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Time it takes to be a Successful Forex trader

  • #141
  • Jun 5, 2012 4:07pm Jun 5, 2012 4:07pm
You need determination, self-belief and the ability to learn from books, others, and particularly your mistakes. Some of the things you will learn will challenge your ego, so at times you will need to be humble.

Go here http://www.babypips.com and click on the SCHOOL tab.
Work you way through starting with Preschool, do this even if you think you are past the preschool phase.

Run a demo account for a while so that you get used to operating a trading platform, choose a broker who does not hassle you every week to open a real account - you will need several weeks. Do not rely on indicators to trade for you, they are only there to support your own decision making process and you have to learn what they are telling you. Make sure you understand that the behaviour of a demo-platform is not always the same as trading the real thing.

Then start with a small amount of real money. Make this work for you, trade for a month or two - or until your account dies. If you fail then sit down and put in the time to understand why you failed. Here are some examples of self-delusion:- "the broker stole my money" "the FED did the opposite of what everybody was expecting" "my stops were always being hunted" "the NFP was up but the dollar went down" (BTW don't trade the news, trade the aftermath if you can understand it).

If you have success then sit down and put in the time to understand why you were successful, this is really important.

If you get to here (successful real-money trading) with self-belief and understanding of how you got here then you are ready for a larger account and trade-size. Psychological factors which you have not felt before will now hit you. This is your next test.

I started losing real money in 2006. At the end of 2008 I had some fantastic success - but I did not understand why, and I did not realize that I did not understand why. After that I slowly gave it all away, starting with a confidence knock which I received courtesy of the NFP. The trading epiphany came to me over the past 6 months.

You may manage this journey in 2 or 3 years, if you are a novice to any kind of trading you will not do it in less than 1 year. My stock trading did not help me much in forex trading, but I learned some stuff here which has been useful for stock trading.

The buck stops with you. Keep trying, and best wishes for shorter graduation period.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #142
  • Jun 7, 2012 12:57pm Jun 7, 2012 12:57pm
most pros agree it takes no less than five years....thats damn scary....if i knew another easier way of making mojo i would have never touched forex....but life gave no choice...
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #143
  • Jun 8, 2012 8:37am Jun 8, 2012 8:37am
Quoting pemully
most pros agree it takes no less than five years....thats damn scary....if i knew another easier way of making mojo i would have never touched forex....but life gave no choice...
Is there any statistics support this conclusion? I don't think so.
it really takes time, but varies differently for different people. if you stay with good broker, and you are fast learner and patient, you might be more quicker than others.
  • #144
  • Jun 8, 2012 5:47pm Jun 8, 2012 5:47pm
How much time do you want to put into it.

Thats what it comes down to.

I remember when I first found baby pips I finished 3/4 of it in a day. I didn't sleep at all and was taking notes that filled up two note books. I wanted to learn.

The same goes for everything, how obsessed do you want to be? My friend wanted to learn welding so that's what he did day and night along while taking classes. No surprise he finished first in his class and impressed the instructor.
  • #145
  • Jun 16, 2012 1:47am Jun 16, 2012 1:47am
So far ive been lucky , ive found a mentor , and the last few weeks trading has been a fantastic learning experience and im making good money in demo

thank you for your words of wisdom i appreciated them so much
  • #146
  • Jun 18, 2012 6:16pm Jun 18, 2012 6:16pm
well, after think a while I just throw this question for your guys.

if you can answer this question, then you are good to go as a trader, if you still unable to figure out within 6 month or so. I would said trading is not right for you.

okay the question is.

How are you able to do a trade within a trend?

sorry, I am not giving out the answer to this question. yes some of system in this forum are using same idea.

okay give you guys one hint.
think when you drive in rush hours.
  • #147
  • Jun 19, 2012 4:43am Jun 19, 2012 4:43am
Quoting reynuevo
thanks for the ebook idea, any links?
Of course) http://www.4shared.com/office/fhRSYY...es__Ann_C.html
  • #148
  • Aug 4, 2012 9:37pm Aug 4, 2012 9:37pm
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. [b]Concentrate on support, resistance and up and down...
I am also new to trading and I"ve learned to keep it simple. I don't use a lot of charts just to seem impressive, it's more beneficial to use support and resistance, head and shoulders patterns and trend lines. Do you only use "support, resistance and up and down trends using trend lines"? Do you use anything else?

I think using your own money is better than demos. You learn how it feels like to lose money and therefore develop a skill of not using emotion quicker than if demos are used.
  • #149
  • Aug 5, 2012 1:49am Aug 5, 2012 1:49am
"I have come to the conclusion that market makers are a major factor in making someone a loser. "

Never blame others, if you lose, it is only your fault, not brokers or someone else.
  • #150
  • Aug 5, 2012 6:19am Aug 5, 2012 6:19am
Well i think it takes full determanition and when you have it is it worth it all??
Myself i been through the whole phase in trading and i can extract now some money out of the market but i sufferef really emontionial and in life at some points.

If i look back now i am not sure if i will do the same again.

At 1 point i was almost 24hrs locked in the house just trading and reading etc.
the whole path itself isnt easy as most people might think.
I gave many things away and i mean the most was life itself in terms friends lost my girlfriend where i lived together with had enormous amount of fights with her etc. I was locked down in to the trading world.
From all the traders i still have contacted with through skype there is a simularity in the 1s who survived and are kinda succesfull in it they gave a lot back.

Friends loved 1s money etc and especially time they spent thousands of hours myself aswell.
Also i think trading is something someone needs to learn itself whe can get hints etc for what to look for but most comes with experience and the feeling gut feeling of the market.


So for every noobie who wants to start out i just wanna warn you for the effects it might gonna have on your life.

Myself now i am not a daytrader and i probally never wanna be most of my trades are all pending orders and sometimes i try to make a fast profit if opportunity arises.
I am now since 7 months back in life again outside trading have a normal job next to it again as a social worker and picking life up. I lost some people through trading but getting again back in life what is more beautifull then money only..
Trading is for me a skill i learned and i probally never unlearn but 1 thing i noticed i dont wanna be a daytrader anymore life has so much more to offer then just trading alone.
Also this kind of trading i do now eliminates a lot of emotions sitting all day in front of screens aint gonna work. Also with the new hft algos it is just gonna be more difficult for some traders.

So what i wanna say with this message is if you choose the path to try to become a trader it might be that you will go through a hard road and need to give things back for it to get it talking beautifull things like friends loved 1s etc
  • #151
  • Aug 5, 2012 8:28am Aug 5, 2012 8:28am
Just thought I would give my opinion...
I have been learning forex now for over five years and still learning. Also not quite yet profitable. (now part of the reason for this is that I did not take studying forex very seriously for the first couple of years, though I still studied and demoed some.)
At this point, as I said, I am still learning how to trade forex and what it means to be a great investor/trader. I am sure the learning will never end. And neither, for myself anyway, I never want the learning to end.
I an going to be the gloom and doom in this group of responses but in essence (unless someone else said the same thing and I just missed it) welcome to a journey of pain, sacrifice, setbacks and yet ultimately (from what I have learned and heard from others and have had several times before myself) great reward.
  • #152
  • Jan 30, 2018 2:19pm Jan 30, 2018 2:19pm
You left a job, a REAL JOB that actually pays the bills, to trade forex??? Pal, you really screwed up. I only hope your former employer will take you back. If you want to trade as a HOBBY,fine, go for it, but FX is NOT a realistic career choice.
  • #153
  • Jan 31, 2018 2:49am Jan 31, 2018 2:49am
Quoting gravitist
You left a job, a REAL JOB that actually pays the bills, to trade forex??? Pal, you really screwed up. I only hope your former employer will take you back. If you want to trade as a HOBBY,fine, go for it, but FX is NOT a realistic career choice.
thanks for the heads up.
now i know i am doomed, the uncertainly is gone, and will sleep better.

i made the same mistake, left my REAL JOB, and took on unreal trading for full-time activity as source of income.
small consolation, that i am not fully screwed it up, my last employer happily would take me back if i have to go back to a REAL JOB.

we all make mistakes, and now that reading your brutally honest ( and assume first hand?) summary, realized just how much a mistake i had made not staying a HOBBY trader, while continue my realistic career choice that was slowly losing the realistic aspects, but likely still fall the REAL JOB category by you...is that 'just-over-broke'?...for at least a couple more years. perhaps not everyone is in the lucky situation that his REAL JOB turn out a real darling, and some just gets tired of doing it. i had.

PS.
yesterday you had a run on the forum posting all negatives any thread in sight. what happened? why bother to even come to the forum if it is all gloom-and-doom?

will your great insights all come true, and should i have to head back to my last employer, i would still think the sabbatical well worth it from "that life".
not only for the experience alone, but likely for financially too.

it is always great to cross path with some enlightened members as yourself. i am greatful for your advise, and glad that despite you being so disenchanted about full-time trading you think part time trading is fine.
i will look into this coming weekend the possibility to change my path from being a full time trader to having 2-3 parallel hobby trading set up instead, as per your advise that should produce more viable results if understood it correctly.

still a little confused why a trading income is unable to pay the bills, after all money is money, but for example flipping burgers could, and it is a REAL JOB, and arguable not even the worst kind, but i still have a few remaining years, and will learn.
there is always, always another trade!!
  • #154
  • Jan 31, 2018 3:20am Jan 31, 2018 3:20am
Quoting gravitist
FX is NOT a realistic career choice.
I think, you have never seen any professional traders that’s way, you are giving such a statement!
  • #155
  • Edited 6:04am Jan 31, 2018 5:54am | Edited 6:04am
Quoting gravitist
You left a job, a REAL JOB that actually pays the bills, to trade forex??? Pal, you really screwed up. I only hope your former employer will take you back. If you want to trade as a HOBBY,fine, go for it, but FX is NOT a realistic career choice.
Spoken like a true, failed, retail FX trader.

I like to think of it like the actors (male & female) who slug their guts out to "make it". Not many do, but it's a burning ambition inside - this is what they love and were meant to do. They live on toast and 2 minute noodles and show up to hundreds of auditions a month for years. Do they all "make it"? No. The success rate is probably far lower than the success rate for retail FX traders. But they keep turning up for the auditions because it's in their blood. And yes, some fail, some make a living from it, and some make a killing out of it.

But how dare you tell someone else their dream is shit just because you couldn't do it.

In trading, you'll never hear very much from the ones who "make it". The ones you hear from VERY LOUDLY are those that can't trade and usually want to sell you the secret to their success
  • #156
  • Jan 31, 2018 6:59am Jan 31, 2018 6:59am
Quoting profitfarmer
{quote} i made the same mistake, left my REAL JOB, and took on unreal trading for full-time activity as source of income. small consolation, that i am not fully screwed it up, my last employer happily would take me back if i have to go back to a REAL JOB.
Dude, you are really screwed up. You rely on your last employer to make living? You are dependent like a child and you have a nerve to instruct other what they should or nor should do? Good luck for you

Btw, who employs your employer? Any thoughts?

REAL JOB hahaha

Wow, you are really screwed up
  • #157
  • Jan 31, 2018 7:14am Jan 31, 2018 7:14am
Quoting jdieieh
{quote} Dude, you are really screwed up. You rely on your last employer to make living? You are dependent like a child and you have a nerve to instruct other what they should or nor should do? Good luck for you Btw, who employs your employer? Any thoughts? REAL JOB hahaha Wow, you are really screwed up
think of a word: sarcasm.
then go back, and read it again.
also read the post prior that this was an answer for.
then sit back and let the pieces fall into place.
enjoy!!
there is always, always another trade!!
  • #158
  • Jan 31, 2018 7:20am Jan 31, 2018 7:20am
Quoting profitfarmer
{quote} think of a word: sarcasm. then go back, and read it again. also read the post prior that this was an answer for. then sit back and let the pieces fall into place. enjoy!!
So perhaps you should hone your writing skills? If I have to read half of this thread, as you advice, to realize you were sarcastic then perhaps it is not so obvious as you think?

Anyway, my post should be directed to gravitist, or in fact anybody who wants REAL JOB
  • #159
  • Jan 31, 2018 7:24am Jan 31, 2018 7:24am
yet you quoted me, thus addressed to me?
as for the skills, try to do the same writing my native language, that i do in yours, then we are even.
have fun! ( and i promise wont hold my breath that it likely wont happen soon)

ps. my post was all about the real job part, and that i am ok trading full time.
as for half thread reading: gravitist post was right above my answer, also "quoted"...hard miss.
there is always, always another trade!!
  • #160
  • Jan 31, 2018 7:36am Jan 31, 2018 7:36am
Quoting profitfarmer
yet you quoted me, thus addressed to me? as for the skills, try to do the same writing my native language, that i do in yours, then we are even. have fun! ( and i promise wont hold my breath that it likely wont happen soon) ps. my post was all about the real job part, and that i am ok trading full time. as for half thread reading: gravitist post was right above my answer, also "quoted"...hard miss.
You might loose that deal

Eh, maybe I am getting old or maybe it is too much trouble to read all those essays about loosing traders, suicide, broker scammers ect

Anyway... all good!
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