Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

kingston

How long does it take to become a successful trader?

Recommended Posts

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

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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..

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites
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 by zdo

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

success will take as ong as it has to take :D 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..

Share this post


Link to post
Share on other sites

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...)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Method of analysis: Locked-in Range Analysis Period: 10 January - 15 January Currency futures: Euro FX, Japanese Yen, British Pound, Australian Dollar, Canadian Dollar, Swiss Franc, New Zealand Dollar * A maximum potential profit of the Gravitation Locked-in Range
    • re our ‘money’ Howard Wang
    • Date : 13th January 2021. FX Update – January 13 – USD & Yields stall their run, Politics swirls. FX News Today USD reversed its 5 day run as Yields stalled too. House vote tonight to impeach President Trump, (YouTube have banned him for 7 days), Pence will not initiate the 25th Amendment to remove him. The symbolism is significant, no President has ever been impeached twice. Equities flat too (UBER +7.24%,TSLA +4.72%, FB -2.24%, GooGL & NFLX -1.00%) Asian markets also flat. GBP rallied after Bailey pushed back on Negative Interest Rates. Oil rallied over 1% after surprise inventory drawdowns peaked at $53.90, AUD pegged by possible RBA “push back” to strong AUD. Gold recovered $1850.China reported its largest daily new COVID-19 cases in 5 months.USDIndex – Back under 90.00 from rejection of 90.50 yesterday. Trades at 89.95 just over S3 – PP 90.40 – S3 89.90, S2 90.07EUR – Recovered back over 1.2200 (R2) – Trades at 1.2215 now– PP – 1.2157. R3 1.2225 –JPY – Reverses under 104.000 – after rejection 104.50 on Monday. – Trades at 103.68 (200hr MA). – PP 103.90, S1 103.55GBP – Big rally – spurred by USD weakness and Governor Bailey pushing back on Negative Interest Rates. Breached 1.3600 after multiple attempts – rallied to 1.3690 – PP 1.3585, R1 1.3668, R2 1.3715AUD – Over 0.7700 yesterday to test 0.7770 (R2) now. R1 0.7748 – NZD – Over 0.7200 yesterday to test 0.7240 (R3) now. r2 0.7215 CAD – back to test 1.2700 (S2) today as Oil rises – S1 1.2725, S3 1.2664 from Friday CHF – Trades back to 0.8850 (200hrMA) and under S3 (0.8865)- PP 0.8900 BTC – Back to around $34,600. – PP today 34,500, r1 36,600, s1 32,800GOLD – Recovers over 1850 (PP) – Trades at 1860 (R1) – R2 1875, PP 1840 USOil – New 11-mth high $53.90 (R2) after surprise drawdown in private inventories (EIA data later). R3 $54.70, r1 53.55.USA500 – Closed up 1.5 (+0.04%) 3800 – USA500 FUTS now at 3808. 48 days north of 20SMA (3740).Today – EZ industrial production, US CPI, ECB’s Lagarde, Fed’s Bullard, Brainard, Harker, Clarida Biggest (FX) Mover @ (07:30 GMT) GBPAUD (+0.23%) 5th day higher – Bounced from 200MA on open, testing 1.7625 now, key resistance 1.7650. Fast MAs aligned and trending higher, RSI 59 and rising, MACD histogram & signal line aligned higher and north of 0 line from Monday open, Stochastics rising to OB. H1 ATR 0.023, Daily ATR 0.0125.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • XRPUSD Is Ranging Within $0.28 and $0.21 Levels, Awaiting a Breakout XRP/USD Market January 06 An increase in the bears’ pressure may penetrate the $0.21 level; the price may decrease further to $0.17 and $0.10. In case the support level of $0.21 holds, the price may reverse and the resistance levels of $0.28, $0.39, and $0.49 may be tested. Key Levels: Resistance levels: $0.28, $0.39, $0.49 Support levels: $0.21, $0.17, $0.10 XRP/USD Long-term Trend: Ranging XRPUSD is on the ranging mode in the daily chart. The coin is range-bound within the resistance level of $0.28 and the support level of $0.21.  XRPUSD started the ranging movement on December 30. The bears made an attempt to break down the support level of $0.21 failed due to low bearish momentum. Today, the bears try to penetrate the resistance level of $0.28 but the level holds and the price could not break it up. Ranging movement will continue until there is a breakout. XRPUSD Daily chart, January 06 XRPUSD is struggling to breakout at the two key levels but the levels hold the price. An increase in the bears’ pressure may penetrate the $0.21 level; the price may decrease further to $0.17 and $0.10. In case the support level of $0.21 holds, the price may reverse and the resistance levels of $0.28, $0.39, and $0.49 may be tested. However, the price retains its trading below 9 periods EMA and the 21 periods EMA, the former is below the later. The relative strength index period 14 is at 25 levels bending up to indicate a buy signal. XRP/USD Medium-term Trend: Ranging On the medium-term outlook, XRPUSD remains in the ranging mode. The bears’ momentum and the bulls’ momentum are at equilibrium within the $0.28 and $0.21 levels. The support level of $0.21 is resisting the bears. The bears lose their momentum and the bulls’ pressure is equally weak. The price results in consolidation within $0.28 and $0.21 price levels. XRPUSD 4 hour chart, January 06 The fast-moving average is interlocked with the slow-moving average. The price is hovering over the 9 periods EMA and 21 periods EMA which indicates that consolidation is ongoing. However, the relative strength index period 14 is bending up at 60 levels to indicate a buy signal.   Source: https://learn2.trade                   
    • Litecoin (LTC) Resumes Upward Move as Bulls Buy the Dips Key Highlights Litecoin slumps to $121 low and resumes upward The altcoin will further decline to $73 if the support at $120 cracks Litecoin (LTC) Current Statistics The current price: $144.63 Market Capitalization: $9,613,048,370 Trading Volume: $12,189,426,086 Major supply zones: $120, $140, $160 Major demand zones: $90, $70, $50 Litecoin (LTC) Price Analysis January 12, 2021 Litecoin has fallen to $120 low as the coin resumed its upward move. The crypto has fallen into the previous range bound zone of $120 and $140. LTC will retest the $180 resistance if the bulls clear the $140 and $170 minor resistance levels. On January 10, Litecoin was repelled as the bulls attempt to break the $180 resistance level. Meanwhile, the crypto has resumed upside momentum as the market reaches the high of $146. LTC/USD – Daily Chart Litecoin (LTC) Technical Indicators Reading After the breakdown, the LTC price broke above the SMAs which suggested an upward movement of the coin. The crypto is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. LTC/USD – 4 Hour Chart Conclusion Litecoin has fallen to $120 low as the current support holds. This has propelled the price to rise on the upside. However, if the $120 support fails to hold, the Fibonacci tool price prediction will hold. On January 11 downtrend; a retraced candle body tested the 61.8%Fibonacci retracement level. The retracement indicates that the crypto will reach level 1.618 Fibonacci extensions or the high of $67.40.     Source: https://learn2.trade                   
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.