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Time needed for trading success

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  • Mahbub Kafi
    replied

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  • FX Magician
    replied
    My advice would be to not over complicate things when trading, not to over analyze.

    The simpler the better. Price action is king.

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  • fxturtle
    replied
    Originally posted by slevin741 View Post
    Hello,I want to ask you a question.I am looking into trading for over a year and so far I had no success,I am aware that it takes time and effort and knowing the right things to do and information is a valuable asset.
    My question is what is the average money loss before you have success and what is the average time period of trading before success?
    How was it for you?
    No matter how long you try, success does not come if you cannot master discipline.

    Cheers,
    FxTurtle

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  • Art_1
    replied
    Hi,

    Ask yourself:
    Why are you losing?
    a) Are you making traksactions with trend or agaist?
    b) What is your current profit/loss ratio? more losing transactions then profitable ones?
    c) Do you have your own rules set and you are stick to them or you are continously changing your trading style?
    d) Do you have patience and are you able to hold profitable trade until target is reached (not the same as TP)
    e) Do you understood instruments/pairs you are working with? Eg. if you are trading with EUR/USD - do you know ECB policy, forecasts, EU economy, do you know what is FED dot-chart, what is USD FRA9x12, what is a correlation between US bonds yelds and intrest rates, what factors have influence on FOMC decisions? (ISM/PMI/NFP/PCI/CPI/others)?
    f) Do you understood that market is never going to some level on straight way? there are corrections, pullbacks, false breakouts and other moves that exists in market and they a part of normal market?
    g) Can you recognize supply and demand? Are you able to see weakness in supply and strength in demand for example?
    h) Do you really understood what is price action, volume spread analysis and how combination of those two can be reflected by price movements?
    i) Do you have enougth time and energy to spend unlimited days and nights learning and watching?
    j) Did you discovered already what is market volatility in uptrend and downtrend? Can you estimate how long market need to reach your target in uptrend and how long in downtrend? Can you tell yourself right now what is daily price range in your trading pairs? maybe your SL are too tight and you are loosing because of normal market moves?
    k) can you recognize in few seconds when and how HFT systems are working, what price levels are especially "affected" by automated trading?

    This is only part, small part to be precise...
    From my experience, if you need exact numbers - about 5 years of learning (financial in general), about 40k usd loss, about 2 years trading before repetable profitable trading style
    Hope it helps

    regards,
    Art

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  • Katja
    replied
    Originally posted by slevin741 View Post
    ...what is the average money loss before you have success...
    ...what is the average time perioud of trading before success...
    As already said it depends on you. Start small, with very low leverage, and learn to become consistently profitable first. This ensures you will not lose too much money to trade another day/month/year.

    From the very few longtime profitable traders I know (in fact I only know three, not counting the plenty of story tellers and wannabees) I can judge that it takes on average 5 years to become consistently profitable. This matches my personal trading experience, too.

    Katja

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  • SmartTrader
    replied
    Originally posted by slevin741 View Post
    what is the average money loss before you have success and what is the average time perioud of trading before success?
    How was it for you?
    0 to whatever you have. Both time and money that you lose depends on what you are and how good you are at trading. There may be people who will be losing all the time and never learn to make any money. there is no rule/guarantee that you will make money, and also there is no rule/guarantee that you will lose too. it depends on YOU, and what you do and how you do it. You will know if you are learning day by day, week by week and month by month. you will know if its your thing to trade. Your confidence will tell you. if you are a good learner, and you understand the market, conditions etc, you can start making money in an year or so. you dont need to lose a lot, keep trading at 0.01 lots, you wont lose much money.

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  • slevin741
    started a topic Time needed for trading success

    Time needed for trading success

    Hello,I want to ask you a question.I am looking into trading for over a year and so far I had no success,I am aware that it takes time and effort and knowing the right things to do and information is a valuable asset.
    My question is what is the average money loss before you have success and what is the average time perioud of trading before success?
    How was it for you?
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