[Trader Nick]

Wow, so much information, just taking the time to sort through it all.

I do not see it clearly written out on what it takes to be a successful trader; as much as I know it wouldn’t be there (but can’t deny I might have been hoping). I see there’s a lot of “reading through the lines” and letting you’re RAS focus on the value while disregarding what might not resonate with me at the time.

First timer poster here, very much on the journey of aspiring to be a financially independent trader hopefully one day able to be more profitable then not.
After lurking on this forum for sometime, I relate much to the “Beginners Section.”
After playing around with index funds for a few years, contributing to an IRA and playing around with common stock and fiddling around with covered calls, I decided to leap into the huge world of trading.

I know DB isn’t a fan of Tharp, but his home study course is what my current read is at the moment. I have a half a dozen trading books under my belt and slowly working my way through understanding Ninja Trader while having my account with scottrade and using there elite software.

I understand it’s a long journey and actually looking forward to it.. I hope this post follows along with many more and with a few years from now will be able to answer the question to a newbie like me: “how long does it take to be a profitable trader”

-nicK

[Trader Nick]

Just got DB's book.. I love how it's written at an introductory level.. I'll spend sometime witht that along with the book recommendation section here devoted a small chapter too..

-@ the start of a journey!

[drforex]

Wow! This is getting deep. On average consistent profits usually take 1-2 years for those traders who are going to make it. There are no quick fixes to this it just takes time to learn to trade properly.

[sevensa]

Originally Posted by drforex »

Wow! This is getting deep. On average consistent profits usually take 1-2 years for those traders who are going to make it. There are no quick fixes to this it just takes time to learn to trade properly.

I'm curious about which information you use to base the 1-2 years average on? Is it based on some kind of research you have done, or published papers?

[Trader Nick]

As for my path... I'm reading DBPhoneix's book.. It's a great introduction to the market, taking specific concepts and talking about them in depth. THen, at the end, he has a list of about 7 books he recommended.. In the meantime i'm slowly disecting Ninja Trader and will continue to paper trade until I finish the above education and make consistent profits..

How does this sounds to you guys in you're opinion?

I was reading Van Tharp's course "Peak Performance" but just wasn't feeling right about it. So I stopped at about halfway through the second book.. Also, couldn't stand the little upselling he would throw in ever other page..

-nicK

[drforex]

Originally Posted by sevensa »

I'm curious about which information you use to base the 1-2 years average on? Is it based on some kind of research you have done, or published papers?

From 10 years of trading in professional prop firms and seeing it all happen first hand. Retail traders rarely put the time in to make it that long, which is one of the primary reasons for the ridiculously high failure rate. Doesnt mean that no one makes money in their first year, it just takes 1-2 years to find true consistency

[Trader Nick]

Outliers! Great book by Malcolm Gladwell.. Reading it now.. It takes 10,000 hours to be great.. That's 30 hours a week.. Dunno.. It's a starting point!