How Long Does it Take to Make a Stable Income from Trading?

This is a discussion on How Long Does it Take to Make a Stable Income from Trading? within the New to Trade2Win forums, part of the Reception category; only just beginning to make money and that has only been for the last 6 months, since then my account ...

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Old May 1, 2008, 8:22pm   #17
Joined Feb 2004
only just beginning to make money and that has only been for the last 6 months, since then my account has grown each month but its so hard to describe the complete journey ive been on and the crap thats out there that really set me back....I hope it continues but I have personally found that having money coming in also from my businesses has taken the pressure off me having to make a living trading, this has definately been the key for me, if I had to make my income purely from trading im not too sure i could do it, but then ive never tried. Taken me 8 years to get to finally start making money and the difference is now im quite confident it will continue
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Old May 1, 2008, 10:44pm   #18
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Originally Posted by jayjay121 View Post
only just beginning to make money and that has only been for the last 6 months, since then my account has grown each month but its so hard to describe the complete journey ive been on and the crap thats out there that really set me back....I hope it continues but I have personally found that having money coming in also from my businesses has taken the pressure off me having to make a living trading, this has definately been the key for me, if I had to make my income purely from trading im not too sure i could do it, but then ive never tried. Taken me 8 years to get to finally start making money and the difference is now im quite confident it will continue
very well done...

But trading isn't - and never will be - for everyone. I personally think that people like Darren Winters and Vince Stanzione should be given criminal convictions for the ideas that they put into people's heads.

In my history it's been nothing but a lot of pain. The pain of constantly losing, the odd high periods where things seems to be going right, then the down periods of losing one's temper and piling on the losses, then follows the more cautious stance, and the cycle goes on and on for years on end. You wouldn't wish this on your worse enemy.

I can only say that I commend those that try to help, but unfortunately those that do (and actually know what they are talking about) are constantly ridiculed and hounded out (and even I was guilty of being in the mob that lead to this).
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Old May 2, 2008, 1:14am   #19
Joined Apr 2008
how to be successful faster than you know

to be successful you need to be a good loser. by this i dont mean pat yourself on the back and tell yourself no worries the next one will come. there is a right way to lose and a wrong way to lose and the fact is 90% of us humans seem to only get this after we have been beaten to a point of the light bulb moment. for some of us it can be a few months and others a few years, heck some hit the floor running successful from the start. the trick is to fully understand what the an edge is and how to use it much like a casino has an edge. how does a casino make money? from setting rules that give them the edge and taking as many slices as they can that over time they end up making good money. for us traders it is no different. once you understand that you can make a living of a win to loss ratio of as little as 2 wins to 8 losers you can make the move to being successful with practice and discipline. what most traders tend to do is break their rules or have 100 flavors of setups they follow which for most ends up being yoyo account cycles. take 100 pro traders and look what they have in common. they all dont trade outside their setups and all use 1 to a handful of setups that they have statistically tested to produce an acceptable risk\reward and win\loss ratio. 90% of traders just cant discipline themselves and fail to understand the edge. for me the edge is taking the same setup over and over again like a casino, my rules enforce me to take no trades with a risk\reward of less than 5\1. statistically i know that i have a consistancy of between 50-60% wins. i know i can make money off less but i feel better knowing i am right atleast 50% of the time. my edge comes from this win ratio mixed with a good risk\reward trades. it is this mix and repeating it over and over again that makes me earn a living, also you need to protect your profits so lock in the profit by hiding your stops in a trailing method hiding the stops behind price structures as the trade pans out. it is this simple way of working and following it like it is a matter of life and death that 90% of traders just dont get. they spend their days searching and jumping from system to system when all they need is a simple repeatable setup with the above outlined requirements. its not rocket science people but for some odd reason people think the more you lose the worse trader you are.. rubbish, just deal with them, they are accounted for in the edge which you need to define for yourself. so to answer your question, how long does it take.. well thats up to you, how fast can you acknowledge what the edge means and how fast can you enforce it over and over again. will it take years, no it will take practice but if you truly believe in this concept you will be off the floor and on your feet faster than you think.

Last edited by wtrader; May 2, 2008 at 1:23am. Reason: adding ending
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Old May 2, 2008, 4:01am   #20
Joined Oct 2006
Mp -- So You Wannbe A Trader, Do Ya !

Its what i do and have done for years now, and the wolf has not yet beaten down the door !

I have been self-employed for 30 some odd years now, and yes - while the other life depended on how often THEY CALLED ME, forex is simply HOW OFTEN DO I WANT TO DO IT, so your income tends to average out more evenly !

that said, heres a post from a couple years ago --- i might as well recycle like everyone else !

YOU are not gonna like what i say, but your money will !

Trading is a business, habited by the best of the best traders whose one job is to make money for "someone" or "something", be it a bank, a broker, or individual clients handled by a money manager, AND THEY SIMPLY DONT CARE one bit about the "retail client", which happens to be YOU -- actually, they do notice you every now and again --- just as theyre doing a head fake and dropping your LONG by 100 pips, scaring the living bejesus out of you, triggering stop losses and losing you scads of money !

Headfakes are to brokers what Prada Bags and shoes are to trophy wives !

Forex (and any other form of financial trading) is a full time job for thousands, and youre just stepping on the bus that will take you to the platform that will allow you to get on the train that will take you to the town that contains the school that will allow you to attend classes in this new (to you) industry. You can get "on job training," but youre presently at a point where you dont even know what you dont know !

Theres money aplenty to be made (AND also lost) but please DO NOT HAVE THE AFFRONTERY to believe you can jump in with some EA you found and start making money, because you will end up GRAVE YARD DEAD in very short order, and your money will be gone.

There is a solution, but you wont like it either ------ PATIENCE !!!!! --- most "competent" traders feel it takes one to two years to learn enough to then become "competent" yourself, which leaves a long time yet to become "really good and lets not even BEGIN to think the word "excellent !"

as you wonder thru the scads of information out there, you will begin to assimulate some, understand what others are saying and slowly your knowledge level will increase, bringing on more desire to learn ---- like anything else, YOU HAVE TO DO THIS ---- fortunately you will, as if by osmosis, begin to learn, and as you begin to learn you will understand what you dont know, and once you understand what you dont know, you will head towards learning it and once you find it, you will look back at your above questions with much smiling !

there is NO field of endevor that one just jumps into WITHOUT TRAINING AND EXPERIENCE, and forex is no different --- for ANYONE to believe differently is simply suicide !

So spend the time to learn, demo different methodologies, and in a year you may possibly be walking the walk, talking the talk and wearing the double breasted blue blazer and white wingtips of the international banker ---- try doing it without treating it seriously, and they will take you out on a stretcher while 30 other "lemme do it coach -- I can do it !" newby traders attempt to step over your crushed body and account !

Can an EA do it for you ? Yes, No, Maybe --- at least until that horrid moment when it doesnt and you learn the meaning of margin call !

Forex is like anything else --- study, learn and practice --- then the maserati, trophy wife, 2 mil home in the upscale zip code and those wingtips !

OF COURSE, YOU JUST MAY BE THAT ONE IN A BILLION WHO CAN DO IT ALL BY YOURSELF BY NEXT WEEKEND !

Oh yeah, one last thing --- KEEP THAT MONEY AWAY FROM ANY BROKER FOR A LONG LONG WHILE !

OK, final one last thing --- IT DONT TAKE A GENIUS TO MAKE IT IN FOREX --- in the financial world, forex is one of the most "predictable" of the trading venues to those who can see its movements which are much more logical than most believe (think being RIGHT brained helps here) and can be charted and plotted with the simplest of indicators, so theres hope weedhopper, theres hope indeed !!!!!

of course, you then have to deal with being in business for yourself and whether or not you can take it, but thats for another post !

enjoy and learn well

mp
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Old Jun 7, 2008, 4:11pm   #21
 
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Joined May 2008
I suggest to follow donaldduke's advice.
You make a weird question. You should answer first, do you have enough experience?, how many time are you planning to spend a day?.
Planning to have a consistent income from trading is a good PART of a plan but not the plan itself.
I think you should work on a planing strategy that involves what are you expecting from your trading activity.
I have reached very goals in a very short period, but i have dedicated many time a day, i had some background, but anyway it took me about a year.
if you dont pay attention to what all other members say, you will blow out your account.
Believe me.
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Old Jun 8, 2008, 9:34pm   #22
Joined Oct 2004
I'm a little late with this post but found it facsinating to read the various replies. Many have said that you must lose money, you must be trading for several years and this and that.

Newtron Bomb has nailed it, you have to treat it like a business and whilst there are a few rules (just like a shop business or new venture) no one can categorically say 'you have to...'

There are guidelines but they are only guidelines. Some people start a business and immediately connect with it and by luck, good fortune or savy business sense (or all three) they succeed where others fail. Sometimes you get two people both following the same 'rules' yet they have different results due to emotion, confidence and thinking forward at the big picture.

It is important that we quantify what 'lose money' means before we say 'you have to lose money to learn trading'. Yes you have to learn to lose money short term but you do not have to accept losing as long term. It is the long term that seperates successful traders from losing traders.

So, yes you need to learn what it feels like to lose money and to win money and to handle both emotions in the right way. Once you have a methology that you have tested and know that it wins more than it loses then you are well on your way. Maybe you will have a bad day, week or month (or even year) but if your business plan has been done right then you will have incorporated this possibility and allowed for it.

If the business plan has not allowed for all the possibilities then you lose long term, if it has been done properly then long term you win.

There is no 'you need to learn for 3 years' or whatever as some new traders are successful within months and sustain the success long term. Yes there are others that fail quickly but did they do the business plan ? I doubt it.

In simple language a business plan is being prepared, to be prepared you need to research your chosen path.

But we all know there are no guarantees, we can only prepare for the endless possibilities and hope we did it right.

I believe that if you think success will take 3 years then it probably will take 3 years (or more), if you think and believe you can do it quicker then you will.

Be happy

Cofton
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The Possibilities Are Endless......

Loss Of Opportunity is Preferable To Loss Of Capital

The Market Will Always Provide You With Another Opportunity But It WILL NOT Provide You With More Capital !

Last edited by timsk; Oct 5, 2010 at 12:09pm. Reason: Housekeeping
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Old Jun 12, 2008, 3:56pm   #23
 
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Minimum is 12 years.

Spending 18 hour days at the computer.
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Old Jun 12, 2008, 4:30pm   #24
Joined Oct 2004
Unusual figure 12 years, why specifically 12 ? And I doubt anyone could sustain 18 hours per day at the pc. It would drive me nuts lol

Very impressive profile though Depth Trader, I take it you have another 7 years to go then as your trading experience is 5 years.

Let's hope you make it before then and I wish you luck.
__________________


The Possibilities Are Endless......

Loss Of Opportunity is Preferable To Loss Of Capital

The Market Will Always Provide You With Another Opportunity But It WILL NOT Provide You With More Capital !

Last edited by timsk; Oct 5, 2010 at 12:12pm. Reason: Housekeeping
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