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Putting a Gun to your Head - 1 Piece of Trading Advice 83 replies

Question for you guys: What do you need advice on the most? 12 replies

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What is the most important piece of advice you've received?

  • Post #1
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  • First Post: Apr 1, 2016 1:54pm Apr 1, 2016 1:54pm
Simple question: What is the single most important piece of advice you've received in your trading career?
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
"Don't trust anyone"
Quoting DemoAntares
{quote} "Don't trust anyone"

If you can't trust anyone, how can you trust somebody telling you not to trust anyone?

Kind of a zero divide error there, no?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
Quoting Magix
{quote} If you can't trust anyone, how can you trust somebody telling you not to trust anyone? Kind of a zero divide error there, no?
Did I really tell him not to trust anyone?
  • Post #5
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  • Edited 3:19pm Apr 1, 2016 3:00pm | Edited 3:19pm
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
Don't just follow indicators blindly. The key is in how you use them. The thought process is what matters most.
Understanding liquidity, Time Action and Price Action is priceless!
"Losing money is worse than not having money."
The trend is your friend ..until it is not. Lol
Learn THEN Unlearn
Never take risks that are not ready to lose!
Quoting DemoAntares
{quote} "Don't trust anyone"
As a rule, I feel like that is true in general.
Quoting Magix
{quote} If you can't trust anyone, how can you trust somebody telling you not to trust anyone? Kind of a zero divide error there, no?
I like the way you think

*tips hat*
Quoting LITEchild
{quote} Don't just follow indicators blindly. The key is in how you use them. The thought process is what matters most.
Absolutely. As with prior advice - I'd say "don't follow blindly" is good advice in any situation - not just trading. Though, I feel this is something that I do already (and is the reason I don't use Fibbonacci)
Quoting Diocletian
"Losing money is worse than not having money."
That depends on whether you learned something from your loss. I'm currently a student at university and, as such, a few hundred is a lot of money (to lose) to me. However, I've put as much money as I can spare into a trading account - expecting to lose it.

My logic behind this is that, if you learn from you mistakes, bearable losses are not equivalent to throwing money away.
Analyze each currency individually before you decide to buy or sell it; don't try to analyze "pairs" of currencies.
si hoc legere scis nimium eruditionis habes
"You must read Market Wizards, its less than twenty dollars on Amazon."
Quoting Ponzi Jr
{quote} That depends on whether you learned something from your loss. I'm currently a student at university and, as such, a few hundred is a lot of money (to lose) to me. However, I've put as much money as I can spare into a trading account - expecting to lose it. My logic behind this is that, if you learn from you mistakes, bearable losses are not equivalent to throwing money away.
This is so true IME. The sting of a $50 mistake is priceless. It's the single reason I'm actually learning now, compared to demo trading. In fact, I feel demo trading can be dangerous because it has no consequences.

Reminds me of TRT's 1-pip challenge
http://www.forexfactory.com/showthre...37#post2192537
Quoting numbnuts
Analyze each currency individually before you decide to buy or sell it; don't try to analyze "pairs" of currencies.
YESSSS!!!! And avoid double exposure... people trade AUD/X and NZD/Y and then take double loss when Aussie goes wrong.
/facepalm lol
Bears make money, bulls make money, but pigs get slaughtered.
  • Post #18
  • Quote
  • Edited Apr 3, 2016 12:37am Apr 2, 2016 2:34am | Edited Apr 3, 2016 12:37am
3 advices changed the way i look at market forever. They guided me in my research and help me constuct a very profitable scalping/trading system:

1- Learn to trade without charts.
2-You must put a line in the sand.

The most important:
3-Buy when it goes up and sell when it goes down.
You got to strike when the moment is right without thinking
What is the single most important piece of advice you've received in your trading career?

Get a real career.
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
Do not use too much leverage.
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