How Long Does it Take to Become a Successful Trader?

[vballkeo28]

Even though, still learning, educating, testing, reevaluating, and lifetime seems to be the answer, and non-hardheadessness.

 

[DaxDestroyer]

The question is not only to become successful, but to S T A Y successful

 

[DaxDestroyer]

BTW
to me, being successful means to be positive on a monthly basis more than 90% of the time

 

[DaxDestroyer]

And never forget to control your losses

 

[Atilla]

Will the 3 traders who were able to achieve success within 6 months please come forward and post some details as to how they achieved this.

I have voted "I am still not a successful trader" and I started my first training in 1999 - with Fundamentals.

It may be also worth noting the level of success that one has achieved - are we talking about full time trading with the ability to pull 1% to 2% per day out of the markets with a 50K to 100K margin account - or are we talking about several $K per year.

I will consider myself successful when I can average, each week, $10K.

This figure is based on Daytrading Nas Tech Stocks with a $100K cash account - which will allow daytrading buying power of $400K @ 4:1.

My ultimate target is an average of 5% per day - but I like to be as realistic as possible so I am sticking to my original statement of 1% to 2% per day.

This is very harsh by my standards. By your standards I am not successful.

I've been spread betting for 4 years and only recently been able to take out rather than put money into my trading account.

My rule is if you can take money out on a consistent basis than you are succesful.

Regarding amount of money is more to do with your capital and risk reward ratios and the sums likely to be different to each and every other trader. Having sufficient capital and controlling risks gives you more time to learn profitable trading.

Lost most money in the first two years due to ego, too much money and lack of knowledge awareness etc all points raised below. Third year was a discovery and real learning. Fourth year trading with rules and system made a big difference. ie Remove the self from the trade. ie Trade what you see not what you think. Still problem with this but I'm heading in the right direction.

In all sincerity, joining this site and reading other traders experiences has helped a great deal. I would say the same level as reading the text books.

Thanking you all, site presenters and members. :smart:

 

[DaxDestroyer]

This is very harsh by my standards. By your standards I am not successful.

I've been spread betting for 4 years and only recently been able to take out rather than put money into my trading account.

My rule is if you can take money out on a consistent basis than you are succesful.

Regarding amount of money is more to do with your capital and risk reward ratios and the sums likely to be different to each and every other trader. Having sufficient capital and controlling risks gives you more time to learn profitable trading.

Lost most money in the first two years due to ego, too much money and lack of knowledge awareness etc all points raised below. Third year was a discovery and real learning. Fourth year trading with rules and system made a big difference. ie Remove the self from the trade. ie Trade what you see not what you think. Still problem with this but I'm heading in the right direction.

In all sincerity, joining this site and reading other traders experiences has helped a great deal. I would say the same level as reading the text books.

Thanking you all, site presenters and members. :smart:

Good points though I'm surprised to hear, that you found help here. But good to know. Usually I stay far away of this kind of websites. Too many Egos and not enough interesting conversations. I would love to experience something different here

 

[DaxDestroyer]

Will the 3 traders who were able to achieve success within 6 months please come forward and post some details as to how they achieved this.

I have voted "I am still not a successful trader" and I started my first training in 1999 - with Fundamentals.

It may be also worth noting the level of success that one has achieved - are we talking about full time trading with the ability to pull 1% to 2% per day out of the markets with a 50K to 100K margin account - or are we talking about several $K per year.

I will consider myself successful when I can average, each week, $10K.

This figure is based on Daytrading Nas Tech Stocks with a $100K cash account - which will allow daytrading buying power of $400K @ 4:1.

My ultimate target is an average of 5% per day - but I like to be as realistic as possible so I am sticking to my original statement of 1% to 2% per day.

Coming forward

Started trading a long time ago, learned it at Deutsche Bank and was made responsible for "some money" Since then I never had a single DOWN year

I trade with my own bankroll now and quite successful. BUT 5% a day??????

You must be kidding

 

[Atilla]

Good points though I'm surprised to hear, that you found help here. But good to know. Usually I stay far away of this kind of websites. Too many Egos and not enough interesting conversations. I would love to experience something different here

I would say names like Bez (no longer posts), Catracho, DC, Dinos, Firewalker and Jacinto, TWI are some of the people whos views I respect highly. More recently Trader_Dante and LurkerLurker are also up there as people I have picked up much information and useful tips from. There are many other characters like HookShot, Laptop, SplitLink and too many to mention who are regular contributors on trades and other worldly interests that make this site great in my opinion.

What ever it is you are looking for perhaps you can add to the colour with your different experience. :clap:

I wish I had discovered this site when I was starting out... I really do as I'm sure it would have saved me a great deal of time and money...

 

[DaxDestroyer]

I would say names like Bez (no longer posts), Catracho, DC, Dinos, Firewalker and Jacinto, TWI are some of the people whos views I respect highly. More recently Trader_Dante and LurkerLurker are also up there as people I have picked up much information and useful tips from. There are many other characters like HookShot, Laptop, SplitLink and too many to mention who are regular contributors on trades and other worldly interests that make this site great in my opinion.

What ever it is you are looking for perhaps you can add to the colour with your different experience. :clap:

I wish I had discovered this site when I was starting out... I really do as I'm sure it would have saved me a great deal of time and money...

Thank you!!! I will keep my eyes open for them! Take care!!!

 

[laptop1]

Good points Usually I stay far away of this kind of websites. Too many Egos and not enough interesting conversations.

Maybe, you have been here before and considering the amount of posts you have made since Dec 2007 that does surprise me.

Anyway, back to what this board asks. How long does it take to become a trader.

Longer than you think

 

[DaxDestroyer]

Maybe, you have been here before and considering the amount of posts you have made since the 12 Dec that does surprise me.

Anyway, back to what this board asks. How long does it take to become a trader.

Longer than you think

The reason is, that I'm on vacation and during downloading some books, I try out sites. Would not have been interested without Attila's posts

It is with trading as with most of other things

Some people get it, some not and some never

The holy grail is:

YOU NEED 3 THINGS : Disciplin, Disciplin and Disciplin

 

[luckyd1976]

I voted for 3-5yrs.

(unless you have a Mentor)

 

[cofton]

6 months to a year with a good mentor and a feel for for trading and of course with immense discipline.
But of course some people just have not got the right personality for trading.

1 to 3 years if you study like crazy and devote most of your time to learning (and losing money). Without a good mentor you will have to read many publications and study charts until you drop.

3 to 5 years if you study part time and are still very dedicated.

Over 5 years full time. Then maybe this isn't the industry to be in.

Over 5 years part-time. Maybe you will end up a good trader because you have proven patience and determination.

Of course we haven't defined what a 'successful trader' actually means.

 

[ES_Trader_USA]

Trading is a minds endeavor. Traders trade well for many days, months and then get into trouble. I have been trading since 1997. Lost several accounts, went out and worked and got trading capital to trade again. If you have a business or other income source you have greater staying power, but then the distraction from earning a living elsewhere can have an impact on how you trade and how successful you are.

Word of advice (from the experienced) is to get the knowledge first by reading some good books on technical analysis and fundamentals. Then trade with a mentor real time with demo/paper trading at first. Then real money trades shadowing your mentor with small amount lots. Learning the reason for each trade.

If the above is followed it should take about 3 years of hands on trading to become consistently profitable professional traders. Actual results may be longer depending on the mental state of the individual. Don't believe it is going to be any less. The volume of information and emotional pressure takes time to digest.

All the best ! ........... remember "The winner takes ALL"

 

[satman007]

the 31%+ of result as " i m still not a successful trader" proves its not easy
though here again,,,"Success" definition is different..though most will talk of making money only as success, be one way or another

STill i think a valid study and experience gaining of a year or so....can make a Successful trade money wise

 

[Marwan2010]

I taught my son, aged 14, to become a traer in 30 minutes.
real micro account 10 trades and 8 wins
simple system - break of trendline, break of 200 ema!

He did not have the bull**** in his mind which we adults have!

 

[FXfreddie]

How long does it take to become a successful trader?
If you want to become a successful trader then there is only one answer that should matter to YOU, and that is "however long it takes". Persistence and perseverance are cited as 2 of the most important character traits that famous winning traders like Nicolas Darvas had.

 

[jaspertrademaster]

I totally agree that it's "however long it takes"!

 

[manicman]

worldly advice

Trading is a minds endeavor. Traders trade well for many days, months and then get into trouble. I have been trading since 1997. Lost several accounts, went out and worked and got trading capital to trade again. If you have a business or other income source you have greater staying power, but then the distraction from earning a living elsewhere can have an impact on how you trade and how successful you are.

Word of advice (from the experienced) is to get the knowledge first by reading some good books on technical analysis and fundamentals. Then trade with a mentor real time with demo/paper trading at first. Then real money trades shadowing your mentor with small amount lots. Learning the reason for each trade.

If the above is followed it should take about 3 years of hands on trading to become consistently profitable professional traders. Actual results may be longer depending on the mental state of the individual. Don't believe it is going to be any less. The volume of information and emotional pressure takes time to digest.

All the best ! ........... remember "The winner takes ALL"

Hi,
sounds like youv'e been there, can you advise on some decent books for a kickoff, and how research should you conduct before starting paper trade with a reasonable idea.
Regards,
Manicman

 

[oildaytrader]

Great thread and great contributions from some highly knowledgeable traders.

10 years in my case ,before I found enough knowedge,systems,methods and skills to say "I can always beat the market"

The time period is relative to how much of a trader you become.In my case knowledge and skills included gaining the knowledge as a basic trader, then spending three more years on developing highly profitable automated systems on oil, indexes,currencies,futures and stocks.

O D T