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5 Things I have lea...
 
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5 Things I have learned in 5 years of trading!

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cashisking86
Posts: 6
Topic starter
(@cashisking86)
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Joined: 2 months ago
  • 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?

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8 Replies
HeavLeighGill
Posts: 9
(@heavleighgill)
Active Member
Joined: 2 months ago

You made several points that I think all novice/experienced traders should be aware of, especially the need to manage expectations and to beware scammers. Most of all, the fact that trading is hard work and not a get rich quick scheme. 
I struggled with some of these myself, so I’m glad to see someone pointing them out. Hopefully, this will help others out! 

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Swiss_cheese
Posts: 7
(@swiss_cheese)
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Joined: 2 months ago

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.

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LuckyMac
Posts: 1
(@luckymac)
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Joined: 2 months ago
I think the broker is no longer as big an issue as it once was. There are so many out there now that are solid and reliable. Another is people being afraid of hard work and not having the commitment to ride the waves of success and failure. This is a business and needs to be treated as such. I think it's key to make sure you prepare yourself for lots of set backs like with any business but i have to say it will all be worth it when you have the time freedom to trade where you want and the money to do as you like. 
One i would add is making sure you take trade management into you trading plan. So many have an entry and an exit i think you need to be absolutely sure of how you'll manage the trade when certain things happen either you let it run and let your risk to reward play out or you take partials. There can't be in between it has to one or the other. That comes down to your risk tolerance and your own personality
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EmmaWilson
Posts: 10
(@emmawilson)
Active Member
Joined: 2 months ago

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More info: https://rivermonster.net/fish-games/

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