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How long to be profitable?

  • #81
  • Nov 21, 2009 8:48pm Nov 21, 2009 8:48pm
not yet profitable but still trying more on and off 2 years

i find something test it like it fund my account then bang its gone

still here will keep on learning
"The person who knows that enough is enough, will always have enough". .
  • #82
  • Nov 26, 2009 5:01pm Nov 26, 2009 5:01pm
Quoting forexmick
good work Z.
I have been profitable for about 7 months. Before that I was trading like a fookin idiot.
You will be profitable again this week, if you are in the trade.

Hello Forexmick,


Which broker and trading platform do you use.

Thanks
  • #83
  • Nov 26, 2009 7:29pm Nov 26, 2009 7:29pm
Guys, every time I'm reading a new thread here, I hear from a lot of people that 10K is a low trading amount and under-capitalized but is this really true, I'm finding it hard to believe.

But with a 10K account, risking 2% on a trade, average SL 25, lets say position = amount/risk, that mean for the 10K, 8 minilots, I just need 25 pips from the market daily to reach my 2% a day. "2% a day" for how many trading days in a year, keep compounding that and adding positions pays out $100,000 in 6 months or $1 mil in one year? These numbers considered profitable? Unless I'm way off.

For me I'm practicing with micro lots because I need to practice and practice before I throw some real money in. Also gives my psych a good workout so that when I throw my 10K I'll be a robot and wouldn't even care if I take a loss. And I'm not jumping in straight away with the full amount but do it gradually. That's why I ask this question because my priority is not making money now.
  • #84
  • Nov 27, 2009 11:43am Nov 27, 2009 11:43am
Show this statistic to beginner traders, and they may think twice about pursuing trading. The average time people took to be profitable (based on this poll result), is 2 to 3 years average. And this poll might exclude people who gave up along the way too.
  • #85
  • Nov 27, 2009 12:05pm Nov 27, 2009 12:05pm
This is a difficult question to answer... because people learn and accept change at diffrent speeds. I believe that for most people, the answer is 5 years. It takes most people 5 years to become proficent at any difficult task they attempt to master: law, golf, marriage, whatever. Yes, there are those that can master difficult problems in less time. They are the gifted among us. They are the ones that can learn from others without having to make all the mistakes themselves. They are the ones who can see that the stove is hot and stay away without having to touch it to confirm. They are not the average. Most of us have to have our guts ripped out multiple times before we sober up, realize this is not a game we are playing, and start forcing ourselves to change and do things from a diffrent mindset and persective. I'll just give one example:

We all know how important money management and not over-leveraging is. There are volumes written on it in every basic forex primer that can be found. But the vast majority do not take it seriously, do not let that vital knowledge become a part of them. Hence, almost all overleverage and blow their first account. Very few stop at one blown account (I did not) and go on to blow multiple accounts. At some point, pain sets in. When the pain comes (gut wrenching pain) we are all faced with a decision---- 1) Quit--many do. or 2)Learn and change your behavior--- some do and continue on to learn their next lesson! Then the next lesson comes, perhaps it is scalping countertrends. We get burned again and are faced with the same decision--- Quit or Grow! My point is, the ones that can take the pain and use it to force changes in their trading behavior continue to grow and impove, those that cannot take the pain drop out and pursue other intrests. Few can take the painful lessons and move on. Most choose to avoid further losses. In the words on Mike Tyson, "Everybody has a plan until they get hit". Truer words have seldom been spoken.
  • #86
  • Nov 27, 2009 12:39pm Nov 27, 2009 12:39pm
Quoting FX-Petra
At some point, pain sets in....
@Petra - Very well put, it really does come down to Quit or Grow. I also agree with the 5 years and/or the 10,000 hours. 40 hours a week for 5 years = 10,000 hours.

Here is a classic link that I like to look at every few months and hopefully some will find it telling.

http://www.forexfactory.com/showthre...t=steps+trader
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #87
  • Nov 27, 2009 1:12pm Nov 27, 2009 1:12pm
Quoting LasVahGoose
@Petra - Very well put, it really does come down to Quit or Grow. I also agree with the 5 years and/or the 10,000 hours. 40 hours a week for 5 years = 10,000 hours.

Here is a classic link that I like to look at every few months and hopefully some will find it telling.

http://www.forexfactory.com/showthre...t=steps+trader
FX-Petra, well said. It does seem like 5 years is a more realistic timeframe.

LasVahGoose, thanks for the excellent link.
  • #88
  • Dec 20, 2009 10:33pm Dec 20, 2009 10:33pm
Quoting TraderT
Show this statistic to beginner traders, and they may think twice about pursuing trading. The average time people took to be profitable (based on this poll result), is 2 to 3 years average. And this poll might exclude people who gave up along the way too.
Not many traders would be prepared to take 2 to 3 years to be profitable. The poll would would exclude about 99% of people who come to this forum and who give up as soon as they had their first loss, usually with no SL.
  • #89
  • Dec 29, 2009 4:41pm Dec 29, 2009 4:41pm
Quoting zarraman
Not many traders would be prepared to take 2 to 3 years to be profitable. The poll would would exclude about 99% of people who come to this forum and who give up as soon as they had their first loss, usually with no SL.

It took me less than 2 years. Thats for sure. My missus would not have let me take 5 years to be profitable.
  • #90
  • Dec 29, 2009 5:32pm Dec 29, 2009 5:32pm
A great topic I must say.. I started looking into forex at the begin for the year 2009.. firt off I read as much as I could about Forex, many thanks to BabyPips.com School... then about in Feb I decided to try out a DEMO account. At this point I tried many different brokers. At this point I was gambling. I just looked at a chart and decided to BUY or either SELL and hope to make some pips.. at this point I am looking at like a 5 min chart. not evening going to a larger TF... then I came across ForexFactory and read some Forums, and slowly took bits and peices of different people trading systems or styles.. I took all of that and molded it into my own system.. where I have Risk:Reward of atleast 1:2+, and as to my Money Management rules I dont risk no more then 2% of my account size. I trade once during the UK session and once during the US session ONLY, and I trade only 1 pair. As of Sept 7th I went LIVE. Started with intial deposit of $2,500 and currently a little over $3,1xx so not bad return really if you consider it.. so to answer the question, took me less then 1 year. But this could all be luck and only time will tell..
  • #91
  • Dec 30, 2009 10:28am Dec 30, 2009 10:28am
Excellent topic. There are so many different variables when it comes to the FOREX market that it takes a few years to get consistently profitable. There are dozens of ways to view the market when it is trending up, trending down, or trending sideways. There are three key components to trading FOREX well: 1. Winning trading strategy 2. Money management 3. Experience.

Without experience, there is no way you can fully capitalize on certain situations unless you have seen it before. If you have a mentor, you can piggy back off of the lessons they have learned and benefit form their experience. I didn't have a mentor, so it probably took me an extra year to trade well. By the same token, I have some out of the box unorthodox views of the market that I wouldn't have learned had I depended on someone else to give me all the answers without throuroughly researching the markets on my own.
  • #92
  • Jan 1, 2010 6:32pm Jan 1, 2010 6:32pm
Quoting TraderT
Show this statistic to beginner traders, and they may think twice about pursuing trading. The average time people took to be profitable (based on this poll result), is 2 to 3 years average. And this poll might exclude people who gave up along the way too.
I want to be profitable as soon as possible. Within 3 months at the latest. Why shouldn't I be profitable straight off the bat?
  • #93
  • Jan 2, 2010 5:30am Jan 2, 2010 5:30am
Simply because you're only one variable and there are thousands which you can't control. For example, the fact that you want to be profitable fast means that you don't have enough experience to understand the nature of the market. You can't give the market deadlines and thinking that the market owes you something in a certain amount of time is a recipe for disaster.
There's also possible that you'll have a lot of success in a short period of time. But this means nothing in a long run, as you'll sufer drawdowns too and they are by far the most problematic.
  • #94
  • Jan 2, 2010 8:08am Jan 2, 2010 8:08am
I didn't choose one of the poll because i didn't find my choice
My choice Till you find system and you became stable and comfortable with it and Stop searching for another,How long does it take depends on YOU
GL
Egkid
  • #95
  • Jan 2, 2010 8:22am Jan 2, 2010 8:22am
At the 6year point here, getting nearer and nearer ( I HOPE ) not full time though so 12-18months full time I guess, been profitable for 3months ish 3 times thus far and slipped back on the 3rd time currently haven't slipped yet or rocketed into the big pip making mode which is whats required and shortly.

It's a interesting hobby, better than playing WOW for sure so if it takes another 6years it takes another 6years, my mate spent more on his WOW subscription than I lost in 09 is another way to look at it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #96
  • Jan 2, 2010 10:20pm Jan 2, 2010 10:20pm
Quoting Sauron
Simply because you're only one variable and there are thousands which you can't control. For example, the fact that you want to be profitable fast means that you don't have enough experience to understand the nature of the market. You can't give the market deadlines and thinking that the market owes you something in a certain amount of time is a recipe for disaster.
There's also possible that you'll have a lot of success in a short period of time. But this means nothing in a long run, as you'll sufer drawdowns too and they are by far the most problematic....
The fact that others have failed does not mean that I will fail. My small experience will be countered by my studying under an experienced trader. If I don't try, I will never know
  • #97
  • Jan 3, 2010 12:11am Jan 3, 2010 12:11am
Quoting capitalx
I want to be profitable as soon as possible. Within 3 months at the latest. Why shouldn't I be profitable straight off the bat?
i dont understand your question.
i think u meant to say "Why couldn't I be profitable straight off the bat?"

the answer is:
Yes you can, IF u can. in other words, it's ALL up to YOU.
but dont expect it to be smooth sailing from then on....
  • #98
  • Jan 3, 2010 3:11pm Jan 3, 2010 3:11pm
Quoting capitalx
I want to be profitable as soon as possible. Within 3 months at the latest. Why shouldn't I be profitable straight off the bat?
There is no reason why you can't be profitable straight away. Disregard the posters here who believe that you are not a good trader unless you have crashed your account a few times.
  • #99
  • Jan 3, 2010 3:13pm Jan 3, 2010 3:13pm
Quoting capitalx
The fact that others have failed does not mean that I will fail. My small experience will be countered by my studying under an experienced trader. If I don't try, I will never know
  • #100
  • Jan 3, 2010 3:14pm Jan 3, 2010 3:14pm
Quoting daringdave
There is no reason why you can't be profitable straight away. Disregard the posters here who believe that you are not a good trader unless you have crashed your account a few times.

I started off profitable straight away, then a mate got me into forums and well that was the end of that.

Some people have a natural aptitude sadly most of those will slip and drop from being profitable, like me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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