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Time it takes to be a Successful Forex trader

  • #41
  • Jul 19, 2008 10:34pm Jul 19, 2008 10:34pm
Quoting mnestevao
As the majority of FX traders I have lost money in the market when starting, one book that is a MUST READ: "Trading in the zone" by Mark Douglas, applying the principles written in this book will make your trading better, I say it because it made my trading better.
agreed
  • #42
  • Jul 20, 2008 7:01pm Jul 20, 2008 7:01pm
Quoting fxRichard
agreed
I second that
  • #43
  • Jul 20, 2008 8:49pm Jul 20, 2008 8:49pm
Time;... it takes {Time} to be a Successful Forex trader!

Tru Dat...
  • #44
  • Jul 21, 2008 6:03am Jul 21, 2008 6:03am
The thing that strikes me is that you don't even know what timeframe to trade on and your bigger concerns are brokers stop hunting? Im not negative and I believe you are a smart person, its just you really need to evaluate your trading. Has your trading style already proven to make you profits? Are you trading house money yet?? If not then keep a steady cash flow coming in somehow ie a job. To make you feel better about keeping apart time job think of it as diversification. I consider myself to be EXTREMLY intelligent, no bs, but it took me almost 3 years to show steady profit and even now I am undercapitalised to do this full time, so in my situation I wake up real early trade then goto work. I think you can make it just think of all the pros and cons and never stop learning.
  • #45
  • Jul 23, 2008 5:04am Jul 23, 2008 5:04am
Quoting johnnykanoo
I think you can make it just think of all the pros and cons and never stop learning.
Ok. Thanks. I haven't yet decided what timeframes I'm going to trade. This is something that I will decide the day I am ready to sit down to write my trading plan. At that point I will consider all the pros and cons. My purpose of posting this thread was to figure out if I was on the right track or not. It was a big decision for me, but reading some of your comments, I have made the decision to support myself by working part-time at least so that some money is coming in and I'm not under any psychological pressure to make profits from trading.

These are the steps that I will be following to further my trading career:

1. Finish my off-line studies.
2. Come up with a trading plan (this is when I will be deciding what timeframe I want to trade).
2. Look into getting a charting software containing historical data of different timeframes (not sure if anything like this exists!) and paper-trade for some time by moving one candle at a time.
3. Look for a "good" broker (this is something very important for me and it's one of my major concerns)
4. Demo-trade. Test my trading plan and re-consider what timeframes I want to trade.
5. Live-trade - after I feel confident with demo trading.

It's too early for me to make any more decisions about my trading strategies, however I have taken a note of your advice and others' also.

For now, I am going to focus on my part-time career and will be posting more threads when I'm ready to go on to the next step.

Thanks everyone and Best Wishes!
  • #46
  • Jul 23, 2008 8:30am Jul 23, 2008 8:30am
Quoting trader35
These are the steps that I will be following to further my trading career:

Come up with a trading plan (this is when I will be deciding what timeframe I want to trade).
...and you should decide your rules of entering and exiting trades, etc...
Quoting trader35
Look into getting a charting software containing historical data of different timeframes (not sure if anything like this exists!) and paper-trade for some time by moving one candle at a time.
I would recommend Tradestation. Very good platform. Been around forever.
Quoting trader35
Look for a "good" broker (this is something very important for me and it's one of my major concerns)
I would recommend InteractiveBrokers or MB Trading.

Good plan. I wish you the best.
Mr. Trend
  • #47
  • Apr 23, 2011 12:10am Apr 23, 2011 12:10am
I have done stocks and options over 15 years. But the stock market is also very difficult because there is so much variables for any to make money. I stumbled across Forex 3 years ago. I immediately sparked an interest and had a desire to learn. I had paid mentors, read tons of books and spent hours of research on the computer. I recently quit my full time job that paid pretty well with benefits.
Finally, after losing tons of money and sleep I have a great system that works in any time frame. No one will ever tell you what they do exactly in the Forex to make money. My mentors still kept me guessing my decisions. Makes you wonder about all these scams out there.
Well long story short. It can be done with perserverance and patience. Keep to one strategy that works for you. Everyone is different on how they trade. Don't be like someone else it might not be right for you.
I trade 5 min charts to 1 hour. I use multiply rsi settings, moving average, parabolic SAR, and ADX. I'm thinking of posting my strategy on here. Its simple for beginners and has a high success rate. If there is interest I will post it.
  • #48
  • Apr 24, 2011 6:11am Apr 24, 2011 6:11am
Quoting darine
I have done stocks and options over 15 years. But the stock market is also very difficult because there is so much variables for any to make money. I stumbled across Forex 3 years ago. I immediately sparked an interest and had a desire to learn. I had paid mentors, read tons of books and spent hours of research on the computer. I recently quit my full time job that paid pretty well with benefits....
Yes, I agree with that.

The time it takes to become a successful trader can not be determined ... I'm more inclined to think that forex is subjective and chaotic. And it needs intuition.
  • #49
  • Apr 24, 2011 11:37pm Apr 24, 2011 11:37pm
I would say 3 to 4 years is required to earn consistent profits from Forex. You have to understand the market movements and develop a profitable trading system.
  • #50
  • Apr 25, 2011 12:15am Apr 25, 2011 12:15am
Quoting darine
....
I'm thinking of posting my strategy on here. Its simple for beginners and has a high success rate. If there is interest I will post it.

You bet, I am!! Very interested. Please kindly post.

Thanks in advance

Forex37
  • #51
  • Apr 27, 2011 10:24pm Apr 27, 2011 10:24pm
Everyone I met who has succeeded in trading (forex or equities) in less than 10 years started with a $100k+ bank (went down to $20k before "making it") ...
  • #52
  • Apr 29, 2011 6:27am Apr 29, 2011 6:27am
Quoting gvroom
I know this has been mentioned already but...

Becoming successful generally isn't fast.

My first account was a $200 live account. I threw darts at the screen and picked positions based on whatever hocus pocus convinced me that I'd make a few pips.

I know everyone says to use a demo account, but if it wasn't real money I wouldn't have learned. The pain of watching my money float away was a good experience -- and I didn't waste time developing a set of skills in a psychological environment that is nothing like real trading.

After I blew up...
I am in the same situation
have started feb 2010 on live trading account web trader and doing so until now
having now several broker accounts open and thinking about testing new ones, its all that exciting way to become full time trader, and to be honest with you it does not seem to be that hard

I really do enjoy trading markets , want to learn the simplest strategies for manual trade open and taking robots signals for setting manual trade ,and letting robots trade my live micro lots

lets see how far I can get on such approach
Create your future with MOON SHOT
  • #53
  • Apr 30, 2011 6:01am Apr 30, 2011 6:01am
On my charts I used some great free indicators from Investopedia..They are DEMA RLH, DEMA RSI, Aroon Osc, Advanced ADX, and the Forex Freedom bar. I only purchased one indicator which I use total in different way. Its a RSI indicator with several settings, which are 3,5,7,9 and 14 all set to close..I use it as a RSI filter so to speak to see the strength of the trend...Now you got a pretty a good idea of my charts..Its pretty successful for me. The rest is up to you..Good Luck..
  • #54
  • May 7, 2011 7:04am May 7, 2011 7:04am
You don't have to be 5 years old trader to be successful.

Here is an example of half-year account (that time newbie great trader).

http://buonvangvn.mt4stats.com/
http://www.forexfactory.com/buonvangvn
RichieEU
  • #55
  • May 7, 2011 8:47am May 7, 2011 8:47am
Quoting RichieEU
You don't have to be 5 years old trader to be successful.

Here is an example of half-year account (that time newbie great trader).

http://buonvangvn.mt4stats.com/
http://www.forexfactory.com/buonvangvn
You can accuse me of negativity if you wish, but the shape of the equity curve (steady rises followed by sudden dips) and the way in which the position sizes are being varied suggests some kind of martingale variant to me.
  • #56
  • May 7, 2011 11:24am May 7, 2011 11:24am
Quoting hanover
You can accuse me of negativity if you wish, but the shape of the equity curve (steady rises followed by sudden dips) and the way in which the position sizes are being varied suggests some kind of martingale variant to me.
I just wanted to show different opinion
RichieEU
  • #57
  • May 8, 2011 11:07am May 8, 2011 11:07am
It's not up to you , it's up to market , market need at least 3-5 years to show you most of its tricks and also train for your most of things you need to become a successful trader . Just don't give up
After 2 years , now I can survive in this market and take some small profits monthly , will look for more profits and trade more money once I passed this 3rd year with more experience . I have thought that I can be successful within 3 months or 1 year also and become a billionaire in the beginning of this forex journal , but it's not simple lol
"If you can dream it , you can do it " Walt Disney.
Good Luck.

Regards
  • #58
  • May 8, 2011 11:20am May 8, 2011 11:20am
Quoting RichieEU
You don't have to be 5 years old trader to be successful.

Here is an example of half-year account (that time newbie great trader).

http://buonvangvn.mt4stats.com/
http://www.forexfactory.com/buonvangvn
He has been trading for more than 5 years lol
  • #59
  • May 8, 2011 11:27am May 8, 2011 11:27am
Quoting HoangTuan
He has been trading for more than 5 years lol
How do You know that? I remember once when he share his result - I am quite sure it was like newbie.

Maybe I am wrong. I don't have time to search another example.

EDIT:

I found the solution.
In his profile is "5 years old experience".
Maybe I have seen 'date joined to ff'.

Still it is a good question to ask him
RichieEU
  • #60
  • May 8, 2011 11:36am May 8, 2011 11:36am
Quoting RichieEU
How do You know that? I remember once when he share his result - I am quite sure it was like newbie.

Maybe I am wrong. I don't have time to search another example.
Just because he's also a Vietnamese and he's also members of forex & commodities Vietnamese forums , he learned it long time ago .
Moreover , it's just a testing statements for EA on Demo accounts , not know much about his accuracy or his system , but if he's still trading daily , maybe he's getting some profits

Regards
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