That moment, when after completing all kind of forex trading courses, doing extensive fundamental and technical research, applying all kinds of indicators and still not getting profitable, and thinking that you don’t understand this market at all is the moment when you actually start understanding this business. That is not the moment to leave but to learn and improvise. You are getting there, just be patient.
(my mentor).
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Hello!
-Choosing his way: scalping, intraday, investing long-term.
- Know your assets or your currency pair.
-Moneymanagement.
-Patience, rigor and discipline.
-No over trading.
-Not trade, it is also trade. - Stop loss (always) learn to optimize.
-Always follow his plan is strategy (improve it but not change it)
taking time to learn again is still the evolving market is changing all the time.
Always take the time to open position: news, analyzes, patience according to setup.
and personally I will add never to cut the entirety of its position as long as it does not touch its stop loss and to raise the breakeven from time to time
and with time have learned from his experience …
happy new year 2019 to all
How to answer the question, no idea! I like many have traveled the road of despair, still do at times.
I have asked myself many times, what am I doing wrong. Most times I don’t like the answer but you have to take notice of your own and others criticisms in order to move on.
A great man once said, “Don’t pray for an easy life, instead pray for the strength to endure this one”.
Those words mean a lot to me, the message seems to be that only you can make it happen.
Fall over, get up, dust yourself off, reflect on your troubles and get on with it!
Very prosperous trading to all.
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- In Forex and Stocks Stay Patient and Trust Your Journey …
- Don’t Focus on making money focus on making Green Pips …
By 1st advice whenever I do lose and thinking of quitting forex. I become more focused on my goals why I started forex and what I want to achieve by forex and by 2nd advice I am making more money by making pips . When I started forex I’m trying to make money but I lose more then I make and fear of losing too but after I focus on making pips then money …you guys can’t imagine how much I make monthly
now …
These 2 advice change my life and also change my Trading style… That’s why these are memorable to me .
️:heavy_heart_exclamation:️:heavy_heart_exclamation:️
“You can’t make money agreeing with the consensus view, which is already embedded in the price.” - Ray Dalio
To be successful in this game, you have to be willing to swim (trade) against popular opinion. Your goal isn’t to identify the “correct” price. There’s no such thing as “correct” prices. It’s all based on all the market participants’ different opinions and beliefs.
What you should be concerned about is understanding how future market outcomes affect these beliefs, which in turn, determines how something will be priced.
For your performance to diverge from the norm, your views (expressed in trades) have to diverge from the norm. And you have to be more right than the consensus.
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“If a cut loss point makes you cry, it is cutting too deep into your risk appetite”
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Being right and making money are not equivalent.
Trading Wisdom from Van K. Tharp on “being right”:
Let’s say I could guarantee that you would make money by the end of the year — lots of money — but you would probably lose money on 90% of your trades. Would you like that? Could you tolerate that? Would you accept that?
Most people would probably answer “no” to all three questions. And if that is you, you probably are denying yourself the opportunity to make money simply because being right is more important than making money.
Some of you might be saying, “How could you be wrong 90% of the time and still make money?” The solution goes back to the golden rule of trading, “Cut your losses short and let your profits run.” Let’s say that 90% of your trades lose money and that your average loss is $100.
On the year you make 100 trades so you end up losing 90 of them for a total loss of $9,000. However, let’s also say that your average winning trade is $10,000.You have ten of those in a year, so you end up making $100,000 on your winning trades.
If you subtract your winnings from your losses, you’d end up with a profit of $91,000 at the end of the year. You make $91,000, yet 90% of your trades are losers.
My guess is that 99% of the trading population could not trade a system that would produce that kind of results. The reason is that they don’t get to be right enough. They have too many losing streaks.
They have losing streaks that are longer than five in a row.
Most people cannot tolerate long losing streaks. When they occur, they totally abandon what they are doing. In such a system you could easily have 25 consecutive losses. At that point, you become certain that your system is broken, and you try something else.
Let’s look at the opposite end.
Suppose you got to be right 90% of the time. Suppose your average win was $100 and that your average loss was $2,000. This means that you’d have a total of $9,000 in winnings and $20,000 in losses. You would lose $11,000.
Would people trade that system? Yes, they would. They would probably trade it for a number of years until they went bankrupt. Why? Because they get to be right most of the time and that is very rewarding.
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“The most significant action that you can do to improve trading profits is to work on yourself.” by Dr. Pipslow
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A new manager spends a week at his new Broker office with the manager he is replacing. On the last day the departing manager tells him, "I have left three numbered envelopes in the desk drawer. Open an envelope if you encounter a crisis you can’t solve."
Three months down the track there is a major drama, everything goes wrong - the usual stuff - and the manager feels very threatened by it all. He remembers the parting words of his predecessor and opens the first envelope. The message inside says “Blame your predecessor!” He does this and gets off the hook.
About half a year later, the company is experiencing a dip in sales, combined with serious market problems. The manager quickly opens the second envelope. The message read, “Reorganize!” This he does, and the company quickly rebounds.
Three months later, at his next crisis, he opens the third envelope. The message inside says “Prepare three envelopes”.
That was the best advice on never to blame anyone for any decisions I make since I am best placed to decide anything that suits me best!!! CHEERS
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Karen Foo is one of my favorite traders to watch on Youtube. Honestly, most of her videos I’ve watched don’t tell you anything about how to trade price action or fundamentals…
I’m paraphrasing here but here is some of her best advice:
“Account for risk and the reward will work itself out.”
“Be prepared to do what no one else is willing to do to be successful.”
She’s very active in her comment section and I’ve even talked to her on Facebook. I recommend checking her out on Youtube. She’s an inspiration and very down to Earth. Any time I need a pep talk, I can look up her videos for some motivation.
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Quite possibly, now that I have been evicted from the elite “Regulars” floor in the BP emporium and put out on the streets with the other “Members” and “Basics”
I just walked into my BP "office " and noticed that the site security robot, without warning, had cleaned my desk and left a notice that I have been demoted for neglecting my responsibilities and duties as a “Regular” in line with the site rules warning that:
“If you dip below these requirements, whether from flagging or the passage of time, you will be demoted to Member.”
I have been stripped of all my additional authorised site actions and rights that had been entrusted to me by BP as a “Regular” but to which I am now apparently no longer trustworthy
I am no longer allowed access to the “private “frequent flier’s lounge” category only visible to users at trust level 3 and higher”
I am no longer entitled to the higher value prizes in various competitions.
So, yes, it is cold being evicted back out onto the streets after being accustomed to the warmth of the “Regulars” inner sanctum, but I don’t think a T-shirt is going to change much there.
So keep your T-shirt, you have earned it and deserve - and don’t do as I did and commit the crime of specialising. Don’t waste hours of your day researching and writing posts that you feel offer greater depth on a topic for other people - just spend a lot less time just writing lots of mundane one-line posts to lots of people (and don’t forget to read all the posts even if they do not interest you) - then you will keep your status and your privileges! 
The most memorable trading advise i ever got, was ; " “you only get a chicken by hatching an egg, not by smatching it.” Its so memorable to me because it means, you can only become a successful trader by being ; 1 , PATIENT; 2 DEVELOPMENT YOU SKILL ;and 3; DISCIPLINE. All these and more are required to be a successful trader. The advise is so true to trading and true to everyday life. Thank you
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Manxx, so sorry, I guess that’s the old adage, ya snooze ya loose,
don’t lose heart you mostly do great posts.
Advice: Wait as a hunter in the bush until prey comes in front of you and then “fire” the click.
Why it is memorable: one sentence contains several crucial advice’s that help me in trading. It gives you a picture how trading should look like.
- Have a good spot for trading and trading strategy
- Be patient
- Wait the best opportunity
- When all conditions are met activate trade
- Reap your reward
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“If you put a stop on your losses, why would you do the same on your profits?”
That’s when I had my lightbulb moment: all limitations are ultimately ones we place on ourselves, sometimes without even realizing it! It doesn’t make sense to treat winning trades the same way as losses (except of course when it comes time to reviewing them afterwards). So long as I use sound risk management the sky really is the limit, and overall it’s left me questioning what other restrictions I’ve unnecessarily subjected myself to, whether they be through my thoughts or actions. Don’t get me wrong, I totally plan to include a trailing take profit, because letting a position ride sounds a lot more like gambling than trading forex.
That’s my answer, I really hope I’m picked! I completed the entire school of pipsology, 359 pages of notes printed out (double-sided, gotta keep it green!) and compiled them in a “babypips green” coloured binder…would be awesome to have a shirt to compliment it. After all, there were no caps and gowns for us to wear at babypips graduation! This was no easy feat but I hope it shows my dedication to taking my trading career seriously. Not to mention the sheer weight of my binder can easily be substituted for a dumbbell! 
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Is your avatar a Russian Toy terrier?
@anon46773462 Haha, that’s my boy Oscar, a chihuahua papillon mix. He was great company when note-taking. Translation: pawing at me to break so I can take him on a walk. 
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If it was easy everybody would be doing it.
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- Never lose money!
- Don’t forget number 1.
- Don’t forget number 2.
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The advice was “The Brexit vote in Britain is at 6 am Australia time tomorrow morning” so as a novice I waited and scalped a thousand bucks. Go Teresa May, Yeah baby.