Becoming a CMT/pro trader worth it?

Well im 17 and i try to study forex as much as i can every day and really want to do this for a living. Would any one know how long it would take to become a pro-trader and become a CMT?

How long it will take to be able to make a living at Forex depends on you. How quickly are you understanding what you’re learning? Do you have a successful strategy that you’ve tested and that is consistently profitable? How much money are you starting your live account with? How much do you need to live on? Etc., etc., etc.

There are a lot of factors to consider and the answers are different for everyone.

Also, if by CMT you mean Chartered Market Technician, you’ll have to decide for yourself whether that would be worth the effort. It certainly won’t make any difference to your success in Forex.

I agree with In2blues.

It really depends on you. How bad do you want it?

I’m not sure what you mean by CMT either. I’ve heard of CTA.

I wish I knew about forex at 17. I really don’t even want to think about it. LOL. Good luck with your goal. Don’t overlook money management.

thanks for the feedback guys. On my demo i have good success and almost have doubled it in 7 weeks and not risking at the MOST 3% But demo means nothing.

Do you know how to become a CTA? Or do you really need any of these to become a pro?

The only way you would need any kind of designation such as CMT or CTA would be if you want a job working for a company.

Nothing like that is needed if you want to be a professional Forex trader on your own.

Yeah i really want to trade a company. I think theres two definition of “pro” trader right? One that trades for a living and one that trades with some ones money.

Folks, CMT and CTA are two very, very different things.

CMT is “Certified Market Technician”. It’s a certification presented by the Market Technicials Assocation following three levels of testing of your knowledge of technical analysis. Trading isn’t even a consideration.

CTA is “Commodity Trading Advisor”. That is something many hedge funds are. I’m not sure on the specifics, but I believe it’s a registration with one of the main authorities.

My mentor just went through the CTA certification. First off you have to take a test and its like studying for a Series 7, 63, CPA, etc… its not a cake walk. If you score a 70% or above you can start the CTA process. You have to have a background check run on you, some type of basic IRS audit, and then once you actually are certified (theres a buttload of paperwork) you have to be VERY careful about what trades your taking and what trades your putting your clients into.

Its very easy to get in deep with the regulatory boards if you don’t follow and adhere to all of the rules.

Personally I don’t have the want or need to run a hedge fund so for now I couldn’t justify it…

Seems like an awful lot of hassle for… what? More money? Why not just save yourself the trouble and add some more lots to your orders… done deal! lol.

Cheers!

I have often considered being a money manager but then the statement you just made pops in my head every time. [B]Why?[/B] Why take the risk with other people’s money and have them worried to death calling me 24/7 when I can just up my lot sizes.

I agree, too much hassle in my opinion.

There’s only one definition of a “pro” in anything – someone who makes their living doing it.

Someone who trades with someone else’s money is called a “money manager”. Obviously, a money manager is also a pro.

what you need to become qualify to become a CTA?

Yeah who would want to get a certification designed by professionals for professionals and gain real insight into technical analysis. Better to stay uniformed. This won’t help you make better money in forex? You dope.