Question about becoming a successful trader

Hi all! Thank you for viewing my post!
So I’m trying to be a successful full time trader, I’ve been in forex for almost 2 years and I mean I’ve been mostly reliant on EAs and now I know better than to trust them. But I’ve been educating myself, and I am now gonna complete the schooling here, i am very determined to learn and am also very good with numbers. If I really try and put in the effort, how long does it usually take to become a successful trader? I know this is a frequently asked question. Is a year or 2 year’s a unrealistic goal?

It took me awhile just stay the course and you will get there!

You could also ask “How long is a piece of string?” and get the same number of answers.

Its going to be dependent on the amount of hours you put it, your ability to learn from your mistakes, and your emotional response to situations. You might be a great trader/investor from day 1. You may take 6 months, a year or even 10 years.

I am new at this too but I have a plan of attack and I have spent a few months in demo mode fine tuning my game plan. I have just got live with real money and fortunately the months of testing have paid off with a profitable week. But who knows next week I might lose and it will probably be my ability to handle losing weeks which will decide if I succeed or fail at this venture.

2 years is probably realistic if you are gong to put in a lot of hours each and every day. Those who are good at something usually learn the skill through practice and dedication.

One tip I read when I first ventured into forex which I believe was very sound was to spend time in the demo mode. It recommended 3 months in demo mode and all three months had to be profitable before moving onto real money. So if you lost in month three then you had to start over again. I was fortunate to make 3 months profit in a row through a little bit of luck and skill. But each month I improved my results which would not have happened without a lot of analysis. I learnt to take losses and I also learnt what my pain threshold was with risk. I have started with real money now and although its only been a very short while, I feel confident and I am in profit and I feel my risk levels are safe.

Good luck learning this trade as its one where those who are good at it can earn the money they should be earning. Compare that to a 9-5 job where sometimes even the best people at a job get paid the same as someone who does the same work poorly.

Hello to the OP…

Unfortunately we do not have a tracking system to see what happens to all those like you who are wannabe traders (meaning, profitable traders) and who come on BabyPips saying that they will be successful… Why
do so many of them come on and then we never hear from them again? Or, rather, how many of the BabyPips forum users who leave the forums do so because they are busy trading their Forex accounts successfully, and how many, instead, do not come back because they have failed and would rather not admit to it?

I think that because we do not know even how many of our BabyPips members achieve their trading goals or give up trading altogether, it is hard to have an idea also of what the average ‘trading to success’ timeframe is… More importantly, the idea of ‘success’ is often coated in ‘macho’ finance speak as the image that
Amy Sangster represents (I am only picking one name that comes to mind - nothing against Amy Sangster),
that is, ‘success’ as the expensive cars and millionaire lifestyle… Now, unless you really plough some serious
investment into Forex, there is definitely every possibility that the millions on the horizon will never come within our reach! What ‘success’ should be is entirely individual, and it could be, for example:

  1. reinvesting money making a better annual return than, say, in an ordinary savings account at your bank;
  2. learning about Forex as a way to find personal focus and give you confidence and a sense of self-worth.

There is no telling what success means to each person, because the ‘millionaire’ success is not necessarily the type of success that will fit with the small retail trader’s growth/investment goals…

Cheers

2 years is a probably a realistic goal I’m sure there are plenty that made it in less than 2 years. How long it is going to be for you depends on a lot of things wesmip1 pretty much said it all.

However, I have to disagree on one point that you’ve got to be successful in demo for certain period of time before you turn to live trading. I think you can always start with smallest lots and learn from there. Demo success doesn’t always translate into live account.

So what I would suggest you is to demo for a while demo for a while familiarize yourself with the platform and the basics if you haven’t already and then move on to live keep it small you don’t want lose what you can’t afford to loose. Once you’re live find a pair or two and then work on your system. And emotions , greed , discipline that are crucial part of trading that can only be tuned into and mastered with live account. That’s just my two cents. Everyone’s different. So you’ll have to figure out what works for you and go from there.

If you stay on track like dark knight says you’ll be there eventually :slight_smile:

I’ve been trading for a while and I have my good days and not so good days, as the dark knight said, just keep at it! Read a lot and keep up-to-date with world news and you’ll get there.

Answer to your original question is simple. Most experienced traders will tell you it depends on you. You will need to have a trading plan that long term will give you more positive outcomes than negatives. That method has to be executed with a money management plan that will protect your capital while growing it. Lastly your method and money management has to be executed with patience and discipline.

With hard work, always be open to learning new things that will help you get to and surpass your trading goals, and practice practice and more practice, until you can open a chart with nothing but price on it and you can see if you’re looking at a trending, ranging or sideways market, volatility, pullbacks and/or reversal, is the pair at the beginning of a leg or nearing the end of a leg and lastly is the picture you see in front of you is worth taking the next steps of technical, fundamental and trader sentiment analysis to support it.

After that comes the hard part. Being disciplined and patient enough to do that consistently with all the outside pressures of everyday life. But as " The Dark Night Says" Stay the Course and you’ll get there.