Time it takes to be a Successful Forex trader

Well said.
I agree that you can become good trader in 2-3 years. If you quadraple your money in 5 years from the point you started live trading you are on good way then you only need to be in profit for next two years to prove that you are sucessful trader
good tradind to all
Best Regards
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This is an impossible question to answer, but the few traders i know who are succesful took several years, and a fair bit of pain. If you can get through year one and still feel like you want this you have a better chance of success. I think most people give up very quickly. And ofcourse its the markets fault that they never made money. "its a scam"

I think a lot of people get sidetracked, and end up on a long route to nowhere. Most beginners believe that they are not making money because they dont know enough about the markets, and end up trying to take in everything that there is. They believe that covering their charts in indicators and reading every peice of news that comes along will surely make them a winner. It could in fact only hinder progress. They need to learn more about themselves rather than the market.

Another thing to realise is that we only need to be a few % better than a random entry to be a winner. Try a coin toss experiment on a demo account, place trades with a 2:1 RR and let the market play out. After a hundred trades you may find that you only have a small loss or even a profit. You should then realise that you only need a slight improvement to be a winner. This will mean finding a pattern or whatever that puts the odds in your favour over a series of trades. After this the big challenge is to implement it with out making errors, like over "managing" trades, hesitating when you should not, dodgey position sizing and MM. This is the real challenge not a fancy system. IMHO

Well u started the jurney on 2008 ... whats ur position now ? Juz wondering

Might be the best post in FF. very nice.
it had been years, I also want to see trader35 com back and share his opinion.
wish he had been doing good in forex.

One interesting thing is : it seems 90% percent of traders had learned the basics rules they need in the forex market in the very beginning.
they always need several years to understand what they really mean.

I can bet he quit the game a long time ago after blowing his account.that's statistics.

yes, pemully, i know many people blown their initial 1-2 accounts and never came back, so those who are still fighting in this battlefield are brave ones.

traders needs to learn more and be prepared for the market volatility.

it's really a long game to play.

The trouble is, Forex is like anything in life - we all learn at different rates, and gather different knowledge in a different way from different sources. So one person's experience is not necessarily going to equate to another's reliably. Personally, I was profitable by the end of my first year and now, just over two years in I am still profitable. But I think my overriding view is that when it comes to trading none of us should define our success by others' results. Forex does work, it can be learned by most of us, but whether one person makes it in one year or ten years has no real relevance on how the next person might progress, imho.

ST

Initially I was trading in the stock market part time while I am still working, and within 1 month of trading I make 3 times of my monthly salary, Then I thought that I would make much more if trade full time, so I quit my job and start trading full time, then I Lose money, after 3 months, I come back to work again....

That was more than 5 years ago

Now I am still learning to trade Forex, but IMHO, I would make sure that my profit in fx trades would be able to cover my monthly income consistently (like at least 6 months in a row) before I quit my job.

I admire your honesty and your determination to succeed, all the very best to you, that deserves a vouch.

It takes years for most people to learn to control their fear and greed.

Get a good mentor, definitely. I swear, if I went back a year ago and taught myself what I know now, it would take less than a week of intensive training to get to my current ability. Absolutely frustrating.

I believe there are only two things you need to become a successful trader: dedication and humility.

We need to be dedicated because if we continuously wander around in our dreams of becoming a great trader without taking the necessary steps to reaching that goal then you will fall into the ever so popular trap of wasting precious time looking for the easy ticket to mastery. Wasting months searching for the systems with proven track records or reading about the latest and greatest EA's that somehow never have a losing trade only to find in the end that you are no more knowledgable about the workings of the market than you were when you started. The first step is to realize that its going to take a lot of work and a lot of failures before you make real progress but know that it is not impossible.

Humility is probably just as important! We have to accept that we are going to make mistakes along the way because we must have an understanding with ourselves that we do not know everything and we are always able to learn more about the markets.

So in the end the time it takes really depends on your level of dedication and willingness to learn. Investigate historical price movements, read lots of books, and practice practice practice! With proper backtesting I think a person could become reasonably successful in about three years from the first draft of their system

hey hi,

how many years u have been doing trading. and may i ask is this possible and legal in india?

it will be great to hear from you.

In my opinion becoming profitable trader insists a lot of regularity , practice, desire, knowledge and emotions. However, I think anyone can become profitable for 3-5 years with everyday studying and trading . During this time you must have used small account to overcome the psychological level of FOREX trading. You must feel the market, no need of any indicators. You must be able to understand very good technical and fundamental analysis. DCF models for valuation and finding the fair value of the financial instruments.

I'm currently spending 12-14 hours a day learning to trade forex, and I have done so for the last 3-4 months. Still got a lot to learn, and still losing money.
My target is to be profitable within a year, as most people say that's the average time it takes, and I think it's a good estimate.

Extreme amount of hours spend per day on this is overrated. I see tons of people mentioning here that they spend 10+ per day on average. This really doesn't matter because you can become successful by spending just a couple of hours per day on Forex.

In my opinion screen-time/watching what price is doing only requires more time as a starter. Once you know a bunch of price action setups you can filter out the effective ones you are aiming for. Then its just a matter of staying disciplined and trade only these predefined setups. This doesn't require 12 to 14 hours per day in my opinion unless you are trying to have some extreme scalping from minor supply and demand clusters going on.

I have been with FX for 3 years exactly now , traded with more than 10 brokers out there , got margin called on more than 30 accounts , lost more than 50k$ in fact , until now I'm still haven't traded any demo account for more than 1 month lol. I didn't feel good with demo trading at all , I love to practice the patience by keep watching the market than trade with demo account then . I known it sound quite stupid but you should understand that everyone have their own ego and attitudes , so the way you learn & trade FX to be successful trader will be different also . In past I have turned 150$ > 12k$ , from 1k$ > 30k$ within 3-4 days lol , it's power of a tool that we called as Leverage . Now I'm making decent profits in range 5-30% / month well without thinking much , spend not more than 30min a day for looking the chart . In the beginning , I have combined hundred of systems with thought that maybe I will be able to create my own system from these things lol , tested many type of Indicator , Script , EA , Signal Providers ....etc out there .....but now I'm trading with a fresh chart only lol , simply follow the trend , market wanna give me profits , I will take it , market doesn't allow me , I'm out . I have been traded more than 50 trades/ day , but now I'm trading around 15-20 trades/ month lol , sometimes I got 15/20 were losers , 5/20 were winning trades , but finally results I'm still profitable ...and the most importance is it's long term profits that made by a simplest system , solid trading plan and money management/psychology control plans . I'm not going to increase the risk to be rich overnight anymore .
You know what , when I though about how much I can earn , about money , about compounding ....I was failed . Forex is not only about fighting with others , about making money as much as possible , it's about how we lose successfully and how we master ourselves , please remember that once you can master yourself , then you can master anything easily , yep it's what FX will teach us .
If you're thinking about spending more than 10-20 hours/ day to master FX and making money fast as possible than any others out there , you was failed at the beginning lol . Spending too much time to read , to trade , to learn ....just made you feel overload and you won't be able to hang out these things , finally you will get nothing but a big confusion .I have studied many things but finally I came back to nothing but a fresh chart and now I'm making money , yes maybe it's not much as your objective ,your dream about FX trading , but at least I'm not throwing money to market anymore . You need to learn how to survive firstly , don't think about the profits , it's too soon then .
And pls remember that , beside trading you still have a beautiful life and things we need to esteem , don't be focus on just Forex and forget about others things

I think most people actually say 5 years not a year.

The people I've spoken to say one year give or take. It might take 5 years, I don't know.

The reason I'm spending 12-14 hours a day is because I want to learn, I've had days where I've woken up an placed a trade in half an hour, come back at the end of the day and closed a 60-70 pip profit.

I agree, and it's not the quantity it's the quality.

In theory it's possible to learn to trade profitably in a day or two, it's not rocket science, however in practice it can take years to discover what you really need to learn and to master the art of trading, I suspect the majority of hopefuls never achieve it and some run out of money trying!

What are you learning for 12-14 hours a day, every technical indicator known to man? A degree in economics? Every trading strategy on FF?


Excellent, except........


Right. Maybe that's what you need to focus on.