21 Important Lessons Learned from 10 Years of Forex Trading
Forex trader, Nikos Mermigas of Spartan Forex Trader Academy distills the wisdom and experience he gained after 10 years of trading into 21 lessons.
My name is Nikos and I have been trading the financial markets since 1999. That is 13 years now. I started with stocks and lost about 90% of my invested money within three years. In 2002, I started with forex trading. It took me about another two to three years before I started to make consistent profits. I learned the hard way and I still made a lot of mistakes, but at least I learned from these mistakes and my account was growing slowly but steadily. In order to help you guys with your personal trading I will share the 21 most important lessons I have learned that made me stay on the “bright” side.
Lesson 1: Do Your Research First
I started with trading in 1999 because suddenly everybody here seemed to make millions with stocks. But as I said, it only seemed that way. Most stories were pure fantasy and good marketing, it was not real. Of course some people made a lot of money, but only the guys that knew the game. Only real traders made profits, like always. I did not know that of course. I just listened to some friends, went to a broker, and spent a lot of money on some no name stocks. Of course I lost almost everything and that just because I didn’t have a clue about basic money management and how financial markets work. So, do your research before you invest even a penny and that brings us to…
Lesson 2: Never Listen to Amateurs
When I lost my hard earned money almost 13 years ago, I felt sick.