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How long did it take to become consistently profitable?

  • #101
  • Apr 5, 2010 10:30am Apr 5, 2010 10:30am
Quoting gspajon
FX-Junior,

Congratulations on your recent success!! After only 9 months that is a real accomplishment. To answer you question you must look at your question you must first define consistancy. Most would say that means your account balance is going up overall. Up by how much and how fast is what should be of greater concern.

Many of us, myself included, have experienced runs of "consistency" where our account goes up rapidly and it seems we are "dialed in". Then the market changes and the method we use to trade doesn't synch up with the...

Amen...
  • #102
  • Apr 7, 2010 3:43pm Apr 7, 2010 3:43pm
Quote
1. I'm 20 still living with my pearents and the support me in trading which is sweet (cause they know i really hate school and work). Been a very poor 14months yes, but if i was a uni student i don't think i have that much more money anyways.

2. Yes I miss the safety of a regular job, many times I've been tempted to just go get another job just to have some money again. (I don't take money out of my trading account as I'm growing it). I started a online custom computer business that gives me some money for gas, food, etc, car maintenance. (got...

Great. The biggest advantage for you is your age. You are only 20 and have already figured out profitable trading set ups.

If you are able to crack this FX market, i am sure the quality of your life will be great as compared to working in a 8-10 hour day time job.

I am 27 years old, retraining my self for an auditing career after doing shit work at a call centre and thats the biggest problem- I cant afford to sit at home and dedicate my self for full time trading career at the moment.

I am still in learning theme and i am sure if i can watch charts 10-12 hours a day for one year, i will get the knack of good trading set ups.

But i cant afford to sit at home for one more year...so after finishing my course i have decided to pick up a full time job and keep training my mind.

Once i have got a trained mind, i may decide to shift to full time trading.

Trading is intense hard work.
  • #103
  • Apr 7, 2010 10:52pm Apr 7, 2010 10:52pm
Quoting curtains

And I just spent the last 1/2hr trying to figure out how to take a screen shot on XP that will alow 3xFull HD screens to be captured so I can show my account statement .. but I can't so sorry (might be too high resolution for XP),
Try putting your statement on just one screen. I can capture and upload anything using free software download here http://www.jingproject.com/download/
BTC Return This Year: na
  • #104
  • Apr 9, 2010 1:13am Apr 9, 2010 1:13am
Quoting fx-Junior
It would be nice to hear from succesful traders that how long it took to learn the skills that made you consistently profitable?

I have studied trading for about 9 months now, and finally I feel like I am pretty close to reach the consistently profitable status. It has been tough way to come, so much of studying and desparative feelings, but it has been worth it.

How about you, how long it took when forex really began to reward you?
it's individualy. Everything depends on you. how you can analyze the situation, the number of pairs, you use and how long you work with it. everybody can say: more practice, more success. As for me, it took 1 year to be profitable trader.
  • #105
  • Aug 11, 2010 8:36pm Aug 11, 2010 8:36pm
I have been trading forex for 1.5 years and still would not say I am consistently profitable, sometimes yes but I don't think I have been trading long enough to say consistent.

I have tried a Trading Room, a personal trading course with a mentor, another system based on swings, long term trading short term trading, you name it i've done it. I was on the search for the easy system but it doesn't exist. What all this has done is give me learning time, from each experience I have picked up a little more knowledge. I think this is why trading takes so long to master, it takes time to add all the pieces and have them become part of our overall knowing.

Right now I am being very disciplined with my record keeping to determine my best risk/reward ratio. This is one of the most important things to consider when trying to work out how to be consistently profitable. The risk/reward ratio is the only thing we can control when trading.

You might have a system that is 70% accurate but if your risk/reward is not right you may still lose money.

a 40% accurate system can make you profitable if your risk/reward is good, that is 2:1 or more.


Robert, I loved your post, very inspirational, I will be showing that to my sons who are 13 and 15. I agree you only have 1 life, spend it doing what you enjoy!

I also enjoyed your Brugges story, do you have a travel blog or trading blog?you have a talent for writing for sure.
  • #106
  • Aug 12, 2010 4:54am Aug 12, 2010 4:54am
creating the right system with a good filter. I.e combining the right set of indicators to produce the consistent winning results should be good enough.
  • #107
  • Jun 12, 2011 4:11pm Jun 12, 2011 4:11pm
Quoting Dopey
That's a really tough question to answer. I'm 51 now and when I was in my 20's I would never even have considered doing this.

In your 20's you have more energy and time, yet less maturity and humility. Also, most people don't really know what they want when they're in their 20's, which is not a bad thing at all. It's important to have a wide variety of interests, how else can you know what you want until you've looked at many things?

Intellectually, trading is not very difficult, it just isn't. However, the proper application is extremely...
These are the most motivational words i've ever read or heard.

Thanks.
.
  • #108
  • Jun 12, 2011 7:36pm Jun 12, 2011 7:36pm
Quoting nasir.khan
These are the most motivational words i've ever read or heard.

Thanks.
.

Ironically his name is Dopey.
  • #109
  • Jul 1, 2012 4:01pm Jul 1, 2012 4:01pm
I think it takes time and good practice to make really profit from forex but I have see that yet from my trade
  • #110
  • Nov 16, 2013 2:22am Nov 16, 2013 2:22am
it tooks me 12 years to get profitable and a lot of hard work(average of 12 hours daily watching markets )
all have a nice day
focus while relaxed to see better
  • #111
  • Nov 17, 2013 12:25pm Nov 17, 2013 12:25pm
started trading with 15 now im 23 and full time trader, i have no other occupation all i really ever wanted is trading in my life, while others were partying i was studying charts.

It took me quite a while to become consistent, in the beginning i tried to much... to much fighting, but trading is more like dancing, its art, you have to be an artist and not a fighter for me everything became really simple when i accepted that trading isnt about making 10-100% per month, its about making 0,5-3% per month and treating it as a real and serious business... you can decide if its a game , a casino or a business its in your hand, and every real business needs a proper capital to make a nice return, i dont expect a big return from 1k capital, thats not how it works, at least for me.

at this point i can say i am consistently profitable, and i am making enough to have the life i really want at this point but of course still there are a lot of dreams i hope to fulfill in my life.
consistency wins
  • #112
  • Nov 17, 2013 12:26pm Nov 17, 2013 12:26pm
at least 3 years
Make your losses in demo. Earn your profits live.
  • #113
  • Nov 17, 2013 2:04pm Nov 17, 2013 2:04pm
The day you will start making only 2-3 trades per week . You will get time to learn from your mistakes and improve with every trade.

Market is changing, so you need to adapt, improvise and execute. In short when you learn to become patient. It can happen in a month and can never happen in 10 years also.
Wherever Market Goes, I follow and return back after getting my 10 Pips.
  • #114
  • Nov 17, 2013 2:22pm Nov 17, 2013 2:22pm
Quoting madaneeraj


1.) The day you start making only 2-3 trades per week
2.) You will get time to learn from your mistakes and improve with every trade.
3.) Market is changing, so you need to adapt, improvise and execute.
4.) In short when you learn to become patient.
.
yes to all 4 points. very good madaneeraj
  • #115
  • Nov 17, 2013 2:30pm Nov 17, 2013 2:30pm
As someone who has only being trading a month, lots of good tips here especially about 'keep it simple'.
  • #116
  • Mar 4, 2014 1:34am Mar 4, 2014 1:34am
On my last post I had been trading a month, I suffered losses in October and November as I was trading too often and speculating (gambling). But after being burnt I calmed down and now have a system that I'm just finely tweaking and have been profitable in Dec, Jan and Feb bring my overall loss back to break even :-)

As I'm still learning and very inexperienced I have been following a few rules to help me preserve and recover my cash
1. Only trade eurusd, my theory is to become familiar with one pair, rather than trying to understand all of them and there interactions (at first anyway)
2. Only open trades between 7am - 3pm uk time
3. If I'm unsure, don't trade
4. Aim to close all trades by 5pm uk time
5. better to take a small profit than a big loss :-)

Lets see what happens in the next 3 months
  • #117
  • Mar 4, 2014 1:47am Mar 4, 2014 1:47am
I think it would depend on how profitable you want to be ?
Howlin' at the Moon on the Roof
  • #118
  • Last Post: May 29, 2015 9:33pm May 29, 2015 9:33pm
The best trader I know took 10 years to become really profitable. Myself, I am in this business full time for 5 years and still have a long way to go. I read this thread and I really think there are some fantasia about becoming profitable here... Of course there are plenty of smart people in this business that can read all the books ever written about trading and learn how to trade.. but myself I believe that all this reading is the capital sin of trading, because markets are not rational, they are emotional... a trader must have a superior emotional balance to trade profitable.. one can be a genius but if lacks this only single factor, he/she will NEVER become a successful trader... until he learns it, and it takes time..... all rational systems eat each other,,, to become profitable you got to think for yourself and stick to the basics... I am here on this topic because sometimes I think I will never get there, it is not easy ... As I told, I am a full time trader for 5 years and just NOW I think I have a decent trading plan that I will TRY to put into practice and see if I can do it, and it is very subjective... The resilience required to be a trader is the hardest of all... good luck
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