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

  • #101
  • Apr 26, 2016 4:48am Apr 26, 2016 4:48am
"Be patient. Don't trade just because you want to trade" or in other words, wait for the best moment to open a trade.
  • #102
  • Apr 26, 2016 4:48am Apr 26, 2016 4:48am
Quoting turnip15
Leave Forex Factory
This coming from a member who is almost 10 years site member is not believable.
When the going gets tough , the tough get going
  • #103
  • Apr 26, 2016 5:28am Apr 26, 2016 5:28am
Quoting Stubborn
{quote} This coming from a member who is almost 10 years site member is not believable.
Okay -so stay
every Saint has a past. Every Sinner has a Future
  • #104
  • Apr 26, 2016 9:35am Apr 26, 2016 9:35am
Quoting turnip15
{quote} Okay -so stay
I am definitely staying. Why are you still here for almost 10 years and yet advising others to leave and consider it the best advice?
When the going gets tough , the tough get going
  • #105
  • Apr 26, 2016 9:41am Apr 26, 2016 9:41am
Quoting mlawson71
"Be patient. Don't trade just because you want to trade" or in other words, wait for the best moment to open a trade.
In addition, you have to be confident. Because so you can wait forever for a better time. It comes with experience, I suppose.
  • #106
  • Apr 26, 2016 1:21pm Apr 26, 2016 1:21pm
Quoting turnip15
Leave Forex Factory
The best advice which i have read here!
  • #107
  • Apr 27, 2016 4:25am Apr 27, 2016 4:25am
Quoting halilunuh
{quote} In addition, you have to be confident. Because so you can wait forever for a better time. It comes with experience, I suppose.
I agree. Forex trading is a balancing act between patience and confidence, if you lack either you can make a serious mistake.
  • #108
  • Apr 27, 2016 8:48am Apr 27, 2016 8:48am
The best advice...hmmm...

" Don't log in to forex factory if you are on trading mode for focus purposes. After finish trading that is the time you can log in to forex factory for entertainment..."
  • #109
  • Apr 27, 2016 9:05am Apr 27, 2016 9:05am
Quoting Liza J
The best advice...hmmm... " Don't log in to forex factory if you are on trading mode for focus purposes. After finish trading that is the time you can log in to forex factory for entertainment..."
You know, I think your advice is very right. If you go to the forum at the time of trade, forecasts, and other views can affect your decision. This can not be allowed.
  • #110
  • Apr 27, 2016 11:11am Apr 27, 2016 11:11am
For earning its necessary to learn to lose. There isn't success without loses
  • #111
  • Apr 27, 2016 2:13pm Apr 27, 2016 2:13pm
The best advice: Trade small and think about risk/reward. If the trade goes against you, you will have a small lose. If it works out well, you win big.
  • #112
  • May 8, 2016 10:42am May 8, 2016 10:42am
'A fool and his money are easily parted'
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #113
  • May 9, 2016 3:22am May 9, 2016 3:22am
Don't think in terms of profit, think in terms of initial risk and take appropriate position, so that even if SL is hit, you are very much comfortable with that loss.
  • #114
  • May 9, 2016 3:33am May 9, 2016 3:33am
Quoting The Cableguy
'A fool and his money are easily parted'
This principle applies in any area
  • #115
  • May 9, 2016 5:40am May 9, 2016 5:40am
Quoting Vincelev
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.
Hi vincelev i must admit your have put down something that i have always thought of for long,long time and put it in practice......YOU MUST PUT ALINE IN THE SAND,BUY WHEN IT GOES UP AND SELL WHEN IT GOES DOWN. the most tricky part is the line itself,will u be kind enough and elaborate to me where you have been placing it?.thanks
  • #116
  • May 9, 2016 6:45am May 9, 2016 6:45am
Quoting The Cableguy
'A fool and his money are easily parted'
No shortage of those in markets.

"There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily or sufficient knowledge to make his play an intelligent play."

"The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker!"
  • #117
  • May 9, 2016 8:54pm May 9, 2016 8:54pm
"Those who cant do... teach"
  • #118
  • Last Post: May 10, 2016 7:13am May 10, 2016 7:13am
Quoting Diocletian
Noobs, read this before you make your first live trade: Try to make your first trade at that markets Extreme high or low.


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.
That's actually pretty good advice.

There's a paradox with extreme moves, they look the riskiest to take (against them) but the risk is often small, or at least a lot smaller than one would think.

Caution against taking them in a clearly flowing market, better in some sort of range market or if the extreme takes out a high/low (on a higher timeframe) or is a big re-test level.

As Dio says, you've got to put your trade on and hope for the best (which is really what trading is about, hoping for the best with reasonably intelligent trades). If/when these trades go right, there's a tonne of money to be made and that will cushion you against the losses when wrong.

Trading extreme risk moves is also my number one bit of advice re this threat - DO THE HARD THING.
Road To Wisdom? To err and err and err again, but less and less and less...
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