The 5 Steps to becoming a trader

This is of course I am

Just felt like bumping this back up. Great read.

Cheers

That wasn't it. Haha!

But I think this time, this is really it. Haha!

Good luck to me and everyone else in this forum! Ciao!

Those who mentioned #5 genuinely consider themselves Guru? )) Really they exist?
I am #5, 8 years trading now. Not a guru and not a teacher. Why? Because it's something that can't really be taught. Why? Well those steps (learning curve) are pretty accurate and you must go through them because although someone can teach you the method you still will not be able to do it because no one can teach you to manage your emotions and if you can't manage your emotions you can't manage your trade properly and likely will still lose. For what it's worth forget EA's, all the bullshit indicators, all the 1000's of different methods. Keep it simple, look for supply/demand areas NOT tops and bottoms. Learn to manage your risk. First question when considering a position 'what is my risk'? I blew I don't know how many accounts along the way, you will too. Look at it as the cost of learning and stick at it. The biggest irony of all? Once you know, you know. It's very simple (not to be confused with easy) and because you know, you don't jump from thread to thread looking for the next great idea.

This is very very interesting. I have explored social engineering quite a bit, and I was kinda trained to look at other people from the bird's eye and understand that every action they take and or every word they say has an driving emotions behind it. Learn to control it and you learn to control the person.
With that being said, this post, seems to me, that this journey is more about emotional development rather than learning to trade. I am very new to this fx trading and I love it. (so far) I have many technical questions but as I just registered I cannot post a new thread. Cheers!

Hello everyone!

I just joined the forum as I've been learning how to trade with a practice account, tried a couple of education apps and I accept there is a long way to go to become a successful trader; I realised one thing I was missing was talking to traders who know their stuff.

I chose FiveK as a name as the initial goal I've set myself is to make £5k profit (from a small investment). I almost doubled my money on my practice account at one point, then lost it all making experimental trades in the name of education...

Currently I use the Plus500 app and check up on Bloomberg and Reuters for relevant market news. I work a 9-5 so I'm busy when the markets are , good thing is I've moved into data analysis at work, so I'm getting more familiar with interpreting charts and data...

Any advice or pointers in the right direction so I can make some dough are welcome!

Luke

i hope all the traders read this thread with objective point of view .. very useful..

the thread started 22 oct, 2005, i was junior high at that time.. this guy is legend.. thanks so much.. i read 2 times per day.. to remind me how complex the market as a puzzle.. bless you guys...

helpful article

thanks for sharing

These are not 5 steps though, just 5 rules

This trading is haaard. I hope this is a real a-ha moment this time!

Good luck to all of us who are still looking for their own path in trading!

One interesting idea, shared by professional traders, is to set goals and measure results not in profit, but in progress. This mean that you are going not to earn specified sum of money, but to get necessary skills and habits.
Even if your recent trades were wrong, you get experience and information to analyse and make conclusions. Is something lik making mistakes your way to success, but deeper and wider.
Actualy, you don`t need to earn a lot of money now. You just need to trade better, than yesterday.

11 years

This is it.

I think this is it.

I hope this is it.

Good luck to everyone who are still here! I sincerely hope your trading path is shorter than mine.

Amazing thread ! , i’m at stage 2.9

This article is beneficial for both a beginner and a pro. So overall, a good job Dial!

It took me ten years to realize that all of this is true. The only thing I found out isn’t true is the time scale to reach step 4.

This took me 10 freaking years and so many hours of work.
This is a very valuable guide, and I know you’re writing from a lot of experience in the market.

true that those who never quit will find light at the end of the journey.

step 5 is real. there is no such thing as get rich quick scheme.

it has to be get rich slow. its really the truth. salute the author for posting such steps

Thought I'd bump this.

This is one of my all time favorite threads on FF. Can't believe it's almost 20 years old.

In 2025 I'd say I am solidly at stage 4. Not quite stage 5 yet because I don't trade full-time, I run another business and trade on the side. I'd say I'm probably at 4.5. Once I sell this business, (which I am getting serious about), and trade full-time then I think I'll finally arrive at stage 5.