Lessons Learned

[Mysticforex 13]

This thread will share lessons learned during years of painful trading journey that saw several ups and downs but finally got its destination.

 

The objective is to help retail traders struggling in this endeavor.

 

Something simple, yet hard to learn and practice is Patience.

A doctor is usually thought of as having a good income. Yet it takes years

for a doctor to reach a six figure income after leaving medical school ( with tons of debt in most cases ).

 

And it's not something once achieved you can forget about. Practice patience everyday.

[Landser 10]

The main lesson I learned is do not try convince yourself that you have "a sense of the market". The market always has new tricks for you, that can easily halve your deposit.

[henryduncan12 10]

Mysticforex, I am agree with you. The example of "doctor" is perfect for new traders. Definitely making money and getting success in forex trading needs lots of patience and practice as well.

[wrbtrader 10]

This thread will share lessons learned during years of painful trading journey that saw several ups and downs but finally got its destination.

 

The objective is to help retail traders struggling in this endeavor.

 

Something simple, yet hard to learn and practice is Patience.

A doctor is usually thought of as having a good income. Yet it takes years

for a doctor to reach a six figure income after leaving medical school ( with tons of debt in most cases ).

 

And it's not something once achieved you can forget about. Practice patience everyday.

 

Discretionary traders (anyone not using automation trading) must learn patience and become ritual in documenting every aspect of each trade they take to be able to adapt whenever markets change...markets that are always changing.

 

Last of all, there's much more important things to profitable trading than just trade signals.

[Mysticforex 13]

The main lesson I learned is do not try convince yourself that you have "a sense of the market". The market always has new tricks for you, that can easily halve your deposit.

 

You got that right! Just when you think you have it figured out, it slaps you in the face.

[Mysticforex 13]

Mysticforex, I am agree with you. The example of "doctor" is perfect for new traders. Definitely making money and getting success in forex trading needs lots of patience and practice as well.

 

My wife is a doctor, we married in college. I saw her complete 14 years of post high school education. She is also highly specialized. There is a lot to be said for specialization.

[Mysticforex 13]

Discretionary traders (anyone not using automation trading) must learn patience and become ritual in documenting every aspect of each trade they take to be able to adapt whenever markets change...markets that are always changing.

 

Last of all, there's much more important things to profitable trading than just trade signals.

 

You have hit upon a key which I hoped someone would bring up....

ADAPT

[Obsidian 10]

do not enter a trade without a solid reason

and do not close that position without a solid reason

 

leverage may hit harder than Muhammad Ali Clay if you are staying on the wrong side of the market

 

instead of trying to find the top or the bottom, buy a lottery ticket

[Mysticforex 13]

do not enter a trade without a solid reason

and do not close that position without a solid reason

 

leverage may hit harder than Muhammad Ali Clay if you are staying on the wrong side of the market

 

instead of trying to find the top or the bottom, buy a lottery ticket

 

Very good point. Preferably 2 solid reasons. And don't short change yourself, let the profit run. You will need that profit to offset future loss's

[MightyMouse 12]

My wife is a doctor, we married in college. I saw her complete 14 years of post high school education. She is also highly specialized. There is a lot to be said for specialization.

 

This is in no way similar to a profession like medicine.

[Mysticforex 13]

This is in no way similar to a profession like medicine.

 

I am not implying that it is. Just that it is a profession, and any well paid profession requires time and work.

 

Does anyone know how long it takes to become an airline pilot? Reach the skill level required to pilot a 747?

 

Captain a Super Tanker or cruise ship? ( I am also a licensed captain so I actually do know this one ).

 

Lawyer ?

 

You get the point.

Edited May 1, 2012 by Mysticforex

[SIUYA 11]

This is in no way similar to a profession like medicine.

 

Let this be a lesson learnt......dont think that you can be a brain surgeon even if you can trade.....I have lost too many patients to even think about it.....ohhhhh the humanity :doh:

[Mysticforex 13]

Let this be a lesson learnt......dont think that you can be a brain surgeon even if you can trade.....I have lost too many patients to even think about it.....ohhhhh the humanity :doh:

 

I'm not even a good Drain Surgeon . . . :doh:

 

But we digress.

[Mysticforex 13]

Leave your ego at the door. This is not a contest, you do not have to be the best trader in the world. You want consistency.

[henryduncan12 10]

My wife is a doctor, we married in college. I saw her complete 14 years of post high school education. She is also highly specialized. There is a lot to be said for specialization.

 

My one friend is also doctor so I am well familiar with their hard work and practice and therefore he is making enough money.

[Mysticforex 13]

Start with a modest goal. Just thinking you want to be a millionaire won't do.

Set realistic goals, say earn enough to make a car payment every month, pay your rent/mortgage. Eventually enough to quit your job. Establish new goals as former goals are achieved.

[Obsidian 10]

trend is my friend until it ends

besides markets trend 1/3 of the time??

[Abde 10]

Trade what you see like a robot! And never ever trade what you think.