5 Things I have learned in 5 years of trading!

New comment
 
  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?

Cross-Platform Expert Advisor: Time Filters
Cross-Platform Expert Advisor: Time Filters
  • www.mql5.com
This article discusses the implementation of various methods of time filtering a cross-platform expert advisor. The time filter classes are responsible for checking whether or not a given time falls under a certain time configuration setting.
 
quote from him "A broker is not that important"
 
i just simply stop reading from here
 
I thought you made several good points throughout your post - especially when you mentioned that gurus and strategies aren’t guaranteed ways to make money. I think too many people think they can just follow someone else and become rich with 0 effort. 
 

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. 

 
Finding a suitable broker is a task on its own. I agree, though I would have formulated it differently.

I would add, any pro trader has at least three blown accounts in his history. I consider any trader with a strategy that works as a pro.

There needs to be a point in time where you begin to disillusion and either you push beyond or you drop out.

Most offers for traders are scam.

Anything to good to be true is too good to be true.






 
Set achievable goals this is the main key point to trading. understanding that you are not going to be rich in a day, week or month but over time you can build your financial wealth through trading and make an income regularly to sustain your way of life. it will take time effort and a great deal of learning but can be achieved especially if you work hard at it
 
Most will buy an expert who will never make money - why? Ninety percent of people lose on forex. It must be similar here. Ninety percent will buy an expert who won't make money. 
 
Pak Hong Poon #:
quote from him "A broker is not that important"
 
i just simply stop reading from here

I agree, "A broker is not that important" is a dangerous statement in my personal opinion.

Broker is like a trusted partner where put your money in and of course you don't want to put your money into a partner that you can't trust.

Please do some research before decide which broker that you are going to use. The most important part is to ensure that your broker is fully regulated

 
Pak Hong Poon #:
quote from him "A broker is not that important"
 
i just simply stop reading from here
I agree the broker is important, but it isn't hard to find a good one
 
Seb King:
  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?

All your points are great you have learn well

New comment