Can trading be self-taught?

Hello

like the thread tittle...
but in detail is : can I become a consisted profitable trading XAUUSD as a day trader?

if so, how long does it take?

Of course you can, if you are persistent and have a strong desire to succeed.

To answer the question in the thread title: Yes, you can learn it all by yourself. All the data you will ever need is freely available on the net.

But do not expect to be able to turn out consistent results in a few months, even if you are getting expert guidance from a mentor.

It has been said that it requires about 10,000 hours of screen time to become a consistently profitable trader. Working on it 40 hours a week, 50 weeks each year, it will take about 5 years before you will reach the required competence level. Becoming really proficient in any profession does take that much time.

yes, i learned everything alone.
I analyzed systems, looking for connections.
it was a long and difficult journey.
but he understood.

Yes, you can learn fore yourself with the help of free learning material available at youtube and other resources on internet.

Hi Tabary,
Trading as a subject to be learned is conceptually no different to learning anything, say, how to play the piano: you can study and practise yourself (there is a lot of material out there); and/or you can find an experienced and knowledgeable teacher to help you learn. A good teacher should help you get there better and more quickly but you can certainly do it yourself. That said, trading is a funny business in that so much depends on your emotional and psychological makeup, you'll need to honestly evaluate yourself as you go along to understand if you really have what it takes in that regard.

As to how long it takes, it's a bit like asking how long is a piece of string? It'll take as long as it takes depending on your aptitude for the task, ability to learn from your experiences, and effort put in. But I'd look to measure it in years rather than months, just like learning to play the piano well.

Ultimately, it all depends on your diligence and ability to adapt. I've been in this business for over a year now, but there is still a lot to learn.

With the amount of information at your fingertips, surely you can learn on your own. But you have to be determined and dedicated.
I've met people who were studying forex for years and were still scared to trade for real. If you never try you never learn. And when you finally try, learn from your mistakes.

It's totally possible to become a self-taught trader, there are so many resources online anything is possible. My only advice is to take your time, there is lot of information to take on so don't put yourself under unnecessary pressure to learn it all quickly.

You don’t need any mentor to make you a successful trader. A vast amount of information is already available on the internet with the help of which a trader can get a strong grasp of all the trading concepts. Besides there are other tools such as copy trading, auto trading, micro accounts and demo accounts which are great sources to understand the practicality of the market.
It’s natural to wipe your account 3-4 times before you start earning consistently. Take it as a fee to the market for giving you experience and keep going forward by learning from your mistakes.

Yes, you can. The answer to the question is: it will take as long as it takes for you to learn trading. Least.

Of course, you can learn trading on your own. Your success doesn’t depend on how many books you read but how much you understand about the market. A single lesson learnt is better than several books read if you can’t remember what you read.

As long as you understand that the ONLY thing that matters is this:



You will make it in no time.. yes, that vertical scale its the only thing you should look at, no matter how many "gurus" tell you otherwise (noobs galore copy/pasting the same crap for years and never making it for real)..

PRICE..

Its all in there, moving forward to the right side, the left doesn't matter anymore and doesn't "move" the market either, focus on that, dont overcomplicate yourself trading is simple, not "easy" but simple!! After all its just math and statistical probabilities and NO its not that complicated as some threads i have read over here are trying to make it..

good luck in your journey!!

I was reading threads on this forum and happened to run into this one.
You cannot trade just by looking at the chart all day. You have to read books on trading. You have to understand the price action.
I could recommend you some if you want. Otherwise, you could just read fxtm trader's guide.

Happy New Year!

Anything can be self taught if one has the skill of self learning and improvement. It may take more time as compared to a course or a book but it would be simple for you. It would be more helpful if you take references from time to time to make your learning experience even better.

Definitely, trading can be self-taught with the abundance of resources available today such as articles, books, online courses, webinars, and YouTube videos, that provide valuable information that you need.

Definitely, but it requires a lot of work to get a grip on everything. At start it can easily make you quit and start all over again, but it can definitely be done. Now I don't consider myself a very successful trader, but a decent one and I have been learning by myself from mostly online.

If you have access to truthful information about how the market works, then, of course, with due diligence, you can succeed. However, if the information is false, perseverance in this case will only waste your time and energy. The most important thing is to choose a truly effective method and then fully immerse yourself in it.

Yes, you can be self taught, but allow for considerable time and effort (e.g. 12 to 24 months) to start trading with your real money. Filtering out exaggerated internet claims will be a big challenge. Finally I'd set yourself a meaningful target before moving to live trading, such as six consecutive months of demo account profitability with a fully developed trading plan.

The lone wolf path is difficult, not gonna lie, but highly rewarding if you're broke (which I was for a long time).

As far a consistency? My mentor once said something very profound;

Consistent practice breeds consistent results.

Which basically means create a routine with one strategy and be consistent in the application of said strategy, the results take care of themselves.

How much time should you spend mastering of trading one pair? Well... That's a pretty weird question even if you chose XAUUSD. Gold itself isn't the primary asset that has to be considered as something to take for day trading and you have to understand that.
It's a pretty stable pair that is good for long-term prospects, or for risks mitigation, or whatever...
You should analyze high-liquid pairs that can bring you profits quickly. Many traders choose volatile pairs but on the flip side, risks are high. But, anyway, being a XAUUSD day trader is a nonsense for me, sry, buddy.