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

  • #41
  • Apr 3, 2016 12:44pm Apr 3, 2016 12:44pm
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
test,test ,test,test ...........
  • #42
  • Apr 3, 2016 1:26pm Apr 3, 2016 1:26pm
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
Diversify, diversify, diversify.

Diversification is the key to successful investing. This should be the first thing taught to an investor before opening a demo account..
  • #43
  • Apr 3, 2016 1:31pm Apr 3, 2016 1:31pm
Trade the market, not your P&L.
  • #44
  • Apr 3, 2016 2:06pm Apr 3, 2016 2:06pm
if you cannot win, don't play.

followed by

You can't get to second base with you foot planted on first.

January 37 and 11
Feb 41 and 4
March 41 and 6
April 2 and 0
  • #45
  • Apr 3, 2016 3:48pm Apr 3, 2016 3:48pm
1. Enter when the market tells you to enter and exit when the market tells you to exit. Not sooner or later.
2. Practice on a simple strategy and focus on trading the strategy correctly not making money.
3. If it's not making money then get a new strategy.

If you can't learn to do this then you don't have a hope in hell.
Enter Signature
  • #46
  • Apr 4, 2016 8:16am Apr 4, 2016 8:16am
Quoting Rtm
who risks 1% per trade anyway?! that is suicide! more like .10%
Are you serious or joking? I can't tell.

Percentage risk is irrelevant. It's the monetary risk, whether it's 10% of $100 account or 1% of a $1000 account or 0.1% of a 10k account, still the same. Personally, I don't like brokers holding my money; I'd rather keep it in the bank. I'd rather use the interest free and unsecured loans they offer, called leverage...?
  • #47
  • Apr 4, 2016 8:40am Apr 4, 2016 8:40am
Percentage of risk depends on the amount that a trader is willing to lose. with an increase in the balance, this amount may grow or remain in place. More rates - higher risks.
  • #48
  • Apr 4, 2016 10:20am Apr 4, 2016 10:20am
A good trader - this is a patient trader.
trader is to blame for losses, not the market.
  • #49
  • Apr 6, 2016 7:08am Apr 6, 2016 7:08am
You must make sure that you have an edge. Without edge you won't go far. At best break even. Everything else comes second. Credits to Cat

Its almost funny how many of us are willing to risk our hard earned money when we aren't even sure if we have an edge.
...
  • #50
  • Apr 6, 2016 7:42am Apr 6, 2016 7:42am
Quoting Piquant
You must make sure that you have an edge. Without edge you won't go far. At best break even. Everything else comes second. Credits to Cat Its almost funny how many of us are willing to risk our hard earned money when we aren't even sure if we have an edge.
Advantage - it is certainly good. With the attainment of market and getting the experience comes the understanding that it makes no sense to take risks when you have no aces up his sleeve. But. Each came to the court for the order to earn. Rules for all alone.
  • #51
  • Apr 6, 2016 8:47am Apr 6, 2016 8:47am
Quoting Don M
1. Enter when the market tells you to enter and exit when the market tells you to exit. Not sooner or later. 2. Practice on a simple strategy and focus on trading the strategy correctly not making money. 3. If it's not making money then get a new strategy. If you can't learn to do this then you don't have a hope in hell.
True.....
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -185
  • #52
  • Apr 7, 2016 8:05am Apr 7, 2016 8:05am
Quoting Rtm
who risks 1% per trade anyway?! that is suicide! more like .10%
Actually this is very true, but I don't think anyone want to accept this fact. To build a nice equity curve, the lower the risk, the smoother it is.

Quoting Mingary
{quote} This statement is posted everywhere and repeated by everyone from "forex gurus" to all garden variety forex enthusiasts. Fact is "losing is part of trading" is not going to make you win. Forex enthusiasts seem to always be in a "losing in order to win" mode. Losing is part of losing and winning is part of winning, therefore the statement "in order to win all you need are winners bigger than losers" is logically valid, but is absurd in actual practice.
Personally, I think you should be trading profitably with the vast knowledge you had gathered, but I do not know why are you so negative all the time especially when you had already spent so much time pursuing this journey.

I took some time to wrote the below and search my skype folders for some screenshots. I am sharing my brief personal story below, the credibility of it, it is up to individuals. I don't really care. But I hope those who think negatively can get a little motivated.

https://www.dropbox.com/s/9eou4pkpmw...ding.docx?dl=0

Btw, I re-emphasize, I am not selling anything.
The only winner is the one who survive the longest...
  • #53
  • Apr 7, 2016 8:29am Apr 7, 2016 8:29am
Quoting Don M
1. Enter when the market tells you to enter and exit when the market tells you to exit. Not sooner or later. 2. Practice on a simple strategy and focus on trading the strategy correctly not making money. 3. If it's not making money then get a new strategy. If you can't learn to do this then you don't have a hope in hell.
I completely agree. But how to understand when it is necessary change the strategy, and when I suffer drawdown.
Or maybe just use the first rule "Not sooner or later." :-)
  • #54
  • Apr 7, 2016 10:49am Apr 7, 2016 10:49am
Quoting kinspk
{quote} Actually this is very true, but I don't think anyone want to accept this fact. To build a nice equity curve, the lower the risk, the smoother it is. {quote} Personally, I think you should be trading profitably with the vast knowledge you had gathered, but I do not know why are you so negative all the time especially when you had already spent so much time pursuing this journey. I took some time to wrote the below and search my skype folders for some screenshots. I am sharing my brief personal story below, the credibility of it, it...

Taming the beast requires constant vigilance. (:
  • #55
  • Apr 7, 2016 11:04am Apr 7, 2016 11:04am
Quoting Mingary
{quote} Taming the beast requires constant vigilance. (:
Wish you the best, your time will come. It will pay off one day. It's all about patience.

Trading is not about making how much money today, but who survive the longest. Because as long your capital is intact, you will have multiple chances to hit a home run.

Anyway, I alr remove the link, not promoting any thing.
The only winner is the one who survive the longest...
  • #56
  • Apr 7, 2016 11:11am Apr 7, 2016 11:11am
Work, work,work....
  • #57
  • Apr 7, 2016 11:33am Apr 7, 2016 11:33am
Quoting Ponzi Jr
Simple question: What is the single most important piece of advice you've received in your trading career?
To not ask advice about trading on about 95% of FF. Drove me for years!
Ghost Rider - WWTBMD?
  • #58
  • Apr 7, 2016 11:57am Apr 7, 2016 11:57am
Just a little sharing. As most bros here give very good advice. It's always better to do your own homework, so you know what you see out of the market.

Eg, I just enter a trade based on some reasons:

(1) I know price will start to retrace after a trend.
(2) I know how much a pair move in an hour.
(3) I know how much price move at different specific hour.
(4) I only use indicators that support my understanding of my market views
(5) I know my risk and potential profits.
(6) I set hard TP and SL to prevent any unexpected movement, or platform issue, but I will change my orders when it get nearer to my profit, and lock partial profit.

Although I do not enter at the best price level (recommended price short is 1.1390 to 1.1400), but I know from now to before US session close, it will not move against me for 30 to 50 pips normally, so my risk of this trade is low.

Price had hold at 50% a very common retrace level. Price had also stall at 1.14 level few times. So I just enter, even when I am late, because even it's 1 pip profit, I am happy with it.
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The only winner is the one who survive the longest...
  • #59
  • Apr 7, 2016 3:47pm Apr 7, 2016 3:47pm
Trading - is a risky business. Remember what you risk and do not try to earn all the money in the world.
  • #60
  • Apr 13, 2016 5:30pm Apr 13, 2016 5:30pm
Noobs, read this before you make your first live trade:

Try to make your first trade at that markets Extreme high or low.
Think of these markets (Forex, Options, Futures, or dreaded stocks) as individual oceans teaming with hideous dreadful gigantic monsters who want to swallow your account in one tick.
You do not want your first trade to be in the middle of the ocean with these guys.

Extreme stretched markets are easier to determine the next Big move. Think rubber-bands and mean reversion.

If you find a market somewhere that is or about to be over-stretched, check what a majority of the monsters are doing, set up your order and hope for the best.
If you get the best result ,your account will have a nice cushion to absorb a few stop outs while you continue learning and hopefully growing.
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