What was the most important lesson you guys took away from trading forex?
Forex taught me a lesson that nothing is permanent and static in the world and life goes through several ups and downs.
1 Like
if you want to be steadily profitable, it’s essential to trade in a transparent and honest market in which your broker is a genuine one who is incentivised for you to win, not to lose
2 Likes
the ability to wait and patient
2 Likes
Plan the trade, trade the plan.
3 Likes
It is important to have a solid understanding of the market and its dynamics before investing.
1 Like
The most important lesson about forex trading is “to never risk more than you can aford to lose”.
1 Like
It is very important to have a trading plan and stick to it!
2 Likes
Understand your limitations. This involves determining how much you’re prepared to risk on each transaction, adjusting your leverage ratio to meet your needs, and never putting more money at danger than you can afford to lose.
2 Likes
This is what I have learned by going through the experiences of some of the successful traders that I have came to contact with, successful traders have learned that trading is a journey, and it takes time and dedication to develop the skills and knowledge needed for success. Traders who are willing to learn, practice, and continually improve their trading strategies are more likely to achieve long-term success in forex trading.
1 Like
It’s a good one actually. having a trading plan and determination help you to avoid over-trading as well.
2 Likes
Agreed! I faced people who think that trading gonna make them rich over night. That’s why they don’t spend enough time to educate themselves and somehow they over-trade, lose lot of money and turn trading into gamble.
2 Likes
Good judgments make money for you, while bad decisions lose you money. A trading strategy guarantees that you make objective judgments at all times, rather than subjective ones motivated by emotions, which can end up costing you a lot of money and putting your trades and cash at danger.
1 Like
to maintain emotional control and patience. I have learned to be patient because I am so emotional and base every decision I make on feeling.
1 Like
Same here! even I learned to control my emotions and patience.
3 Likes
as a trader would carefully analyze market trends and wait for the right opportunity to enter or exit a trade, so too must we exercise patience
2 Likes
Controlling greed when the market is volatile is difficult for traders. I over traded due to greed and got many of my balances crashed.
2 Likes
As Livermore said Money is made by sitting, not trading.
A big part of being a professional trader is patiently waiting for the right trade setups to present themselves. Amateur traders jump into the markets too soon, breaking their trading rules and giving in to their emotions.
(Just use it in your real life, instead of trader say a person, and instead of markets say your chances)
1 Like
Trading is a mirror of your life and it will reflect your life!
If you have problems such as stress in your life, it will also affect your trading life!
Keep working on yourself and develop your skills!
1 Like
How did you manage to control your greed? I guess we all are in the market to earn money and the basic is the more, the better. so, usually traders start over-trading but based on experience and as you said it only cause to lose money.