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Time it takes to be a Successful Forex trader

  • #61
  • May 8, 2011 11:39am May 8, 2011 11:39am
Quoting HoangTuan
Just because he's also a Vietnamese and he's also members of forex & commodities Vietnamese forums , he learned it long time ago .
Moreover , it's just a testing statements for EA on Demo accounts , not know much about his accuracy or his system , but if he's still trading daily , maybe he's getting some profits

Regards
That make sense

I see You are also experienced trader!

OT: In this 17 years could You still say: it is profitable, I can live from earnings?
RichieEU
  • #62
  • May 8, 2011 12:41pm May 8, 2011 12:41pm
Quoting RichieEU
That make sense

I see You are also experienced trader!

OT: In this 17 years could You still say: it is profitable, I can live from earnings?
No, my main earnings still come from my own online business as Administrator since I left my high school at 16 years old (grade 11). I have lost around 20000$ during 2 years (took me 3 month to save)before getting some profits. Before i got back all negative balance slowly , I can not say that I"m trading for a living, but i can be sure that i can do it , just because market have taught me so much ,so i will never give up .....
Many people just hate or go away from me just because i left school lol, simply im going to be 18 years old within this year and instead of learning something that i dont want to learn, i want spend time to learn what i like and what i can use for my life.....I want to bring happiness for everyone around me asap , universities is great but it"s not for me...
Sorry must stop ,can not type more ,using iphone,add my yahoo and talk more if u like
Regards
  • #63
  • Edited 10:15am May 20, 2011 10:02am | Edited 10:15am
Success is dependent upon your mastery of your own method derived from all that you have learned or will learn.

Find a system or method...find several just to learn and identify what you are "comfortable" with. Is it Weighted Averages, Volume, Divergence, 5M, 1HR, Daily, or combination, etc? Until you can answer some of those questions with a system you are comfortable with, you can not make money. Learn, Learn, and Learn some more; you will eventually Master a method(s) of your own.

Lastly, filter out the negatives readings you hear too often on these boards and focus on the idea that somewhere in this world, there are numerous individuals who defied the odds and naysayers and are drowning in money. Money should not be the goal, mastery of this game or profession is - money is just the result. Before you get there, you must master your own method. One day, it will just "click" - the firings of these ideas, methods, self, etc will just come to a single point of convergence.

Good Luck.
  • #64
  • May 20, 2011 10:14am May 20, 2011 10:14am
Quoting pinoyboy
Success is dependent upon your mastery of your own method derived from all that you have learned or will learn.

Find a system or method...find several just to learn and identify what...
I agree and I disagree. Yes, you have to find a method that fits your personality, but it also needs to be able to make you profits (positive expectancy).
So, I would suggest, as in many of my other posts, to first research what works, and then pick out the profitable methods that you personally have an affinity towards.

Just picking a method, without knowing, if it even works won't get anyone anywhere.
  • #65
  • May 20, 2011 10:18am May 20, 2011 10:18am
You have to learn from others methods and mistakes before you adapt to your own - that's in combination to what you learn. Life is about learning is so is any trading system...everyone's interpretation of a system can be very different.
  • #66
  • May 20, 2011 10:22am May 20, 2011 10:22am
Quoting pinoyboy
You have to learn from others methods and mistakes before you adapt to your own - that's in combination to what you learn. Life is about learning is so is any trading system...everyone's interpretation of a system can be very different.
I disagree again. I would recommend not listening to anybody else, except you are 100% certain that he is profitable, which normally you can't be. And just research the markets on your own. I got all my revelations from studying the markets on my own and stopped listening to other people a long time ago.

Anyways, just my humble opinion.
  • #67
  • May 20, 2011 10:26am May 20, 2011 10:26am
I guess we can agree on something, don't believe other unless you see proof. Statements? Trade Explorer? Since beginning of this year my personal blog has my stats for this year (Jan-March). I started compiling here on FF starting partially in March to current. Is there a place I can track your trades, even Demo Custos? I'd like to actually learn from others.

Maybe I need to clarify since my English maybe different from German English.

Before we settle on a method in our trading success, we must first learn from others. Whether it is a book, a trading system, etc. All I am saying is that you must first learn from these various resources until you settle onto your own system, that's it. You have to master your own system that you derived your learning from. I hope that's clearer.
  • #68
  • May 20, 2011 10:30am May 20, 2011 10:30am
Quoting pinoyboy
I guess we can agree on something, don't believe other unless you see proof. Statements? Trade Explorer?

Maybe I need to clarify since my English maybe different from German English.

Before we settle on a method in our trading success, we must first learn from others. Whether it is a book, a trading system, etc. All I am saying is that you must first learn from these various resources until you settle onto your own system, that's it. You have to master your own system that you derived your learning from. I hope that's clearer.
exactly, I can agree on that!
  • #69
  • May 20, 2011 10:36am May 20, 2011 10:36am
It took me 2 years to be a successful forex trader. Also I am earning 2% profit everyday by shorting stocks of big companies. When future is uncertain daily trading is the best.
  • #70
  • Edited 3:55pm May 20, 2011 10:50am | Edited 3:55pm
I'm glad to see others who do well early on due to perseverance and dedication. Congrats to you to be among the profitable early on ("early on" meaning defying the standard idea as being at least 3-5 years to be successful / profitable).
  • #71
  • May 24, 2011 10:25am May 24, 2011 10:25am
Quoting trader35
I decided to be a full-time forex trader a few months ago. Leaving my contractual job was not a problem + I had sufficient funds to support myself for 6 months. It's been about 4 months and I have been gulping down information fast, primarily learning from books written by successful well known traders. My goal was to read for one more month, demo trade for 1 month or so and go live after ensuring that I knew the game inside out...
hello trader35,
yes to be honest, u are being unrealistic.

if u really wanna be a successful trader, 6 months isnt enough.
in any undertaking wherein u strive for success (real success), it always entails a lot of time & dedication.

btw, assimilating info is different from applying it. both require time.

if u want a real shortcut to trading success (& avoid mistakes we've made), it would be best to return to your job, save more & trade/learn to trade on the side.
devote (at least) 2-5 years to trading (maybe more, if you arent trading full time).
you should be in this for the long haul.

Good luck!
  • #72
  • May 24, 2011 9:46pm May 24, 2011 9:46pm
Quoting trader35
My biggest fear is not really trading, although it is one of them - it is being with a "wrong" broker and getting robbed.
It's scary to read reviews about stop-hunters, made-up slippage etc.
It seems that you want to get a 100% guarantee that you will be a successful trader, nobody can promise that to you. You should try by yourself and be ready to take responsibility for your actions. But, you know, there is nothing impossible...
  • #73
  • May 25, 2011 4:06am May 25, 2011 4:06am
You have a recipe for disaster. This one year stuff is a bunch of bs. What happens is a newbie and I'm one of them, 7 months now, will jump from system to system and they waste time. I did trade stocks for 3 years but to no avail. The US Government the Fed run that show and it is fixed. It's up to 12000 and should be around 6000 with this economy. Enough of that.

Do not waste your time with indicators. You do not need any. Learn to follow price. How it moves up and down. Why it goes sideways. Concentrate on support, resistance and up and down trends using trend lines for clarity. Some charts explaining a particular system will look like abstract art. The reason traders have more than one indicator is because they don't trust the 1st one.
Next there will be 4 indicators and the Banks are taking their money slowly but surely. Forget news. Let price movement tell the story. Except keep an eye out for news announcements because spreads can go wild for minutes to a half hour or so.

Demo, demo, demo. That's the place to make mistakes and trying different trading systems. Do not give up any job(s) unless Mom is sending an allowance.

To find systems to demo look at the 1st page of the intro. Then find a chart to that backs up the intro. If either looks like an MIT course is needed pass on. Personally I would avoid all indicators. Those are going to be few and far. Maybe allow one. Believe me if any of these indicators worked they would be selling them. Do not buy a system unless you want to go on food stamps quickly. My personal advice is to find a method of needing as few pips for a profit as possible per trade. Compound profits and increase units reasonably each week. My system, no indicators, I net 2 5 pip gains for a total of 10 pips and I'm done for the day. I'm done compounding and unit raising because I'm at a comfortable point trading. Do not ask how I do it.

Give a man a fish, he'll eat for a day. Teach him to fish and the rest is a happy ending.
  • #74
  • May 25, 2011 4:09am May 25, 2011 4:09am
Quoting chrishin
I would say 3 to 4 years is required to earn consistent profits from Forex. You have to understand the market movements and develop a profitable trading system.
If it's going to take that long become a brain surgeon. Better benefits. LOL.
  • #75
  • May 25, 2011 4:12am May 25, 2011 4:12am
Quoting limitless
Everyone I met who has succeeded in trading (forex or equities) in less than 10 years started with a $100k+ bank (went down to $20k before "making it") ...
LOL You haven't met me! Hey guy that started this thread, be careful in these forums. The wisdom is endless.
  • #76
  • May 25, 2011 4:19am May 25, 2011 4:19am
takes ages, absolutely ages.
  • #77
  • May 25, 2011 4:29am May 25, 2011 4:29am
Quoting supremeChaos
hello trader35,
yes to be honest, u are being unrealistic.

if u really wanna be a successful trader, 6 months isnt enough.
in any undertaking wherein u strive for success (real success), it always entails a lot of time & dedication.

btw, assimilating info is different from applying it. both require time.

if u want a real shortcut to trading success (& avoid mistakes we've made), it would be best to return to your job, save more & trade/learn to trade on the side.
devote (at least) 2-5 years to trading (maybe more, if you...
Well it is true it will take that long. If one were to trade some the these systems. Read some up on some of them. The 1st page will tell whether something is going on with the creator or not. By the 487th page it looks like open heart surgery. Just think if it took 5 years to learn something that may not work why not join the Peace Corp and do some good somewhere.
  • #78
  • Edited 5:13am May 25, 2011 5:11am | Edited 5:13am
Quoting dforant1
You have a recipe for disaster. This one year stuff is a bunch of bs. What happens is a newbie and I'm one of them, 7 months now, will jump from system to system and they waste time. I did trade stocks for 3 years but to no avail. The US Government the Fed run that show and it is fixed. It's up to 12000 and should be around 6000 with this economy. Enough of that.

Do not waste your time with indicators. You do not need any. Learn to follow price. How it moves up and down. Why it goes sideways. Concentrate on support, resistance and up and down...
Well said, I couldn't have put it better myself. Thanks.
  • #79
  • May 25, 2011 7:01am May 25, 2011 7:01am
Quoting trader35
I decided to be a full-time forex trader a few months ago. Leaving my contractual job was not a problem + I had sufficient funds to support myself for 6 months. It's been about 4 months and I have been gulping down information fast, primarily learning from books written by successful well known traders. My goal was to read for one more month, demo trade for 1 month or so and go live after ensuring that I knew the game inside out.
Never expect things to go as planned, especially when it comes to FX.
By concentrating on this for 6 months puts you in a better position than most. I did pretty much the same thing you did.... but I did this on and off for years. That was 10 years ago to give you an idea what could be involved for you.


Quoting trader35
I have no prior experience trading, however I am fascinated by the idea of living anywhere and making money at the same time. I also realize that my success would depend on the broker that I am going to choose, so after doing some research I have come to the conclusion that market makers are a major factor in making someone a loser. So i have decided to choose an ECN instead. I hope I'm on the right track.
ECN is not magical -- fills can become the biggest weakness. Use Forex Peace Army for reviews. Brokers can change over time, don't be afraid to change as well by choosing a new broker or even using more than 1 if you have to.

Quoting trader35
However, after reading some threads, it seems that it's not that easy to make money in forex. I consider myself above-average in learning new subjects and am very thorough. So I usually go deep into whatever I am learning.
Easy? Nope if you want easy become a greeter at wal-mart. This game they are always gunning for you. Put on a wig, carry a mask and change of clothes, carry a can of oil and become so slippery no one can get to you. Because sooner or later they will come for you... be ready.

Quoting trader35
Knowing myself and my abilities, I thought that I would be doing well in forex once I go live by following proper trading strategies, money-management and psychology.
yes, that's natural human psycho-babble. Think you are bigger and better than everyone else that is looking at the same information you are. Put your ego on the shelf or it will destroy you.

Quoting trader35
Am I being unrealistic? Most of you are making it sound as if nobody can really make money in Forex without spending at least a year trading. Is that the story with everyone who is successful in forex trading?
a year? ha... try years! Some may be gifted, the majority quit in frustration. Remember I have been doing this for a decade. (IE 10 years)

Quoting trader35
I am having second thoughts about continue to do it full-time. Maybe I should go back to work and trade part-time. I know this is something that I have work out on my own, but it would help to know others' journey to success in the forex world also.
yes, take your time. It's a marathon not a sprint. Over the years I have come very close to quitting more than once. I am at a point now of really good results... none of it was wal-mart greeter easy.

Patience, control of emotions are some very huge things you need to make it in addition to the things already mentioned.

Good Luck.
  • #80
  • May 25, 2011 9:25am May 25, 2011 9:25am
you know if I was free from the ball and chain and if you were serious about becoming a full time trader, I would go to Thailand (or somewhere you can get a reliable internet connection) and trade from there.

Together with the sun and friendly locals, your bucks can go a long way.... accommodation, food, beer lol, you probably can live comfortably on 20 USD a day!

An added bonus are the local babes are really hot

EDIT: anyway the point to the OP is time will not matter when you don't have to worry about about feeding oneself physically you have time to become a great trader in 2-3 years not 6 months as you wish!
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