How long did it take to become consistently profitable? | Forex Factory

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How long did it take to become consistently profitable?

  • #1
  • First Post: May 29, 2009 3:05pm May 29, 2009 3:05pm
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?
  • #2
  • May 29, 2009 4:51pm May 29, 2009 4:51pm
Quoting fx-Junior
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?
After 30 years of Trading in some form or another, I would like to state the following:

Hello, My name is Bill & I Trade.
I know that I should be Consistant by now but I just can't seem to get it to 100% Winning Trades.
As a matter of fact, I feel I'm on a Hot Run if 70% of my Trades are profitable.

30 Years in & still have to suck on a loooser occasionaly but that's ok, I'm starting to get the hang of this.
  • #3
  • May 29, 2009 5:44pm May 29, 2009 5:44pm
Quoting fx-Junior
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?
If your realy close to starting to trade profitably and consistently after such a short amount of time... I envy you.

Leon
Living the adventure in my head.
  • #4
  • May 29, 2009 5:50pm May 29, 2009 5:50pm
Quoting fx-Junior
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?
About 10- 15 minutes.
  • #5
  • May 30, 2009 6:41am May 30, 2009 6:41am
Just about 5 years. A very long 5 years I might add.
  • #6
  • May 30, 2009 7:50am May 30, 2009 7:50am
Quoting Dopey
Just about 5 years. A very long 5 years I might add.
I'd say that's about right. At least from my experience.
Headline: USD drops due to news of USD dropping!
  • #7
  • May 30, 2009 7:51am May 30, 2009 7:51am
i been trading since july 2007. at this point in my trading career i find that most times when i look at the chart my mind just gone blank and i dont know what should i need to do next.

i am still waiting for the day when suddenly a light bulb went on in my head to illuminate my forex path.....
  • #8
  • May 30, 2009 8:16am May 30, 2009 8:16am
Quoting fx-Junior
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?

Depends Upon your luck with your trading strategy with little experience
One to two years are enough for consistancy
  • #9
  • May 30, 2009 8:35am May 30, 2009 8:35am
A few months of staring at tick charts 16 hours a day every day.
  • #10
  • May 30, 2009 8:55am May 30, 2009 8:55am
FX-Junior,

Congratulations on your recent success!! After only 9 months that is a real accomplishment. To answer you question you must look at your question you must first define consistancy. Most would say that means your account balance is going up overall. Up by how much and how fast is what should be of greater concern.

Many of us, myself included, have experienced runs of "consistency" where our account goes up rapidly and it seems we are "dialed in". Then the market changes and the method we use to trade doesn't synch up with the market's mood.

Are we now "inconsistent"? Thus I would venture to say that if you are keeping with your trading plan religously, NEVER deviating, ALWAYS trading as your plan calls to trade, then I would say you are "consistent" and leave it at that. What most of us struggle with is this kind of consistency. We "vary" the trading plan just slightly and find WOW it worked...but then cannot sustain that type of variation for long.

Thus I would redefine your question as this, "how long did it take most of us to 'cut the crap' and follow the trading plan exactly". Some of us are still trying to keep with that. Some did it from the very first time.

Lately we've been in a very good trending market (bearish USD) and many trading plans are working well right now as they mostly are tend following plans. If/when the market changes back to a ranging market AND you can still stick to your plan religously I would say you've got it licked.

Just my opinion.
  • #11
  • May 30, 2009 7:14pm May 30, 2009 7:14pm
Quoting gspajon
FX-Junior,

Congratulations on your recent success!!...
Very nice post, IMHO, especially in that it sums up my thoughts, and experience to this point, almost exactly.

As you point out, it's impossible to profit beyond what the market permits: prolonged sideways movement will cause drawdown in even the 'best' trend-following system. I was recently reminded by a friend at our local TA group that Ricahrd Dennis (originator of the famous Turtles) experienced drawdowns of > 50% in his account, along the way toward making his fortune.

As a technical trader, the absolute best that I can do is follow my plan, and I judge my success based on that metric, rather than the erratic stream of wins and losses that it generates. But perhaps that brings into the question the efficacy of the plan itself.

For the record, I started with forex in 2006. Am I profitable? Maybe. Consistently? I guess time will tell.
  • #12
  • May 30, 2009 8:38pm May 30, 2009 8:38pm
A year and a half. Started off with stocks for a year then i switched over to forex. Took about five months of constant reading, hours in the fx simulator, and most importantly burning money management into my skull. Have been consistent since Dec 08 which may not seem like a long time to some.

Of course the shorter amount of time is all thanks to the veterans here on ff.
  • #13
  • May 30, 2009 9:46pm May 30, 2009 9:46pm
2 years if u have what it takes another 2 for proficiency
I think thats the normal average...
To Live is the rarest thing in the world , Most people exist , that is all
  • #14
  • May 30, 2009 10:28pm May 30, 2009 10:28pm
I have been thinking lately how easy it would be for someone new to think they have it all down in a short period of time. In my opinion the markets have been easy to make money in lately. If you are making money, be happy and put some money in the bank. Seasons can change and so they do in the markets.

I am not trying to burst any bubbles, just want you to keep your profits.

Maybe we could define consistently profitable, My personal definition would be about 10 years worth of profitable statements.

So definately, if it is not broken, don't fix it, just bank it instead, and manage your risk, did I mention manage your risk?


Best regards

Dale
  • #15
  • May 31, 2009 4:02am May 31, 2009 4:02am
Quoting gspajon
FX-Junior,

Congratulations on your recent success!!...

Very nice post. Of course I can't say to be consistent for a long time before it's proven, but I feel I have the needed skills, technical and emotional to make that happen. My strategy is quite short term and it doesn't need a trend behind it to work, so it works on many markets, trending, sideways etc. A majority of my fast learning can be explained that from the very first day I started studying forex, I found the right material. I have spent countless of hours every day reading Jacko's, BRV's, James16's and Sam Seiden's stuff which have taught me sooo much. Without them, I probably would have already forgotten forex.
  • #16
  • May 31, 2009 8:34am May 31, 2009 8:34am
Dopey and Gaston, Could you put that down in to an average time comitment per week? Just as a guess.

Leon
Living the adventure in my head.
  • #17
  • May 31, 2009 11:53am May 31, 2009 11:53am
As an average I'd say about 25 hours per week with most of it on the front end. My actual trading time is quite minimal and I don't spend too much time reading anymore, and my testing is pretty limited at the moment as well.
  • #18
  • May 31, 2009 9:03pm May 31, 2009 9:03pm
I believe it took me around 2 years to really learn how to trade, but more years than that to feel confident that I was profitable, even though my track record said I was profitable. You must be a skeptic and realize whether your results are based on luck or skill. My advice to aspiring traders who want to get that certainty that they will become profitable is to read Fooled by Randomness and also an article I published on Squidoo recently:
"How to develop a sense of certainty that you will succeed in trading when the market is an uncertain phenomenon"

Hope this is of use to some people on the forum
  • #19
  • Edited 9:37pm May 31, 2009 9:18pm | Edited 9:37pm
Quoting Dopey
As an average I'd say about 25 hours per week with most of it on the front end. My actual trading time is quite minimal and I don't spend too much time reading anymore, and my testing is pretty limited at the moment as well.
I gather your In your 40's Dopey. Do you think you would have been able to work it all out when you were In your early 20's? Im considering that I need to grow up a little more, take some time out, put alot more effort In to conventional avenues to further myself.
Living the adventure in my head.
  • #20
  • May 31, 2009 10:45pm May 31, 2009 10:45pm
To answer your above question:

With all I had juggling during my learning stages it was about 10-20 hours a week physical trading time. In reality I was thinking about it 24/7.


Now I read this:
Quoting Leonlorenzo
Im considering that I need to grow up a little more, take some time out, put alot more effort In to conventional avenues to further myself.

Sorry if this is too blunt but it seems like you are down now Leon...? I don't know how your trading is going but it seems like you are all over the place with your thoughts at this time. Maybe a little time off would help, but dont expect to come back any better off. You will not improve without practice and application of what you are learning. Ultimately you know yourself and what is going on in your personal life, but make a decision about what you need to do and stick to it. Even if it a short term goal, a little focus wont hurt at all.

Good luck.
Headline: USD drops due to news of USD dropping!
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