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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!
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)
I have 3 year experience. :)
Great tips justlooking!
Anyone else have an opinion on this ??
Definitely experience plays and important role and without smart working trading cannot fetch great results.
Experience is the only thing that matters. I have 2 years experience and I learn smth new every single day.
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
Exactly, time & experience are the best ways to be successful trading Forex.
yup! patience is the key
Anyone else have an opinion on this??
Trading without any loss is quite impossible in forex market. Not only new traders but also pro traders bear the losses in this market. If you want to trade without any loss, you can try demo account. In there, you will loss only the profit you earned by that demo account. You can reduce your loss by your brain and trading strategy.
Reducing the loss and making profit should be your goal as a trader. Your broker can help you to achieve this goal. I use TP Global FX. They are so good and helpful. In spite of that I have to face losses sometimes. But it is true that they help me very much to reduce my losses and help to make profit after having loss.
If you are new in this market, you will be very careful with some decisions. One of them is to select a suitable broker for you. Because there are a lot of brokers in the market. Some are good and some are fake. So you can lose all your investment bt choosing a fake broker. Choosing a broker is not an easy task at all. I am trading with Forex4you. They are really awesome. They give me a minimum spread of 0.1 pips and maximum leverage of 1:1000. They also have some innovative strategy which makes them different from many other brokers in the market. They have no commissions on trading. On the other hand, they are very honest with their clients. So overall I am very much pleased with them.
I have 8 years experience, so far, I have been trading with FreshForex only, the reason being their spreads are very low, and the fact that they allow scalping makes them just the best for me!
the existing experience must be able to be improved properly, this is needed and necessary so that traders can be maximized in improving trading skills that match expectations with Tickmill.
In this trading, the broker plays an important role so that we can choose the best so that we can feel comfortable and safe trading. There are so many unreliable brokers like Instaforex broker that we can't survive trading on a real account
choosing a broker must be able to pay attention to it properly, this is needed so that traders can be better and can be maximized in generating profits in accordance with expectations with Tickmill.
In trading, where the important thing is we have to choose the best broker, because of my own experience where in trading it is wrong to choose a broker like IronFX and where to run the trade you can't feel comfortable and safe trading.
The selection of a broker must be paid attention to properly, this is done so that traders can be maximized in carrying out trading activities that are in line with expectations and can become a trader of the month with Tickmill.
Any trader can get forex education from anywhere. But before starting forex he must know the basic. After knowing basic he should choose a broker which can give him proper guideline. When I started trading I got all my forex education from Tpglobalfx. They offer a demo account which can be operated as live account. Any new trader can easily get education by using this demo account full risk free. It will help him to know all techniques of forex practically. It also give facility to put any amount on demo account and any spreads and leverage. Which can be effective to learn about those things. I am still trading with them.
Tickmill provides a demo account and existing educational programs that really need to be able to get better and be more maximal in carrying out trading activities that are in line with expectations and can become a trader of the month with Tickmill.
The right steps before trading on a real account, we must try to learn, such as using the demo account facility of the FreshForex broker as a step to learn how to trade profitably. While we are still trying to learn, there will definitely be results which we will be able to get in trading
Tickmill provides demo accounts and educational programs to help traders be even better at increasing their existing skills, profits, and experience than before.
Skill skills have an important role in forex trading, that's why the FreshForex broker provides a place to learn such as online education, in order to make it easier for traders to improve their trading skills and understand more about how trading works, so that later running a real account can benefit easy.
Existing trading skills must be able to be improved properly, this is necessary so that traders can be maximized in carrying out trades that are in line with expectations while on a real Tickmill account.
We want to be successful in this forex business where we need to always keep trying to learn to run. Forever we want to try to learn for sure where there will be results which we will be able to get profit in trading with the broker FreshForex later
achieving success in forex is not an easy matter, this is done so that traders can be better and can be maximized in carrying out trading activities that are in accordance with expectations while on a real account with Tickmill.