Noob looking to learn from the MASTERS

Community Introduce Yourself
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Hello, I’m Bryan residing in United States. I like the new look, did they remove the chat room function? I have learned quite a bit on this site and hope to continue learning from individuals with more experience and ideas. I have recently opened up a live account and began trading. Wow, trading on a practice account is quite different than a live account. I have realized that psychological factors are a huge part of trading. What are some other peoples experiences they learned early on?

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The things I have learned about trading so far:

  1. It’s not as easy as knowing a “secret strategy” or “set-up”
  2. There are no “secret set-ups”
  3. 95% of FOREX traders lose money
  4. Trading is hard. Then again, so is brain surgery. The ironic thing is that most traders want to make the same kind of money a brain surgeon does within six months.
  5. Assume that all online trading “courses” are a scam. Ironically, the FREE courses–like those offered on this site, for example-- are not scams.
  6. The two best trading authors are Alexander Elder and Al Brooks.
  7. Institutional traders hate retail traders (you and me)
  8. Very few brokers are trustworthy. Do your homework
  9. You will lose money your first few years. Get used to it. Trade very, very, small.
  10. It’s very different trading a live account than it is trading a demo account. Already trading small? Trade smaller.

Hope this helps.

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Dear Bryan,

I am pretty sure you will get a lot of advises here. My 2 cents: listen only to guys who has verified real profitable account.

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Thanks for the advice. I already am trading small. Micro lots… But than again I’m trading with an amount of capital I can lose without feeling too bad. I have learned a lot more trading a liver account than I have a demo that’s for sure. I’ll look into those authors and see what they have to offer. I’m not one to go spend $1000’s of dollars on a class that are normally free online and with people who are actually willing to give some input.

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As far as a broker, you say very few are trustworthy. What do you mean by that? I have Oanda and have been quite pleased with them so far.