What has been your biggest lesson as a Forex trader?

Fridah_254

Trader
Oct 8, 2020
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Mine has been that when Forex Trading is approached as an investment, it gives better consistent profits. I refer to it as the power of compounding.
 
Last edited:
Aug 17, 2020
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Mine has been learning about the different cognitive biases that affect our actions and thoughts, such as the gambler's fallacy, attentional bias, confirmation bias, etc. It made me more aware of the patterns in my thinking and my emotions which helps me stay rational.
 
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Jotori

Trader
Oct 23, 2020
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Understand well the market. I have learnt that there is topic called market sentiment. It is related to general market psychology. No matter how your analysis is perfected, only market sentiment will decide in which direction market will go
 
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Resolve

Master Trader
Dec 7, 2013
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The one i learnt is ALWAYS USE STOP LOSS!)))
If we are doing our trades with the proper use of the Stop Loss then we would be able to reduce the losses in our trading accounts. This is one of the major factor that will decide whether we are going to get success in the Forex trading or not.
 

Petrick Liman

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Nov 22, 2020
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If we are doing our trades with the proper use of the Stop Loss then we would be able to reduce the losses in our trading accounts. This is one of the major factor that will decide whether we are going to get success in the Forex trading or not.
Agree! Also money-manegement is crucial. For instance - calculating daily/weekly risk%
 

Zeenat shein

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Apr 11, 2020
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Be a defensive-minded trader. The famous quote by Warren Buffet about losing money goes something like this:
“Rule #1, Never lose money. Rule #2, never forget rule number one”.
Beginning traders often approach the market from the completely wrong mindset. They are just trying to make money as fast as possible when in reality, they should be trying to protect their money as much as possible. You really cannot operate in both mental states at the same time. You have to pick between the two and if you do not choose to protect your money as much as possible, you’re probably going to lose it.
 
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vicjon1995

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Sep 29, 2020
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Be a defensive-minded trader. The famous quote by Warren Buffet about losing money goes something like this:
“Rule #1, Never lose money. Rule #2, never forget rule number one”.
Beginning traders often approach the market from the completely wrong mindset. They are just trying to make money as fast as possible when in reality, they should be trying to protect their money as much as possible. You really cannot operate in both mental states at the same time. You have to pick between the two and if you do not choose to protect your money as much as possible, you’re probably going to lose it.
That's correct . Protecting your money is the only way to succeed in this market.