How long does it take to become successful in forex? - page 5
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hahaha, sorry my friend. I could not start here being a senior
Sorry, I'm not your friend.
You must prove that you want to be senior.
U need few years and u will be senior.
Good luck!
Bongo
imho
That all depends on your current financial situation, if you are on the bones of your ass an have no cash and make a few hundred or thousand dollars on a few trades that may feel like you are successful.
But if you have some cash in the bank you might be looking to replace your 9-5 income so your expectations will but a lot greater and hence the preasure and the feeling of success may be harder to obtain.
Do you have a target or a goal if not how do you know you have been successful.
Cheers Beno
gosh, sorry to bother you. But I hope I have your "ok" to communicate here
Cheers,
AntjeI'm not administrator on this forum.
You must ask newdigital.
Send him your Resume and "maybe"
he will put you to seniors.
Cheers.
Bongo
How long before you become successful
Hello, I am very new here and wanted to introduce myself to everybody on the forum. As for how long before someone becomes successful in trading. I think it totally depends on the training and planning strategy. If you are really careful and do not take any risks you could build up steady income over two years or so.
Hello, I am very new here and wanted to introduce myself to everybody on the forum. As for how long before someone becomes successful in trading. I think it totally depends on the training and planning strategy. If you are really careful and do not take any risks you could build up steady income over two years or so.
I agree ForexMentor, it will take most people a minimum of about two years assuming they are not risking too much and going about it their trading activities in an objective and calm manner. To many people dive into the markets without really having a plan or an effective trading method. This typically results in risking too much per trade and / or over trading. It has taken me about 5 years to become profitable each quarter of the year, everyone is different, most people quit before enough time passes for them to figure it out however. Just my 2 cents.
This was on another forum. It sounds good.
Quote:
The top tenets of mechanical trading
1. If you cannot quickly recite the daily, weekly and monthly support & resistance values for any pair you're planning to trade with an EA, you shouldn't be trading.
2. If you can't manually calculate the currency exchange conversion values for any pair you're planning to trade with an EA, you shouldn't be trading.
3. If you cannot read and understand the code of an EA you're planning to trade with, you shouldn't be trading with it.
4. If you haven't learned to successfully trade manually for at least a year or two, you shouldn't be mechanically trading trading with an EA.
5. 99% of all EA's are destined to fail. Some sooner, some later.
6. Technical indicators don't work. They're a big fib to appease retail traders.
7. Knowledge of only price action, a few key patterns, and support/resistance is necessary to trade.
8. If you cannot quickly name the 10 key news events and their dates/times during the upcoming month, you shouldn't be trading.
9. You're worst enemy in trading is your broker.
10. Broker Pip spreads are only a portion of your trade cost. You are regularly gouged by slippage costs. If your EA has a default slippage value of 3, guess what your typical slippage will be? If it's set to 4, guess what your typical slippage will be?
11. The only EA's that will be profitable are the ones that are cleverly designed to out-fox the brokers and other insideous market forces by resorting to tricks, gimmicks, and smoke & mirrors tactics.
12. Any EA's freely available publicly will lose your trading account.
13. 95% of "traders" on public forums are as uneducated as you are about trading. Be wary of free advice.
14. The average trader who is persistent and lucky enough to eventually become a profitable trader regularly will first lose $20K - $30K in the markets and spend another $10K on books, lessons, eBooks, subscriptions and software. The rest will perish somewhere along that path.
15. The amount of time you are "exposed" in the market through active trading, either manually or mechanically, is inversely proportional to your profitability success rate.
16. Two high probability trades yielding 15 pips each and using a lot size of 50 is all you need each week.
16. Praying to God isn't going to influence your trades one way or another. God isn't listening and God doesn't care. Neither does the market.
17. Most new traders are over-leveraged, under-capitalized, assume far too much risk and have absurd profitability expectations. A lot of new traders are actually desperate to be profitable in lieu of working a regular job or some other personal financial issues, and therefore expose themselves to being wiped out early in their trading.
18. A 5% monthly return on trading is in fact a very generous and profitable ROI to be proud of.
19. The data feed of a broker demo account is actually more representative of true market price action than a live account feed because it isn't manipulated.
20. Backtesting and forward testing of EA's is virtually useless for purposes other than debugging code logic. The price action data feed of a live account is manipulated by the broker. Brokers use computer monitored algorithms to randomly squash the amplitude of true price volatility to fake out EA indicators and trade logic.
21. Your trading activities are absolutely and continuously on the radar of your broker, and traders that are too profitable are unknowingly subject to more stringent price manipulation techniques.
22. The only EA trading methodologies that have a lick and a promise of succeeding are based on creative straddle, hedging or countertrend order placement techniques. All others will eventually fail.
23. The most obvious and proven successful mechancal trading methods such as scalping are prohibited by brokers.
24. In most cases, news induced tower bars are nothing more than volatility responses to trader greed and have nothing to due with any real economic impact of the news on the underlying currencies. The currency price usually settles down and returns to it's mean value after the news.
25. The majority of industry gurus that offer trading books, methods and seminars don't even trade and make their money selling you their wares because the risk/reward ratio is much better than actually trading.
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Your individual capacity to learn and do trading good counts in your success. There is no fix time of years or months that determines your good trading . may be you are good trader in months or take a long time of years to meet this target.
Depends on ourselves. Success in forex can be determined with certainty. We must keep trying and we also must improve our skill from time to time to get more maximal result here. In forex trading, i'm trying to get profit consistently here. I try to maximize the best trading condition from TenkoFx.
Depends on your previous education. and then on the time invested in learning the forex trading itslf. But it is not days or months
Real talk is that it really takes a very long time to be a so called successful trader. Even expert traders can't deny the fact that it took them months and years to become experts.