Things I've learned (as a n00b)

Hi all, I know a lot of people have trading journals here...I'm going to keep a thread of the things that I've learned in my first few weeks of trading.

1) Use stops not only to stop losses but to protect gains. If you have a sizeable unrealized gain and you don't want to lose it, PUT A STOP IN....trailing ones are fine.

2) If you think you have a good intuition, trust it. There's few things worse than saying 'Oh I wish I bought/sold....' after you thought about doing it the first time before the big move.

Any other contributions??

Of course the best advise I ever got was:

Two up.
One back.
A hot meal a day.
And a clean pair of socks.

But that really doesn't aply here but it works if you have a bunch of guys with guns behind you and more in front of you that don't like you much.

I was once told to watch out for lunch hour, when the big boys go to lunch the little guys will screw things up and when the big boys get back they will try to get the market squared away again, so, if you got in while they were out you were probably in the wrong position. I only trade after market open, London and New York and am always out before their respective lunch hours (Noon).

Mr Whipple, it sounds like we're about the same age with the same experience when we were younger. I didn't know them and I'm sure they didn't know me, so what the hell were we trying to kill each other for? The powers that be put me there, but I got even, I've been getting a tax free disability check and free medical for the last 37 years, that'll teach them! Also why isn't your hair gray and thin like mine?
Cheers and Happy Trading,
Dave

I misunderstood GoatT's intent when he posted his "journal" here in the Beginner's Forum, which is why I had moved it to the Journal Factory. Now I've put it back where he intended. Sorry for any confusion.

A special thanks for GoatT for wanting to add useful content to the Beginner's Forum.

Thanks GoatT!

Dial

welcome to the forum aggie. gig-em

Hi guys, after a conversation w/Dial I wanted to let you all know this is a community thread. I will add things I've learned, but I want everyone to contribute to help everyone else.

Hope you have a profitable new year all! Best of luck!

Best Forex advice ever? Sorta like; you know how in real estate they say that you only have to know 3 things: location, loaction and location. I think the same sort of thing applies in Forex, except it is: price, price, price.

Keep gazing at those charts and pips to you for the new year.