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

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

  • #1
  • First Post: Apr 1, 2016 12:54pm Apr 1, 2016 12:54pm
Simple question: What is the single most important piece of advice you've received in your trading career?
  • #2
  • Apr 1, 2016 1:29pm Apr 1, 2016 1:29pm
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"
  • #3
  • Apr 1, 2016 1:31pm Apr 1, 2016 1:31pm
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!
  • #4
  • Apr 1, 2016 1:33pm Apr 1, 2016 1:33pm
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?
  • #5
  • Edited 2:19pm Apr 1, 2016 2:00pm | Edited 2:19pm
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.
  • #6
  • Apr 1, 2016 2:02pm Apr 1, 2016 2:02pm
"Losing money is worse than not having money."
  • #7
  • Apr 1, 2016 2:13pm Apr 1, 2016 2:13pm
The trend is your friend ..until it is not. Lol
Learn THEN Unlearn
  • #8
  • Apr 1, 2016 2:21pm Apr 1, 2016 2:21pm
Never take risks that are not ready to lose!
  • #9
  • Apr 1, 2016 2:24pm Apr 1, 2016 2:24pm
Quoting DemoAntares
{quote} "Don't trust anyone"
As a rule, I feel like that is true in general.
  • #10
  • Apr 1, 2016 2:24pm Apr 1, 2016 2:24pm
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*
  • #11
  • Apr 1, 2016 2:26pm Apr 1, 2016 2:26pm
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)
  • #12
  • Apr 1, 2016 2:30pm Apr 1, 2016 2:30pm
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.
  • #13
  • Apr 1, 2016 4:13pm Apr 1, 2016 4:13pm
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
  • #14
  • Apr 1, 2016 9:07pm Apr 1, 2016 9:07pm
"You must read Market Wizards, its less than twenty dollars on Amazon."
  • #15
  • Apr 1, 2016 10:02pm Apr 1, 2016 10:02pm
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
  • #16
  • Apr 1, 2016 10:07pm Apr 1, 2016 10:07pm
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
  • #17
  • Apr 1, 2016 11:19pm Apr 1, 2016 11:19pm
Bears make money, bulls make money, but pigs get slaughtered.
  • #18
  • Edited 11:37pm Apr 2, 2016 1:34am | Edited 11:37pm
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
  • #19
  • Apr 3, 2016 12:11am Apr 3, 2016 12:11am
What is the single most important piece of advice you've received in your trading career?

Get a real career.
  • #20
  • Apr 3, 2016 2:03am Apr 3, 2016 2:03am
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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