How to become a profitable trader - the fastest way!

:)) I think it takes at least a year. 3-5 months trade demo to know the systerm, how they work and the rest for trading live to experience live trading. It’ll burn your money, but you’ll learn from that. invest with small account first.

Hi,

There are few things I would like to point it out for you:

  1. Trading education should last much longer: there is no way for anyone to complete anything for 3-5 months.
  2. Back testing is just wasting of time: real testing should be completed on a live trading account and should last not less than a year in order to get a relevant data.
  3. You are not only thinking about risk management: you should implement the risk management in your trading on live account during this testing period.
  4. Trading on a demo account is also wasting of time: You should spend some time on demo account only to get used to the trading platform and all the tools provided from it. Trading system developed on a demo account will not work on a live account.
  5. Your wishes are one thing, reality is another thing.
  6. You are not going to find even one successful trader on this world who become successful for that short time period, so unless you are ready to spend couple of years on your trading education than you are just dreaming.

Findingpips - Sometimes it takes alot longer than a year, for some people it takes 5 or 10 years +.

Its not easy to do. A bad system is easy to make, a great system takes a while.

Yes maybe require long years to become success, and this is also required high patience and also good knowledge to manage money in uncertainty market condition, without skill trading hence their time might will useless in forex

Totally agree with all of the above.Especially with the last one,you have to gain so much knowledge and experience. I don’t think anyone can become a successful trader over night.

yeah. it takes much time to learn and trade demo, it’s even boring when I trade demo account too much
i think i’ll go with a small money soon to get used to the environment.

And unfortunately some people never really learn. I think that’s another thing to take into consideration - to self-reflect and realize that Forex just isn’t for you and move on, rather than continue waste your time and money on something which isn’t working out.

3-5 months isn’t enough to become a good trader, you need for time for it.

I would say that if we are looking for getting success in this business then it will certainly take some time and a minimum of 1 years of Live trading experience…

well, I think we cannot get profit easily, we just need to go with the flow and give your best shot on it for you to get what you want.

I personally prefer videos over books but seems like a good plan.
Is it possible to understand all the essentials from a book? How to ask questions then? What if you get stuck somewhere?

If you want to become a successful trader than you have to made a best strategy. You must have to develop a best technique among the others. Technique is developed by the experience which you got from working day and night. Thank you so much.

I’m a slow reader and pretty slow in general lol it took me 3-5 months just to get my mindset right and to understand the basics and how to use the platform. I think each person is different when it comes to how long or how fast you can do something. I tell myself, it will take as long as it’ll take. If I rush myself, I will only get stressed out and quit. But I still nudge myself to learn a bit each day, knowing that I work best at my own pace.

I’ve been reading some books for the past 3-5 months. Like I said, I’m slow… so it takes me about a month to get through a book. The one you mentioned is good. I’m actually reading that right now. Others I found helpful are Naked Forex and Technical Analysis. Good psychology books are from Mark Douglas, such as Trading in the Zone. I also like to listen to FX podcasts and watch videos to get exposed to different mediums.

Happy trading :slight_smile:

Rightly said. There is no short cut to becoming a good forex trader. Take the hard, long way to emerging successful in forex. Follow the markets closely, use risk management. You’ll fail and lose a lot of the times. Important thing is to learn from your mistakes and become a better trader.:slight_smile:

To be a long term profitable trader(for the rest of your life) I believe you need a year minimum of studying and a year minimum of demo accounting. Then you need to be ever evolving.

If you wants to become a successful trader than you should have to learn from other successful traders. You should have to follow one of them. You should also have to learn from them about which mistakes you should have to avoid in the future. And what to do in the difficult circumstances.

A person can make 300 trades in 10 years, consistently profitable. Only to lose all his profits on the 15th year and by the 20th year he was bankrupt, he either realise or conclude that his method doesnt work.

He was just lucky for the 1st 10 years. It can also be that on the 15th year. His method start to fail, due to faster computer matching. Different financial structure, new era of technological advancement causing his old fashion way of trading to lose its edge.

Now there is this another guy, who make 300 trades in 3months. Consistently profitable as well. On the 4th mth he lost all his profits. By the 6th month, he was heavily in the red because he continue to trade with borrowed money as his early success had given him strong conviction that his method was the holy grail. On the 7th mth, he have a mental breakdown, after which he have to stop live trading for the next 3years.

During the 3 years, he CONTINUE to SEARCH for answers as to what went wrong. He was suffering from depression on and off. He also have to work tons of overtime to pay money back to his debtor. At the same time he continue to trade on demo. He continue to learn from other traders. Learning as much as he can absorb. He never give up.

Moral of the story?

  1. Too little sample size of trade is not a good gauge to determine whether a person is good at trading. Especially so, when the sample size is collected over decades. How many decades does a person have? It is risky in my opinion.
  2. More sample size of trade within a short span of time would be a better. Not that i think it would be more accurate. It can still be as flawed. But, it is LESS RISKY. Since there are always many more months to come. If that person continue to trade. The sample size grows really big. Accuracy of the trader’s abilities really start to show.

With the 2 logic from above, i would like to hypothesize that as a scalper or intraday trader, you would have inherently less risk than a trader who trade less and hold longer term position like stocks.

The point i’m trying to bring across here is this, you can NEVER KNOW, whether a trader is TRULY profitable or not in the “LONG” run. Past performance doesn’t guarantee anything.

Trading is risky, there is NO GUARANTEED success. The road is twisted to the verge of insanity. Furthermore, we should never be contend with our current successful methodologies. Remember the story of NOKIA and APPLE? One should never cease their hunger for self-improvement.

The fastest way to become a profitable trader is this

  1. Do more trades, continuos self-reflection of your trades be it a win or a loss.
  2. Never be contend with your current methodologies, continous exploration and persistent effort in financial education is mandatory.
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Thanks for sharing a detail plan and it will definitely help the naive traders who have lack of trading ideas. I personally think that trading skills can be improved with the demo trading accounts and Babypips lessons are quite helpful to help the beginners.

Agreed…as long as you can find a reputable mentor. And this is not easy.