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Hi, just came across this thread and read through the pdf "The 5 steps of Becoming the profitable trader" again.

Read it a couple of years back, just read it now again and it so good its priceless.
May be you wanna have a look?

http://www.forexfactory.com/showpost...54&postcount=1
Be like a post stamp! Stick to it until you get there!
Quoting Mary Pippins
Hi, just came across this thread and read through the pdf "The 5 steps of Becoming the profitable trader" again.

Read it a couple of years back, just read it now again and it so good its priceless.
May be you wanna have a look?

http://www.forexfactory.com/showpost...54&postcount=1
thanks for bringing that to my attention again. this was posted by dial in 2005 i think. one of the best posts here, especially if you are new.
i consider myself in the beginning of stage 4. thats the reason i want to be able to invest more time, because without practice you will never reach stage 5.
Patience is key.
I was going to ask if there are any recommended simulators out there, but then I found this post:

http://www.forexfactory.com/showpost...51&postcount=2

If anyone knows of others I'd be interested too.
Quoting abcd1234
I was going to ask if there are any recommended simulators out there, but then I found this post:

http://www.forexfactory.com/showpost...51&postcount=2

If anyone knows of others I'd be interested too.
vHands seems pretty advanced. cant say from experience because i still have to try it out

Forex tester is really nice, but commercial. people seem pretty satisfied with it though.
Patience is key.
Quoting moetzger
i just ordered an additional computer which i will use only for trading.
Just to keep you up2date if anyone is interested:

thanks all for the replies and for encouraging me to just keep going. i am now working on my new shiny workstation (though i need to buy a second monitor as soon as i can afford it ), and its just great. i have discovered that simulator trading doesnt work with me, i just cant work with it. i have some psych troubles with it, dont know why. but that doesnt matter.

i would have never believed it, but i am trading in the evening after work now. cuts down on social life a lot but thats a price im willing to pay. i now trade the last 2 hours of the us session everyday and it works! after only one week of doing so, i am already seeing great progress. if i can keep this up long enough (and not crash on burnout syndrome lol) i certainly will get to where i want to be.

guys, 10 hours a week is plenty of time to improve your trading! i would have never thought that until now
Patience is key.
2nd/3rd shift jobs anyone?!?? I for one work on 2nd shift in healthcare manufacturing and trade the US session.

dayjob doesn't have to be during the day.
Working towards CME membership
Man you need my job. I sit in a corner of the office and no one can see my screens, I manage my work in such a way that I barely work at all most of the day, and I spend most of the day remoted in to my home computer doing whatever I want. It would be easy for me to daytrade to my heart's content. Which I'm working on. I even turned down a move to a better department career-wise because my current setup is too good.
Could not agree more with the simulator on weekends. Pure gold.

I'd keep the day job for now moetzger. No point in making life stressful when you aren't quite ready.

I am much in the same boat as you, but will not stop working until I firstly have the capital and secondly have the confidence and experience to trade full time.

I don't care if it takes me 5-10 years. I have set a goal and will work slowly but steadily towards it. No matter what price I have to pay (price not necessarily being monetary either).

Choice is yours though. I wish you all the best
Speculator is just a fancy word for gambler
Quoting moetzger
Just to keep you up2date if anyone is interested:

thanks all for the replies and for encouraging me to just keep going. i am now working on my new shiny workstation (though i need to buy a second monitor as soon as i can afford it ), and its just great. i have discovered that simulator trading doesnt work with me, i just cant work with it. i have some psych troubles with it, dont know why. but that doesnt matter.

i would have never believed it, but i am trading in the evening after work now. cuts down on social life a lot but thats a price...
Just get forex tester and do the simulations. Its the best tester out there that I know of. I use it to simulate how rich I will become in 3 years. Took me a painstaking 3 weeks to finish running the simulation (Which I did every night and on weekends after work) But turns out that if I do what I did for 3 years, I would be up 300k from a 10k account. Nothing beats forward testing in record speed It tells me that if I stick to my guns, I'd be a millionaire in 4 years.

150$ + a wealth of information is much better than losing 150$ to the market. Just my 2cents. But good luck.
Quoting eurotrash
I manage my work in such a way that I barely work at all most of the day
Sounds like you work at a government job?
Quoting FXSurfer
Sounds like you work at a government job?


Quote
2nd/3rd shift jobs anyone?!?? I for one work on 2nd shift in healthcare manufacturing and trade the US session.
unfortunately, those are quite rare in the area i live. but that would be a viable option of course.

Quote
I'd keep the day job for now moetzger. No point in making life stressful when you aren't quite ready.
thats exactly the plan for now. i will consider quitting when i make consistent profits with real money part time, but of course i have to make that on demo first
Patience is key.
  • Post #32
  • Quote
  • Last Post: Oct 23, 2010 2:00pm Oct 23, 2010 2:00pm
Quoting sunsue
While it's great you're targeting large amounts of time to learn trading, I'd like to share an important bit of info I learned when I took a course in Cognitive Psychology.

Our minds are most efficient when processing information a little at a time. So, learning to trade will flow smoothly if we spend no more than 1 hour at a time collecting or analyzing info. Then, our conscious minds need to focus on another (unrelated, preferably non-intellectual) task, while the executive or sub-conscious part of our mind processes and digests the trading...
A reply 4 months late is better than none I guess.

Great post Sunsue, I find long daily walks between trading / learning work best for me, assimilation time.
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