How many years to become profitable? | Forex Factory

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How many years to become profitable?

  • #1
  • First Post: Oct 22, 2006 10:44pm Oct 22, 2006 10:44pm
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
  • #2
  • Oct 23, 2006 12:08am Oct 23, 2006 12:08am
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
Thanks for asking this question I have been buying and reading books for the past month. I still don't feel like I'm ready to open a test account.
  • #3
  • Oct 23, 2006 1:31am Oct 23, 2006 1:31am
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
Well thats a good question but with a complicated answer. It depends on how much time you have dedicated to study the market. If you have several hours a day I would say it is probably possible to become consistent within 6-12 months but everybodys learning curve is different. Me personally, I've been studying investing and forex in particular for about 2 1/2 years. What I've found is that it is quite an intersting ride. I also took time off now and then just to get away from the market. I knew I would come back after I got it out of my system.

I would suggest reading some books to get you started. I would recommend the "Market Wizard" series by Jack D. Schwager which has interviews of top traders. Also spend a good amount of time reading the forums here. I spent like 6 months here before I made my first past I think because there is so much to read. If you don't understand something you can also ask

wish you the best
  • #4
  • Oct 23, 2006 2:27am Oct 23, 2006 2:27am
Don't ask, "How long does it take to be profitable month after month", but rather, "How long does it take to make less and less mistakes, month after month..."
Mr. Trend
  • #5
  • Oct 23, 2006 7:18am Oct 23, 2006 7:18am
My suggestion is to open a demo account on your favorite broker to learn the interface, then go live in a micro account with $500. Consider it tuition money, because you'll probably loose it all. After that account is empty, put another $500 in, and this time stick to your system and money management plan like industrial strength velcro, and you might actually break even. Rinse and repeat.

Some people spend too much time reading, learning, and not enough time doing.
So far so good.
  • #6
  • Oct 23, 2006 8:56am Oct 23, 2006 8:56am
Quoting paul2
...then go live in a micro account with $500. Consider it tuition money, because you'll probably loose it all.
Horrible advice in my opinion. Why would anyone in their right mind go into live trading thinking they will lose it all? If you do, you're foolish and should save both your time and money.
  • #7
  • Oct 23, 2006 9:05am Oct 23, 2006 9:05am
Quoting twinchell
Horrible advice in my opinion. Why would anyone in their right mind go into live trading thinking they will lose it all? If you do, you're foolish and should save both your time and money.
That $500 you loose in real world trading will be a better learning experience than any $500 worth of books or guru lectures.
So far so good.
  • #8
  • Oct 23, 2006 9:32am Oct 23, 2006 9:32am
Quoting paul2
That $500 you loose in real world trading will be a better learning experience than any $500 worth of books or guru lectures.
Or the $500 you lose in a demo account is worth more then the $500 books/lectures.

Using real money during the very beginning isn't worth it in my opinion. Maybe after you are done playing and learning through the initial learning curve with a demo account, and feel you are "ready" to try some real money to handle the pychological shift from demo to real, then yeah, i'd say the $500 then is worth what you may get out of it.
To be one with the market, you must first be one with yourself.
  • #9
  • Oct 23, 2006 9:44am Oct 23, 2006 9:44am
The dumbest thing you can say is just use X amount of money because you're going to lose it all. With an attitude like that, you will. The odds are stacked against you, don't make them worse by having an attitude like that.

Go look for the FXCM videos where Rob Booker talks... he hits the point well.
Mr. Trend
  • #10
  • Oct 23, 2006 9:49am Oct 23, 2006 9:49am
Quoting Mr Trend
Go look for the FXCM videos where Rob Booker talks... he hits the point well.
rob booker made a point? What was it?
  • #11
  • Oct 23, 2006 10:01am Oct 23, 2006 10:01am
Quoting philmcgrew
rob booker made a point? What was it?
That particular video is very very good. Rob hits trading right on the head... If you're a consistently profitable trader, Phil, then I'm surprised you don't like him.
Mr. Trend
  • #12
  • Oct 23, 2006 10:19am Oct 23, 2006 10:19am
Quoting Mr Trend
That particular video is very very good. Rob hits trading right on the head...
OK, I'm bored, which video and what point? It's either this or clean my office.
  • #13
  • Oct 23, 2006 10:46am Oct 23, 2006 10:46am
Quoting Unforeseen
Or the $500 you lose in a demo account is worth more then the $500 books/lectures.

Using real money during the very beginning isn't worth it in my opinion. Maybe after you are done playing and learning through the initial learning curve with a demo account, and feel you are "ready" to try some real money to handle the pychological shift from demo to real, then yeah, i'd say the $500 then is worth what you may get out of it.
Sorry, I just assume that you (general) have a system and have used it/learned it on a demo.
So far so good.
  • #14
  • Oct 23, 2006 10:47am Oct 23, 2006 10:47am
Quoting twinchell
Horrible advice in my opinion. Why would anyone in their right mind go into live trading thinking they will lose it all? If you do, you're foolish and should save both your time and money.
I agree. The whole "tuition money" theory, putting money into an account and figuring you will probably blow it is a sure path to eliminating yourself from forex. LEARN! Although you will learn more later when you open your real account you shouldn't open an account with the attitude that you probably will lose it.

Forex is so much about attitude. I have some local friends that also trade, and when we sit down together and I ask them about why, for example, they closed this trade at this time and they reply with something like "well I was just getting a little scared" or "I figured I'd just close it now and lose less" or some other silly, reactive, emotion response. Protect your money - always. That doesn't mean you won't ever be down on a trade or that you can't ever lose but it does mean that if you blow your account you screwed up. More than likely you didn't learn that much either. I know a guy who paper traded for 6 months, had some erratic success, quit his job, bought 5 monitors and put 25K into a real account - 3 months later its all gone. What did he learn? Hmm probably 1. that its easier to lose money in forex than it is to make it and 2. that forex isn't for him. When you fund your real account, you should be more sure of your plan and your discipline than just "oh well, I might blow this, if I do then it'll be tuition, haha" you don't have to blow loads money to learn forex, dispite what so many "gurus" will try to sell you.
  • #15
  • Oct 23, 2006 12:09pm Oct 23, 2006 12:09pm
Quoting philmcgrew
OK, I'm bored, which video and what point? It's either this or clean my office.
You probably need to clean your office.

http://www.fxcmexpo.com/video/RobBookerQT7512K.swf
Mr. Trend
  • #16
  • Oct 23, 2006 2:33pm Oct 23, 2006 2:33pm
Thank you all for your inputs, my original plan was, read read read and apply it on my demo account until I double my demo account, however long that takes...until than no live trading!!! I started getting intersted in forex about 2 weeks ago, and so far I'm down $400 on my 5k demo account!! believe it or not I have learned a few things from my mistakes already...

is it better to trade on daily charts or 30m/1h chart for a newbie?

thank you all
  • #17
  • Oct 23, 2006 3:03pm Oct 23, 2006 3:03pm
Quoting spank
Thank you all for your inputs, my original plan was, read read read and apply it on my demo account until I double my demo account, however long that takes...until than no live trading!!! I started getting intersted in forex about 2 weeks ago, and so far I'm down $400 on my 5k demo account!! believe it or not I have learned a few things from my mistakes already...

is it better to trade on daily charts or 30m/1h chart for a newbie?

thank you all
Great job on being disciplined and doing some demo trading. I think 1 hour charts are better because you will see more opporutnities (challenges) to test out your trading and practice what you've learned. Of course there's no reason why you couldn't trade another pair on a daily at the same time.
  • #18
  • Oct 23, 2006 4:05pm Oct 23, 2006 4:05pm
How about trading 4hr charts or longer................it will give you less wipsaws and will help teach you dicipline. I think that the 4hr chart is the min. you should look at.Also you wont trade as often.......that can be a good thing, beleive it or not. good luck man


rsq955
  • #19
  • Oct 24, 2006 5:56am Oct 24, 2006 5:56am
Quoting rsq955
How about trading 4hr charts or longer................it will give you less wipsaws and will help teach you dicipline. I think that the 4hr chart is the min. you should look at.Also you wont trade as often.......that can be a good thing, beleive it or not. good luck man


rsq955
yup.. 1 hour charts arent worth it
BECAUSE I CAN !
  • #20
  • Oct 24, 2006 6:35am Oct 24, 2006 6:35am
Rob Booker is a train crash when he talks. He would be better off communcating through texts, e-mails and websites if anybody was that desperated to hear him.
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