logo |

News

    Home   >     Industry    >     Main body

    Trading Record: 5 Lessons Concluded from 3-year Trading Experience!

    Abstract:A trader's trading lessions summarized from three-year forex trading experience.

      My name is Julia, a Russian trader. All my efforts spent in my three-year forex trading experience have ended up with failure. My lessons are summarized herein.

      1. Error in carrying out the contract entered into with a forex broker

      I was not aware of the account threshold for executing transactions and charges such as commissions at the beginning, thus failing to select a proper forex broker and spending a lot.

      Lessons are listed as follows:

    •   Read all terms and conditions carefully.

    •   Comparing terms and fees offered by different forex platforms.

    •   Be well-prepared through research and confirm the market and its direction.

      2. Lack of relevant knowledge and systems

      I didnt know how to execute my orders, selling out when hit by a fall and buying in when seeing a rise. Before long, I suffered a loss worth 20% of my capital.

      Lessons are presented as follows:

    •   Fully comprehend trading charts and understand the market.

    •   Pay attention to momentum indexes (MTM) amid interday trading.

      3. Changing trading systems too frequently

      I have tried at least 40 trading techniques and indicators, each of which was not used for more than a month.

      One lesson is concluded:

    •   Try all functions of a system at least within 4 to 8 weeks.

      4. Neglecting capital management

      Although I controlled my loss ratio, I didnt stipulate the number of trading losses in a day. In this case, my overall losses were heavy.

      Here are two lessons:

    •   Set the number of trades allowing to lose in a day.

    •   Dont breach your own capital management principles.

      5. Holding losing positions

      I became quite emotional because of losses, thus holding a transaction with the heaviest loss for nearly a week, which worsened the failure further.

      One lesson is listed:

    •   Stop-loss must be set.

      Download WikiFX to get lessons from experts who have traded forex for over 20 years. (bit.ly/wikifxIN)

    图片1.png

    New Zealand Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    New Zealand Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.