Hey everyone,
I'm sure there are varying levels of experience here when it comes to trading. Some of us have been trading for years, while others are just starting out, I'd like to get everyone's take on how long they have been trading & how they think experience helps traders(if at all).
So here's the question, how long have you been trading Forex & what role do you think experience plays in trading?
Thanks in advance for your response!
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Thread: Forex Trading Experience
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15-08-2009, 07:41 PM #1
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Forex Trading Experience
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16-08-2009, 03:01 AM #2
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I have started beginning this year and made a lot of mistakes.
Even If you use trading robots like I do, you can make mistakes with the settings.
What I learned till now.
1. PATIENCE.. do not get greedy and screw up the risk to make higher gains.. the losses are hitting even harder then.
2. If you use trading robots, do demo test them for at least two months before starting live.. I started live with fapturbo immediately with the wrong broker at the wrong time..
3. Take your time choosing your broker, and DO NOT follow EA endorsements blindly (I still wonder why FXDD or ForexMeta is so popular among EA sellers.. because that are the worst brokers for most (scalping) EA's).
4. Also take your time looking for a good Virtual Private Server provider (VPS), again do not follow EA endorsements blindly here.
5. Most EA's are rubish, read forums like this and for example ForexPeaceArmy to see whuch EA's are best performing.
6. NEVER believe performance stats presented on EA websites, try to find third party stats and reviews like on ForexPeace Army and also a little bit here(most "reviews" here are from resellers... I am still NOT a reseller of whatever EA).
7. Sign up with a specialist or expert for your EA, to take the best out of your EA, there are many arround, again do your research before making a choice, Fapturbo expert guide is a good one for Fapturbo. Donnaforex as well (however she likes to take high risks), also for other EA's. I have found ForexPeaceArmy also a very good independant forex educational website.
8. DO NOT THINK YOU UNDERSTAND FOREX after just two weeks and start manual trading.. I have learned that is even worse then going to the casino! LOL!
9. DO NOT MANUALLY open counter trades after an EA had a loosing trade, big chance you looe again!
10. Watch your moneymanagement! use the stop loss, and do not set the lots higher then 5-10%.. with big accounts do not use more then 3% of your margin (5000 or more)
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19-08-2009, 07:19 AM #3
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I have 3 year experience. :)
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20-08-2009, 10:16 PM #4
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Great tips justlooking!
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25-08-2009, 10:40 PM #5
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Anyone else have an opinion on this ??
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26-08-2009, 11:09 AM #6
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Definitely experience plays and important role and without smart working trading cannot fetch great results.
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26-08-2009, 09:55 PM #7
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Experience is the only thing that matters. I have 2 years experience and I learn smth new every single day.
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01-09-2009, 01:28 PM #8
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true... Learn to spot opportunities. Try to find the suitable long-term trends, then move up from there to daily charts, and then to time entries.And this come with experience only
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07-09-2009, 05:53 PM #9
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Exactly, time & experience are the best ways to be successful trading Forex.
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08-09-2009, 12:18 PM #10
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yup! patience is the key
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