How Long Does it Take to Become a Profitable Trader?

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#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,