How long does it take for a forex trader to become a highly profitable?
Forex is a very complicated business in which trader needs to overcome all the difficulties on the way to success. But how much time we need to overcome all the problems and difficulties? If we know that most of the forex traders comes in the market without any knowledge about trading, then we should think like your first year in the market is like your first year in school. Do you remember how was it? Sure, we didn’t know anything about life then, right!? No education, no experience, what could we know, nothing. During this summer I was talking a lot with one of my good friends who is a doctor, a specialist surgeon with 20 years of experience. To be honest, he is the reason why I am writing this article. You will probabaly think, where is the conection, medicine has nothing related with forex and trading. Well, you’re wrong, because I think of us professional traders as a highly educated and experienced specialists surgeons. Here’s why. One day we were talking about young doctors who have perspective to become a great specialists and one of my questions was, how long do they need to become a freelance surgeon specialist? He told me, at least 10 years. Woow, that was a quite shock to me and an confirmation of my toughts as well. I said, why 10 years, they are coming in to hospital after 5 or 6 years of high medical school in which period they’ve learned a lot and have practise too. Sure, but that doesn’t mean anything when they start working in hospital as a doctor he said. First, they start their internships and then they becomes an assistents, and this process takes at least 10 years after which they can operate by themselfs as a main surgeons. He said to me, well, they could operate probably after 5 or 6 years, but without a complications in surgery, but what when those complications apears? They need to know how to solve evrything and for that it takes time. Woow, that’s apsolutely true I said and I thought, it’s the same thing with us traders.
I mean, I came in the forex market after 9 years in trading with stocks, professionally. That was like some kind of education for me and experience as well. I thought, I will solve forex trading easily and as the years passed by without a serious results I sow that this will not be easy at all. That’s how, during the years in forex trading I start to investigate about this “time frame” in which I could become a highly profitable trader and to be honest, everything I found was telling the same, 8 to 10 years at least. You can find that as well, take for the example best forex traders worldwide and you will see their road and all the difficulties they’ve overcome how to become a highly profitable, to become one of the bests in what they do. When I say “highly profitable” I don’t mean at consistant profit, but rather the time when your great effort is finally worth it, when you return your complete investment and made enough money to be confortable in life and in future trading.
I mean, I did so many great trades in my forex career, huge profitable single trades, I had an amaizing weeks or even months sometimes, I used to make big withdrawals into bank accounts from time to time, but have I become a highly profitable in a long term as I should, no I still didn’t, have I returned my investment during the years, no I didn’t. Well, that’s the truth, why hide something like that. It all goes well for me when I made money, but when complications start to apear, I was lost for so many times during the past 8-9 years. The struggle begins and mostly I had to start from the beginning, who knows for how many times, very possibly hundreds in this 9 years. But, have I learned anything from it? Of course I am and I can say that I still learning. Why it’s so hard to overcome or to solve all the problems/difficulties in trading? Because, you will experience the same problem on 15 different ways during trading and there is more then one problem as you all know. For all those problems you have to find a solution. It’s hard, it’s really hard sometimes, psychologically the hardest mostly. You will probably fell in to huge problems during your career, mostly financial ones of course. Because, all you need is money in this job, to trade for real and to overcome all the difficulties on the way, you need to be persistant and never give up. But, it’s very important for you to understand at the beginning of your journey that success in this job will cause you problems in all segments of your life. For each step forward in forex it need months mostly and that’s how the year pass by easily. That’s why think true, are you ready to trade for 10 years how to succeed in forex? If you’re not, don’t start at all.
Please, read my article “Psychology in trading” which is mostly related with this ‘time frame success’ issue.
All comments are welcome.