forum make it easier to learn how to trade, but I am certain the opposite is true. If most of the posts are from non-winners the only logical reaction for an individual who wishes to win is fade the advice you see in these forums.

Bang On. The amount of absolutely retarded things you see said about trading in forums is astounding.

Second:

Most of the trading setups that you see bandied about are "tricks"

Also Bang On. Most of the people touting their magic indicator based systems cant tell you WHY that trade setup works when it works and fails when it fails.


From my experiences trading and teaching trading:

1. get indicators off your charts immediately: they draw the eye away from important happenings on the chart: you dont put squiggly lines on your cars windscreen....

2. mark up charts: draw stuff on them BY HAND and annotate them with what you think is happening, make predictions on those thoughts and check up on them.

3. as a starter, mark up charts showing the SAFEST places to enter.

Now the controversial zinger: In trading Risk and Reward are inversely proportional.

 
Cool

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