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5 Things I have learned in 5 years of trading!

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cashisking86:
 
* 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?

mlawson71:
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.

HeavLeighGill:
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!

Swiss_cheese:
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.

cashisking86:

--- Quote from: mlawson71 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.

--- End quote ---
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.

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