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How many years to become profitable?

  • #41
  • Dec 12, 2017 10:22pm Dec 12, 2017 10:22pm
My recommendation is to open a demo account on your most loved broker to take in the interface, at that point go live in a smaller scale account with $100. Think of it as educational cost cash, since you'll presumably free everything. After that account is unfilled, put another $100 in, and this time adhere to your framework and cash administration design like mechanical quality velcro, and you may really make back the initial investment.
  • #42
  • Dec 13, 2017 1:03am Dec 13, 2017 1:03am
I have been studying for a very, very long time and am yet to come across a 'system' that can yield consistent month to month profits. I have combined the best of what i have found to something that suits me and i feel like i am very close after a lot of backtesting, but god knows. im hanging in there but trading is the hardest thing i've ever done.

If any of the old boys know of a 'system' that can yield even small, yet CONSISTENT month to month profits i'd love to hear it because i feel i have scoured every corner and after backtesting none of them are viable.
  • #43
  • Dec 13, 2017 9:00am Dec 13, 2017 9:00am
Forex trading is no easy field, for newbies it requires a lot of reading, demo-trading and blowing at least one or two accounts till getting the grips on it. For some it comes natural, and others never get profitable. Usually the last ones are ending up writing books or giving lessons on how to trade
  • #44
  • Dec 13, 2017 9:49am Dec 13, 2017 9:49am
Quoting sorostrustfu
I have been studying for a very, very long time and am yet to come across a 'system' that can yield consistent month to month profits. I have combined the best of what i have found to something that suits me and i feel like i am very close after a lot of backtesting, but god knows. im hanging in there but trading is the hardest thing i've ever done. If any of the old boys know of a 'system' that can yield even small, yet CONSISTENT month to month profits i'd love to hear it because i feel i have scoured every corner and after backtesting none of...
expand your horizon, and maybe think in quarter to quarter...making a quarter of +10% -4% +6%...is still a constant and profitable trading
i think in the commercial section there is a guy with 10-11 months constant return, but never seen more than screenshots, so you need to verify.

if you feel to check my thread, once i recover the DD this month ( not that much left), then you can also see 10 consistent months.
but will you be able to replicate? probably not. you can plot all entries, but you cant backtest it, in a sense you can do with an EA. anyway backtest at best is good for a proof of concept, but it isnt exactly 'real'!
but that is really beside the point
the point for you: SEEING it is possible, KNOWING it is possible, and BELIEVING it is possible.
that is enough to justify your effort until now, and onward.
there is always, always another trade!!
  • #45
  • Dec 13, 2017 11:11am Dec 13, 2017 11:11am
Quoting UlliC
Usually the last ones are ending up writing books or giving lessons on how to trade
Ha ha ha! Well said! Yes, no doubt it’s a very sticky path and success is always costly here! I have almost 5 years trading experience and till now I feel that I know nothing about Forex! Surely, I need to learn more and update my trading skill.
  • #46
  • Dec 13, 2017 11:57am Dec 13, 2017 11:57am
Quoting GeorgeBaile
{quote} Ha ha ha! Well said! Yes, no doubt it’s a very sticky path and success is always costly here! I have almost 5 years trading experience and till now I feel that I know nothing about Forex! Surely, I need to learn more and update my trading skill.
have you heard:
"simplicity is the ultimate sophistication"?

very well may be not your knowledge or lack of is what holding you back?

you might heard this one:
"Insanity: doing the same thing over and over again and expecting different results"

if this sums up your 5 years trading experience, then you may as well know nothing
if after 5 years you dont see at least some results, you are probably doing something very wrong....like the "same things over and over again!"
there is always, always another trade!!
  • #47
  • Dec 13, 2017 7:20pm Dec 13, 2017 7:20pm
For a person that has 0 experience, what would you recommend to trade. I find scalping(maximum 15 min) more accesible acording to my demo account, but when i will invest real money what should i do. Just put a long term possition? Also when you put a long term position do you aim for a big amount of pips, you set the TP and SL higher than short term possition?
  • #48
  • Dec 14, 2017 1:39am Dec 14, 2017 1:39am
maybe most of ppl will spend all their life to enjoy lossing.
  • #49
  • Dec 14, 2017 7:32am Dec 14, 2017 7:32am
It seems to me that you are asking the wrong question. I think you should be asking about how many years you need to learn trading in order to be a consistently good trader. Putting profitability first is likely to lead the trader to the path of developing risky or wrong trading habits, imho.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #50
  • Dec 14, 2017 9:40am Dec 14, 2017 9:40am
Quoting KeenPips
It seems to me that you are asking the wrong question. I think you should be asking about how many years you need to learn trading in order to be a consistently good trader. Putting profitability first is likely to lead the trader to the path of developing risky or wrong trading habits, imho. Trade safe and prosper. KP
All people who trade do so because they want profits. That said, I agree with you. As much as we want to profit, the most important thing should be to learn to trade consistently, which in turn leads to profit.
  • #51
  • Dec 14, 2017 11:05pm Dec 14, 2017 11:05pm
It can be. However, it is unbelievably difficult to make money with forex trading in the long term. The most difficult part is to open a trading position at a right moment and close it with profit.
  • #52
  • Dec 15, 2017 9:51am Dec 15, 2017 9:51am
Quoting Butterscotch
It can be. However, it is unbelievably difficult to make money with forex trading in the long term. The most difficult part is to open a trading position at a right moment and close it with profit.
That is the gist of it, yes. And that is what we all strive for. Some people succeed, the majority fail for many and various reasons, some internal, some external, but the end result is the same.
  • #53
  • Dec 31, 2017 11:11am Dec 31, 2017 11:11am
Quoting spank
I'm a newbie and just like to know on avarage how many months/years of exprience did you guys get to be come profitable month after month? and what kind of meterials/book did you read? took any classes? thanks
I am sure, many new traders got confused by your title of this post! But, that’s the reality; in my first 2 years of trading I was a loser! Frankly, my 1st year trading was so horrible. Till now I’m not happy on my outcome, I need to improve more!
  • #54
  • Jan 1, 2018 9:07am Jan 1, 2018 9:07am
Quoting GeorgeBaile
{quote} I am sure, many new traders got confused by your title of this post! But, that’s the reality; in my first 2 years of trading I was a loser! Frankly, my 1st year trading was so horrible. Till now I’m not happy on my outcome, I need to improve more!
For how long have you been trading? Did you see improvement after those first two years, even if you think you need more?
  • #55
  • Jan 1, 2018 11:06pm Jan 1, 2018 11:06pm
To become successful in this market, you’ll first need to find a good system that suits your trading style.
  • #56
  • Jan 2, 2018 9:31am Jan 2, 2018 9:31am
Quoting Butterscotch
To become successful in this market, you’ll first need to find a good system that suits your trading style.
That much is true, but how long do you think that takes on average? How long did it take you?
  • #57
  • Jan 2, 2018 6:05pm Jan 2, 2018 6:05pm
2 months after demo
  • #58
  • Jan 2, 2018 9:01pm Jan 2, 2018 9:01pm
Varies between 3 years(very rare) to ∞(much more common).
Don't give up on your dreams. Keep sleeping.
  • #59
  • Jan 3, 2018 9:20am Jan 3, 2018 9:20am
Quoting Artcool
Varies between 3 years(very rare) to ∞(much more common).
That is incredibly disheartening but also probably quite accurate, unfortunately.
  • #60
  • Jan 3, 2018 10:23am Jan 3, 2018 10:23am
Quoting mlawson71
{quote} That is incredibly disheartening but also probably quite accurate, unfortunately.
given that the majority fail, doesnt mean one must belong to that majority.
find the "right kind" of knowledge, and avoid what the majority seem to be doing, like repeating things they read somewhere, because find comfort in that, like SL cant fail, or trend is your friend, or let the winners ride...you name it.

without a good starting capital, the chances are also very dull. the real disheartening is to see one's 200$ account blow up numerous time, vs. maybe starting with a 2000$ account could postpone that, greatly.

but indeed, it may probably take years. just like anything else if you want to go beyond the basics.
there is always, always another trade!!
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