Just wondering how long it took others before they felt that they had managed Forex? I did a lot of practicing, but I really only learned once I actually starting doing it. Sometimes you win, and sometimes you lose, but it's all a part of it. You can't think that because you lost, you didn't know what you were doing. You just can never be sure with Forex.
How long did it take you?
- Thread starter Klinger
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My guess is that it varies greatly between traders. Its a constant growing process, with your mechanics of trading or psycology.
I first retired in my late twenties with trading and thought I was sh*t hot until in my early thirties when I lost it all.
The thing about trading is that the markets are continually changing over time as new traders come into the market with different amounts of cash to play with, which means you have to be prepared to modify the way you trade when the system you are using no longer meets your expectations.
When you can look at FX and notice that your emotions don't run the show then you will be somewhere around the mark and just watch out for Mr Cocky who likes to trip you up every now and then.
It only took me 12 months of trading full time to retire and a few of my mates have done it earlier but as the previous post said it varies btw traders, just depends on how much work you want to put into it.
cheers
The thing about trading is that the markets are continually changing over time as new traders come into the market with different amounts of cash to play with, which means you have to be prepared to modify the way you trade when the system you are using no longer meets your expectations.
When you can look at FX and notice that your emotions don't run the show then you will be somewhere around the mark and just watch out for Mr Cocky who likes to trip you up every now and then.
It only took me 12 months of trading full time to retire and a few of my mates have done it earlier but as the previous post said it varies btw traders, just depends on how much work you want to put into it.
cheers
That depends and the answer is bound to change everytime you crash and burn. Personally, with 7 months of demo back tests, thought I was ready to play with the big guys and yeah, did not turn out the way I'd wanted it to..have learnt from my mistakes.
Tip: Trading is a work-in-process, you never quit learning
Tip: Trading is a work-in-process, you never quit learning
When I started trading I recall the Golden rule being:
If you are still new to trading you should trade on a demo account for at least 3 months. Once you can produce consistent results over an extended period of time you may consider going live.
In my own personal experience, I traded on a demo account for at least 3 years and still blew my first live account. It happens to everyone and it's a right of passage in a sense.
Everyone learns at different rates and you should always go at your own pace. The key is to keep doing it. Practice on a demo, simulator and on the live markets and just aim for a high win rate at first.
If you can win the majority of your trades, 60% and upwards, you can make money consistently.
ANyway, just my two cents, all the best!
I still sometimes think( after 8 years of trading with its ups and downs) that I know nothing about trading and fell like I need to finish this thing. But then I sit down to books and other resources and learn, learn and learn. The learning process never ends.
I think I will not be able even after 10 years of trading to say that I know everything and have learned to trade. In a so fast changing environment it's good to know all the basic, build a rock solid self control and use always money management system and that will be all that you need to try on a live account. Start very very carefully and follow your money management system.
No one will ever know everything or even close to half of everything in or about trading, thats the beautiful part. It may take 1-3 years to screen out the crap that is out there to find ONE thing that works. Once it is found then just master it!..Self control grows as confidence grows from mastering the approach. We can always build off of a sturdy foundation, this may be just trading break-outs or double tops/bottoms. Alot of money can be made this way and the trader may not care to know about fundamentals/line-studies/orderflow etc...after being in the forex(trading) enviroment for some time I developed a sense, a internal bullshit meter. I knew when something was legit and when something was a waist of time. I picked one thing that I knew was legit and began to master it.
For me, I always believe that trading is a continuous learning. Up to this moment, though I have more than a hundred live accounts, I have still demo accounts. With my demo accounts, I get to improve and test new strategies without risking real money but instead virtual money. Winning and losing is always part of trading. It's up to us to learn from those experiences.
Real money is real and virtual is virtual. if we are successful as a trader using the virtual money we will have to test the system again using the real money on a lower scale to see before hitting any Big Lots
Real money is real and virtual is virtual. if we are successful as a trader using the virtual money we will have to test the system again using the real money on a lower scale to see before hitting any Big Lots
I couldn't agree more! The difference between trading real and virtual money is the emotions of the trader. No matter how prepared you think you are, or how little money you risk, when you first start trading live your emotions WILL get in the way to begin with. You just have to stick to your trading strategy, and eventually you will learn to overcome this.
Most of the traders who transition from the Virtual trading to the Real trading know that the difficulties encountered and the time it takes to be able to settle down in real trading
Most of the traders who transition from the Virtual trading to the Real trading know that the difficulties encountered and the time it takes to be able to settle down in real trading
Unfortunately, this only applies to the minority of traders. This is just one of the reasons that education is so important. You need to be aware of these things, although having the right mindset is necessary as well.
I agree to your thoughts. Well, i just hope that traders stay focus on being successful and know difference from virtual and real trading. But it doesn't mean that being successful would mean you will always win, understand that there are times you will be down.
Rarely it does not take me a long time to learn and know almost everything about forex. What is important that you must see this as a LONG TERM learning experience and a LONG TERM business, not a get rich quick scheme. If you think you'll make killer money after your first year of trading then I have to tell you that the chances are you'll lose all of your money in the first year.
Once you understand that, understand this - There is a LOT of money to be made in the Forex. Another important thing, patience is another factor that you need to control because all the time you can't win.
Do you agree with me?
It took me around five years of active trading until I got to where I am today. Five years, plenty of cash (I did not bother with demo accounts) and a lot of mistakes to develop my system. The best investment I have made so far.
A few days is not even close to realistic. In case you only plan to spend a few days as a newbie in the fx markets I can recommend to walk away right now as you will not accomplish anything.
