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How long should it take before I hit the jackpot

  • #21
  • Nov 3, 2015 12:45am Nov 3, 2015 12:45am
Quoting bryan9725
I am an amateur trader, I am very curious as in how long it should take before I actually find a strategy that I working for me?
Jackpot? Forex? Sure, send over a million USD right away and I'll clue you in..
  • #22
  • Nov 3, 2015 12:20pm Nov 3, 2015 12:20pm
Quoting bryan9725
{quote} Are you still searching for your jackpot?
No, I found it just yesterday. I have great results with buying lows and then selling it high. Works for me big time.
  • #23
  • Nov 3, 2015 1:22pm Nov 3, 2015 1:22pm
From my experience, I would say that to be consistently successful, it comes down to:
 Finding the right kind of specialist knowledge (some of which is not readily available on the internet)
 A lot of hands-on trading experience, i.e. establishing how to best implement that knowledge
 How well you deal with uncertainty, both methodologically and psychologically
 Having enough starting capital
 Applying sensible account and risk management
 Finding a br0ker that doesn't cheat you (I guess that's obvious!)

Equally obvious: finding a genuinely good mentor can shorten the learning curve.
  • #24
  • Nov 5, 2015 6:39am Nov 5, 2015 6:39am
you may find a lot of fx strategies in Internet for begginers. they're woking 50/50, but it takes for 7-8 years for me just not to lose. so at the end of month I have stable profit
  • #25
  • Nov 9, 2015 4:11am Nov 9, 2015 4:11am
I'm sure that when you actually feel (and see) that your approach works, you may say that you've finally hit the jackpot. If you are asking this question, it's obvious that you are not yet there. I wouldn't count time that you spend trading and I wouldn't think of quantity. Quality is what you need. It may take ages for you to develop your own approach and your own successful strategy (and you may find out that the other traders' strategies don't work for you at all), but it's all about the result, not the time that you spend to get it. So my tip here would be not to rush things and not to think about your actual profits (or losses). Just focus on your learning and educate yourself as much as you can. Getting a guru or having a trading professional by your side can definitely speed up the process, but again, don't think about time. That's my opinion.
  • #26
  • Nov 10, 2015 9:37am Nov 10, 2015 9:37am
what type of strategy are you looking for? long term, short term. how much time can you spend in front of charts???
  • #27
  • Nov 11, 2015 7:04pm Nov 11, 2015 7:04pm
Thinking like this is dangerous.​

Just try to build small steady returns to begin with my friend
  • #28
  • Nov 13, 2015 1:44am Nov 13, 2015 1:44am
I think it depends on individual, some people take long time to find trading strategy, but they fails, and some traders just find right strategy within short time. I always think trading needs skills, knowledge, experience and luck some times.
  • #29
  • Nov 18, 2015 8:52pm Nov 18, 2015 8:52pm
Quoting bryan9725
I am an amateur trader, I am very curious as in how long it should take before I actually find a strategy that I working for me?
Great question Bryan and very easy to answer...

Once you cut through all the crap and bullshite that most new traders get themselves wrapped up in and understand that all you are trying to do is decide whether to buy or sell. Basically is it going up or down???

Then thats it job done, look for charts where its painfully obvious which way its going then wait for a pullback and jump on board.

Believe it or not thats about it....

i'm sure there will be lots of traders jump on me and say, if only it was that easy, but it is..

Simple choice Up or down?? How complicated is that????
Feel the Fear and do it anyway!!!
  • #30
  • Nov 18, 2015 11:27pm Nov 18, 2015 11:27pm
let me be honest with you . Trading is not easy , a system wont workeveryday and make you money as the market keeps on changing If u want to do for a hobby its fine but dont do for a living How many doctors do u know who had learned to do surgery by surfing the google ???? Trading is the most difficult job in the world to make easy money and i would recommend you to think carefully before taking a step
  • #31
  • Nov 19, 2015 12:49am Nov 19, 2015 12:49am
I've founded a pattern that works for me and it took me 1.6years but by all no means it's perfect just yet now that I've found the method that works for me over and over again I'll need to spend hours perfecting my craft so I'm looking at another 6 months perhaps by then I should be where I want to be -finally- all those days and nights where I spent analysing charts, learning about the various forces that drives the price was and will be worth it.
So you see its not same for everyone, it all depends on how much effort you put in and how fast of a learner you are. Be patient. It's going to be one hell of a journey of self discovery, it'll test your resilience to the max. Nothing comes easy in life, same goes for predators who are out for a hunt you'll have to give your best. Good luck.
...
  • #32
  • Nov 20, 2015 8:06pm Nov 20, 2015 8:06pm
Quoting bryan9725
I am an amateur trader, I am very curious as in how long it should take before I actually find a strategy that I working for me?
My definition of the jackpot

1. Understanding how the market really actually works, 99.8% on here I would say don't know and the ones that do work it out don't hang around

2. Gaining said knowledge takes screen time and effort and that's only if your looking in the correct place and collecting the correct knowledge in the first place ..

3. Using the knowledge of how the markets really work and putting it in a workable format ( that alone takes time)

I've worked out how the markets really work,does that mean I've hit the jackpot ? I ain't selling anything either, salesman sell and don't trade for their income they sell systems, the pro's that have helped me didn't ask for a dime!!

The number 10000 hours seems to be floating around, sounds about right or even longer because a lot of that time initially for most is looking in the wrong place, I was no exception.
  • #33
  • Nov 21, 2015 8:19pm Nov 21, 2015 8:19pm
I like the enthusiasm of NB's...... my advice would be to pick another profession if you can'. The market most of the time is a buzz saw and you have to be around when its trending or both. People want "x" marks the spot.. there is no x. The simple fact traders don't realize is that for every buyer; there is a seller thinking he got the best of you.
  • #34
  • Nov 22, 2015 8:58am Nov 22, 2015 8:58am
It depends on how dedicated are you to learn and excel in this business..In my opinion, it takes no less than 3 years of hard work, reading, trading and experimenting with different ideas/strategies... It usually takes longer than this...Trading isn't a walk in the park, but if you like it enough, you'll enjoy every moment of your journey...Regards
  • #35
  • Nov 22, 2015 10:06am Nov 22, 2015 10:06am
it can take a very long time, but it can also go fast,
it depends on the individual and how much you want it,

what will help you alot is to trying to understand price action.
why the market moves, and who are the buyers and sellers
it's all about education in the end, unfortunatley the stuff you need to learn,
is not on the internet, so you have to use your brain and do some thinking.

but the hardest part is your own psychology, you are going to have to do some work on your self to.

you should expect a least 3 years and a coupple of blown accounts oin the way.
we have all been there, its the price you have to pay
Bulls are stupid Animals!especially when Im short!
  • #36
  • Edited 10:25pm Nov 22, 2015 10:13pm | Edited 10:25pm
Quoting bryan9725
I am an amateur trader, I am very curious as in how long it should take before I actually find a strategy that I working for me?
strategy is YOU. start from understanding your own true nature and develop yourself until you become the strategy. timeline is absolutely relative. a successful strategy is not just a simple algorithm. probably that is why the efficient strategies can not be coded or their backtest does not give the expected result.
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As Above, So Below
  • #37
  • Nov 23, 2015 1:39am Nov 23, 2015 1:39am
Quoting tashkent
{quote} strategy is YOU. start from understanding your own true nature and develop yourself until you become the strategy. timeline is absolutely relative. a successful strategy is not just a simple algorithm. probably that is why the efficient strategies can not be coded or their backtest does not give the expected result. {image}

Extremely relevant quote from Yoda , I like it
  • #38
  • Dec 8, 2015 7:32am Dec 8, 2015 7:32am
I even not sure that jackpot thing exist at all in the matter of trading.
  • #39
  • Dec 8, 2015 7:15pm Dec 8, 2015 7:15pm
Between 1 and 5 years but everyone is different some may never make it
  • #40
  • Jan 2, 2016 7:26am Jan 2, 2016 7:26am
For all you know it could happen in the next few days or it may never happen. It depends on whether you'll manage to find the proper profitable strategy and on whether you'll be able to implement it successfully.
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