Disliked{quote} Losing causes no bother simply means you're well endowed. Learning to lose is not a magic pill to winning. Able to take punches means you got a strong jaw, doesn't mean you won't get knocked out.Ignored
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Your and My Lessons Learned Losing and Gaining in Trading 5 replies
things you learned from forex and improved your life 12 replies
The most important lesson’s I’ve learned trading Forex, so far... 15 replies
Disliked{quote} Losing causes no bother simply means you're well endowed. Learning to lose is not a magic pill to winning. Able to take punches means you got a strong jaw, doesn't mean you won't get knocked out.Ignored
Disliked{quote} Really? Do you know with certainty you have an edge? The extra zero pocket and unfair payout gives the casino a 2.7% edge on the roulette tables. They commit billions of money loaned from banks to bet against gamblers. So, what's the edge % and how much of net worth have so called "some people that have edge" committed to retail fx gambling?Ignored
Disliked{quote} manipulated by who? I can't stand this kind of stuff. drives me crazy!!!Ignored
DislikedThis is my first forum post but I am not a newbie. I have lost about 300,000$ trading forex over the course of 5 years and it has been a huge struggle, to say the least but I kept persevering and educating myself and this year I am finally profitable to the tune of $130,000. After all this time and stress (and finally a very good mentor) I figured out some basic truths about forex trading. 1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars...Ignored
DislikedAnd can't really understand.. the guy has just made one post.. and people has already decided on the guy.... CindyXXXX - is convinced, he is not successful enough to preach. lol...! and he should shut up untill he makes a mil. lol... HudithePfupf is already convinced... he is a scammer. lol...! Guys... please give him...Ignored
Disliked1. You have to Master Money Management first and foremost. Forget EVERYTHING else and learn to lose like a professional. I spent tens of thousands of dollars on courses and 99% of them teach you how to "get into a market" it was not till I finally learned how to get out of a market. CeeIgnored
Disliked{quote} Very nice informative post but your #1 is wrong, it should be #2. #1 has to be the choice of broker. I have been trading for 15 years and 4 forex brokers went bankrupt on me over the years. The first time I lost $47,000. That was in 2005. The problem is that I was trading with a non-regulated broker. The other 3 brokers that went bust on me were from Cyprus and the UK so I received all my money back although it took me 16 months to get my money back when my UK broker went belly up. Most traders say that we should trade exclusively with regulated...Ignored
Disliked{quote} Where do you get this info? Mine is Pepperstone Australia. Oanda in Australia has no protection.. is it same with all brokers in Australia?Ignored
Disliked{quote}If a broker doesn't have a fund to protect traders in case of bankruptcy I would not put a dime with that broker.Ignored
Disliked{quote} Have you considered the current global situation and how this affects the protection schemes? Just curious is all. I dont have trading account in Spain but im very aware that Spanish banking sector is under huge stress, even to the point they may not be able to cover conventional bank accounts (protection schemes). Not so "aware" as to the banking situation in other countries as per current recession.Ignored
DislikedLike I said a complete waste of time. No professional traders here. Seems like he cut a huge loser short. Great trait of a successful trader. By the way instead of reading books about how great these market wizards are some of them actually participate on other forums with other professional, hugely profitable traders. One has to wonder why they don't participate on the great forex factory Winners hang out with other winners. Btw if any of you know how to get membership to this place revoked please let me know. I've messaged Twee numerous...Ignored
Disliked{quote} Where do you get this info? Mine is Pepperstone Australia. Oanda in Australia has no protection.. is it same with all brokers in Australia?Ignored
Disliked{quote} Experience is where I get the info My secondary broker is in Australia and, like all Australian regulated brokers, has no protection in case of bankruptcy. Trading bitcoin and gold with Oanda is atrocious because of high spreads. My Australian broker is much better for these two assets. The only difference is that I repatriate profits every two months from my Australian broker while I don't need to take profits out from Oanda. Some countries that have good protection in case of bankruptcy are Cyprus EUR 20,000, Greece EUR 30,000,...Ignored
Disliked@CeeSo. You're lucky it only took 5 years. I wish I could get back some of my time spent, it's a lot more.... I only lost half of that amount you stated. I started to pull back on my risk a lot since I knew something major was wrong, but definitely not soon enough! I was addicted to entering which I think might be a problem that I'm not alone in having. There can be a lot of issues affecting traders. Finding them out can take a long time but also may never be discovered. Many quit or have to. The random part is actually almost random when there...Ignored
DislikedSo I promised you guys I would continue with this thread and one of the biggest things I had to accept before I became profitable was the Mathematical Facts that the market is random 85% of the time. This is 1 year of the $EURUSD (trust me when I tell you that all the other pairs are almost identical) What this data is tell you is the market spend 85% of its time in a range plus or minus .50% What exactly does that mean? It means you are getting stopped out a hell of lot of the time if you are using tight stops. !!! THIS IS CRITICAL TO UNDERSTAND....Ignored
DislikedSo I promised you guys I would continue with this thread and one of the biggest things I had to accept before I became profitable was the Mathematical Facts that the market is random 85% of the time. This is 1 year of the $EURUSD (trust me when I tell you that all the other pairs are almost identical) What this data is tell you is the market spend 85% of its time in a range plus or minus .50% What exactly does that mean? It means you are getting stopped out a hell of lot of the time if you are using tight stops. !!! THIS IS CRITICAL TO UNDERSTAND....Ignored