1) A broker is not that important. 90% of them are fine so use whatever one you are comfortable with. I use CedarFX as I use Bitcoin to deposit and withdraw and it is very quick, also the tree planting is good. It all helps. 2) Social media “gurus” often don’t actually trade themselves and make their money conning the vast majority of people coming into trading looking for quick cash – don’t get caught out! 3) Nobody can give you a ready-made strategy and then send you off to start making money. A strategy is something personal to you in terms of time, risk tolerance, psychology, speed of the market etc. Take bits from different sources and then take the time to formulate and test your own strategy that fits your own parameters. There is no “one-size fits all” in trading. 4) Trading of any type is NOT A GET RICH QUICK SCHEME! It takes time for the above reasons to first learn the basics and then formulate a strategy, test it thoroughly and implement it. 5) Set achievable goals – when you first start break even at the end of the month might be a great target for you and that is fine. Not losing long term is priority number one to protect your capital. Don’t compare your 1000hrs of practice to another person’s 10,000hrs. Be better than you were 6 months ago and focus on that. What else have you all learned in your time trading?
All that matters is price action and risk management. Range, volatility and specific entry patterns are critical to master.
The most important to me is risk management. If you do not manage your risk in trading, chances are good, you will blow up your account and lose every last penny. Too many traders focused on dreaming about the millions they will make in their heads, which do not match reality. Reality is you will lose monies trading the stockmarket. That is 100% guaranteed, you will lose monies in the stockmarket. Now, how you handle your losses will determine if you survive long enough to finally, figure it out. 90% of traders fail and just lose their monies. That should be a sobering statistic. And if it was so easy to make millions in the stockmarket, every trader would be a millionaire at a minimum.
Writing things down helps. You are more likely to do something you have committed to paper. Have a written plan so that you know exactly what you will do in every situation.
I am surprised a market practitioner with decades of experience would say such absolute statements. Surely you know people who have been very successful trading other styles besides price action.
I disagree with this. A goal in trading would be to make an amount of profit. You can't always make a profit. Sometimes it's just better to shut the computer off and wait for markets to turn your way, than to keep trading because you have this goal that means your success or failure as a trader. When you put these kind of limits on yourself you will trade differently and eventually fail
I struggled with a couple of the things you mentioned when I started trading. I also remember coming across one of those Forex gurus and thinking that maybe I could just follow him and make money really easily, luckily I read some reviews online and realized that the whole thing was made out too good to be true. Thought you made several good points, thanks for posting!
Mostly agree... accept for 1. "No one-size fits all" in trading. Actually there is... it's Price TA. Works in ALL markets, in ALL time frames. 2. The only goal that matters is to get better at trading. Do that and the money will take care of itself.
Oh, have a trading journal. How can you correct your mistakes if you do not even know what they are? A journal shows you mistakes repeated over and over. Stupidity is doing the same exact thing and expecting different results. Avoid those mistakes you are making and overnight, you will improve as a trader. Nobody can expect to trade without making mistakes, we are all human after all. However, the goal should be to minimize mistakes and improve as a trader. Take note too of the things you are doing right and keep on doing it.