If you could give any trading advice to your past self, what would it be?

Trading Discussion
21

Don’t do it! you WILL go insane. In training you will be told " follow strict rules regarding every aspect of trading in a system that respects NO rules." The market is fickle and can stay fickle longer than you can stay solvent! Tread cautiously friends

22

well,my boyfriend works for a broker and he provides me with inside info,so if i could go back in time 6 years ago,i could give this advice to me’‘Price is the only indicator that tells everything,not a single indicator is more precisely that price itself,forget about everything;indicators,lines,forums. Just look at price and try to figure out HIS alghorythm. :joy:’’

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23

Test and practice a lot. It will make you profitable!
Test and practice a lot. It will make you profitable!
Test and practice a lot. It will make you profitable!

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24

Demo, but not too long.

Spend a maximum of two weeks on demo, but immerse yourself in it for hours a day. Study the movements of the candles, look for patterns, back test them and then live demo them for two week. After your two weeks are up, go live with the smallest amount possible to enable you to risk no more than 1% of your account at the time.

Keep trading and build that little quail egg into a full size eagle.

If you demo too long, you’ll get grounded in a fantasy world. Real trading with real money on the line, works different on your psyche than demo.

Happy trading!

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25

Hindsight profits?

26

Hindsight is what this topic is about, giving advice to your past self

27

But it would still be applicable now. Buying SPY in 2000 wouldn’t. That gives a “this EA will give you 200% returns in a week” spin to it.

28

I’m working on this now. @tommor repeated this somewhere and now I’m finally understanding. “Don’t be lazy” is what got me. “Make the wins, big wins”

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29

Well–I learn from my mistakes. Each mistake enables me to become a better trader. One mistake that I repeated 3-4x was allowing a loser to run. I had actually become frozen on the last time this happened. So someone gave me some good advice that I follow now. That is to set a dollar amount of money that I will lose. So far that is working. As far as demo accounts go–they are helpful for me–because when I took those bad losing repetitions and hurt my account–I made myself trade in demo mode for a 2 week minimum. I hope this helps someone.

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30

The less the number of trades, the better.

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31

Trade only demo account first, create my own trading system, backtest it on demo, learn how the indicators work, find out stratedgy suitable for my nerves, be disciplined and think and work out a trading plan before pushing buttons. And ofcourse write down all my thoughts to bring them in order in my head.))

Two years trading at live account gave me not much of theory, lots of nerves lost and lots of negative emotions received. There was time I wanted to gave away trading for ever. Only passing all lessons of the School of Pipsology helped to stop strugling with my account and become consistently profitable trader feeling taste of trading and receiving pleasure.

32
  1. Use demo accounts first for the first X months until you get comfortable with your strategy.
  2. Before opening a trade, learn how to plan for the trade’s exit after planning the entry. It will make your life a bit easier.
  3. Don’t focus on the past data and don’t predict the future. Analyze the current situation.
  4. At some points I stopped doing it so I would say keep doing what you are doing and you will eventually get there. It’s gonna make it faster than what happened.
33

Just do it.

For the longest time I kept just “reading about it” and never really doing anything. What changed the game for me was opening a live account with just a small amount.

34

i’m back here again, this time they’ll be:

  • get a backtester and backtest your style/system of trading on at least 8pairs of different quote currencies and analyze the statistics to know if my perception of the market movement leads to profits.
  • demo for more than 2months. at least 3months.
  • don’t expect to make a shitload of money in your first year. expect a breakeven year but put in the work, it’ll compound when its time.
35

i don’t go along with your opinion of just two weeks on demo. i think about one to three months. but after a lot of backtesting

36

Have you done it? My advice is based on experience. When you demo too long, you develop bad habits that you would not have if you went live within a shorter amount of time.

37

I did my demo for two months but I wish I had done it more a bit more like for three months. but all in all, no matter how long one paper trades, trading a $100 or $200 account while simultaneously backtesting is way better than the demo, to be honest.

38

That was my point. The reason people get stuck for a long time in demo, is because they are not properly taught and have no clue what they’re doing. Analysis paralysis then sets in and they feel that they need to practice more.