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; After a little less than a year, I'm doing very well on "live demo", for want of a better phrase ...

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Old Dec 27, 2009, 6:55pm   #46
Joined Dec 2008
Re: How long does it take to make a stable income from trading?

After a little less than a year, I'm doing very well on "live demo", for want of a better phrase - trading real money but very small stakes. A little while ago I realised that I'm not ready to step up to trading a proper account yet.

So learning how to trade has taken just under a year - becoming a trader who makes any kind of meaningful amount is going to be a completely different challenge.
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Old Dec 27, 2009, 7:05pm   #47
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Re: How long does it take to make a stable income from trading?

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Originally Posted by maiden22 View Post
After a little less than a year, I'm doing very well on "live demo", for want of a better phrase - trading real money but very small stakes. A little while ago I realised that I'm not ready to step up to trading a proper account yet.

So learning how to trade has taken just under a year - becoming a trader who makes any kind of meaningful amount is going to be a completely different challenge.
...which probably also concludes that demo-trading is still quite different for live-trading, even though you are using the same trading system... I am right?
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Old Dec 27, 2009, 7:43pm   #48
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Re: How long does it take to make a stable income from trading?

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...which probably also concludes that demo-trading is still quite different for live-trading, even though you are using the same trading system... I am right?
Absolutely.

At the moment, I am trading "profitably" - my account is increasing in size. This is a very small account, the total loss of which, while annoying, would not have any noticeable effect on me.

A little while ago, I decided to try trading using a larger account. Everything was the same except for the positions being bigger, although naturally they were the same in percentage terms.

I got shaken out out of my first two trades at a little over break even. Both rapidly went on to hit my targets. There was no reason at all for this other than nerves - I was simply not ready to have that amount of money at risk.

Psychological problems are getting in the way of effective trade management. I had this before when I first started - the fear of loss was too great, although given the amounts on the line, it might be more correct to say fear of failure. So it's an old problem in a different guise, and I just have to work on resolving it.

There's no question that knowing how to trade and trading for a living are totally different.
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Old Dec 31, 2009, 3:40pm   #49
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Re: How long does it take to make a stable income from trading?

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Absolutely.

At the moment, I am trading "profitably" - my account is increasing in size. This is a very small account, the total loss of which, while annoying, would not have any noticeable effect on me.

A little while ago, I decided to try trading using a larger account. Everything was the same except for the positions being bigger, although naturally they were the same in percentage terms.

I got shaken out out of my first two trades at a little over break even. Both rapidly went on to hit my targets. There was no reason at all for this other than nerves - I was simply not ready to have that amount of money at risk.

Psychological problems are getting in the way of effective trade management. I had this before when I first started - the fear of loss was too great, although given the amounts on the line, it might be more correct to say fear of failure. So it's an old problem in a different guise, and I just have to work on resolving it.

There's no question that knowing how to trade and trading for a living are totally different.
Hi bud, performance anxiety is a big issue, have you read any of Brett's articles? Might be worth it. Given that they're free to air they're ridiculous value, worth thousands in relation to the courses/forums/gurus people blindly follow...

Now you've developed a system (your own) that you trust and works (for you), you have to practice it and there's only one way of doing it. Weird how what appears to be the simplest bit, once you've finally arrived at the journey's end, can be the most difficult step...

http://www.brettsteenbarger.com/weblog.htm
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Old Sep 11, 2010, 10:26am   #50
 
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Re: How long does it take to make a stable income from trading?

I noticed I post on this thread a year ago..

Since then I built up a little account .. got over confident and lost a lot of it.

Had some more time off to learn more.

Back again with small sum,hundreds not thousands, 5-6 months in it has steadily increased an is quite a respectful sum, I am taking it a lot steadier and feel I have learnt a lot more.

I note I am coming up to 3yrs a member on here. I have probably be looking at trading for a little longer than that.. So I think I am not far off 5 yrs in.

So I tend to agree, whilst when you first read something like 10yrs it sounds a long time, it is probably realistic. They say you need to spend 10,000 hours doing something to be come an expert in it.

In a years time (hopefully) maybe I will have a trading account that will give me a good side income but realistically it is probably several more years from now until I would consider it a stable income, If the point comes where I am consistently making more a month from trading that my profession I will certainly look at spending time away and trading.. but if I am making a stable income within the next 5yrs I will be impressed.

For me, (I am mid 30s), I look at trading more as my retirement fund than my living. Hopefully it will be able to give me some security in later life. If it works out that I make a living from it in next 5 yrs, so much the better.
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Old Sep 11, 2010, 1:51pm   #51
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Re: How long does it take to make a stable income from trading?

You can accelerate the learning process by making a journal, making notes, learning, revising, revisiting previous trading sessions.

Neurons and synapses in our brain are real destiny and with proper learning and revision, performance is accelerated.

Caution- All the above steps should be taken along with your regular job/profession.
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Old Nov 23, 2010, 1:03pm   #52
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Re: How Long Does it Take to Make a Stable Income from Trading?

Well i'm only really starting to learn despite my membership since 2005. I would say its been 18 months of more serious learning and i'm still only getting limited success trading 100 share lots of Nasdaq stocks. Paper Trading did not keep my attention as it meant nothing.

For me the biggest part of it was determining where i wanted to focus my time. I jumped around from FX to UK swing trading and now to day trading US stocks part time after work.

I am now after 18 months of playing writing my trading plan. I suggest that this is one of the first things a new trader does. Plus a journal to document every trade. Had i began writing this sooner, i think i would be further along the development path by now as you cannot lie to yourself when everything is written down!
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Old Nov 23, 2010, 9:23pm   #53
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Re: How Long Does it Take to Make a Stable Income from Trading?

i've been learning about markets for 2 years, learning to trade for just over 1, learning to trade directionally for one year, and finally found a non directional edge
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Old Apr 10, 2011, 11:43am   #54
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Re: How Long Does it Take to Make a Stable Income from Trading?

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Hello cofton,
12 years is taking all variables into account. One can know what needs to be done to make money, but not be able to precisely apply it. Dealing with platforms, people and the problems that need to be worked out are endless. Hence 12 years.
This has also given you time to trade your system through more terrain.
A lifetime...more like it. Surely the only successful trader is one that met his maker whislt "in the black"
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Old Apr 10, 2011, 12:52pm   #55
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Re: How Long Does it Take to Make a Stable Income from Trading?

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A lifetime...more like it. Surely the only successful trader is one that met his maker whislt "in the black"
If you view this as a game of probabilities, then if you wait long enough you'll experience a drawdown that'll take you out of the game. Death is cheating the inevitable really.

Surely success is whatever you deem it to be ?
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Old Aug 4, 2011, 12:24pm   #56
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Re: How Long Does it Take to Make a Stable Income from Trading?

years
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Old Aug 7, 2011, 1:12am   #57
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Re: How Long Does it Take to Make a Stable Income from Trading?

id say 2 years with real money (for swing )
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Old Aug 7, 2011, 4:57pm   #58
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Re: How Long Does it Take to Make a Stable Income from Trading?

I can tell you my story......2 years to lose 35% of my capital....the next year to get it back....the following year to make 52K ....next year to almost triple it, this year possibility of doubling that. Sounds good right? Now consider I left a job that paid paid over 100k per year. So missed out on 6 years of earning 600k+ and I've made around 350k ....now how smart do I look?......I found it was tuff to get out of my own way while trading....once I did and trusted the plan I turned the corner.
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Old Aug 9, 2011, 5:28am   #59
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Re: How Long Does it Take to Make a Stable Income from Trading?

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A lifetime...more like it. Surely the only successful trader is one that met his maker whislt "in the black"
Exactly look at Jesse Livermore arguably one of the most sucessful traders of all time,died broke.
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Old Oct 10, 2011, 8:24am   #60
 
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Re: How Long Does it Take to Make a Stable Income from Trading?

A lot of people who find success aren't in the market everyday because they understand some days aren't worth trading at all. Trading is a lot like poker. You have to learn when the odds are in your favor, and you have to know when to hold and when to fold.
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