Thread: how long does it takes to become a successful trader?

Originally Posted by ;

In case you're losing trades then ask yourself where are you really going wrong, is it wrong direction/wrong entry/too tight a stoploss/too big a stoploss/not taking profit... my guie from what iv learned and im still a newbie: 1) everything egy functions but none are infalliable two) following indiors does not work, they work in a rangebound market but at a trending market it disturbs you) elliott wave is too hard to keep track of 4) take trading seriously, if your position is open then see it, dont opt for a 30min break, or start playing with video games, then...

Agreed.

Success trader is a significant deal in Forex trading to make certain enormous money. By the way, there's any different between powerful and professional trader ?

Originally Posted by ;

Success trader is a big deal in Forex trading to be sure enormous money. Incidentally, there is any different between successful and professional trader ?

You can be an effective trader and trade part-time when maintaining another job. A professional trader supports him or herself (and even their loved ones) through trading independently, be it working for a business or on their own.

Originally Posted by ;

quote It may be a successful trader and trade part-time when maintaining another job. A professional trader supports him or herself (and even their loved ones) through trading independently, be it working for a business or on their own.

Successful anybody who is making profit (money) end of this month from trading.

Professional trader: doing this complete time.
However, a professional trader also someone who implement orders to get a bank and/or funds, and gets a salary/commission for this, however not per se risking his money trading. There is frequently a mistake that should a person trade for/at a bank, must be profitable and successful trader. It isnt always true. far from it.

A part time trader is trading against full time professional trader/businesses. They have enormous funds and therefore are entirely structured around providing returns for their investors. Even with these tools only about 15% are profitable and they earn money only about 50 percent of their period (low 50s ).
In order that they have a large competitive advantage.

Each time you exchange you compete together. You dont get to exchange only against like minded folks.

Why is this not recognized anywhere is beyond me.

Regulation of 10000 hours. Its requirement 10000 hours studying and become master. hihihihihihi xixixixi

This is what I believe... this ought to be rephrased to : How long it takes you to work out that this isn't for you ? Quite simply makes no sense to ask any successful individual how long does it take to become you If this would be just matter of time half of theforexforum.co.zamembers would be millionaires... correct? You just have to get it to begin with! Some get it faster (cost them ) some never.... And reside in thinking delusion. You are jumping in the pool with quite hungry sharks from the get go.... And trust me that they know how to get you green pips

Originally Posted by ;

law of 10000 hours. Its requirement 10000 hours learning and become master. Hihihihihihi xixixixi

This is the first time I'm hearing of this a rule. Where did you hear that?

Originally Posted by ;

That is actually the first time I am hearing of such a rule. Where did you hear that?

I think the thought comes from Malcolm Gladwell's https://en.wikipedia.org/wiki/Outliers_(book) (and a fantastic summary http://wisdomgroup.com/blog/10000-hours-of-practice/). However, you may also loe https://www.businessinsider.com.au/n...00-rule-2014-7 and http://www.makeuseof.com/tag/10000-h...-master-skill/ interesting.

Hi all ,
Its quite amazing to see how people are giving fantastic explaination how long does it takes to become an effective trader? In addition to other wonderful explanation given by specialists I would like to add few things which may be vaule addition to this superb enlighting post .

Step 1 - Loe a teacher , a professional , a coach , guru , who's expert excellent in the field of trading can download the knowledge that he has acquired through years years of trial error. Now finding which is going to be big challenge on top of that the teacher should take you as his disciple that's another significant challenge particularly in the field of trading investments which is over hyped . But if you are ready to do that ( half your job is done) since it might take guru 20 years to find out something but it will take two years for you to just download that from the ace start doing R D to the information .That saves really great time. The guru is not going to select the advice to the grave anyways (Can you think that Warren Buffet will pass onto the key of the investment agy to this disciple or may take it to the grave)
Step 2 - It also depends on what background which you are coming from for example if your have degree in Finance and are exceptional in programming as if you can be excellent in analysing Fundamental technical analysis and use your knowledge to plan your stuff and will be less dependant on other to program stuff like I do . If you are from any other field it will relatively take some time to understand , understand , implement cycle . That conserves quite great deal of time in getting your leap toward profitable side of transactions . ( No wonder buying sells indiors is big business in the area of forex because of lack of programming ability set in individuals who become reliant on other developers for help like me I have begun to learn programming now very seriously)
Step 3-If you are proficient in management and have handled large projects even that assists you since the approach that you'll be employing to solve the puzzle of #8220; When to buy When to sell vise a versa #8220; only these two easy questions have to be replied technically which very few have successfully able to resolve when it comes to investing in forex , stocks etc when your theories like #8220; the objective should be to achieve expertise greatly reducing the probability that an error or defect will occur #8220; or We can even use the systematic approach towards problem solving instead of just Beating around the bush or Repeating same thing expecting different results ideology which is quite confusing counterproductive waste of time. You can merge the principle of job management and use them to resolve the puzzle of #8220; When to buy When to sell vise a versa #8220; . Your odds of getting things done raises if you have predefined Significant Forex Trading KPI#8217;s , Kra#8217;s metric etc prepared and organised which will help in eliminating the errors as soon as they occur or have a mechanism in which you are out before the error occurs so there's no or less harm.
Whenever people approach me and tell they're opening business the very first question I ask them would you have business plan they say no I say you are crazy . Exactly the same why somebody trading with no have a trading program is crazy . It is like driving a car if you don't know where to go .
The list is unlimited ( Not contained psycolgical part of trading ) but to cut short Many men and women might or might not agree with me however, that is my ( POV ) standpoint The huge distinction is corporaters are a lot more organised when executing things when normal company's are not so final suggestion could be8220; GET ORGANISED THEN TRADE #8220; Nicely being orgainised involves lots of things but just stating