Thanks @enickma!
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It differs for every person and the learning in trading is an ever going process . You should take time till you feel confident and than trade, starting with demo account, to have a first hand experience of the trading conditions. You should also, keep on learning about new strategies and market events as they happen.
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I didnt put much time in, barely any as I have a low attention span for non practical learning. I learnt more in the first 2 months of trading that I did in the course but everyone’s different.
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I believe you should focus more on learning the principles well as opposed to finishing the course within a time frame.
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You need to first decide how much time are you going to allot to train yourself every day. Secondly, as everyone said above, everyone has a different learning curve. Some take months while others take years. I took almost 6 months. Also, everytime you learn a new book or do a different course, you will learn something new. So, in my opinion, learning never stops. You have to decide for yourself at what point you are confident to go live and start trading with real money.
Learn something from every trade for a long as you trade.
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If you want to cut down your time to profitability, then take a quick detour and learn a bit about deliberate practice
You can kick a soccer ball around for eternity and still suck, or you can approach it the way pros do and practice deliberately.
If there was ever one example of how not to approach trading it was ME. Take my advice and learn deliberately
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I started trading a month ago. I have a mentor and a demo account, I spend around 3-4 hours a day on studies. I find running a demo account helpful to apply what Ive learn so far and I absorb it quicker this way.
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3 months to grab the basics reasonable but depends on the time you put it daily and quality of learning. Take note, you also need time to master the basics you have learnt. Even though, this does not equal consistent profit. You need a longer time to master yourself (psychology) especially developing the skill to trade without fear. Knowing and acting according to the fact that the outcome of each trade is random and so you should not bother about the outcome of a trade provided it’s in line with your strategy. A very good way to kill fear. Through mastering the basics, you should have created a strategy with statistical edge over the market. Trade your strategy strictly based on your rules, without hesitation and consistently not minding the outcome of each trade but a series of trade, trusting the process. The right psychology is key and it’s mastery is usually where the bulk of the time needed for consistency lies. It is what is needed to close the profit gap. It explains why most people who trade their strategy are profitable on demo but not on real accounts. They are simply trading with emotions; with fear. Another very important consideration is your expectation. You will be willing to give yourself enough time with the right expectation as against getting rick quick. If you ask me, with focus and effective work, 2 years is reasonable. Mentorship makes it faster.
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Until you get someone who is a profitable trader to teach you, you would keep struggling. Focus on continuous training. Once you have a good system, then you can give your self targets of like six months to perfect the strategy you are taught.
The following are just my opinion… in order from most important (but they are ALL important)
#1 - Know HOW YOU want to interact with market. Fit the market around your life/lifestyle, not the other way around. I think many traders think they have to be “Up with the markets” everyday, every minute… You don’t. I have 4 kids, so sitting at my desk for hours without interruption just isn’t going to happen. So, I decided on a weekly range setup because it allows me to be away from the desk. Knowing this before I even began trading narrowed the pool of information I needed to sift through(the more precise you are the faster you will achieve your goal)
#2 - RISK management is key to account longevity. This isn’t even a difficult subject. Just DO IT, and don’t blow up an account. Demo/Sim your ideas first to see if they even work, or if you absolutely MUST trade real money, start at the bottom and EARN THE RIGHT to raise risk.
#3 - Focus. Much of trading is psychological. Focus your study(3-4 hours is a great block of time… consider 2 hours to learn and idea, 1-2 hours to test/practice in charts and on demo/sim), focus on how you trade (before the trade, during the trade, after the trade), focus on your LOSERS more than your winners. Every loser should be a lesson.
#4 - TRACK literally everything you think could be important to your setup. Day of week, time of day, candle position, candle range, etc. When you get enough data, patterns will be revealed, and you will do well to trust the data. This is how you refine your setup and plant your money tree.
#5 - Be the strongest Technical analyst you can be. practice practice practice practice practice practice… and practice.
There is plenty more and this is certainly a business where learning never stops. You can ALWAYS add a tool or setup to your toolbox, but start with 1 or 2 ideas and see which works better for you, stick to it, make your paper, then branch out.
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Hi there!
It depends on your personality and the type of trader you are. Also how much time you waist to find the right thing. As you most likely will find out there is a lot of systems, courses, and gurus out there, that will sell you this and that, just to find out that it doesn’t work at the end of the day. To me that has been the hardest part.
But after I had found something that really works. It has taken me 6 months to one year of learning the system, practicing and NO TRADING while practicing until it did stick and made the system my own.
The System has provide me with a way to analyze the market in a very objective way and help me to be disciplined and emotion less at trading. Had now several strategies to enter the market with very precise stop loses and targets. My confidence has grow exponentially.
But believe me it does require hard work to make it on the markets don’t believe anyone who says otherwise.
I hope this helps and good luck.
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I agree, BUT Psychology and Money Management are key elements. Using Price Action, I blew 3 accounts before hearing of NNFX. 2%? You’re kidding. I’d put 50-70% on a trade.I made $7,500 on one trade. Pure luck. Like a cowboy, I rode a FU candle down and then back up. Unfortunately, I got caught when I risked too much, and boy did it hurt! There are all sorts of emotional forces playing with your head while trading with live, real money - your money. It ain’t the same as Demo trading. And you have to learn to address your emotions.
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Please what’s NNFX?
Hi Sharalcatraz,
I think you asked the question to the wrong post, but looking at what the “babypipster2” posted I can guess he may be talking about this: nnfx ( No Nonsense Forex Trading Assistant) trade assistant mt4.
Also while i do agree about what babypipster says on his post regarding trading live not been the same as demo and that Psychology and money management are key elements of the equation, It is still a equation and you can solve the equation until you are aware and understand the rest of the elements involve. So still think no one should trade until they have put the pieces together.
Cheers
Hi! What are some resources you use in learning FOREX? Thanks!
Take as long as you need, no rush.
NNFX is the continuation of your education after completing babypips education. See NNFX Beginners video which will give you a road map. If you are coachable and trainable you will succeed. Simply follow the directions in the Beginners video.
It took me a while (months) to complete the school of pipsology. I had a lot of other commitments as well as school, don’t rush to get your education done, do it properly which will be better for you in the long run.
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Toddo, now you know that there are different factors and it depends on the person. I would say don’t forget to apply what have you learned so far. Make sure you learn thoroughly and apply side by side so that you have a confidence when you go live.