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What have you learned?

  • #161
  • Sep 1, 2021 7:16am Sep 1, 2021 7:16am
@SiegmundNZ, over the years, I have learnt one thing for sure, spreads always eat up a good chunk of your profits and to avoid that, I always go for high liquidity pairs and avoid news trading because as soon as a major news break, the spreads are widened accordingly which hurts most of the profits.
  • #162
  • Sep 4, 2021 3:35pm Sep 4, 2021 3:35pm
*I have learned that traders' personalities often change over time as they are forced to become more grounded in data, science, and indicators rather than living in their own heads.
*I have learned that I am not as smart as I once thought I was.
*I have learned to ask questions and learn from others. Education is constant and is required for continued success.
*I have learned that trading success is more about your own judgment than it is about alerts or indicators. Even with great indicators one still has to make good decisions.
*I have learned to take risks and to make sacrifices in my personal life in order for trading to be possible.
  • #163
  • Edited Sep 7, 2021 12:33am Sep 6, 2021 3:18pm | Edited Sep 7, 2021 12:33am
Quoting Mokerkane
*I have learned that traders' personalities often change over time as they are forced to become more grounded in data, science, and indicators rather than living in their own heads.

problem is that markets are becoming more and more efficient.
  • #164
  • Sep 7, 2021 6:20am Sep 7, 2021 6:20am
Quoting Mokerkane
*I have learned that traders' personalities often change over time as they are forced to become more grounded in data, science, and indicators rather than living in their own heads. *I have learned that I am not as smart as I once thought I was. *I have learned to ask questions and learn from others. Education is constant and is required for continued success. *I have learned that trading success is more about your own judgment than it is about alerts or indicators. Even with great indicators one still has to make good decisions. *I have learned...
While I agree with the first four ponts, I am a little unsure about the last one. I hope these sacrifices are not about something important. Trading is a business and it should only be taken as that. Any sacrifice related to health, family or your own time that is needed for your personal growth is not worth sacrificing for trading.
  • #165
  • Sep 7, 2021 7:41am Sep 7, 2021 7:41am
Over years of trading forex, I learned that the market is more unpredictable than we would ever know. Just when you think you know in which direction the market is going, the market takes an unexpected turn. It needs a lot of experience and market analysis for a trader to determine the market movement and make trading decisions accordingly.
  • #166
  • Sep 7, 2021 10:32am Sep 7, 2021 10:32am
I have learnt that the bid/ask spread is one of the most important variables that retail traders have to consider.

When I was a newbie trader I started off using 5 pip S/l and 10 pip T/P for a 2:1 risk/reward ratio, (as I suspect many new traders do). I wasn't very successful. So I did a deep analysis of the EURUSD M1 chart with a reliable Zig Zag indicator. I set it to 5 pips as the minimum leg size, which for me signified the kind of retracement I could deal with.

The results seem to suggest that most small swings were around 7 pips and the 10 pip legs were relatively rare in comparison. So, I started using a 10 pip stop loss and left the take profit open, so I could monitor the trade closely and decide when to get out if the trade had already hit a 7 pip loss or profit.

This resulted in an improvement, but still left me short of a profit. It was only then that I noticed the high bid/ask spreads I was trading against with that broker, so of course looked for a better broker.

Now, if you use MT5 you can download a free indicator, Bid/Ask spread analysis in MetaTrader 5 - MQL5 Articles that reports the true recent bid/ask values, not just the spread your broker declares it to be.
  • #167
  • Sep 15, 2021 3:28am Sep 15, 2021 3:28am
always be ready for wrong more then right.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -1,947
  • #168
  • Sep 15, 2021 11:09pm Sep 15, 2021 11:09pm
I've learned ( the hard way) that IF you day trade meaning not holding overnight positions That you must set a daily loss limit. its as important as setting a daily goal. If the market is in a channel as a trend trader for example and you've said "OK, im gonna lose % max today" and you've hit that limit, then stop trading. come back to fight another day because if you just keep getting whipsawed today aint the day. next thing you know you'll be down 10% and so on. Its not just about how much you risk on one trade that matters, its how much you loose within a certain period that makes you say "I've hit my limit for x period, I'll come back next time"
  • #169
  • Sep 17, 2021 4:12pm Sep 17, 2021 4:12pm
I think that trading teaches a lot. It teaches patience, calmness, it develops and ability to make decisions consciously, it teaches never rushing and many other things which can be useful in your ordinary life. Unfortunately, not all traders listen to advice which they're give by professional traders and I guess that they must do it. It really helps them to master tradign activity and reach their goals. I've learnt that you can't get money for nothing. You should always make efforts in order to earn money. Some traders are sure that trading is easy, however it's not at all. I would advice such traders to treat trading seriously.
  • #170
  • Edited 6:07pm Sep 17, 2021 4:56pm | Edited 6:07pm
I've also learned that an edge is not the trade setup you use, its how, when and why you use it. Big emphasis and the when
  • #171
  • Sep 18, 2021 12:41pm Sep 18, 2021 12:41pm
Quoting Vudokus
I think that trading teaches a lot. It teaches patience, calmness, it develops and ability to make decisions consciously, it teaches never rushing and many other things which can be useful in your ordinary life. Unfortunately, not all traders listen to advice which they're give by professional traders and I guess that they must do it. It really helps them to master tradign activity and reach their goals. I've learnt that you can't get money for nothing. You should always make efforts in order to earn money. Some traders are sure that trading is...
do you think the professionals have the magic wand or something ? >80% of them lose money... and most of the winners trade high risk / gamble with other people's money
  • #172
  • Sep 18, 2021 1:03pm Sep 18, 2021 1:03pm
Quoting Vudokus
I think that trading teaches a lot. It teaches patience, calmness, it develops and ability to make decisions consciously, it teaches never rushing and many other things which can be useful in your ordinary life. Unfortunately, not all traders listen to advice which they're give by professional traders and I guess that they must do it. It really helps them to master tradign activity and reach their goals. I've learnt that you can't get money for nothing. You should always make efforts in order to earn money. Some traders are sure that trading is...
So True my friend. Everything you say here makes sense, And I am saying this from a battle-scarred veteran.
Cheers.
Trade to trade another day
  • #173
  • Sep 18, 2021 2:15pm Sep 18, 2021 2:15pm
I have learned that you need two systems for success.
1. Buy Low Sell High
2. Buy High Sell Low
t.me/LWBRfx Discord.io/LWBR
  • #174
  • Sep 25, 2021 2:13pm Sep 25, 2021 2:13pm
I've made good experience with splitting my position into a few small positions and not using a stop loss.
So I have a bigger area where i enter and i dont need to pin point my entry.
Of course if I'm in too big drawdown i look for good price-levels to close, thats actually the hardest part....to know when you need to take that hit and get out.
I have made good and constant profits the last two years. But I have to mention it was only demo.
  • #175
  • Sep 29, 2021 11:17am Sep 29, 2021 11:17am
Cool! you all know really so much useful information!
well.. could you please advice me some course where I can read smth and practice? mayve 2-in-1??? if you know, of course... cause I am a new one in Forex world and I am afraid to have a lot of losses in the beginning.. I would appreciate any help or advice
  • #176
  • Oct 11, 2021 1:35am Oct 11, 2021 1:35am
The most important thing I learnt is that there is no one other than you that you can trust with your money. Everyone is your competitor in the market and you will make money only if you defeat them through your trades.
  • #177
  • Oct 13, 2021 1:56am Oct 13, 2021 1:56am
I’ve learnt that learning never stops. The moment when you think you know everything, you will realise that you are a fool in thinking this. There’s always more to learn, it’s a life long and continuous process.
  • #178
  • Oct 13, 2021 3:28am Oct 13, 2021 3:28am
Quoting VantHarp
I have learned (or started to think) that the only way to be profitable is to discover objective rules for trading. Sooner or later subjectivity kills your account. Some setups/chart formations that I observed to be very profitable just by scrolling the chart failed miserably when I programmed that pattern and backtested. I have also learned that out of the hundreds of books available for trading only a few are written by real traders, and they have presented their ideas in puzzle form - for obvious reasons. No matter how generous they are, if they...


Hi Bro
can you tell wich book is for real trader ?
  • #179
  • Edited 10:19pm Oct 13, 2021 4:14am | Edited 10:19pm
I’ve learned that to become a successful trader, one needs to discover a proven profitable non-subjective technical strategy that matches his/her mental state …
Market is not random but unpredictable
  • #180
  • Oct 13, 2021 7:11am Oct 13, 2021 7:11am
11 years of forex trading experienced

I learnt that EA cannot make u consistent profit
u as a human being cannot follow discipline,
brokers don't want to u make a profit
there is no holy grail. if there is it will not for sale and should be hidden and maybe cost 1000000000 $ or more
if EA and trading system and mentors/teachers/guru,s are highly profitable why everything is for sale for a cheap price ??
Now A days traders are more profitable than past
and to make profit there is only one key/strategy/factor/system and that is do any thing but remove ur fear and u should be profitable
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