Hi All, I’ve been researching into this area on and off for 2 years. I’ve finally decided to open a demo account to gain more knowledge and practical experience. I am under no illusion that it will be an easy ride…hence taking 2 years to decide to take it any further. Just wondering if there are any success stories out there…e.g how long did it take you to become profitable and be able to make a living out of this. Thank you in advance.
Hi Ruthy,
good on you for giving yourself some time to take this step.
I consider myself successful and it was one of the reasons for deciding to start posting here coz it’s how I started out at the beginning (meaning on BP).
It has taken me many years to become successful. In fact had I known how many, I think I may not have even started this. I suppose my ignorance was a blessing in disguise.
That is not to discourage you as I am a slow learner and it’s a very different journey for everyone of us. Yes some never get there, but if you keep at it for long enough and are prepared to do what most aren’t prepared to do, you will get there.
That being said I would estimate that it takes about as long as a university degree. But that’s mostly from personal experience as well as from traders around me that I’m friends with.
In any case good luck to you and keep at it.
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Thank you. I can cope with that…thought it would be longer than a Uni degree. Prepared to put the work in and make it happen. Good things don’t happen overnight :-). Where did you get advice from…on here? Thanks
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I suppose the reality is that it’s going to vary quite a bit according to people’s backgrounds, dedication, what else is going on in their lives and so on … but as an average my guess is that TMM has it just about right in saying “about as much as a university degree”. I agree, anyway. 
Nice post TMM. My husband and I both trade. I have been lucky and took a short cut to success as I had someone right next to me in my home teaching me so I avoided most of the learning pitfalls and got to where I wanted to be in a very short space of time. However, my husband did have to go through the many “painful” stages over a 7 year period.
It is crucial that you look at your trading results over a longer period of time as a sample size over a period of days or weeks will not give you an accurate measure of your strategies success/ failure.
In my “other” business I am already in a loss (materials/ labour) before I make a profit so I have brought the same mindset to trading. Losses in trading are inevitable and no matter how proficient you become losses will not suddenly go away. When I lose a trade I don’t bat an eye, I don’t try, in a blind panic, to make that money back, I simply continue on with my trading plan, knowing that over a longer period of months…sometimes months and months…I will be in profit. Acceptance of losses is an intrinsic requirement of successful trading…psychology should never be underestimated. EVER!
There is no one single road to success in terms of style of trading. My husband and I are both price action, naked chart traders but we have different trading styles. He is a longer term trader whereas my trades can go from 10 minutes to 5 hours and sometimes overnight…12 to 15 hours. Our money management also differs.
Trading takes a lot of time, patience and dedication but that is no different to any endeavour you undertake during your life. Life is hard, learning “stuff” is hard . But it will get easier.
“All I ask is the chance to prove that money can’t make me happy.” …Spike Milligan
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First of all, good luck. Would suggest diversification and basket strategies in these demo accounts. That kind of spreads the risk.
Thank you for your reply, lots of good sensible advice.
Thank you. I am going to open my demo account today will try your suggestions
Reminds me of one of my all time favourite quotes by one of my favourite authors.
[B]A vital ingredient of success, is not knowing that what you are attempting cant be done.[/B] Terry Pratchet
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Not to rain on your parade, however you wont see much happening in the markets this week and next week. It certainly wont be normal conditions. Personally, i’d focus on the second week of January. You can also see this by looking at daily trading volumes.
I’ve taken a long break of the Christmas period. No point starting to trade until the big boys do. Second week of Jan is when things should get back to normal
The comment about timing is so right. Might be thinking more on how to approach brokers in 2017 after this post. Did the post on brokers in brokers forum. Have send friend request to some of you. If you can comment on the best spreads out there nice to hear.
Of course, best New Year. Do not forget to open a champagne.
I don’t we all need the break! The stress is just too much, all the seriousness, the learning, the tension, the being focus and all. We just need to rest.
We’ll sure do, we all are planning big the upcoming year, developing new plans and strategies to better our trades in the market. Best wishes.
We’ll sure do, we all are planning big the upcoming year, developing new plans and strategies to better our trades in the market. Best wishes.
Best wishes as well. Not replied earlier as in pre-celebration mode already lol. Yes from finding better spreads to deals with new or same brokers and strategies we need them all. Hope to chat more with suggestions as well as get the feedback from newbies and experienced participants. Hope this will have more relevant info in 2017 and anybody welcome to check it out 301 Moved Permanently.
Any update on your trading education and journey Ruthy?
There are so much about success in anything, it takes a long periods of time to succeed, in other words success is obtained from a long term eperiences in something. As a beginner in forex, success will only be realised after a long period of time while participating actively in the forex trade.