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

  1. #1
    Hi all,

    1.I've heard a lot of rumours about how many people make money in forex, some people said just 10% some said that just 3% or 1%,
    but I would like to hear correct truth, where could I find it? The next question is what exactly does it mean earn, therefore I define it : how many people are profitable more than 1 year?

    2. How much time it takes to become successful trader (successful trader = some positive %/month more than half a year), therefore I would like to know your stories, just how long it taken you? Because I trade live third month but I'm still tripping :-/ I'm desperate...

  2. #2
    If you are losing transactions then ask yourself where are you going wrong, can it be incorrect 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
    2) following indiors does not work, they work in a rangebound market but in a trending market it disturbs you out
    3) elliott wave is too difficult to keep an eye on
    4) take trading seriously, even if your position is still open then see it, dont move for a 30min break, or get started playing video games, then you always need to be watching your position
    5) set a stoploss and stick to it, you got the trade incorrect, deal with it instead of blowing more money to keep a losing place
    6) never trade from the trend
    7)if you cant see an oppurtunity, then dont trade
    8) this is the most recent thing iv learned. . .you cannot predict What's going to happen, best thing is to follow wherever the price goes

    hope this helps in someway

  3. #3
    It depends upon HUMBLE you are RIGHT from the start or STUPID.

    Also it depends A LOT on the crap you read and take as eduion about trading !! There is so much BULLSHIT around the world wide web, old/wrong concepts still around that people take it for granted and they dont know it yet

  4. #4
    Success is characterized by everyone otherwise so then the time required will subsequently be inaccurate for use to compare to anything

  5. #5
    About 10000 hours of screen time.
    And ditto to all the above in 's post.

  6. #6
    As said above. It requires approximately 10 000 hours to become good at something...

  7. #7
    Trading is exactly what u want it to be, some people today consider it like an extra income, but if u want trading to be your principal source of income then you have to place a hell of alot of time in. You will make many mistakes and if your a fast learner you wont repeat them. The hardest part isnt mastering the many unique egies, the hardest part is mastering yourself, your pyschology, your own emotions.

  8. #8
    ???????
    Guest
    Six months of profitable trading (per original article) might exhibit short term consistency but says nothing of sustainability at a way. In my previous years, double I made great profits for around to 6 months (believing I had it nailed) only then to give back most of those profits to the market. Why? My execution of the program was fair (just), but my trading plan was filled with assumptions that reflected only the brief term and recent tendencies of the market. I wasn't prepared for the majority of market requirements and also simply lacked experience, hence my egy was flawed.

    My hat would go off to anybody who became always profitable with a sustainable egy in less than 3 decades. I certainly took longer than that.

  9. #9
    Desparate in 3 Months ? crazy. . .be prepared for 4-6 years before you can make it . . .gotta adapt to all paterns and texture it. Get rid of almost all indiors. . I have not seen one yet that works like a damn. They just tell you were things happen to be, not were they're going... folks that want the holy grail on as platter. . .good luck. . Its a tough market.

  10. #10
    I would say that all depends on the individual trader. This is a process which lasts a lifetime in my opinion, it is common to hear advanced traders say how they learned new things daily as they continue to improve their trading by adjusting details and learning about themselves.

    There are various phases to a trading profession and a few of the stages include but aren't limited to (that are from personal experience):

    Phase 1: This is when a trader is introduced into trading and starts to understand the fundamentals things like, how to read a chart, what moves the market, what's a pip, what's leverage. . .etc

    Phase 2: In this stage we have a general understanding of this market and what it is. We start adding indiors and lines into our charts and start looking for ways to make the charts tell us exactly what we want to see by adjusting indiors and expecting to find the appropriate combination that'll make us rich.

    Phase 3: We finally have played about every indior so we proceed to forums to search for systems and EAs which we may get to assist us in our quest to becoming millionaires. We go from system to system and start to become frued because nothing appears to function, you start to wonder what the hell are all this folks posting systems on forums thinking, don't they understand that none of them work? In reality some of them work, we just don't give them sufficient time and discipline to find out, or they just don't suit our thought process.

    Phase 4 We start to clear our charts of indiors and remove some of the dark clouds which were covering our thoughts and charts. You start to learn price action, support and resistance, pivot points, fib replacement... and that indiors lag. You start to realize that demo trading is not a terrible idea and maybe a number of the crazy lunatics from the forums were not really that crazy after all. You start to realize that longer time frames are a bit less stressful and more clear to understand but nevertheless the greed and curiosity to turn a $250 account into $100k account in 1 year or less for that thing proceeds to roam mind and you start going back into your old ways; changing egies, taking high risks, not using money direction until you dismiss jet another little account (for some this blown off accounts aren't exactly small)

    Period 5: You continue reading and studding and start to check price action or alternative egy via demo accounts or using very tiny accounts with money you think about as training expenses. Then you start to find the market and trading . You continue to learn and make progress, while you raise funds.

    Period 6: You start to make smarter decisions and start to break even on your trading account, you win some you loose some. You realize your losses are dues to stupid mental mistakes and could have been prevented have you had your feelings in check and your organization mindset set up. You continue on and start to become picky with all the trades your take and start to use sound money management, you finally see your account growing slowly but certainly, while accepting loses you start to win more than you lose and with good money management you're on your way into the begging of your trading career.

    Phase 7: This stage is going to be discussed in a later time because I'm not currently in this stage. Maybe a more experienced member may continue on the ladder.


    Best of luck.
    Sincerely,
    .

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