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how long does it takes to become a successful trader?

  • #21
  • Aug 22, 2010 12:29pm Aug 22, 2010 12:29pm
Quoting petertrader
Thanks for your all answers, you motivated me, i am going to demoing hardly untill i will be master in it... :-)
gl with it peter - i like your sig!
Time hides Nothing
  • #22
  • Aug 22, 2010 12:51pm Aug 22, 2010 12:51pm
Quoting jag1966
That is a very well thought out post Cindy and I agree with everything you said.

I am on year 6 dabbling, fourth year of serious learning so I must be slower than most. I do ok now though but it was the hardest thing I have ever done.

Never give up would be my advice. The end result / lifestyle is worth the years of work.
Just make sure your loss is not too miuch. It does not matter how often you lose or how many accounts you blow, as long as you still have enough funds left over, you still have a fighting chance.

It's like Indiana Jones, as long as he has one more bullet left over to kill the bad guys, he still has a chance at the treasure.

Good luck!!
Make your losses in demo. Earn your profits live.
  • #23
  • Nov 10, 2015 12:09pm Nov 10, 2015 12:09pm
A martial arts student went to his teacher and said earnestly,
“I am devoted to studying your martial system. How long will it take me to master it.”
The teacher’s reply was casual, “Ten years.”
Impatiently, the student answered, “But I want to master it faster than that. I will work very hard. I will practice everyday, ten or more hours a day if I have to. How long will it take then?”
The teacher thought for a moment, “20 years.”
As Above, So Below
  • #24
  • Nov 10, 2015 2:01pm Nov 10, 2015 2:01pm
i think today i understand how to be a successful trader
first you must understand it is easy to make money in Forex
when you understand this idea believe me you are pass the first step to be a successful trader

since Sep-2013 am studying hard and nearly quit everything to understand the forex and every day i understand more about this world

first you must understand what is money and how it is generated (every step of it) see a lot of documentary videos in youtube.
second no matter what you do you must lose a lot of money in testing things (holy grill indicators/useless courses/blow up some small accounts/read a lot of forums)
but keep your expenses in this things at minimum so you can survive.

then alot of self confident of what you are doing is right but you need time to reach your target.

and believe me you may reach or not it will depend of your master plan so you must review your master plan every 3 month to re correct your direction to victory.

i know people who lose 15 years trying to achieve what we are doing and still trying but i believe it really worth it
  • #25
  • Nov 11, 2015 3:41am Nov 11, 2015 3:41am
It's different for every individual, I think. But if I were to generalize, I'd say it takes at least six months to a year active study and exercise to learn how to be relatively successful. And that is usually the best case scenario. Some people need at least several years.
  • #26
  • Mar 8, 2016 7:43pm Mar 8, 2016 7:43pm
it depends on the individual trader, if the trader could diligently to continue to learn and practice trading to enhance the skills and knowledge of trading is good then we will be able to be a successful trader in a relatively quick time. but considering the forex risk is high then for success can not be done in quick time
  • #27
  • Nov 10, 2016 12:47pm Nov 10, 2016 12:47pm
Quoting gabanda
it depends on the individual trader, if the trader could diligently to continue to learn and practice trading to enhance the skills and knowledge of trading is good then we will be able to be a successful trader in a relatively quick time. but considering the forex risk is high then for success can not be done in quick time
I couldnt agree more to be honest. Your forex succes depends on your tolerance for risk. Its all about COMPOUNDING % in forex. If you start with Ł500 account, lets say you have a strategy that wins about 50/ of the time, with this method you can risk 5% of your account a trade and aim for at least 2:1 risk reward. In ten trades you will be up 30%. which means that your current capital is Ł655 just after ten trades. Once you understand to think like this you can start seeing some profits. It took me year and half before I started seeing any profits. And please do yourself a fair and stop looking for the holy grail in forex, make your own holy grail strategy that will make you money over the years instead falling for these quick rich scheme so called proffesional traders who will teach you how trade in two days looool



I have a blog about trading check it out if you want https://theforextradersite.wordpress.com/
  • #28
  • Nov 11, 2016 2:43am Nov 11, 2016 2:43am
Quoting gabanda
it depends on the individual trader, if the trader could diligently to continue to learn and practice trading to enhance the skills and knowledge of trading is good then we will be able to be a successful trader in a relatively quick time. but considering the forex risk is high then for success can not be done in quick time
That is not always necesserily true, unfortunately. Some people study dilligently for years before becoming successful traders, if they become successful traders. For some people it's a pretty long road.
  • #29
  • Nov 14, 2016 6:11am Nov 14, 2016 6:11am
Another factor is the time frame you trade. For someone trading 5m it should take less time to become successful. Now compare it to someone trading the D1. From a time frame only perspective
  • #30
  • Nov 16, 2016 2:01am Nov 16, 2016 2:01am
Quoting gabanda
Another factor is the time frame you trade. For someone trading 5m it should take less time to become successful. Now compare it to someone trading the D1. From a time frame only perspective
I generally agree, but it still depends on the trader. Some people just don't do well when they try such fast-paced trading and their learning process isn't as quick.
  • #31
  • Nov 16, 2016 3:35am Nov 16, 2016 3:35am
There is no time frame stipulated to succeed as a trader. What make one successful is it is absolutely necessary to have an edge. You can’t trade successfully without having an edge, even with the world’s greatest discipline and money management skills. Again, traders who have confidence in their own trades, who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market. They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears.
  • #32
  • Nov 16, 2016 7:36am Nov 16, 2016 7:36am
It strictly depends on the person involved. it takes a lot of dedication, reading, practicing and sleepless nights. Also, you need the right mindset. If someone enters the market with hopes for quick cash, then I expect that person wont last in the game for too long.
  • #33
  • Nov 16, 2016 11:18am Nov 16, 2016 11:18am
Patience and iron discipline is what you have to achieve first and then to learn the classical chart patterns and how to trade breakouts and trends and also how to trade ranges-ranging markets but not sideway markets. If you don't rush to make profits, you can learn all of this in a pleasing and easy way.
The classical chart patterns are not so many, double/triple bottoms/tops/head and shoulders-mostly as reversal patterns, bearish/bullish flags/penants-as continuation patterns. Also you have to learn the most important candlestick patterns, pinbars, engulfing, insidebars, doji, also the so called 123 reversal pattern.
In ranging markets you sell tops and buy bottoms. In trending markets you buy or sell the breakouts (wait first for a retracement toward the breakout levels) and then you buy/sell every retracement along the trend till the trend will bend.
You don't realy need any technical indicator because there is no indicator that can tell you what price can't so you usualy don't need any ugly indies on your charts but....many times an early indication that the trend is about to change direction and to slow down is provided by a divergence of the price with an oscilator (MACD and RSI the most common of them). The divergences are normal and hidden. The normal divergences(bearish or bullish) provides you with early signs of trend change or slowing down and the hidden divergences are strong indications of a trend continuation after a big correction. Some times even if the trend is changing this divergences does not apear, so this divergences are only helping tools and you can not rely on them solely, the price it's self is king. Also, you can use a MA to follow the trend and spot the retracements, the most usual are the 13/14-20/21-50 and 100/200 for big long trending markets.
As for the time you need to learn all of this, max 3 months, in my view if you have discipline and mental for fortitude. Most traders fail because they don't have mental discipline and are very emotional about their money and risk. Even if most of us take the risk to enter a trade most of us are risk averse and we get spooked if the market will go against us, we become emotionaly involved.

Here is a link with one of my threads where you will also find links with some of the best topics on this forum but also there are many other good topics:

http://www.forexfactory.com/showthread.php?t=613818

Bellow is a link to a thread where I have attached two books :

http://www.forexfactory.com/showthre...14#post9258214
  • #34
  • Nov 17, 2016 5:09am Nov 17, 2016 5:09am
I think I am 4 years into this and have only just started to find my edge I think. It takes a lot of hard work, dedication and a real drive to really become successful at it.

With that said, I've still technically not made a single dollar (coz of the stupid courses I enrolled in).
  • #35
  • Nov 17, 2016 7:25am Nov 17, 2016 7:25am
Quoting Ivanyo
I think I am 4 years into this and have only just started to find my edge I think. It takes a lot of hard work, dedication and a real drive to really become successful at it. With that said, I've still technically not made a single dollar (coz of the stupid courses I enrolled in).
With all respect, all paid trading courses are useless. You find here in FF many good traders and systems and free good educational materials and if you don't have time to trade yourself you can even find a few decent signal providers in the commercial section.
Regards!!!
  • #36
  • Nov 21, 2016 2:39am Nov 21, 2016 2:39am
Quoting Ivanyo
I think I am 4 years into this and have only just started to find my edge I think. It takes a lot of hard work, dedication and a real drive to really become successful at it. With that said, I've still technically not made a single dollar (coz of the stupid courses I enrolled in).
I agree. It often takes years for a trader to just find their footing, let alone actually start making money. The more I think about it, the more I realize that learning to trade is a lot like getting another university degree, in terms of effort and time one needs to invest in studying.
  • #37
  • Nov 23, 2016 11:07am Nov 23, 2016 11:07am
depends.. how long it takes before realizing indicators are not the key
  • #38
  • Nov 24, 2016 3:10am Nov 24, 2016 3:10am
Quoting cedsobey
depends.. how long it takes before realizing indicators are not the key
What do you think is the key then? I, personally, don't mind indicators, but I also think one can't rely entirely on them.
  • #39
  • Nov 24, 2016 4:32am Nov 24, 2016 4:32am
Quoting mlawson71
{quote} What do you think is the key then? I, personally, don't mind indicators, but I also think one can't rely entirely on them.
The market is made up of 3 things - Price, time and volume. As you have heard a million times indicators are a derivative of price.
learn to read pure price - Most important

I agree there is nothing wrong with indicators.. but .. they distract you and overload your brain with conflicting information. Free up your mind and focus on one thing at a time, starting with price. You will be amazed what secrets are hidden there
  • #40
  • Nov 25, 2016 4:28am Nov 25, 2016 4:28am
Quoting cedsobey
{quote} The market is made up of 3 things - Price, time and volume. As you have heard a million times indicators are a derivative of price. learn to read pure price - Most important I agree there is nothing wrong with indicators.. but .. they distract you and overload your brain with conflicting information. Free up your mind and focus on one thing at a time, starting with price. You will be amazed what secrets are hidden there
Pure price action is definitely something I am looking into.
In the meantime I do use indicators. I find that if you stick to one or two at most at the same time the information overload and the conflicting information aren't that bad.
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