If you could go back in time, what piece of advice would you give yourself? Is there anything you would have done differently?
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Actually, and maybe strangely enough to some, I wouldn’t because I enjoy the challenge and experience gained step by step as I progress to becoming consistently profitable.
Nowadays, many newbies want it all easy without lifting their butt of the sofa - let alone sticking it out when it gets rough.
Ah yes, one piece of advice - start learning forex sooner, you’ve wasted two years already.
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The only thing I would change is I would start my journey much earlier to be honest.
I thought I needed LOTS of capital to start so put it off year at a time, knowing what I know now I would have started my journey, and increased my trading pot as I could over time.
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In mid 2009, I had a friend working in NYC @ a fund- he said one simple sentence to me that has resonated forever and is my biggest regret for not taking action. Simply: “Buy SPY”.
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The 1st 2 replies sum my feelings too. Luckily my mentor told me the same thing; “trading is a journey. You won’t learn it in 3 months or in even a year. But your dedication to learning and improvement will eventually pay off”. And boy, is it paying off.
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I’ll try my best to convey my thoughts properly. These 3 quickly come to mind because where I am on my trading journey:
- advice myself to journal my trades the way I do now(immediately they close and then figure out what I did right or wrong)
2)Write out all my missed trading opportunities I saw in real time but didn’t take and figure out why and what they have in common to gain confidence and take them next time.
3)Only trade entry signals from high probability impulse moves whose stronger currency is showing correlative strength across multiple pairs having the same strong currency
4)Reduce your trading rules to a maximum of 17 and always recite them every morning after you pray.(a maximum of 17 because ---->>>read TUSCHAR CHANDE’S book - Beyond Technical Analysis, chapter 2(Principles of Trading System Design: A small number of rules)
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I’m learning too with the Pipsology School. What confuses me though is in the few threads people focus on the importance of demo trading while there are few who ask to avert this step. Now that you have experience and doing good too, what do you suggest?
Nope. Quite happy with my journey.
Or just trade the Bitcoin rise of 2021 haha
This is a very important question. Like most pros will tell you, don’t spend too much time on demo trading. Most people tend to use demo trading to demo/test/see by how much they can increase their intial equity and how much profit they can make at a particular time. The unfortunate thing is even if you’re successful in demo trading you just might flop hard in live trading because the market conditions might drastically change between the two periods.
For me demo trading helps in keeping your eyes on the charts while simultaneously testing your strategy. You’ll have an idea where the market’s going and when you see sweet setups you’re even more confident trading live.
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As for me, I ask you to definitely go for a demo account. I won’t deny that these are different from live trading but what’s the harm in practicing a few skills and polishing strategies before entering the live world?
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So what should be the criteria behind selecting a good one. I really don’t want to waste my time pondering upon the list and then trying different brokers to see which fits the bill. Please give me a few great names and I’ll stick to those.
I would say, don’t be lazy -
when a trade is winning, don’t just sit there and watch it - add to it. Make winners big winners.
take profits earlier - they won’t keep going up forever.
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Don’t Trade, just buy the S&P 500 , buy more every month in all market conditions, reinvest the dividends, this strategy would have created a small fortune since the Year 2000
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Someday I wanna get into ETFs. My hedging book talked about SPY over and over.
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I always forget about this. I have to keep this in mind!
I’d rather not spoon feed novices. Every trader has a different trading style and set of strategies, different tools and instruments that go along well with these. But now that you ask, I went ahead with fxview, alpari, and forexcom simply because of the platforms they offered, the ease of charts readability, and the instruments that matched my trading style.
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I would say " it is okay to give a day off from trading if you are not feeling yourself, do not push or force the trades. It would lead to a disaster".
Many, many ears ago, when I was single, and earning very good money as a freelance computer programmer, I was approached with an offer to get into trading currencies.
This was in the days before the Euro, so there were a lot more strong currencies to trade with.
At the time I knew nothing about Forex and the idea of leveraging seemed scary to me as they explained how it affected both profit and loss.
I turned down the opportunity.
If I could go back now, I’d tell myself to go for it.
I’m not going to let my teenage sons make the same mistake. I’m already teaching them what I am learning about Forex (and other markets) so that to them it won’t be some scary, mysterious empire, it will become the norm and they’ll wonder why their peers aren’t doing the same.
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For simple… Patience.
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