Just wondering how much time people put into the education portion…trying to set some realistic goals for myself…
It won’t be the same for everyone. There are a lot of factors that affect this such as the time you have to study. I’m giving myself 2 years including trading with a small live account. But I believe the learning never ends even if you’re trading live already.
Everyone has different study attitude. Some may catch up very fast but some not. Its heavily depend on experience I would say, practice make perfect. For a beginner its always good to have a mentor to guide a long or join any education to at least have some basic knowledge about the market.
The only proper answer I can think of, (probably the correct one), is “as long as it takes for you to be consistently profitable” It may be two weeks, or two decades, but as long as you are still not consistent in your trading, you are still a student. However, be warned not to stop learning even when you start to consistently make those pips. The markets are dynamic and will always throw something new at you, forcing you to learn even when you thought you had it all figured out
Impossible to answer. It depends on what you do day to day with other commitments and how much time you can spend on trading education. Then there is how quickly you absorb the information and how well you can apply the information. Too many factors to say. Take as long as you need and don’t fee the need to rush it. How long does a degree take? A PhD even? Mastering anything is a very long term commitment.
I also think it differs from one person to another. Like, it took me around 3 months and I still go back to review some lessons every now and then. But it took me that long cause I was also pretty busy back then. If you can allot like 3-4 hours per day, I bet you’d finish much faster.
Understanding ability of every person is different. We can’t compare ourselves with others. What you may take 1 hour to understand I may need more time. Your focus should be on learning not on time.
That was super quick. It took me almost two years to be consistent. I guess it is because I was so curious to try every method and indicator I stumbled on, until (after almost 2 years) I realized that none was giving me the 100% win rate I was so curious about
Thanks @ria_rose… I’m actually in a position where 3 to 4 hours a day even more possibly is doable…very fortunate in that aspect…3 months seems achievable…
Understand…just like to set some realistic goals ya know…
The learning never ends, as the markets are always changing and you’ll need to continually learn and adapt to keep up with them. I wouldn’t put a time stamp on how long your learning needs to be - when you become consistently profitable you’ll know you’re getting there.
As for the 100% win rate you mentioned in a post, you’ll never find it - you should view trading as a business, and losing trades are simply the cost of doing business. All businesses have costs!
One hint I can give which vastly helped me when I was ‘learning’ - don’t rely on indicators. A simply moving average, volume and a good understanding of market structure and price action are all you need to trade. I scalped the DAX today and took +135 points with a blank chart!
You are very correct. The learning never ends. So if OP is a fast learner, she needs to stick to small account size and see if she can be consistent for 2 years before taking a big leap
Oooh! That’s nice to hear then! I think once you learn about the indicators and patterns, you can already start demo trading while learning. That might help make your learning quicker.
Took me 2 years. And thousands of hours of studying and backtesting. Realistically though it varies from person to person.
Just cause you put 3-4/7-8 Hours in a day doesn’t mean anything. The question you have to ask everyday is “did I learn something?”
I remember a new trader said to me “I was down 20%, held, then it went into profit 10%. Just have to be patient and have no emotion.”
That’s is the worst way to learn, I mean he didn’t learn anything. “Patient and no emotion?” That’s how you’re going to approach every trade? No risk management? Sounds like he was definitely emotional. He married that trade. And got lucky. Don’t marry your trades. Make sure you’re learning something.
Btw he blew his account not to long after. Haven’t heard from him since. Don’t be in a rush, but make sure you’re actually learning something when you study. I can honestly say I was a passive learner when I first started. Just turn the video on and magically absorb the info while I’m doing 5 other things . Be an Active learner, 100% Focused on studying when you go into study mode.
It depends on person to person. I have been trading forex since 3 years and still sometimes feels like it is new to me
Different people learn things differently, however if you are completely new to the Forex market and if you devote 2-3 hours daily in learning and education purpose, you will be quite familiar to the market within 6 months.
Yeah it really depends. And is is very different each person.
To add just a little to the good points others have already made, it’s really common to be excited about starting to trade as soon as you can, but in my opinion there is no such thing as waiting too long. The market isn’t going anywhere, and there will always be more trade opportunities.
Even when you get that practice account with demo money, it’s really easy to tire of it after the first couple of profitable trades and jump right into real funds. What so often happens is that suddenly a real money trade is not going the way a new trader planned, and watching their position sit negative and tick down, they question their strategy and get nervous. Often as soon as the trade ticks profitable they liquidate, just to say, “Phew! Got out of that one!” Or maybe they lose in a trade, either by hitting a stop or manually closing it to stop bleeding, and they’re suddenly consumed by a desire to “revenge trade” and make back those losses right away by jumping right back in, taking larger risks, or trading outside their trade plan. Another common mistake during a losing trade is to open a second trade to “trade around” the losing position instead of correctly managing the first. There’s also the situation someone else described above where a trade goes wrong without a stop loss and you close your eyes and just let it go, hoping it will eventually turn the other way. That’s called “possum trading” and it works… until it doesn’t. The more time you take learning and demo trading, the less likely you are to commit these kinds of “trading crimes”. Good Luck!