How Long Does it Take to Become a Profitable Trader?
#495: How Long Does it Take to Become a Profitable Trader?
In this video:
00:28 – How long does it take to become a good trader?
00:48 – How long is a piece of string?
01:45 – Be patient for long term success
02:16 – What should you do?
03:07 – Using your demo account correctly
04:15 – The next stage to trading live and prop firms
05:19 – Choosing a broker
06:19 – Like & Subscribe
How long will it take somebody to learn how to trade the forex market properly and turn into a profitable trader? It’s a question that everybody has. Let’s talk about that and more right now.
Hey, forex traders! It’s Andrew Mitchem here at the Forex Trading Coach with a video and podcast number 495.
How long does it take to become a good trader?
And that’s right, everybody wants to know, how long is it going to take me to learn how to trade properly? How long is it going to take me to be profitable as a trader, whether I know absolutely nothing or for some people they’ve been going around in circles doing this for years.
How long is it going to take me, especially if I’m starting a new strategy and a new course?
Well, the answer really is, is how long is a piece of string? But what I can tell you, in other words, there is no one answer. But what I can tell you is this The more that you are patient, the more that you put your dedication and time upfront into learning, the more that you forget about making money, the better you will be long term.
And what I mean by that is that so many people just charge straight in headfirst like a bull in a china shop. Just go, I want to make money or they paid for course. I want to pay off this course really quickly or they’re in debt or they’ve lost their job, whatever it might be. Everybody’s always focused on how much money they’re going to make.
And when you focus on the money that you’re going to make, you’re going to do things wrong. You’re going to do silly things, you’re going to take gambles, take big risks, because all you’re doing is focusing on the outcome of the monetary side of things.
Be patient for long term success
What you need to do is take your time and be patient, because I can promise you, if you do that slowly, carefully, methodically, almost in a boring way, and your long term chances of being a profitable and highly skilled forex trader are massively increase.
And I can tell you that because I’ve been trading the markets for nearly 20 years and I’ve been and seen it all from my own experiences and through the thousands of people that have come on board with us here at the Forex Trading Coach.
What should you do?
So what can you go and do? Well, first of all, if you’re learning a strategy, you’ve got to learn it properly.
You’ve got to get onto demo accounts, you’ve got to make your mistakes on a demo account, whether it be a money management thing or whether it’s a partial closing thing or trading the wrong direction, whatever it might be, use the demo accounts carefully and use them to your advantage. Now, the other thing you got to be careful with a demo account is you don’t open up too big an account size, a lot brokers will give you, let’s say 50,000 or 100,000.
That’s unrealistic for when you’re going to go live. So I suggest you open a demo account and try and get down to one of the smallest sizes that you can have, maybe sort of 10,000 or something like that, because then it becomes real when you go live and nothing really changes.
Using your demo account correctly
So once you’ve made all those silly mistakes of entering and exiting trades, you then need to use your demo as though it were real and you have to use it and carefully and properly.
Don’t just think, Oh, it’s a demo account. I don’t care that trade loses or I’m leaving that trade in over the weekend. I forgot to close. It works, doesn’t matter. It’s just a demo. Don’t think that at all. You’ve got to treat it like it’s real and you then have to become consistently profitable on that demo before I suggest.
Then you look at going live. When you do go live, then go to a small account. It doesn’t matter how much money you might have. You start with a small account and just carry on doing the same thing. Because when you go live, your emotions will definitely come into it, your head and your heart. Two things you have to control when you’re trading, but by that stage you should have eliminated all those silly things that you’re going to do on the platform.
But now you’re focusing on the trading and being consistently profitable on that small account, because when you have losing trades, it hurts when you have profitable trades, this joy and excitement, but you’ve got to try and bring those to almost to neutral. Then when you do that, you’ve got a few options.
The next stage to trading live and prop firms
First of all, you’re in like the 5 to 10% of people who are making money consistently. So congratulations. Secondly, you can then increase your account size. You could trade for other people. You can get on to prop firms and different things like that, which will then massively increase your returns. So that’s what I’m saying at the beginning. Do it patiently, Do it slowly. Don’t worry about how much money you making today, because I would much rather have a conversation with somebody.
And they said, Andrew, I’ll join your course. It took me six months or so before I felt like I was comfortable to go live and then another six months and now after a year I’m feeling really good and I’m making good, consistent gains. I’d much rather have that conversation with anybody than someone to just jump straight in. And after two or three months they’re blowing their account.
They don’t know what they’re doing. They’re losing confidence. They’re blaming the strategy, the system, the broker, me, everything but themselves. And so the long term person with a long term mindset will be the one who wins in this market. Right.
Choosing a broker
So you’ve done that. You’re understanding that you want to put your money with someone who’s a good broker, good, trusted, solid, reliable, honest broker.
Look no further than blueberry markets. They’re a fantastic organization, fantastic team of people. The based over in Australia. You can open accounts with them pretty much forever. You live in the world apart from the States and a couple other countries, but most other people can. They have the MT4 and MT5 trading platform. I’m now complete convert to the MT5.
I love it because not only is it have the built in extra time frame charts, but of course it has so many more markets to trade. And as a technical trader that just gives me so many more opportunities to get high quality A-plus grade trades set ups on a daily basis. So I hope that helps. Remember, don’t rush to trading and if you’re looking for a broker, consider blueberry markets.
I’ll put a link to them on here as well. So once again, this is Andrew Mitchem here at the Forex Trading Coach.
Like & Subscribe
Have yourself a great week or weekend wherever you’re watching or listening to this and any questions, please ask. Don’t forget to like and subscribe. If you’re on social media or YouTube and any questions you have for future editions just like this, send me an email.
[email protected]. See you next time. Bye for now!