Here’s a repost on my thoughts of newbie expectations on the process of becoming a trader:
Let’s all remember that trading is a skill, and to reach a high level at any skill doesn’t happen overnight. Period. For example, how long does it take to become a doctor, musician, or sports figure at the professional level? Years right? I’m pretty sure Michael Jordan (the greatest basketball player ever, IMHO) wasn’t championship material the first time he picked up a basketball, was he? I don’t even think he was good enough to play on his varsity basketball team, but he had the drive and passion to learn and master the fundamentals, practice, improve and learn/practice some more. And after seven years of hard work in the NBA he won his first of six championships…Even then he never got comfortable and continued to learn new skills to add to his arsenal. Same thing with musicians and doctors. How many hours do you think Miles Davis practiced the same bebop scale to perfection, or a surgeon cutting into cadavers to hone their technique? The hours of practice are probably countless.
Success in anything, especially trading is the same thing. You’ve got to learn, practice, and make the efforts to improve. And the reason why I compare trading to these different fields is because I see it as an art - where its not an exact science and every moment is different. Micheal Jordan didn’t play against the same 5 guys his whole career, nor had the same teammates. Every song Miles Davis played didn’t have the same chord progression or melody. And every patient in some way or another is different than every other patient a doctor may see in their career.
This is why it is important to learn and master the fundamental skills of trading. Learning and mastering the fundamentals will help you create a plan that you understand and works for you, and it will help prepare you to quickly react and adjust to the infinite amount of situations the market will throw at you. And it doesn’t matter what your style of trading is (whether it’s discretionary, systems, fundamental, technical analysis), the environment is constantly changing and you WILL have to make adjustments to your system or methods periodically.
Someone once said, “Much like anything else worth doing life, time and practice brings experience and wisdom.” Forex trading is worth doing, you just have to have the patience and drive to consistently improve, no matter how small, day by day. Put in the work and over time you will see success…