Our first weekly question suggestion coming in from @ProfesorPips! (Yes, you can absolutely send me a DM if you have any question recommendations!)
This week’s question: What do you think is the most important element in trading?
We’re keeping it vague to allow you to just come up with whatever it is you think is the most valuable when it comes to trading. Some ideas: maybe it’s discipline, maybe you think it all boils down to the trading strategy, maybe you think it’s capital… whatever it is, let’s hear it!
Still learning here so cant say for sure. I think managing the trade is the most important aspect of trading. Managing for me would be position size, adding to a existing trade and exiting the trade.
I think entry is not that important if you can do the above. Predicting the price is extremely difficult and something that few people have achieved. Even a successful system may not stand the test of time.
What we can control is the amount at risk, when to take a loss, when to take a profit.
It took me a while to figure this one out but when I eventually did I was surprised to hear a lot of influential folks saying the same thing…CONSISTENCY.
It’s subjective I think. I am partial to discipline in my case because i have lazy tendencies. Consistent winners have made me complacent and consecutive losers have depressed me more than needed. Discipline, to stick to my trading plan and cope with the highs/lows of variance, is absolutely essential to me.
I figure folks who’ve habitually practiced better discipline since they were younger or are innately better disciplined will feel the need to prioritize other areas.
Capital is one of the most important things. You can not control your emotions when your equity is just $100 even with one 0.01 standard lot position.
Secondly, patience. You don’t trade all the time. You do not dream to make thousands of dollars in a month. Patience will help you enter trade at the right time.
Thank you, @Ananais, for posting my question on the forum
However, there is something that accompanies traders at every stage of their advancement, my answer may seem a bit philosophical and obvious, but I have come to such conclusions. All we need is… information
Note that the first thing you do after defining a goal is to look for information on how to achieve that goal. @Beibian haven’t you been looking for information on how to manage your deal size? @THE_GOATE Have you been looking for information on how to be consistent in your trade? @darthdimsky , haven’t you been looking for information on how to become a disciplined trader?. I think all beginner forex traders looking information “how to trade on the forex market”
It can be said that patience and discipline are not information, but rather something that results from the experience that we get in trading, but can’t experience be defined as a set of information found and processed?
I think that Information is the key to everything.
No disrespect intended but I sincerely believe that is garbage. If all we needed was information practically everybody would be successful at trading because all the information is there on the internet. If you read 40 million books on how to drive a standard motor vehicle you still will not be able to do it until you get behind the wheel and do it physically. So I say to you sir …information is NOT all we need. You havent even mentioned the Capital,lol.
And for the record no, I havent been looking for any information on how to be consistent. I simply decided on my own a while back that I would trade only one lot size, focus on just one pair, and try to get X amount of pips per trade. The results have been encouraging.
There is a truth to it. The access to the information we have today makes so much possible. In my teens I could never have imagined trading in any form or manner because I didn’t have access to the kind of information I have today. Plus where I’m from trading is strongly discouraged and day trading is virtually unheard of. If you’re not doing a 9-5 you’re a nobody. Access to information is certainly a huge enabler.
Despite this I’d still rank discipline higher in my case and that’s because I tend to either procrastinate or get so busy and buried with other things I stray away from the original plan. In my case, the benefit of access to information and knowledge is made redundant if I don’t make the most of it, either through proper study or application.
But yea, I’d rank information a close second because it has been a huge enabler and game changer
Personally I believe its patience and mindset, be patience when you enter or exit from a trade and after you have closed the trade, learn what you did right or wrong rather than regretting or getting way too excited.
the garbage you say … so I will give you some facts about garbage
Information reaches recipients at a different time
Users have access to different, not necessarily the same, information.
The interpretation and action taken on the same information can be extremely different for each user.
Take into account the fact that market participants include central banks, investment banks, investment funds, and retail traders. You want to tell me that you have the same access to market information as banks and investment funds that turn billions of dollars? I really doubt it.
get in the car without any prior information on how to operate it, I wonder how far you will get.
You have heard the mantra of repeated words “do not invest capital that you cannot lose” do you think what is it? no information? Giving one value, for example, 10,000 is pointless. One can invest 10 thousand and another $ 100 everyone can invest.
You dont even understand that your entire premise is off so you stoutly defend. Your statement was that information is ALL we need and that is obviously flawed. No one claimed it wasnt important which is a different thing to what you are saying but you dont seem to understand that. And you claim it is I who have much to learn.
Information has been out there from time immemorial about the ills of drug use, alcohol abuse, smoking, improper diet etc. but people are still getting fucked up daily. And then you tell me information is all we need.
The fact of the matter is that it smacks of arrogance to claim as if it is fact that “Information is all we need”. And at the end of your rant you still havent shown that…Information is ALL we need.
Maybe in the future you will understand these words. Still haven’t shown that information is all we need… well, maybe you should back to school and learn to read… at the end the forex market will verify who has right.
from my experience,the mist important thing in trading is certainty .not a fan of analysis and speculation ,once you acquire this ability,the rest skil doesnt really matter anymore
