What did you wish you'd known about trading Forex?

What is the best advice you'd give someone else about Forex?

What is the best advice you ever got, or what you wish you'd known when you started trading Forex?

Hi babyleaps,
To anybody who's starting out, i'd really emphasise
about the fact that demo trading is vital, and that you should
be able to show a profit for 6 consecutive months before opening
an account with hard cash. And even then you should trade small
amounts, slowly building up your capital.
It is very easy to crash
and burn in Fx.
Yours,
Jim.

-Trading is not a get rich quick business!!! If you wan't to make it you will have to put in years of hard work,sweat and paint to come out ahead.
-In this busines you are going to have to take a long hard look at yourself!!!

Ah paint - Thanks thats whats been missing

I think one of the best advices someone once told me was to never read trading forums - Maybe I should have listened.

Loss is a part of this business. Learn to handle losses emotionally and financially.

Method + Money Management + Trader = System >>> from the legend, Dial... with emphasis for me TRADER

Don't treat "trading" as rocket sciences.
Play it for what it is: a bully game of stops hunting, target shooting, barriers busting, rumors mongering...

I'll build on that, dd.

How many loses in a row can you withstand before you chuck your precious trading rules out the window and start chasing your losses? Can you sit at your computer for hours, making careful analysis, and remain calm and focused as your losses mount? What if you lost 5 trades in a row? How about 10? 15? If you trade long enough, horrible losing streaks will occur even if your system has positive expectancy. Do you have the discipline required to take 10 losers in a row and still stick to your plan? Easy to say yes, but very, very, very hard to do. Of course, no one really knows how they will react until it happens to them. I hope for all of the readers that it happens on demo.

Regards,

(laughing) PERHAPS

I think I would tinker with that advice to say Learn to FILTER out what is crap, and what is real. Read them enough to find out who knows what they're talking about, and who is full of it

The best advice I've ever received: Stop listening to everyone and start thinking on your own.

The worst advice I've ever received: Indicators are the only way to profitability.

That the words "Forex" and "Easy" should never be used in the same sentence. Much less as part of a title

This one I've learned the hard way....

DON'T SCALP AGAINST THE TREND.

by listening to that advice, you've already disregarded it...........

lol but i agree. use your brain people. its the best tool you have.

1. avoid it!

2. a good trade tends to work your way relatively quickly and you have to 'milk' it the best you can.

why wasnt i learning and earning @16

Another one, I read here on the board (my apologies to the original poster, can't recall who you were).

When a trade goes really bad, close it out, and consider the money lost as training fees for the knowledge you (should) have just gained.

I would have to say for me it's dicipline.

Wished i started learning about Forex earlier! The MM rules of max 2% risk per trade is the most sage advice in trading IMHO, that would saved a lot of tuition fees when i was trading stocks.

The other point is learning that indicators are useless. Price action and volume is all you need.

What is the best advice you'd give someone else about Forex?

code, code long and code well.....


What is the best advice you ever got, or what you wish you'd known when you started trading Forex?

double martingale = -AccountBalance();

......h