My brother in law told me once before: Study and practice on demo for at least few months, once you comfortable “Loosing money” go with real cash. Making money is great thing but accepting that you will be loosing some it is the key to become successful trader!
Using SL is for pussies and using TP is like using stop-profit and you ain’t that beta, are you?
Best advice ever 11/10
Forex is a new world to me. The first loss I made, someone told me. It’s not FAIL as we know. Its FAIL for First Attemp in Learning so never give up
Babypips told me to test a strategy on demo first when am happy about it I can trade it live but I didn’t listen
Memorable
When I was blowing my account left and right I remembered that strategy am using is not a strategy I was killing market with during my demo
My friend, also my mentor, once told me:
“trading is so simple, just take a look of Your constantly loss-friend’s trade, take the opposite position of him/her”
The most memorable advice is … if you can’t keep your emotions (greed, anger, frustration etc} in check when trading you will lose money. I experienced loss after loss, my account bled out…I learned to manage my account better.
I know this isn’t exactly an advice and I feel extremely sorry for the individual who just posted this on another forum, but this is what we can all learn from:
" Today, I lost my savings and my career
Before I start i know this will be downvoted to oblivion. I just want to post it here because i have nobody else to talk to. For the past few days I have been rage trading trying to recover from an almost 20k loss. I struggle with severe clinical depression due to a lot of other ■■■■ going on in my life which clouded my judgement. I was stuck in a losing position on gbp,i expected a heavy drop after the vote results. I saw an opportunity to make back the 20k and much more in a few minutes if the vote went my way and I added more to the losing trade, a horribly stupid ■■■■■■■ idea now that i think about it. It obviously did not drop. I was pushed into a loss even greater than I had before. While this wouldn’t have been much of a problem as i had plenty of equity left(i trade(d) for a living), it shot up even harder and the gap skipped over my stoploss completely and margin called me. I saw my life drastically change in a matter of seconds. I have 3 dollars left in my account. i have no way of paying for rent, car insurance, car payments, phone, and a large amount of hospital bills and any other possible expenses , all the time i spent building that account from the ground up, blood, sweat, sleepless nights, extreme stress, all gone in 20 seconds, along with it went my career and savings. I have to face the possibility that i may be evicted within 2 weeks and have most of everything i lease repossessed. Life was ok 2 hours ago. Now there’s a good chance i will be homeless soon. I don’t know why im posting this. i just want you guys to be careful. please don’t do the stupid ■■■■ i did, please trade smart. please dont be greedy and take what you have for granted because it can be gone at any second .have a good day everyone and i wish you guys the best of luck on your trading journey."
Only 10 people out of 1000 can gain from Forex.
And I’m out of those 10 people.
Be proactive, not reactive to the markets. Following the crowd is the quickest way to losses.
Less trade, less mistake, less stress… That advice is like a gold for me. Now I am consistent in my trading. Looking only in the weekly chart and finding the supply and demand area and the confirmation price action. I tell you, its gold.
El mejor concejo que me dieron fue: “El mundo no se va acabar mañana” Fue el mejor porque aveces queremos hacer todo de una vez.
Always wait for a retest of the broken zone before you enter and trade well.
“Every trade is a lesson” … This advice made me really commit to acquire a trading journal. A profitable trade or not, I make it a habit to write down my insight for my trades, and what made it the right or wrong call. And at the end of the week, you review it and learn from it to constantly improve and be a better trader.
Most memorable trading advice?
“Be a rock. Lack emotion and you have an advantage over 99% of all investors”
Asked to an old friend that was making a some profit trading on the NYSE. Completely different answer than what I was expecting. Don’t think the advice is 100% true, nevertheless it’s still the most memorable piece of advice I received!
make your trade as you are making love with your partner
Do you mean at the same time?! If so, then maybe not recommended for scalpers!
" Less is more"
After three years running after ‘more’, I’ve finally realised that in forex ‘less is more’ is the universal success formula.
My best friend, who shows me what is Forex and how is work, once time when he teaching me he said: Gasper respect the market and dont be a greedy.
This is my best advice, which I hear from somebody.
Now I hope to get s T-shirt hehe
Most memorable advice given to me was…
Whatever goes up will come down. You just have to know when to get in and when to get out!
Remembering the first part was easy. Mastering the second is on-going!