Putting a Gun to your Head - 1 Piece of Trading Advice
Veterans and Newbies and any one in between, If you had to pick just one piece of advice from your trading career/experience, What would it be? and importantly, Why? Thanks
{quote} Dont do it once you're in it you're in it but weighing up the pros and cons the reward for effort just isnt there. imagine being so good at this that any few hours you spend away from the screen is costing you money through opportunity cost your wife who you did it all for divorces you and takes the kids. Your health deterioates rapidly but still you're a 1%er and that keeps you going despite all else. its sick man the time investment HUGE. And even if you ivest 10 years of your one and only life chances are you will not make a dime in the...
1. Examine the losses (i simply do not see any other way around) 2. Always win (even when you lose, try to learn something out of that) p.s. these are from a Newbie. i will keep you updated, if i can make it to a Pro... so, don't take these too seriously! {image}
{quote} "These are from a newbie..." So is this: The earth is flat and the sun rotates around the Earth...
{quote} My one piece of advice -- train your mind to assess individual currencies, not pairs of currencies. A nations currency is a tangible asset whose value increases and decreases for a variety of clear, discernible, real-world reasons. Learn and study those reasons. A pair is an artificial construct, an abstract relationship between two assets. Understanding that, IMO, should be the foundation of any trading career.
{quote} Sure, mate, sure! Have not heard of that before? Flat Earth? Watch This:
1. Understand your own psychology. After few years of trading, if you are rational person you will realise that FX trading is for you or not. If its not for you, the earlier you quit the better. 2. If you can't control yourself, but have a winning trade strategy, try to automate it. Accept what the markets gives you. Every little helps!. 3. If you are in control of your psychology, all you need is a simple trade strategy. Stick to the plan and never ever hang on to losing trades. 4. Patience and discipline. Strike when the opportunity presents itself....
{quote} Find a method you like, trust it and trade it with confidence. Lack of confidence had always been my personal Achilles' heel and once I started trusting a method (almost any method would do), I started generating profits. I'm still on demo but if I show consistency for 3 months, I'll trade live.
