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things you learned from forex and improved your life

  • #1
  • First Post: Sep 14, 2011 9:47pm Sep 14, 2011 9:47pm
even though forex is all about money and most trader lose or at least can't keep profiting consistently, I hope we can learn something from forex that can improve our lifes in different ways

for me, I learnt from forex :

1- patience
2- the importance of risk management (even though I dont have proper risk management in forex as I only invest small amount of money)
3- improved my economic background (from reading news )


what about you ? what did you learn from forex ( should not be related to trading skills, trading techniques, trading style ..etc)
  • #2
  • Sep 15, 2011 7:21am Sep 15, 2011 7:21am
Quoting hamad00
even though forex is all about money and most trader lose or at least can't keep profiting consistently, I hope we can learn something from forex that can improve our lifes in different ways

for me, I learnt from forex :

1- patience
2- the importance of risk management (even though I dont have proper risk management in forex as I only invest small amount of money)
3- improved my economic background (from reading news )


what about you ? what did you learn from forex ( should not be related to trading skills, trading techniques, trading style...

First step is the most difficult. Step by step you can reach your goal. It's hard or almost impossible to jump instantly.
  • #3
  • Sep 15, 2011 7:49am Sep 15, 2011 7:49am
I can't control everything in my life. I can though figure out a lot of plans and when stuff happens work my plans without any stress and be successful. I'm actually better at this in the business and teaching world than I am here, but I also have many many more years of experience at that than I do at trading.

I've also looked at probability and odds more than anything in my life.

How clueless much of the world is to what's going on around them. I read several news services all day and what I have learned about the world and what is happening, I think has made me a better person.
A woman drove me to drink, and I forgot to thank her
  • #4
  • Sep 16, 2011 12:32am Sep 16, 2011 12:32am
For me it has helped with the following:

1. Patience - You can't expect everything to go your way all the time. But with patience you can analyze things better and make adjustments where necessary and execute what is necessary making you a more effective person.

2. Taking action - I am a cautious person by nature which has led to me missing a lot of opportunities. But forex has taught me that you must do something if you are to succeed. Not taking a trade even though it looked good but may turn the opposite direction and later see it would have been profitable has been a good lesson. If it matches your strategy go for it.

Happy trading!
  • #5
  • Sep 18, 2011 10:41am Sep 18, 2011 10:41am
I guess I can safely say that one of the skills that almost all traders will pick up is patience.

Another important thing i learned from trading (and possibly the one that i treasure the most) is that drawdowns will happen. Shit will happen in life but what we have to do is to ride it out. Stick to our working principles and philosophies in life (this can be liken to our trading system). Don't give up so easily or change your way of life just because you have a streak of bad luck (similar to many beginner traders who tinker with their system endlessly just because of a few losses).
  • #6
  • Sep 18, 2011 2:58pm Sep 18, 2011 2:58pm
Patience, concentration, and confidence this is the most important things I've learned from trading forex. For example there was a pattern forming on USD/AUD 30min chart the other day. While waiting for the pattern to complete I decided to meditate and practice karate to bring my focus back. After about an hour the patter was almost complete. Having vary good confidence at this point was key. I set the limit order, stop loss, tp after rechecking the patter for variables of course. Price went withing 1 pip of the SL then proceeded all the way to TP within a few hours time. Moral of the story is have patience, concentrate on goals, and have confidence in your strategy.
  • #7
  • Sep 18, 2011 4:35pm Sep 18, 2011 4:35pm
What have I learnt from trading in the Forex market that has improved my life?

That there is much more to the world than my town and the people that I know.
Living the adventure in my head.
  • #8
  • Sep 19, 2011 7:34am Sep 19, 2011 7:34am
Patience, and to appreciate learning, diligence and hard work.... since FOREX trading requires all of it.

Heck, I'm married and I have kids, FOREX surely can't be harder than that. lol
  • #9
  • Jan 18, 2016 4:39am Jan 18, 2016 4:39am
Quoting hamad00
even though forex is all about money and most trader lose or at least can't keep profiting consistently, I hope we can learn something from forex that can improve our lifes in different ways for me, I learnt from forex : 1- patience 2- the importance of risk management (even though I dont have proper risk management in forex as I only invest small amount of money) 3- improved my economic background (from reading news ) what about you ? what did you learn from forex ( should not be related to trading skills, trading techniques, trading style ..etc)...
*To be hardworking towards my goal
*Not everything go the way you want them to / You cannot always have what you want
*Take risks in life
And finally to be attentive and watchful all the time
  • #10
  • Jan 18, 2016 4:47am Jan 18, 2016 4:47am
Quoting johnny2pips
concentration
Concentration to me is by far the most important thing in trading.

Give me weak analysis but maximum concentration and I'll beat anyone with superb analysis but weak concentration.
Road To Wisdom? To err and err and err again, but less and less and less...
  • #11
  • Jan 18, 2016 10:48am Jan 18, 2016 10:48am
Among other things, one of the greatest things that forex has reinforced is that most people know very little of what they talk about. Often, those that say the most know the least (check the interactive trading threads for proof). I also learned to ignore others and focus on my own version of reality (i.e. ignore news and opinions and focus on what the market is telling me at this very moment). One that has taken a gazillion years to sink in is risk management and in concert with that, a lack of greed. Ya gotta take some of what the market giveth before the market taketh back and jams it up your butt.

P.S. I also learned that it makes me absolutely red in the face when people misuse "lose" and "loose". It shows such a lack of caring and an indifference to detail.
There's always money in the banana stand.
  • #12
  • Feb 10, 2016 4:26pm Feb 10, 2016 4:26pm
Honestly guys, forex has thought me a lot and sometimes I have come to learn the hard way.
I for One has learned the below;
Patience
Exposure (crossing boundaries and borders)
How the financial world works
Importance of being informed (News)
Being judicious about spending!
  • #13
  • Last Post: Feb 11, 2016 8:36am Feb 11, 2016 8:36am
Quoting hamad00
even though forex is all about money and most trader lose or at least can't keep profiting consistently, I hope we can learn something from forex that can improve our lifes in different ways for me, I learnt from forex : 1- patience 2- the importance of risk management (even though I dont have proper risk management in forex as I only invest small amount of money) 3- improved my economic background (from reading news ) what about you ? what did you learn from forex ( should not be related to trading skills, trading techniques, trading style ..etc)...
Hi, hamad00

I partially agree with you, but I'd like to note something. Constant profit can keep. It's all about the money as you've written before. This is a topic for another thread, and of course a lot of questions such as are you talking about each transaction or for a certain period of time? I agree with the fact that every transaction cannot be profitable without drawdowns.
As for what FX is bringing into my life. All are writing about patience, news, economics. Fair enough.
But no one said about loyalty to yourself. Forex teaches to listen to yourself, paying no attention to external noise.
Forex makes you to develop, otherwise it loses all meaning.
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