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how long does it takes to become a successful trader?

  • #81
  • Nov 9, 2017 6:57pm Nov 9, 2017 6:57pm
Quoting monkey@forex
If you're losing trades then ask yourself where are you going wrong, is it wrong direction/wrong entry/too tight a stoploss/too big a stoploss/not taking profit... my advice from what iv learned and im still a newbie: 1) everything strategy works but none are infalliable 2) following indicators does not work, they work in a rangebound market but in a trending market it wipes you out 3) elliott wave is too hard to keep track of 4) take trading seriously, if your position is open then watch it, dont go for a 30min break, or start playing video games,...
Agreed.
You're going to pay a price for every bloody thing you do and don't do
  • #82
  • Nov 10, 2017 5:20am Nov 10, 2017 5:20am
Success trader is a big deal in Forex trading to make sure huge money. by the way, there is any different between successful and professional trader ?
  • #83
  • Nov 10, 2017 9:26am Nov 10, 2017 9:26am
Quoting JamesFaulkn
Success trader is a big deal in Forex trading to make sure huge money. by the way, there is any different between successful and professional trader ?
You can be a successful trader and still trade part-time while maintaining a second job. A professional trader supports him or herself (and even their family) through trading alone, be it working for a company or on their own.
  • #84
  • Nov 10, 2017 9:34am Nov 10, 2017 9:34am
Quoting mlawson71
{quote} You can be a successful trader and still trade part-time while maintaining a second job. A professional trader supports him or herself (and even their family) through trading alone, be it working for a company or on their own.
successful anyone who is making profit (money) end of the month from trading.

professional trader: doing this full time.
however, a professional trader also someone who execute orders for a bank and/or funds, and gets a salary/commission for this, however not per se risking his money trading. there is often a mistake that if someone trade for/at a bank, must be profitable and successful trader. it isnt always the case. far from it.
there is always, always another trade!!
  • #85
  • Nov 10, 2017 10:03am Nov 10, 2017 10:03am
A part time trader is trading against full time professional trader/businesses. They have enormous resources and are entirely structured around providing returns for their investors. Even with these resources only about 15% are profitable and they make money only about 50% of the time (low 50s ).
So they have a large competitive advantage.

Every time you trade you compete with them. You dont get to trade just against like minded people.

Why is this not recognized anywhere is beyond me.
  • #86
  • Nov 10, 2017 10:17am Nov 10, 2017 10:17am
law of 10000 hours. its need 10000 hours learning and become master. hihihihihihi xixixixi
we don't predict, we only ride
  • #87
  • Nov 10, 2017 11:07am Nov 10, 2017 11:07am
success is defined by everyone differently so then the time required would then be inaccurate to be used to compare to anything
big money makes big moves and then hides during small money chasing.
  • #88
  • Edited 8:05pm Nov 10, 2017 4:51pm | Edited 8:05pm
here is what i think... this should be rephrased to : "How long it takes you to figure out that this is not for you ?" In other words makes no sense to ask any successful person "how long does it take to become you" If this would be only matter of time half of the FF members would be millionaires... right? You just have to have it to start with! Some get it faster (cost them less ) some never..... And live in wishful thinking delusion. You are jumping in the pool with very hungry sharks from the get go.... And trust me they know how to get you green pips
  • #89
  • Nov 11, 2017 8:33am Nov 11, 2017 8:33am
Quoting cakrajaya
law of 10000 hours. its need 10000 hours learning and become master. hihihihihihi xixixixi
This is the first time I am hearing of such a rule. Where did you hear that?
  • #90
  • Nov 12, 2017 12:54am Nov 12, 2017 12:54am
Quoting mlawson71
This is the first time I am hearing of such a rule. Where did you hear that?
I believe the idea comes from Malcolm Gladwell's research (and a good summary here). However, you might also find this and this interesting.
  • #91
  • Nov 12, 2017 3:02am Nov 12, 2017 3:02am
Hi all ,
Its really amazing to see how people are giving wonderful explaination " how long does it takes to become a successful trader? " in addition to other wonderful explanation given by experts i would like to add few things which may be vaule addition to this wonderful enlighting post .

Step 1 - Find a teacher , an expert , a trainer , guru , who is expert excellent in the field of trading & can download the knowledge that he has acquired through years & years of trial & error. Now finding that will be big challenge on top of that the teacher should accept you as his disciple that is another big challenge especially in the field of trading & investments which is over hyped . But if you are able to do that ( half of your job is done ) because it may take guru 20 years to learn something but it will take 2 years for you to just download that from the guru & start doing R & D on the data .That saves really great deal of time. The guru is not going to take the information to the grave anyways ( Do you think that Warren Buffet will pass on the secret of this investment stratagy to this disciple or will take it to the grave )
Step 2 - It also depends on what background that you are coming from for example if your have degree in Finance and are excellent in programming as will you can be excellent in analysing Fundamental & technical analysis and use your own knowledge to program your own stuff and will be less dependant on other to program stuff like i do . if you are from any other field it will comparatively take time to learn , understand , implement cycle . That saves really great deal of time in taking your leap toward profitable side of trades .( No wonder buying & sells indicators is big business in the world of forex due to lack of programming skill set in people who become dependent on other programmers for help like me though i have started to learn programming now very seriously)
Step 3-If you are expert in management and have handled big projects even that helps you because the approach that you will be applying to solve the puzzle of “ When to buy & When to sell & vise a versa “ only these 2 simple questions need to be answered technically which very few have successfully able to resolve when it comes to trading in forex , stocks etc but when your concepts like “ the objective should be to achieve expertise greatly reducing the probability that an error or defect will occur “ or We can also 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 project management and apply them successfully to resolve the puzzle of “ When to buy & When to sell & vise a versa “ . Your chances of getting stuff done increases if you have predefined Important Forex Trading KPI’s , Kra’s metric etc ready and organised which will help in eliminating the errors as soon as they occur or have a mechanism where you are out before the error occurs so there is less or no damage.
Whenever people approach me and tell they are opening business the first question i ask them do you have business plan they say no i say you are crazy . The same why someone trading without have a trading plan is crazy . It's like driving a car when you do not know where to go .
The list is endless ( Not included psycolgical part of trading ) but to cut short Many people may or may not agree with me but this is just my ( POV ) point of view The big difference is corporaters are much much more organised when implementing things when normal business's are not so final suggestion would be “ GET ORGANISED & THEN TRADE “ Well being orgainised involves lots of things but just saying
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  • #92
  • Nov 12, 2017 4:08am Nov 12, 2017 4:08am
Quoting mlawson71
{quote} This is the first time I am hearing of such a rule. Where did you hear that?
It is the common rule works at any subject field of knowledge.

For example:
The first half (about 4500-5500 hours) is about the high educational program at a university.
The rest is for practicing at the field choosen.
A person is considered to become a professional after 10000 hours of practice.
However some people need more for achieving results (12000-14000 hours).

Best
D.P.
Hunting High and Low
  • #93
  • Nov 12, 2017 9:30pm Nov 12, 2017 9:30pm
Quoting mlawson71
{quote} This is the first time I am hearing of such a rule. Where did you hear that?
https://www.google.co.id/url?sa=t&rc...dmEcI3dEdT2DdF
we don't predict, we only ride
  • #94
  • Nov 12, 2017 9:32pm Nov 12, 2017 9:32pm
Quoting hanover
{quote} I believe the idea comes from Malcolm Gladwell's research (and a good summary here). However, you might also find this and this interesting.
yeaaa and its a debatable hihihihi xixixixi. the point is all field need learning curve to be master
we don't predict, we only ride
  • #95
  • Nov 12, 2017 11:09pm Nov 12, 2017 11:09pm
They say it take's 10000 hours to be a master at something-
IMHO- It takes as long as it takes to win , wash and repeat.

Then you are a master.
  • #96
  • Nov 13, 2017 8:55am Nov 13, 2017 8:55am
To everyone who explained the law of 10000 hours for me - thank you so much. I had never heard of anything of the sort but it makes so much sense.
  • #97
  • Jan 30, 2018 2:21pm Jan 30, 2018 2:21pm
Sorry to rain your parade, but you need to hear the truth. THERE ARE NO SUCCESSFUL RETAIL TRADERS. PERIOD. Get an education and find a real job.
  • #98
  • Jan 30, 2018 5:46pm Jan 30, 2018 5:46pm
Quoting gravitist
Sorry to rain your parade, but you need to hear the truth. THERE ARE NO SUCCESSFUL RETAIL TRADERS. PERIOD. Get an education and find a real job.
Silly Boy
Talking out your rear end.
  • #99
  • Last Post: Feb 5, 2018 4:26am Feb 5, 2018 4:26am
Quoting Mac712
They say it take's 10000 hours to be a master at something- IMHO- It takes as long as it takes to win , wash and repeat. Then you are a master.
That’s really true; it’s a long time process! But, it’s really tough to identify any specific period.
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