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How long did it take to become consistently profitable?

  • #81
  • Apr 3, 2010 3:23am Apr 3, 2010 3:23am
Quoting CrucialPoint
I started when I was 19. It was the year 2000. It took me 6.5 years, mid year of 2006. Have been profitable for the past 3.5 years, to date 2010.

For 2 years, I spent 2-4 hours a day. 7 days a week (whilst in university)
For 4.5 years I spent 6-8 hours a day, 5 days on weekday. 3 hours a day, 2 days on weekend (whilst working a 9-5 job)

I think the major enemy of the young-lings in their early 20's is that they think they're invincible. Heck, I thought I was Superman back then.

My goal was to retire by the age of 25. Now, the goal is...
Congrats Crucial Point ! And do you think that all these efforts were worth it ?
  • #82
  • Apr 3, 2010 4:41am Apr 3, 2010 4:41am
hmmm....
I haven't been trading too long so I won't call myself consistent. I judge my performance by my screw up days. I know a couple days a month I'll have some rough days where a few mistakes could keep me in the red. My goal is just to not lose alot..
I also assume a couple times a year I'm gonna screw up, trade hugover, angry...whatever, and have a losing day....my goal is to assume I'm having one of those days and go back to bed.
I find every year I think I can trade consistent...then I have a terrible day/week/month...lol
Honestly, when I started trading I was profitable the first few months...then got my butt kicked for a month....then started killing it and thought I was consistent....the next week I got killed, tried to revenge trade, then got killed again....then "thought" I was trading right (I was actually trading 100% wrong.....trading countertrend and overleveraging) and got killed again.....blown account.

It took me 2 yrs to figure out all I need to do is understand price action to be consistent. Now I just gotta spend 10,000hrs doing it.

2 of my fav. traders: don miller and al brooks-they both seem to think it took them about 10 yrs. to get the hang of it pretty well.

so I'll get back to you guys in a few years and see if I'm still in the green....



ps-Its seems that everytime I think I'm consistent and have finally "gotten it" and can relax and cruise while my friends are busting their butts to make a decent wage.....I then have a losing streak.


trade naked! trade naked! trade naked!
  • #83
  • Apr 3, 2010 5:33am Apr 3, 2010 5:33am
For those who are interested in population statisitc, here is the polling result in my thread:

http://www.forexfactory.com/showthread.php?t=199662
  • #84
  • Apr 3, 2010 10:50pm Apr 3, 2010 10:50pm
Quoting Intensity
Congrats Crucial Point ! And do you think that all these efforts were worth it ?
There were so many sacrifices I had to make. At the same time, there were so many personal growth. I knew what I wanted and I knew what I'm getting myself into. It was never a blind-pursuit, although in the beginning I attacked it like an invincible, over-confident young person.

It was a decision I made and accepted. I feel the efforts were worth it, anything less were insufficient. Everyone has to place a level of value to the efforts they exert, its the compensation one has to pay.
  • #85
  • Apr 4, 2010 3:28am Apr 4, 2010 3:28am
i am 3 years trading coming this july 2010, i come to conclusion only by sticking to proper mm rules can one be consistent over long period of time. And Greed is the no.1 enemy of a trader.

Regards
  • #86
  • Apr 5, 2010 1:49am Apr 5, 2010 1:49am
Quoting kk007
Would you mind sharing very briefly how you trade. I assume you trade technically?

cheers,
I yes I trade technically, but i follow fundamentals as to understand the main trend of market, you need fundamentals, just like if your a fundamental trader you also need to understand technical's. I don't use any indi's (unless you call volume and fibs an indi) as i believe there mostly lagging and just give unneeded information. I trade straight PA, candle formations, S/R, fibs, volume, channels, and other common patterns (wedges H&S). I like to use the major tools that majority sees/uses as the majority is what moves the market. I've set my rules for entry exits and stops and I follow them. Its easy to trade once you understand how the market works, and why your making bad trades and why your making good trades.

I've attached a few pictures from MT4 of my charts might show a little insight.

Anyways that's how I trade.

And I just spent the last 1/2hr trying to figure out how to take a screen shot on XP that will alow 3xFull HD screens to be captured so I can show my account statement .. but I can't so sorry (might be too high resolution for XP), but either way it doesn't matter. I'm just sharing my story, and it really doesn't effect my trading if you think i'm full of crap or not.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gj 23-2-2010.jpg Size: 211 KB
Click to Enlarge Name: gj 8-03-2010 1hr.jpg Size: 252 KB
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  • #87
  • Apr 5, 2010 2:07am Apr 5, 2010 2:07am
Thanks curtains,

I tend to believe that you are a profitable trader now, although I am not sure how consistent you are. Anyway, you don't have to prove anything to others if you don't want to. You have your freedom.

Thanks again for your effort.

cheers,
kk

Quoting curtains
I yes I trade technically, but i follow fundamentals as to understand the main trend of market, you need fundamentals, just like if your a fundamental trader you also need to understand technical's. I don't use any indi's (unless you call volume and fibs an indi) as i believe there mostly lagging and just give unneeded information. I trade straight PA, candle formations, S/R, fibs, volume, channels, and other common patterns (wedges H&S). I like to use the major tools that majority sees/uses as the majority is what moves the market. I've set my...
  • #88
  • Apr 5, 2010 3:04am Apr 5, 2010 3:04am
...about half an hour.

A half an hour later I was consistently unprofitable.

It's like the vegan who refrained from meat for 20 years, then had a ham sandwich; how long is it before they're vegan again? Does it count if you were a billionaire for 15 years then a millionaire for the next five? You can be a virgin once but a lech consistently.

Only you know when you've arrived, but I think anywhere around five is probably average for someone to 'get the feel.' A few pros I've talked to said it took them ten before they considered themselves solid. I am still working on it after a couple, but then I've also got a lot of other things to focus on.
  • #89
  • Apr 5, 2010 3:25am Apr 5, 2010 3:25am
Quoting CrucialPoint
I started when I was 19. It was the year 2000. It took me 6.5 years, mid year of 2006. Have been profitable for the past 3.5 years, to date 2010......
So, that's your story
Quoting CrucialPoint
There were so many sacrifices I had to make..I knew what I wanted and I knew what I'm getting myself into...It was never a blind-pursuit, although in the beginning I attacked it like an invincible, over-confident young person....
oh wow, exactly the same path i treaded into.
i feel like im reading something i posted

am very happy for you, CrucialPoint
  • #90
  • Apr 5, 2010 3:54am Apr 5, 2010 3:54am
Glad to see more and more positive people here!

Quoting supremeChaos
So, that's your story

oh wow, exactly the same path i treaded into.
i feel like im reading something i posted

am very happy for you, CrucialPoint
  • #91
  • Apr 5, 2010 3:58am Apr 5, 2010 3:58am
casting money at forex completely depends on yourself.somebody gain this ability in just a few months and some never can cast this ability to trade. but if your problem is how to gain money not how to learn gain money you can use ready forecasts which is available these days every where which that is another article to know which one is reliable.
  • #92
  • Apr 5, 2010 5:35am Apr 5, 2010 5:35am
It took me 5 years to become a proffesional trader...

And I ma still learning...
This is Forex ...
  • #93
  • Apr 5, 2010 6:21am Apr 5, 2010 6:21am
Still not profitable, but have found a trading style that suits me to a tee. Automated system trading, removes the emotions and plays to my strengths, it also brings together my 2 favourite things, trading and programming. (Im not talking about MT4 EA's here.)

So its taken me 2 years of intense study to even find my direction, but I have a good grasp of the trading landscape now and know what's possible.

When will I become profitable? I don't know but I feel now I have found my style.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #94
  • Apr 5, 2010 6:30am Apr 5, 2010 6:30am
Quoting markmm
Still not profitable, but have found a trading style that suits me to a tee. Automated system trading, removes the emotions and plays to my strengths, it also brings together my 2 favourite things, trading and programming. (Im not talking about MT4 EA's here.)

So its taken me 2 years of intense study to even find my direction, but I have a good grasp of the trading landscape now and know what's possible.

When will I become profitable? I don't know but I feel now I have found my style.

Mark
lolwut?

are... are you saying you have found your losing style?

also, people forget that you don't have to code in mql. you can use dll's.
Congratulations ScalaFX for coming out of the closet!
  • #95
  • Apr 5, 2010 6:35am Apr 5, 2010 6:35am
Quoting nubcake
lolwut?

are... are you saying you have found your losing style?

also, people forget that you don't have to code in mql. you can use dll's.
No I said, I wasnt consistently profitable using TA or discretionary trading etc, but I have stopped trading while I develop my ATS. Again this has nothing to do with MT4, everything will be custom built.
Economists have forecast 9 out of the last 5 recessions
  • #96
  • Apr 5, 2010 6:47am Apr 5, 2010 6:47am
Quoting markmm
No I said, I wasnt consistently profitable using TA or discretionary trading etc, but I have stopped trading while I develop my ATS. Again this has nothing to do with MT4, everything will be custom built.
sounds pretty hardcore. colour me curious.
Congratulations ScalaFX for coming out of the closet!
  • #97
  • Apr 5, 2010 7:02am Apr 5, 2010 7:02am
Quoting nubcake
sounds pretty hardcore. colour me curious.
It will be, but you only live once, why do things half assed.
Economists have forecast 9 out of the last 5 recessions
  • #98
  • Apr 5, 2010 7:47am Apr 5, 2010 7:47am
I wasted 12 months tooling around with indicators and a whole lot of other shite before i turned consistently profitable. But I have got it by the balls now. You need to LEARN how to trade Forex. Despite what some say here, it is NOT a God-given gift. Some dumb traders here wear demo trading and blown up accounts as badges of honour. Don't listen to them. It is all shite. Blown up accounts is not a indicator of becoming a good trader. If you think you have to blow up your account on the way to learning how to trade, then you are as dumb as them.
  • #99
  • Apr 5, 2010 9:24am Apr 5, 2010 9:24am
as we know everyone spend sometimes to learn how to trade. but the knowledge and science of this field is so vast and most of the rules are against each other so it doesn't matter you read all the thing about trading what important is that you get the things which is applicable and reliable. and i think it can be found at 10% of all the topics which exists about this new science(trading methods). as i do it myself and after less than 6 months i started trading with real account (and had good resume at demo) and although I've couldn't make big money but it goes forward.
  • #100
  • Apr 5, 2010 9:59am Apr 5, 2010 9:59am
Quoting gspajon
FX-Junior,

Congratulations on your recent success!!...
Excellent reply. And spoken like a true vet of the trading wars. Discipline is the halmark of a seasoned trader. I have learned that this is paramount after 4 years of trading. When I stick to the rules, I am sucessful 80 - 90% of the time. When I don't, I am wrong 80 - 90% of the time.
A. Finesse Williams Making Millions One Pip At A Time!
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