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Time it takes to be a Successful Forex trader 173 replies

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how long does it takes to become a successful trader?

Quoting Wachturm
{quote} Okay, I would never say that this is impossible, but to make an average of 10%/month without having lots of losing months is indeed an ambitious approach. I think it is hard to achieve that performance consistantly. I like Casinos. They can lose a lot - but they will always be profitable over time. I like that a possible drawdown of 100 losing trades in a row would only be a loss of 10% I always remember myself, that it was hard work to save money for trading. Protect it! (I have a small gambling account to feed the demons)
Yeah it's more doable than you think. Again, frequency is the big factor in this. As a day trader, you can easily exceed 10%/month without excessive risk or drawdown by risking 1% of your account per trade. Then again, I am talking from my own experience, but everyone's strategy is different so their results would also vastly differ as well. If your strategy allows you to lose 100 trades in a row, you may want re-evaluate that
Quoting petertrader
how long it takes to become successful trader?

It varies enormously from person to person.

The small proportion of people who become successful overlaps to a great degree with the small group of people who were likely to have become successful at whatever they'd tried to do.

I don't believe in all the "10,000 hours" stuff.

I think mastering theory comes before practice, not at the same time or after. With trading, someone's 10,000 hours experience from a standing start could probably be compressed into 2,000-3,000 hours, if preceded by a few hundred hours of good education.


Quoting petertrader
successful trader = any positive %/month more than half year

I think it's quite a good definition, as these things go. Anyone who can trade regularly for 6 consecutive months without having a losing month knows what he's doing, especially if the total is spread roughly evenly over 30 trades per month or more, during that time.
Personally, I believe that education and practice should go hand in hand. True, that is my subjective opinion - usually I need to be shown how to do something, rather that it just being explained to me.
No one can mention any specific period of time! It’s not possible actually! I know many traders who are trading from many years ago, but till now they are struggling! Besides, many traders are doing well with less than one year trading experience! You just need to invest your time without proper determination and dedication!
Quoting DarrenLehma
No one can mention any specific period of time! Its not possible actually! I know many traders who are trading from many years ago, but till now they are struggling! Besides, many traders are doing well with less than one year trading experience! You just need to invest your time without proper determination and dedication!
True. It's a highly subjective experience and one should not compare themselves to others. You'll get there when you get there.
Quoting mlawson71
Personally, I believe that education and practice should go hand in hand. True, that is my subjective opinion - usually I need to be shown how to do something, rather that it just being explained to me.
Great.
There is nobody who can make certain the fixed time when success comes into this market place.
But I really appreciate at your point , if anyone can ensures real education with great practice ,
he or she could accelerate the path of success.
I needed almost 3 years for being a consistent player! Yes, I know till now I have to improve a lot, but now I can repeat my TPs in my live trading! I use a personal combo trading strategy that I made based on my technical and fundamental trading analysis!
The original post was made back in 2010. It's been seven years now, do you think your trading has improved over that period of time?
Not less than 2 years at best case.
I thought this was useful, but to add additional prospective I suggest following the simple 7-steps rules. This is not a holy-grail, it just lays down a set of steps to take to come closer to achieving success in trading. Working with a experienced mentor is highly recommended.

http://www.elitecurrensea.com/forex-...-forex-trader/
The time verses from one person to another. Also, as I mentioned before, you can be a successful trader for half a yer and then loss everything, so as long as you keep making profit (any profit at all) its good. try not to be greedy and stay on low investments until you gain enough experience.
Quoting FPipster
Not less than 2 years at best case.
Is this with or without the period of demo account trading? What do you think?
Quoting DarrenLehma
I needed almost 3 years for being a consistent player! Yes, I know till now I have to improve a lot, but now I can repeat my TPs in my live trading! I use a personal combo trading strategy that I made based on my technical and fundamental trading analysis!
3 years a big deal to keep patience with great consistency. You did a great job really.
How long does it take to be profitable in any business you start?
1 year? 2, or 5 maybe 10?
How many new ventures survive 1st year? Or 2nd,3rd, 5th or 10th??
Why trading should be any different?
Whether you think you can, or you think you can't,you're right. H.F.
It depends how STUPID or HUMBLE you are RIGHT from the start.

also it depends A LOT on the crap you read and take as "education" about trading !! there is so much BULLSHIT around the internet, old/wrong concepts still around that people take it for granted and they dont know it yet
Quoting Simply-Me
How long does it take to be profitable in any business you start? 1 year? 2, or 5 maybe 10? How many new ventures survive 1st year? Or 2nd,3rd, 5th or 10th?? Why trading should be any different?
in business you can join a franchise, that may help you to cut your learning curve.
in trading if you can find a proven profitable trader to mentor you just may have the same effect.

neither has a guarantee, but both gives a lot higher chance of success.
there is always, always another trade!!
Quoting petertrader
Hi all, 1.i have heard a lot of rumours about how many people make money in forex, some people said only 10% some said that only 3% or 1%, but i would like to hear correct truth, where can i find it? The next question is what does it mean "earn", so i define it: how many people are profitable more than 1 year? 2.how long it takes to become successful trader (successful trader = any positive %/month more than half year), so i would like to know your stories, how long time it taken you? because i trade live third month already but i am still loosing...
i do not think anybody knows the percentage of profitable traders in long term but it is definitely extremely thin, so anything below 5% sounds right. profitable trading, mostly has to do with setting up the right mindset. for some, it may take a year, 5, 10 and so on. unfortunately a large portion of people come to trading will never be able get the right mindset so they will drop off in months or a few years and their places will be filled with other newcomers.
the road to profitable trading is a whole evolution by itself. the weak, robust, stubborn will die out. “It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.”
As Above, So Below
Quoting tashkent
{quote} i do not think anybody knows the percentage of profitable traders in long term but it is definitely extremely thin, so anything below 5% sounds right. profitable trading, mostly has to do with setting up the right mindset. for some, it may take a year, 5, 10 and so on. unfortunately a large portion of people come to trading will never be able get the right mindset so they will drop off in months or a few years and their places will be filled with other newcomers. the road to profitable trading is a whole evolution by itself. the weak, robust,...
I agree. And I also think the right mindset can be learned, if one is willing to put the effort into it, and if they are willing to be adaptable, as you said. A trader especially should be infinitely adaptable, regarding their trading approaches, regarding their psyche, regarding their daily schedule, etc. It's not an easy thing to achieve.
You will have rotten days, they will happen, I'm not even talking a few hundred dollars, once I went heavily on tilt and lost 1000 dollars AUD within 3 days, and just the day before I was on fire and made 500 dollars in the week, it was still dumb I over leveraged. The top things to be aware of in this business is that even with mediocre strategies you can still be successful as long as you stick to your risk management plan and can manage your emotions. I'm now getting an average of 2% return a week on my account.

Now is it boring doing my current method of profitable trading? Absolutely, this is probably the kind of business where you want to be as dispassionate as possible in terms of the trading PROCESS, but its very much worth it. But most of all, practice practice practice, both emotions and knowledge.
Quoting baaldeagle
You will have rotten days, they will happen, I'm not even talking a few hundred dollars, once I went heavily on tilt and lost 1000 dollars AUD within 3 days, and just the day before I was on fire and made 500 dollars in the week, it was still dumb I over leveraged. The top things to be aware of in this business is that even with mediocre strategies you can still be successful as long as you stick to your risk management plan and can manage your emotions. I'm now getting an average of 2% return a week on my account. Now is it boring doing my current...
I've made those mistakes too and "rotten days" is a very apt description of the situation.
It's far better to have a boring but efficient strategy rather than an exciting one that leads to losses.
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