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How long to be profitable?

  • #121
  • Jan 19, 2010 8:22am Jan 19, 2010 8:22am
Hi Hanover,

I am sure you will get there, with your knowledge, skills and persistence!

Best wishes!

kk

Quoting hanover
Been at it about 3 years now, albeit mostly part-time, and I'm fairly certain that I finally have it nailed down, although results are not quite as consistent as I'd like. The next 6-12 months will be crucial for me.
  • #122
  • Jan 19, 2010 11:16am Jan 19, 2010 11:16am
Quoting kk007
Hi Hanover,

I am sure you will get there, with your knowledge, skills and persistence!

Best wishes!

kk
Many thanks, kk. Best wishes to you also.
  • #123
  • Jan 24, 2010 3:38pm Jan 24, 2010 3:38pm
Quoting zarraman
One from one? Congratulations. Thats 100% winners.
Don't let it go to your head. A 100% score rate is not the normal traders rate. Good luck in your next 1000 trades
Profits are growing. Learning more and more everyday.
  • #124
  • Jan 24, 2010 4:04pm Jan 24, 2010 4:04pm
It took me about 3 years to be consistently profitable.

I believe the reason was it took me that long to realise that the market was what it was, take it or leave it, and not what I expected or wanted it to be.

When I first started trading I was over leveraged trying to make 3% a day and figures like that, but the market didn't work that way, there was to much randomness (especially on the short time frames) to make these figures. It took me three years to adjust my goals and style to fit reality. I could have learned that lesson much sooner if I'd been less stubborn.
  • #125
  • Jan 27, 2010 8:32pm Jan 27, 2010 8:32pm
Quoting Davidee
It took me about 3 years to be consistently profitable.
When I first started trading I was over leveraged trying to make 3% a day and figures like that, but the market didn't work that way, there was to much randomness (especially on the short time frames) to make these figures. It took me three years to adjust my goals and style to fit reality. I could have learned that lesson much sooner if I'd been less stubborn.
Only 3% a day? How many days did it take before you found out that the market didn't work that way
  • #126
  • Jan 27, 2010 8:34pm Jan 27, 2010 8:34pm
Quoting capitalx
Profits are growing. Learning more and more everyday.
Congrats. Keep on doing whatever what you are doing
  • #127
  • Jan 27, 2010 9:42pm Jan 27, 2010 9:42pm
anyone can be profitable in this game immediately....the key is

1. bank ur profits....dont give them back

2. never let a winning trade turn into a loser

3. let winners run

If one can do these three things I GUARANTEE you will b successful
  • #128
  • Jan 28, 2010 1:01pm Jan 28, 2010 1:01pm
Quoting zarraman
Only 3% a day? How many days did it take before you found out that the market didn't work that way
To long. Even when I gave up on having a ridiculous target like 3% a day or whatever I'd just go and aim for another ridiculous target, and lose again. It's a flaw in almost all of humanity, we believe what we want to believe rather than what the evidence says is true, and we try and twist the facts to fit our assumptions rather than base or a assumptions on an honest look at the facts.

The first step to being successful at trading is to see the market for what it is, once you know the real animal your tackling you know what you can and can't do to hunt it.
  • #129
  • Jan 28, 2010 1:06pm Jan 28, 2010 1:06pm
Quoting mfoste1
anyone can be profitable in this game immediately....the key is

1. bank ur profits....dont give them back

2. never let a winning trade turn into a loser

3. let winners run

If one can do these three things I GUARANTEE you will b successful

what if your system sucks ?????
StopLoss is for none belivers... Trust the Gurus..
  • #130
  • Jan 28, 2010 1:44pm Jan 28, 2010 1:44pm
Quoting kk007
I think this poll has probably explained why 95% private traders failed. I believe that 95% people would not expect and may not be willing to spend such amount of time to be consistently profitable.
Its a case not so much of being profitable but knowing what you're up to, technically and money management wise. And there is no substitute for pure price action which takes years to perfect. There are no short cuts and it takes hard work and years of screen time. Hence the plethora of those who instead default to training rather than actual trading. Once you've cracked it though, you're away!
The road to pipland is arduous and fraught with challenge.
  • #131
  • Jan 28, 2010 1:54pm Jan 28, 2010 1:54pm
people will naturally differ in how long they need to practice before becoming profitable. some may take months, others may take years.

although if you took a few months, WOW!
  • #132
  • Jan 28, 2010 3:57pm Jan 28, 2010 3:57pm
Quoting lillelise
what if your system sucks ?????

assuming if ones system sucks, then i guess one is not making profits....go back to the drawing board. Experiment with different TFs, indicators(if you use them) and try to find a blend that produces good trades. Really I think the most important part is find a trading style/system that fits ur personality.
  • #133
  • Jan 28, 2010 4:26pm Jan 28, 2010 4:26pm
I would say that discipline is one of the biggest factors in succeeding in fx trading. It is a trade that takes time, discipline, patience to become profitable.
  • #134
  • Feb 8, 2010 8:58pm Feb 8, 2010 8:58pm
Quoting FXAgent
I would say that discipline is one of the biggest factors in succeeding in fx trading. It is a trade that takes time, discipline, patience to become profitable.
  • #135
  • Mar 18, 2010 8:43am Mar 18, 2010 8:43am
Let me keep a record.
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  • #136
  • Mar 18, 2010 9:18am Mar 18, 2010 9:18am
in my own view patience discipline and consistency will definitely bring profits.moreso u ve got to share others idea especially those that are in the game before you
  • #137
  • Apr 5, 2010 10:10am Apr 5, 2010 10:10am
This thread has been slient for two weeks, I get this one up to the queue again for those who are interested in population statistics.
  • #138
  • Apr 5, 2010 10:51am Apr 5, 2010 10:51am
Quoting leksyde
in my own view patience discipline and consistency will definitely bring profits.moreso u ve got to share others idea especially those that are in the game before you
Brilliant words. Completely agree. I would add also independently thinking/analyzing ability at some level.
Enter Signature
  • #139
  • Apr 5, 2010 10:58am Apr 5, 2010 10:58am
There is a thread the exact same as this, maybe this one should be deleted.
Economists have forecast 9 out of the last 5 recessions
  • #140
  • Apr 5, 2010 11:02am Apr 5, 2010 11:02am
This one has more discussions and a polling of hundreds of votes.

Quoting markmm
There is a thread the exact same as this, maybe this one should be deleted.
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