5 lessons it took almost a decade to learn

Beginner Questions Trading Psychology
42

Oh the benefits of hindsight - if I had taken the right advice my learning curve would have been that much shorter

Of course you are absolutely correct - but for many newbies - myself included when I was one - we take leave of our senses.

Many of us spend more time weighting up the pros and cons when buying a pair of shoes that we do when it comes to trading.

I also read in that we should sell down to the sleep point - meaning if we are losing sleep over trading then our position sizes are too big.

Anyway thanks for the insight.

43

Is this a bias coming from your Stocks & Commodities trading? Correct me if I’m wrong - I often am - but my understanding of trading currency pairs is that long or short is just a function of which currency is listed first. I may be long on the buck, but if I’m going to trade it against the Euro I have to go short on the pair.

Of course, even if we’re just talking about a psychological bias it can still have a real effect on your trading results…

44

@musicguy1967

Nothing wrong with shorting - except me.

Best money and quickest money i made was in the short side - for others it’s not an issue - for me i start whole bull markets the moment I go short!

45

Everything takes time and trading is no exception. The best thing is you have learnt what you wanted to with the passage of time.

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46

The best thing is earning while learning!!! :grinning:

47

Learning is so much important.

48

Learn to learn

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49

Agreed. Mastering trading does take time and that time depends on how hard is the trader working towards his/her goal.

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50

There is a lot to learn in trading. Success cannot be achieved without trading education. Therefore, to achieve success, all kinds of trading lessons should be completed.

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51

I agree, plus success doesnt come overnight in forex. We have to try to enhance our skills

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52

That why they say, forex is no get rich quick scheme. Success comes to those who work for it and have patience.

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53

Hmm so much for a trader to learn I guess

54

Whatever issues you faced , I also faced similarly…After 8 years of losing, now i turned out to be a better trader.Not only trading my own funds.There are few 200 people at the moment copying my trades in my social trading account. I found ways to correct my past mistakes and now I am patient and disciplined to follow my trade plan.I am glad now that i found 10,000 ways of not how to do trading as mentioned by thomas alva edisson.So, now i am tasting success…

55

Here in Brazil there is a somewhat famous trader and his name is Latus, he works with flow reading and in one of his videos he says that while you are in a business hindering your focus in the search for consistency in negotiations, you do not do the key turn ! so I was confused, you tell beginners to have another business besides the trader and he tells the trader to be the main focus :confused:

56

Not only lessons… lessons are important, but practical experience with real small money as capital is very very vital.Experience is the key…

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57

You are absolutely right.I struggled with my inner enemies like fear, greed, impatience, hope that trade will turn in my favour.But after 8 years, now I learned and mastered my mind to control these inner enemies which make me in trouble for almost 8 years.Now I am successfully managing my own social trading account.

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58

Agree specially with the last 2.

59

Loved reading this. Thanks for taking the time to write it!

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60

I find forex to be damn addictive. Fortunately I have been earning more profits overall in comparison with losses but even if I am undergoing a succession of losses I can’t bring myself to stop, think I tend to overtrade.

61

Well some do say that trading is gambling, and its gambling because it’s a addictive not because it’s a game of chance.

I know all about overtrading, been there done it, bought the t shirt.

Trading literally took over my life, so much so that one day I was thinking about my new latest strategy when I should have been concentrating on riding my motorbike.

I ended up in a smash and it was then I decided I needed a new approach.

Lol

One of the reasons I dont really day trade is because it’s like filling a slot machine all day

At least when you can sleep on it you can catch yourself before you start slipping.

The quicker the price action the more tied in we are emotionally at least that’s my opinion.

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