Personally it took me around 10 years.. I felt like giving up multiple times but it's so worth it in the end. The key thing is being able to change your own feedback loop... getting your trading psychology sorted out to be intune with trading. This I found extremely difficult to do.. you are trying to reprogram your own brain... which I guess why it took me 10 years!😄
It takes time to be profitable. But the sad thing is most newbie thinks three to six months demo trading will do the tricks. And when they realize it's too late for some traders. Trading is a skilled based job. You can't do it without being skilled.
It's not a short time, but required a long time to learn, and also depending on how good our skill, because each human born with own talent, if you are born and talented to become an expert forex trader hence only need shorter time instead of untalented people, long time experience in forex trading does not guarantee will always make a profit.
Making money should not be the sole aim of any trader. As a beginner, your aim must be learning new skills that will make you a consistently profitable trader, which is better than making profits once.
sherifmesseha posted: the keys (self experience for just 9 months) 1-be master in one or two strategies. 2-be commitment with your risk management. 3-read every day about just two things (your strategy and psychology) 4-forget your emotions when you trading just follow the trading strategy. 5- identify reasonable monthly income and when you got that, just go out of the market for rest of the month and learn more. 6-if you got your goals for four to six months, right here you will know you are on the way to be profitable and consistent trader. the results at least 10% profit per month for four months consecutively
Great post, I think it will help a lot for new traders. If any trader does not know about the plan, he can gain knowledge from this post.
I think many traders at first time trading career they cant maintain an account for more than six months, so if any trader already able to make consistent profit more than four months it's already a good trader, and to achieve this level also depending on each trader skill, knowledge, and experience.
As soon as you see that your trading system gives you a stable level of income, you can consider that you have taken the first step towards success. And then the constant improving and the constant struggle with a volatile market.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.