Author Topic: 5 Things I have learned in 5 years of trading!  (Read 1703 times)

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Offline cashisking86Topic starter

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5 Things I have learned in 5 years of trading!
« on: August 16, 2021, 10:44:08 AM »

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  • A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps.
  • Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out.
  • Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading.
  • Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it
  • Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that.

 
What else have you all learned in your time trading?
The following users thanked this post: HeavLeighGill

Offline mlawson71

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Re: 5 Things I have learned in 5 years of trading!
« Reply #1 on: August 16, 2021, 01:06:28 PM »
I think the broker is quite important. If you don't pick a good, broker, the chance to get scammed increases a lot, as scams are still a pretty big problem in the cryptocurrency industry.

Offline HeavLeighGill

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Re: 5 Things I have learned in 5 years of trading!
« Reply #2 on: August 16, 2021, 03:38:45 PM »
I thought you made several great points! I've dealt with some of these myself and also learned to cope with losses in a healthy manner during my time trading. I've only been at it for a little over a year so still have a lot of lessons to learn. I like how you pointed out that most forex gurus are scammers and how it's better to come up with your own strategies. Many of the things that seem too good to be true in forex are, but I think most beginners wonder if it could really be as easy as following these people and being able to sit back and make money.
Thanks for posting!

Offline Swiss_cheese

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Re: 5 Things I have learned in 5 years of trading!
« Reply #3 on: August 16, 2021, 10:38:04 PM »
Agreed that it is certainly not a get rich quick scheme! Some good points in here.

Also, you can not buy experience. Time in the markets is one of your most valuable assets.

Offline cashisking86Topic starter

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Re: 5 Things I have learned in 5 years of trading!
« Reply #4 on: October 15, 2021, 07:03:27 PM »
I think the broker is quite important. If you don't pick a good, broker, the chance to get scammed increases a lot, as scams are still a pretty big problem in the cryptocurrency industry.
I suppose I should have reworded it that I don't think the process of finding a decent broker is difficult really. Most are ok and in the age we live in the information is out there to quickly find out if they are any good or not. Some people end up spending ages on this step and I think, in my experience, it isn't that hard.

Offline donein

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Re: 5 Things I have learned in 5 years of trading!
« Reply #5 on: October 19, 2021, 07:15:46 AM »
Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out.
of course, they don't trade... they are too busy selling courses LOL

Offline cfdex

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Re: 5 Things I have learned in 5 years of trading!
« Reply #6 on: October 20, 2021, 09:51:46 AM »
Don't trade when you don't have a plan

Offline cashisking86Topic starter

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Re: 5 Things I have learned in 5 years of trading!
« Reply #7 on: October 21, 2021, 11:15:54 AM »
Don't trade when you don't have a plan
Another great nugget! Random trading = random results

Offline mlawson71

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Re: 5 Things I have learned in 5 years of trading!
« Reply #8 on: October 21, 2021, 03:06:45 PM »
Random trading may as well be considered gambling really.

Offline Pezza

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Re: 5 Things I have learned in 5 years of trading!
« Reply #9 on: January 10, 2022, 05:15:09 PM »
Random trading may as well be considered gambling really.


100% there is no point in trading if you dont have a plan or strategy. if you are gambling then we all know the bookies always win (unless you have a system) you should always treat trading like you are at war going in with an attack game and coming out with a win and the least amount of casualties as possible.


Offline andreagambier

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Re: 5 Things I have learned in 5 years of trading!
« Reply #10 on: January 12, 2022, 07:44:09 AM »
It is the one point that i also have learned. It is not a good idea to follow the advice of persons who just make videos to earn money.

Offline mlawson71

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Re: 5 Things I have learned in 5 years of trading!
« Reply #11 on: January 12, 2022, 04:52:30 PM »
There are written tutorials too, I find that they are just as valid.

Offline reecerispoli

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Re: 5 Things I have learned in 5 years of trading!
« Reply #12 on: January 16, 2022, 10:47:12 AM »
i agree with your points, and i would like to add, as one thing ive learned alot of the years is less is more

Offline mlawson71

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Re: 5 Things I have learned in 5 years of trading!
« Reply #13 on: January 16, 2022, 03:04:05 PM »
True. I believe in having fewer but quality trades rather than many bad trades.

Offline cashisking86Topic starter

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Re: 5 Things I have learned in 5 years of trading!
« Reply #14 on: January 18, 2022, 01:07:48 PM »
100% why expose yourself to more risk if you don't need to.

 

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