How Long Will It Take?

[PristineTrading 10]

"How long will it take for me to become a profitable trader?"

 

Boy - if I had a dime for each time I was asked this question, I would have one large collection of dimes. But I think I've done my work well. The majority of people who have sat in on my workshops and listened to me speak over the last couple of are no longer asking this question. So if you ever catch yourself wanting to ask this question, then please pay close attention to what I'm about to share with you here. Because once you understand the poisoned thinking from which this question comes from within you, you will be thankful that you now see things from a much more useful perspective.

 

We are always, from an early age, comparing ourselves with others. From our upbringing and various influences on our thought processes as we grow up, we develop certain metrics and rules in order to determine what is 'right', 'wrong', 'fair', 'unfair', and unfortunately when we are 'good' or 'bad'.

 

Stop doing it. Realize, that you are unlike any other individual or soul on this entire planet....or in the universe. So how can you compare yourself with others? It's like comparing apples and oranges. There are no comparisons because you are simply 'you'. You are not like anyone else. Period.

 

So how long it took other traders to make a 'good' income at trading is completely irrelevant to you. And, if one thinks about it, what possible good could come of putting a 'standard' or an 'average amount of time it takes' out there as YOUR measuring stick simply because someone told you it was so. There are so many fallacies at work in a statement like this that it's ridiculous. If someone were to say it took 11 months, for example, for the 'average' trader to 'make it', what does that mean? Define an 'average trader'. Define 'make it'. And then ask, "What data do you have to support that 11 months is the average?" Did every single trader in the world give the person making this statement specific feedback on how much time it took them to 'make it'? NO! It's NOT POSSIBLE! The very criteria that would go into such a poll is subjective and thus makes the results entertaining, at most.

 

Most of the truly amazing traders seem to 'disappear into the sunset'. They enjoy their privacy. And if they are amazing traders, they will be NO PART of such a silly 'poll' to help new traders provide themselves a measuring stick with which to measure their progress. They understand that this type of 'information' will not serve any trader.

 

Think about that. Now, wouldn't you feel silly if you had actually measured yourself against some standard that was communicated to you which has no way of being based in reality? And even if it was, realizing that using it for yourself as a measuring stick is like comparing apples with oranges? Worse - I know people who have QUIT trading because of articles like this.

 

What possible good could come of it? If you are just starting out, the thought of losing for 11 months before you 'make it' is pretty daunting. So it doesn't serve that person. If you have been trading for 8 months or thereabouts, chances are you will psychologically ruin yourself as you get closer to the 11 month mark and I can almost guarantee that you will not 'make it' by then simply because of human nature and the stress/pressing you will put on yourself. And, God forbid, you are past the 11 month marker already and you will make yourself feel like a complete idiot.

 

Kurt Capra

Contributing Editor

Instructor and Traders Coach

[Mysticforex 13]

That's a great post Kurt... Might reach more people who need it in the "Beginners Section).

[steve46 12]

For most...it isn't a matter of time....but god given talent, motivation, and committment to reach a goal....

 

If it were only a matter of time, everyone would in theory be able to (eventually) make money in this business...

 

Even the best educational program won't overcome a lack of basics.......and the student is usually a poor judge of their own abilities and prospects for success. Most are attracted by the obvious possible rewards, oblivious to the risks....and optimistic that they will be one of the few....that prevail against the odds....take a close look at what these commercial ventures charge for educational services and figure it out yourself folks.

 

This is why companies like Pristine end up here trolling for customers...for the struggling student....its their lives on line....for companies like Pristine...its simply a numbers game...trying to keep a steady flow of wannabees with checkbooks coming through the door.

 

Edit

 

I expect a few defensive comments directed my way....so...I do train folks....four (4) people at a time....they have to fill out an application for a seat....they have to have some background that will help them get to their goal...they do pay me (from 100 to 200 bucks a month) and in the previous class, one of my students never received an invoice)....clearly I am not making a living teaching....oh, and my class is closed...please no PMs

 

Good luck

Edited November 21, 2012 by steve46

[SIUYA 11]

And, if one thinks about it, what possible good could come of putting a 'standard' or an 'average amount of time it takes' out there as YOUR measuring stick simply because someone told you it was so. ............."What data do you have to support that 11 months is the average?"

 

Think about that. Now, wouldn't you feel silly if you had actually measured yourself against some standard that was communicated to you which has no way of being based in reality?

 

Kurt Capra

Contributing Editor

Instructor and Traders Coach

 

I have to agree with the basis of the original post.....

It then does make you wonder why when the often quoted 90-95% failure rate which is seemingly bounded in reality and fact from brokers accounts does not persuade people to not even start in the first place - or at least ensure they have done the necessary ground work before committing too much money.(because giving things a go should still be encouraged)

[DbPhoenix 42]

I have to agree with the basis of the original post.....

It then does make you wonder why when the often quoted 90-95% failure rate which is seemingly bounded in reality and fact from brokers accounts does not persuade people to not even start in the first place - or at least ensure they have done the necessary ground work before committing too much money.(because giving things a go should still be encouraged)

 

Same reason that the stats don't dissuade people from patronizing casinos.

 

Db

[SIUYA 11]

Same reason that the stats don't dissuade people from patronizing casinos.

 

Db

 

LOL....

Oh.....silly me - trading should be incorporated into the daily household 'entertainment' budget

 

Agree - NSW in Australia once had 25% of the worlds pokie (one arm bandits) machines, they were designed to keep even more money than the casinos and offered no extra perks - but people still played them.

Its like the odds of death - car v plane etc.

 

At least in trading you have the chance of making money if you follow the checklist of what to do.

[edabreu 10]

4 years.

 

1 year of losing while you search for the holy grail.

1 year of loseing while you come to the realization that there is no holy grail and what you have is good enough if only you would stick to it and stop changing things every couple of weeks.

1 year learning to read a price chart properly.

1 year to learn a few strategies that you devised from reading the price chart.

 

 

The money comes in the 5th year. If not, then you should go do something else.