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What is your hardest-learned lesson in FX?

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  • Post #61
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  • Mar 27, 2014 11:53am Mar 27, 2014 11:53am
  •  deltatrade
  • | Joined Mar 2010 | Status: strategy development | 643 Posts
there are practically no long term successful traders in forexfactory. trading systems although they are a great number of them are written by overly enthusiastic 1-2-3 months with some success traders and they are 99.9% failures. no objectivity and a lot of confidence when there should be none.
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  • Mar 27, 2014 1:40pm Mar 27, 2014 1:40pm
  •  Hyperion
  • Joined Mar 2011 | Status: Focus on the action not the outcome | 632 Posts
Quoting 60minuteman
Disliked
{quote} complete opposite, taking small profits is pure fear trading, a 10 pip win will never generate enough profit and if you couldn't afford the trade to lose then should never of taken it in the first place. The fact the market was in your favour for a bit bears no relevance. Let all your entries run, when the market decides it wants to go your way you will reap massive wins the early closers never ever accomplish.
Ignored
Bang on. The direction and steepness of my equity curve changed (for the better) as soon as I learned this. Van Tharp's books helped me get this crucial point.
I forced myself to try it initially just as an intelectual excersise and then felt a bit stupid that what everyone had been saying was in fact right!
  • Post #63
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  • Mar 27, 2014 2:54pm Mar 27, 2014 2:54pm
  •  Jhig
  • Joined Oct 2008 | Status: Sentiment and Global Macro | 2,321 Posts
Here, a few nuggets of trading wisdom: http://www.elitetrader.com/vb/showthread.php?t=248102

Here is a thread with some "market secrets": http://www.elitetrader.com/vb/showthread.php?t=4067
  • Post #64
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  • Last Post: Mar 31, 2014 1:53am Mar 31, 2014 1:53am
  •  SydneyTrader
  • | Joined Mar 2014 | Status: Member | 4 Posts
Very interesting posts - I see alot in these posts of what I have done incorrectly and learnt from so you're not alone.

When I first started out I just couldn't get around cutting my losses and bailing out. I had a stop loss but would try and change it and of course I usually lost money so I learnt to stick to my plan, keep the stop loss where it is (or move in accordance with my rules) and if I lost then it was just a losing trade and emotionally I could move on. Van Tharp's book Trading Beyond the Matrix helped alot.

One of the best things I learnt was to close a trade before Friday NY close (I don't trade long term). One Monday I opened my account to find there had been slippage and of course I lost out. I wrote this into my Trading Plan (must close trades Friday night) and now I stick to the Plan. But really, I thought I was a disiplined person when it came to money and then I started Trading and learnt about how much fear I had around it. It's not easy to conquer but you can do it if you really decide to work on your emotions.

A guy I worked with used one of those automated Robot Trading systems - it killed his entire account overnight. He swore he'd never trade again and I think he took 6 months off. He's back now, using his own strategy and is pretty succesfull so it pays learn from other's mistakes too. The funny thing with Trading is, for me anyway, I actually don't really learn until I go through the experience of the error first hand - then it's something I'll never forget.
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