What has been your biggest lesson as a Forex trader?

Fridah_254

Trader
Oct 8, 2020
4
1
8
30
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.
 
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KISvalue

Trader
Oct 9, 2020
10
3
8
France
Don't try to punch the market. The harder you hit, the more you'll feel. That mindset change from what you want the market to do, to what the market could offer you.
 
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Dora_WalletInvestor

Active Trader
Aug 17, 2020
226
33
44
walletinvestor.com
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
26
3
9
34
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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Todor

Trader
Dec 16, 2020
38
4
9
45
Not using a stop less in the beginning was a mistake as a result i suffered quite big losses and finally started using stop loss.
 

Resolve

Master Trader
Dec 7, 2013
468
7
54
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

Trader
Nov 22, 2020
42
7
14
29
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

Banned
Apr 11, 2020
56
12
24
24
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

Active Trader
Sep 29, 2020
219
30
29
26
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.