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Big Lesson Learned today- hope this helps others! NEWS Results 25 replies

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The most important lesson’s I’ve learned trading Forex, so far... 15 replies

What is your hardest-learned lesson in FX?

Quoting numbnuts
{quote} clearing your head completely of all the 100%+ crap.
Probably the most important first step. The candles speak in an objective way, often defying the news.
The road to pipland is arduous and fraught with challenge.
Being a starter in FX trades. I found that Trade Signals need to be followed with a Opposite side covered with a Pending Order.

See the M1/5/15/30 for whats coming like a Doji/Trend Reversal.

Quoting XharpScalper
cutting losses short is very important and i have learned hard way .
My First post on F F

I read all the treads and for a beginner like me ( less than 4 months ) it`s good to see what happen to others.

My experience begin with a Binary Option and ``doubble up your investement`` but they never say you have to trade 60 times the initial amount.

Look like very simple and i lost all my money with the free expert who is calling at home 20 times a day. So i tell to my self : there is no easy way to make money...

I download MT4 and do demos on many Fx providers, Now i do ``Contest`` before go to real money and i learnd a lot. I check the numbers ones winner and i see they are not keeping ther nose on the computer all day long like i do.

I check all trades (and never lost ) and try to find the best Oscillator who match with ther trades.... recently last month and last week i finish in the top 10 and make 15 USD and 9 USD.

What i like ther is a lot to learn in Money Market and now i work with the MACD 12- 26- 9 and the Bollinger Bands 20 periodes and i gonna stick on it.

I hope it`s gonna help somebody and thank you all for help me to progress in my learning.

A French speaking from Quebec Canada.
Let the GOLD time Roll
Hardest lesson is that position size must be earned. You can't just come out swinging for home runs and trade massive lot size positions. The key to this business is consistency and that can only come with managing risk properly.

"The market is constantly probing our weaknesses."

There's no making money in forex until you master yourself. You can be a really good trader with an effective strategy/method, but if you don't master yourself you will not make money.

Discipline through proper money management has to be #1.
Discipline

  1. Do not let others trade for you, or tell you how to trade. Learn from them, but do your own trading.
  2. There is no magic bullet or holy grail.
  3. Don't think you know it all. Never stop learning.
  4. Being a successful trader is extremely difficult, and requires extensive experience.

Instead of thinking about profits think about minimizing your losses first and foremost.
Quoting EnoFX
Instead of thinking about profits think about minimizing your losses first and foremost.
Right, basically instead of thinking about making money you have to think of doing your job well.
for me, not so obvious reasons, it is impossible to successfully copied someone else's system ....
You must make your own.
When 95% or whatever statistic of so called "traders" are failing, don't listen or follow what these traders do. Instead, learn to use their failures to your benefit.
My greatest lesson? Realizing that its all about liquidity.

Of equal importance, realizing that in order to take trading to a much higher level, I needed to live in solitude and focus EVERYTHING on becoming a better trader. I was always intense, but once I got rid of my long-time girlfriend I had no one to make me feel bad for ignoring them. I could spend all day watching, studying, and pondering the markets and no one would distract me or make me feel bad for doing so.

It is not a life for most people. You have to want this BAD. So bad that you will sacrifice all but your health and family, for nothing should come before those two. Plus, you do NEED some relief from a constant, obsessive work ethic, and staying in good health and enjoying your family will keep you sane. You don't want to go insane, because that won't help your trading performance. Obviously that ain't the only reason you don't want to go insane, and it might sound like I'm being dramatic. But I am not joking when I say that trading can make a dude go nuts if he doesn't have his priorities right.

One final lesson (which I stole from the amazing Georges St. Pierre): Your goal is to go to bed each night, knowing that you are a better trader (fighter) now than you were when you woke up that morning. Make it a point to get better every single day.
Quoting Chicky
Keep your positions as small as possible.
Amen to that from a margin call veteran (me)
Quoting Zappa
One final lesson (which I stole from the amazing Georges St. Pierre): Your goal is to go to bed each night, knowing that you are a better trader (fighter) now than you were when you woke up that morning. Make it a point to get better every single day.
This is really great. I can relate to this a lot actually.
This definitely has a sort of 'earning and learning' as you go by each day approach which is really the way to make the most of each and every trade you make and gain experience from it that you'll be able to remember and then be able to apply making you all that much better as a trader for having had to overcome it.
Something I've just learnt recently is to DIVERSIFY.
Lately I took some trades on both EU and UChf. EU being a sell and UChf being a buy. Since both these pairs have a strong correlation when one of these pairs move the other one moves the opposite which means by doing so I've taken on twice the necessary risk in placing my trades that way. As a result it takes up a proportion of my trading account that I could have put into another currency pair that doesn't move in a similar way and be able to make profits on another currency while the other one is at a loss.
Everyday in this game really is a learning experience, but, failures are never failures so long as you learnt something from it.
I am so glad to see all of the amazing FF contributors here giving such valuable input for all to be able to learn from and I can't thank you enough. I hope this thread is able to continue to grow and help others see what lies ahead of this long and windy road that we are all going on.
Best.
- Sai
Quoting SaiLyfee
{quote} This is really great. I can relate to this a lot actually. This definitely has a sort of 'earning and learning' as you go by each day approach which is really the way to make the most of each and every trade you make and gain experience from it that you'll be able to remember and then be able to apply making you all that much better as a trader for having had to overcome it. Something I've just learnt recently is to DIVERSIFY. Lately I took some trades on both EU and UChf. EU being a sell and UChf being a buy. Since both these pairs have...
great attitude
Howlin' at the Moon on the Roof
Quoting SaiLyfee
Something I've just learnt recently is to DIVERSIFY. Lately I took some trades on both EU and UChf. EU being a sell and UChf being a buy. Since both these pairs have a strong correlation when one of these pairs move the other one moves the opposite which means by doing so I've taken on twice the necessary risk in placing my trades that way. As a result it takes up a proportion of my trading account that I could have put into another currency pair that doesn't move in a similar way and be able to make profits on another currency while the other...
Great strategy of trading two highly correlated pairs and making profit in one while the other is in drawdown. I do this quite often as well!
Quoting Eagleprice
Never believe what you see -Think beyond it with logic
I would say the opposite. For me it's - trade exactly what you see, and use stop-losses.
"Don't try to catch a falling knife."
"Don't step in front of a freight train."

This means don't ignore strong moves and try to pinpoint tops and bottoms.
I disagree, I think retail traders can make circa 100% pa, roughly 8% account growth per month. I do agree that these forums are littered with unreleastic expcatations, but I wouldn't put 100% account growth pa in that category.


Quoting numbnuts
{quote} Targeting 20-30% a year, and clearing your head completely of all the 100%+ crap, is one of the hardest lessons for retail traders to learn IMO. Everyone wants to ride trends forever, and leave TPs open 'just in case' the market moves a long way in their favour.
Another one....dont trade when you're drunk.

Not a good idea.
Plus don't trade when you are in bad feeling emotions .....

fear...greed.... hate.. depression... only trade when are not feeling negative emotions.

Emotional control when trading and outside trading .. is paramount to the success of Forex.
Life Is Good
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