Time it takes to be a Successful Forex trader

[imune.mogmigwz]

I decided to be a full-time Foreign Exchange trader a few months ago. Leaving my job wasn't a issue I had adequate funds to support myself for 6 months. It's been about 4 weeks and I have been gulping down information largely learning from books written by powerful well-known traders. My goal was to read for one more month, demo trade for 1 month or so and go after ensuring that I knew the game inside out. I don't have any prior experience trading, nevertheless I am fascinated by the idea of living anywhere and making money at precisely the exact same time. I also realize that my success would be based on the broker I am going to choose, so after doing a little research I have come to the conclusion that market manufacturers are a major element in making someone a failure. So I have decided to choose an ECN instead. I hope that I'm on the ideal path.

But after reading some threads, it would appear that it is not that easy to make money in Foreign Exchange. I believe myself above-average in studying new subjects and am rather comprehensive. So I usually go deep into whatever I am learning.


Understanding myself and my abilities, I thought I would be doing well in Foreign Exchange when I move live by following suitable trading egies, money-management and plogy.

Am I being unrealistic? Most of you're currently making it sound like nobody can make money in Forex a year trading without spending. Is that the story with everyone who's effective in Foreign Exchange trading?

I am having second thoughts about continue to perform it full-time. Perhaps commerce and I should return to work part-time. I know this is something that I have work out on my own, but it would help to know others' journey to success in the Foreign Exchange world.

[imune.mogmigwz]

That's the least of your worries.Nothing scary about stop-hunters. That's the way the market operates. Banks operate stops to make liquidity. Alright. I concluded that after reading threads and reviews about dishonest brokers. I really don't get it. Can you decide which broker is the best?
I read concerning brokers being stop-hunters so that they can kick you from the transactions.


Should I ever become successful trading and when I acquire appropriate skills, I'd help sort a non-profit brokerage.

That can be bargaining with the Lord/Karma/Whatever Greater Power You Happen to Think In. This greater power has been around the block several times and can see through the jump. It will not work.
We're more likely to get rewarded for that which we do (study, learn, practice, etc.) instead of for that which we promise we'll do if the payoff is given in advance. There are no shortcuts; not by promising to be a much better person. I am not searching for any benefits by doing this. I might not be able to perform it, but who knows what could happen in the future? Sure, about speculating the thought you can all laugh at it, but nothing wrong. The Future Offers Endless Possibilites - The Secret


Canon fodder = additional liquidity lol to a more serious note you state that you have 6 weeks saved up for living expenses but you didn't state how much you plan to start an account with Ok. Thank you for your concern. I have saved for trading. I have been analyzing Alexander Elder's books on money-management. I will stop FX ASAP the day I know it's not for me personally and I have no plans to lose my entire capital and make the same mistakes that have been made by other losers by not following proper money-management principles.


Additionally I hate to mention this, but you want to hear it if you truly think you are going to need a few months to understand this game inside and out, you are seriously mistaken. If it were that easy, everybody would be a trader.

... Hmmm. Point noted. I still believe that it shouldn't take over a year for someone to discover whether FX trading is right for them or not.
Anyhow, I will back to work part-time and have opted to trade part-time only for now.

Can someone help me decide the next step after finishing my novel studies?
I read somewhere that you should do paper trading with a charts program with historical date prior to demo-trading. Could that be a fantastic idea?

[cmis]

Everyone goes through the learning curve in a different rate. 1 year is very unusual. 3-5 years seems to be a timeframe. Should you try trading for a living too early and you want to earn money to reside, you will likely force your transactions and your results will suffer. And even accomplished traders possess weeks/months of all drawdowns. It's just part of the business that you need to get prepared for. Your learning time would shorten and save you money. Should you rush your learning process, you'll be likely to short circuit your forex goals.

There's a lot of nicely organized info on the James 16 personal forum and membership prices less than 1 bad trade monthly. It's a fantastic place to get started.

Maybe this post will help you in your journey.

Https://www.nigeriaforextrading.com/trading-discussion/75-helpful-traders.html


All of the best
Bill

[imune.mogmigwz]

Everyone goes through the learning curve in a different rate. 1 year is quite unusual. 3-5 years appears to be a timeframe. If you try trading for a living too early and you need to earn money to live on, you will likely drive your trades and your results will likely endure. And even accomplished traders possess weeks/months of drawdowns. It's just a part of the business which you need to get ready for. A good mentor could shorten your learning time and ultimately save you money. If you rush your learning process, you will be likely to short circuit your forex objectives.

There is a lot of well organized information on the James 16 private forum and membership costs less than 1 bad trade a month. It's a good place to get started.

Perhaps this post will assist you in your journey.

Https://www.nigeriaforextrading.com/trading-discussion/80-share-pairs.html


All the best
Bill
Thanks for the link and your advice. I've resolved to concentrate on forex part-time only for now until I become another George Soros or Warren Buffet!

[Anpkniolemele]

Let me ask you this some people can better point you in the right direction: What matches your character more:

a) analyze market place a couple order and forget about them until tomorrow or possibly a few days and each pip is worth a little quantity of moneylt;brgt;lt;brgt;
b) Sit in front of the computer all day and await setups to happen and create trades daily but by the end of the day you have no open positions, each pip is worth small money
c) spend 1-3 hours a day trading at which each pip = big money, you have no open positions following your 1-3 hours.

There is hope, it could be done in less than a year, so I did it however I discovered that an edge is effective for me and spent 12-18 hours per day studying (no kidding!) . My advice is if you can determine which type of trader you are, find an advantage that fits your type, then stick with that method/system! Too many men and women try a method/system for a short quantity of time and dismiss it because they do not make big money right away and have losses. Every method/system will have reductions at some point but I shall tell you something, the more time you use it the better you will receive.

[imune.mogmigwz]

I want to ask you this so some people can better point you in the ideal way: What fits your character more:
Thank you for the offer to help. I haven't really determined what choice to go with. I had been thinking about shorter timeframes, but it has started to seem like a mortal game unless you are experienced. Due to not having a source of revenue and wanting to make money quickly, I'd have gone for that choice, but today I am stepping back and analyzing it more critically. Since I have decided to continue working part-time, I can take a more relaxed approach - so maybe Swing Trading originally but I would like to exchange smaller time frames as I gain more experience and confidence.
However, my concern with Forex is paying the interest on my open traders. (maybe I can earn too - but don't really understand what pairs I will probably be trading - maybe EUR/USD to begin with).
I think I jumped ahead by coming to this forum before finishing my research. Joining this forum has been supposed to be another step after finishing my off-line research; but I think I made the ideal decision, as I am able to now work part-time while I've got sufficient funds to endure also if I don't find a job immediately.

Wow! I can not believe there are individuals actually taking interest in my Currency Market career and supplying my advice. I think it's quite cool. That's what we must all do anyway - helping and supporting each other - while I understand at precisely the same time we are competitors while we're trading. But I think it's going to be a nice break from trading coming back to this forum.

[jjcm161]

I had been considering shorter timeframes, but it's now started to seem like a deadly game unless you're experienced. Because of not having a source of revenue and wanting to make money quickly, I would have gone for this choice, but now I'm stepping back and assessing it seriously. Great. Smart.
Because I have decided to continue working part time, I can have a more relaxed approach - so perhaps Swing Trading initially but I want to trade smaller time frames as I gain more experience and confidence. You are able to do this definitely. Just begin with dailys. If you can't make money trading dailys, you are not likely to make cash term. Furthermore, do not get into altering what markets you trade, i.e., forex, then stocks, then stocks, then options... if you can't make money in Forex, you are not likely to in any market. It's the same -- greed and fear...
However, my concern with Forex is paying the interest on my open trades. (perhaps I can make too - but do not really know what pairs I will be trading - perhaps EUR/USD to start with). Everything evens out. Don't worry. . .once again, that's the least of your worries.
I think I jumped forward by coming to this forum before completing my studies. Joining this forum was supposed to be another step after completing my off-line studies; but I think I made the right choice, as I'm able to now work again part-time while I've got sufficient funds to survive also in case I don't find a job instantly. Sounds like you are on the right track.

[Commecaminll1849]

Time it takes to be a successful Currency Market trader. Lets say a trader has a 5K account plus they create only one trade and the account grows by a single dollar and the trader never makes a different Currency Market trade. This produces the trader a successful Currency Market trader. He has succeeded in making money trading the Currency Market currency. Total time to accomplish this is a few minutes.


What I believe you really mean is that.... Time it takes to be an experienced Currency Market trader. This can be a task that does take time and skill to finish. Many excellent answers were provided above.

[jesuah]

Putting any kind of timeframe on when you must become profitable is just not the right approach. That does not mean do not get the job done equally as hard etc..

But IMO learning this business is worth it regardless of how much time it takes(excluding the ones that it effects mentally/health/family etc).

Treat it like a business, and you are able to triumph.


Good fortune

Mike

everything my good friend Mr.T stated is dead on

[Commecaminll1849]

everything my good friend Mr.T stated is dead on And so were your words also!

[jokhy908]

It is different. .

[Anpkniolemele]

Thanks for your offer to help. Thus far I have not really determined what choice to decide on. I had been considering shorter timeframes, but it has now started to seem like a deadly game unless you are experienced. That is just my view and I know a lot of long time frame traders are going to shun this but I don't care. You won't gain experience trading short timeframes by practicing longer ones. Long timeframes require a kind of cash management that only allows you to utilize a small percentage of your account due to the increased time of exposure your commerce has from the market thus you have to be effective at withstanind big drawdowns etc.. Shorter timeframes allow you to utilize more of your money to make money as you have less time of exposure in the market. Too many men and women are worried about obtaining a large pip count, a large pip count doesn't equal a large bank account, the value of the pip is more important than the amount of pips. Which do you think is easier to perform, create a commerce and ch 100 pips or 10 pips? Yes it is true that on a shorter timeframe you have a greater prospect of failure if you are using larger lots BUT this is only true when you do not know what you are doing. If you had the option of becoming successful trader on short time period vs large time period I personally would pick the short time since you have the capacity to earn money faster (and lose faster). If you'd like your grandchildren to enjoy the money that you earn Forex trade on long-term charts lol. Here is an example, can you tell me which of both of these charts is a long TF and which is the shorter TF? Some might be able to, we will see....
https://www.nigeriaforextrading.com/attachments/1519463564875329865.png
https://www.nigeriaforextrading.com/attachments/15194635661900618621.png

[oxhoky91]

Hi fxRichard, I believe the chart on top is a lengthier TF chart while the one below is your shorter TF one. Reason being you will find some bars with no wicks on the base chart. Just my guess.



Cheers

[imune.mogmigwz]

Here's an example, can you tell me which of these two charts is a very long TF and which is the briefer TF? Some may be able to, we will see.... Very interesting opinion. So trading the timeframes that are more won't necessarily help me trade ones! Why waste time. Perhaps I should start with ones that are shorter through demo trading. My goal is not to make a lot initially. Tiny profits here and there. So I won't be risking a lot of money for at least a year or so.

Looking at the charts, all that I visit are candlesticks, therefore I don't have any means of telling which one is which.

[fmanmolaman]

Hi fxRichard, I believe the chart on top is a longer TF chart while the one below is your shorter TF one. Reason being there are some bars with no wicks on the base chart. Just my guess.



Cheers I'm with TradeCell, the next one looks like the shorter timeframe.

Arthcub

[Anpkniolemele]

Correct the very best is a 1hr chart along with the base a 1min. The principal thing we're considering here are the waves in the market, both timeframes move likewise IMO. Something to think about...

[fmanmolaman]

Correct the very best is a 1hr chart and the base a 1min. The main thing we're looking at here are the waves on the market, both timeframes move likewise IMO. Something to consider... I presume wave concept could apply to both time frames, but if you were searching for candle or bar formations, I think you would have to stay with the bigger timeframe.

[Anpkniolemele]

I presume wave theory could apply to the two time frames, however if you were looking for window or candle beams, I believe you would need to stay with the bigger timeframe. This may be true, I use timeframes lt; 1min with line on close so no candles so different patterns and religions happen.

[Mimaxxes12]

I understand this was mentioned previously but...

Becoming successful generally is not fast.

My initial account was a 200 live account. I threw darts in the display and picked positions based on anything hocus pocus convinced me that I would make a few pips.

I know everyone says to use a demo account, but if it wasn't real money I wouldn't have learned. The pain of seeing my cash float out was a fantastic experience -- and I didn't waste time creating a set of skills in a plogical environment that's nothing like actual trading.

Once I awakened that account I changed companies, acquiring a much better idea about the pros and cons of different accounts, the use of leverage, and all that.

After investing for approximately annually on this second account, I've recently gone back into studying forums and picking up little things here and there. The couple books on market timing, technical analysis, famous investors and so forth have been taken from the local library a few times.

I believe I will turn a regular profit today, but I'm not sure however, not on my active trading account. My longer term account is doing well, picking up carry trades in what ought to be opportune moments, but it is not going to make me rich quick.

My short term account, or my play account, is where I day trade on the 5m/1hr or scalp on the 1m/5m. I understand that I want to be quite active or I will get bored and make stupid decisions. The 1/5 gives me a lot of chance to become more active.

I've written some EA's, but I've never attempted to trade one live. I believe I will convert my (apparently) successful egies in an EA and if I could earn enough I will begin experimenting with that.

So, after about a year and a half I've turned a corner, but there is not any way I could have any reasonable expectation that I would have the ability to earn enough to pay my bills at this point. But, there is no rush...

[Megislmolulu]

It took me over a year to become consistently profitable.

[cammlloxm]

As the majority of FX traders I have lost money in the market when beginning, one book that's a MUST READ: Trading in the zone by Mark Douglas, using the principles written in this book will make your trading better, I say it as it made my trading easier.