How long does it take to become a successful trader?

[kingston 10]

I have been involved in the markets for about 10 months and have yet to call myself a successful trader. Does anyone know the length of the average learning cycle for a new trader?

 

I had a friend who started day trading NASDAQ stocks back in 2004 and was making minimum 250k his first year. Is this the norm?

 

Thanks

[Soultrader 12]

I have been involved in the markets for about 10 months and have yet to call myself a successful trader. Does anyone know the length of the average learning cycle for a new trader?

 

I had a friend who started day trading NASDAQ stocks back in 2004 and was making minimum 250k his first year. Is this the norm?

 

Thanks

 

It really depends on the persons passion for the markets. One year is definitely not the norm. Your friend has done an amazing job in just one year.

 

It took me 2 years of intense studying and trading to get to where I am. I was quite a journey.

 

I would say on average it takes 2-3 years before one can start trading for a living. This is just my opinion, I am sure some may find me a slow learner.

[chaostrader 11]

Depends on your speed of learning and passion. You really need a thick skin to go through the massive pain in the early development stages. I suggest you get a mentor. That will reduce your learning curve.

[Piptrader 10]

Ide say 1-3 years. Some may take longer.

[vladtitov151 10]

it all depends on the individual willingness to learn and passion for trade. It take me two years of learning studying and paper trading to properly understand Forex trading. However, i know someone that took just 6 months to understand the market. he made 2500 dollars the following 6 months after losing 1500 usd in the first 6 months.

[JoelDarr 10]

Wow, you're quite a necroposter, aren't you?

[barako 10]

haha look, i have been trading for 7years, 5 inwhich i traded with hotforex and untill now i would say im no where close to being a pro/successful trader.,yeah i might be doing fine but not the best..

[CrazyCzarina 17]

There is no specific time frame that can be describe at which level you will became successful trader, that is some thing we can not predict. After some years of experience one can realize that he/she can become good in trading then we can say you are now good in trading.

[dbelov275 11]

Actually, there is no specific time to master trade. As a matter of fact, you keep learning by the day even though you know how to trade already. But it normally takes an average of 1- 2 years to master it. Experience often does the magic. The more you trade, the better you become.

[Senior 10]

Actually, there is no specific time to master trade. As a matter of fact, you keep learning by the day even though you know how to trade already. But it normally takes an average of 1- 2 years to master it. Experience often does the magic. The more you trade, the better you become.

Experience and research. Some people can trade for years yet making the same mistakes all over again.

[JoelDarr 10]

Well, for some people it takes a whole life, whereas others manage to succeed in a couple years. Also, it really depends on what you mean by "successful".

[fxeconomist 11]

Well, for some people it takes a whole life, whereas others manage to succeed in a couple years. Also, it really depends on what you mean by "successful".

 

The size of success is also important. Making 5-10 pips daily with Hotforex, making off living from those earnings is quite enough for me and all i need is to maintain this level.

[sergso 10]

I saw this a few days ago and how random trade entries perform and I thought that the gurus have been fooling us all along with useless setups.

 

A Random Walk Up And Down Wall Street

[zdo 20]

The longer one lives, the more one realises that most people don't know what they're talking about.

 

The longer one trades, the more one realises that most 'traders' don't know what they're talking about..

 

If you've traded successfully any time between March 2009 to the present day you've done really well. But you've never traded through a bear market.

 

People who believe that 1-2 years is what it takes are kidding themselves and giving false hope to others. People who think like that won't be around to talk out of the back of their head come the next major correction or the next bear market. People who have traded 1-2 years oughta STFU and worry more about how they are gonna survive the next 1-2 years.

There's a difference between making money and always being able to make money.

 

Same as there's a difference between those who trade and those who call themselves coaches while they publicly admit to making rookie mistakes.( You know who you are and why you're on my twat list)

 

A difference between those who trade and those who write articles full of generic useless crap advice.It's almost impossible for a real trader to write crap.

 

A difference between those who trade and those who write articles full of generic useless crap to generate customers. The last thing most real traders want is customers.

 

My advice to beginners is forget it. You have to be a certain type of person to succeed. Maybe consider doing it as a sideline, don't do what I did, don't let it consume your whole life unless you're that type.

 

Don't kid yourself that you're the 'type' just 'cos you want to quit the rat race. Or because you have a high IQ or because the neighbour does it and if he can, you can. Or because you paid $6000 for a seminar.. or 100 other reasons.

 

There's only 3 things that count-

 

Sheer bloody minded persistence

 

Time served

 

The ability to become someone else when you're trading. - Hence the bullshit advice about finding a trading style that fits your personality. The only trading style that counts is one that makes money.

 

There's a trading style for-

wreckless people

impatient people

obstinate people

people who think they're smarter than the market.

people who think there's a short cut

 

I can be impatient and obstinate at times, just not when I'm trading. I back tested my personality to see what worked and what didn't

 

There's a price for everything and the price for trading for an income is pretty steep in terms of time- forget money, any intelligent person can get money, but you can't get the time back.

 

Then there's the reality that nobody in your life, including your family has the slightest interest in what you do. I have a brother who resented me when I was failing and resents me even more now. Most people think the market is a casino full of crooks and people who make money by contributing nothing to society. You can't really blame them can you?.

 

If you succeed nobody is pleased about it except you. Nobody will know what you had to go through or appreciate how difficult it was- except another trader

 

There's a story I'm reminded of about Richie Blackmore that Jon Lord tells. They're coming out of the dressing room to play a show ( Rainbow, not Deep Purple). As they go down the corridor Lord realises he's talking to himself and he turns round to see Blackmore is having a mini breakdown " I can't stand this anymore, I just want to go home"

 

You think I'm talking about a losing trade? I'm not even taliking about the trades. In terms of mental effort there is zero difference between a winning/losing trade.

 

I do this 'cos I'm driven to do this, because there's nothing else I want to do. And that's a form of self imposed prison. Is there anyone in a prison who doesn't want to escape?

 

So why don't I stop and go do something else? Because I'd only go and build another prison somewhere else. Because I'm that type, because I'm not Bob.

 

An ex girlfriend years ago had a friend Julie and her husband Bob.

"Bob works in a factory and only earns £250 a week"

"Yeah, but they're happy and Bob goes home at 4pm and doesn't work weekends. I got customers, employees and 10 hour days and wondering where the next contract is coming from..."

 

So, I'm in a much better prison now- no employees or customers..... hmmm not so bad after all.

 

mits, that is one of the best trading posts I have ever read - period.

 

I only found one area where I need to say anything ... your brutality sometimes needs a bit of clearing up.

and that's re: " ...The ability to become someone else when you're trading. - Hence the bullshit advice about finding a trading style that fits your personality. The only trading style that counts is one that makes money.

 

No doubt - there is BS advice out there about "finding a trading style that fits your personality" ... the 'cult of personality' reigns and they will have it no other way.

 

But rather than say " ...The ability to become someone else when you're trading. " I'd say " ...The ability to be your true self when you're trading. ". The following is one of several perspectives or ways of describing that -

Mainstream psychology has little place for it, but experienced therapists - especially those facilitating growth instead of recovery - start to note distinct differences between usual 'ego' and what I'll momentarily label as 'mature ego.' Before reading on into this sentence, most will have quickly associated maturity with some age, so let me quickly intervene and clarify. Maturity has nothing to do with age! For one - although few be mature consistently, a child can be as mature as an adult. More to this point - few old people ever develop a consistent, reliable 'mature ego'.

 

One school calls it 'aware ego' to emphasize that the person has moved beyond unconscious identification with various (archetypal) parts of self into a conscious awareness of when those parts are activated and development of more choices/options with them in order to live less reactively.

 

For several years TL was blessed to have Rande Howell attempt to open some of this up for traders. From my perspective he fell down because 1) to my knowledge, he never became aware of / acknowledged a crucial set of archetypal 'parts' that can only be accessed non-cognitively through recovering (myofascial, etc) flow in the first body 2) trying to sort on and bring forth a select few archetypal parts and 3) having never traded he could rarely really resonate to the levels needed for facilitating awareness in his clients ... ie so his only successful clients were those who individually serendipitously matched up with those parts he had presorted on and were also sufficiently primed to attain awareness with limited facilitation.

 

 

so re: " The only trading style that counts is one that makes money."

A 'mature ego' will not do that - period. bcse ...

If you trade a 'style' that is incompatible with your true nature, it will not work long term. I have seen it over and over. Don't have time so here are some links to previous posts (that are maybe) related to 'true nature'

http://www.traderslaboratory.com/forums/futures-trading-laboratory/3619-how-much-would-you-pay-learn-10.html#post147984

(

http://www.traderslaboratory.com/forums/trading-markets/9551-how-complex-your-trading-system-6.html#post116639

http://www.traderslaboratory.com/forums/trading-psychology/7646-change-thyself.html#post91784

http://www.traderslaboratory.com/forums/trading-psychology/4269-edge-vs-mentality-6.html#post44499

)

 

Stated in terms of the above, if you trade a strong system/method with weak (archetypal) parts, you will fail - gradually or suddenly. (developing traders need to advance at some point and make adaptive additions of multiple methods ie to be able to bring strong parts to a weak system - but that is not really the point here.)

 

 

...if TL had more active participants, probs are high some 'voice of trading' would come on to discount this ego/fear-reactivity aspect, comfort, attempt to Kiss, etc., and of course, provide short cuts where there are none. We'll see ...

 

 

Do You Really Own Your Gold?

Edited September 28, 2016 by zdo

[LonieBoon 10]

Still not a good trader, tho

[CrazyCzarina 17]

I think we takes life time to learn, and became successful trader then also we can not predict 100% true trade. Because market is always going to work according to his flows as opposite to our predication.

[aimhi 10]

Learning never ends however it is possible to start earning from forex with the skills we develop by demo trading, however we cannot master on predicting the market accurately as it is not the same at all the times and changes with the demands and supplies.

[CrazyCzarina 17]

Right learning never ends in any business. And in forex, everyday we face new challenge of market. But we can learn with experience as experience the best teacher.

[fxeconomist 11]

Best teacher in trading is only yourself. There you are a mentor and learning newbie at the same time what is like a process of discovering yourself your own potential, trying your own ideas.. Its really incredible I think

[CrazyCzarina 17]

Right learning with self is the best way to gain knowledge in Forex market. To be successful in this business, trader should never stop learning market and experiment new strategy with demo account.

[barako 10]

success will take as ong as it has to take I mean some can do it faster than others, but its not that the time needed is of the essense really, its more about how determined are you to gain that success..

[aimhi 10]

I mean some can do it faster than others,

 

I am quite sure that those who do it faster than others are more disciplined and consistent as compared to the remainder.

[barako 10]

yes exactly, thats the things, at times the road might not seem like it, but little do people understand thats its the easiest fastest way.

[CrazyCzarina 17]

It depends on only the person that how capable he is with his knowledge and skills for trading. We can not say anything about, how long to learn it.

[zdo 20]

and

Subsequently Posted by Crazyzdo »

It depends on only the person that how capable he is with his knowledge and skills for trading. We can not say anything about, how long to learn it.

(I'm going to be forgiving... ie I think it's an English language thing mostly... bots do have trouble with dialect, etc...)