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

Jingles said:

I have been working very hard most every day for the past 5 years and I am still not ready to trade.

I find it difficult to figure it out. it is not easy. But I have learned a lot. I can hardly believe how naive I was 5 years ago and recently the past month or 2 months, I have done much better in understanding what is going on.

There was a book written on the outliers saying that a person needs a minimum of 10,000 hours of intense study to learn to be good at most things. and that is a minimum time. at 40 hours a week that is 5 years of intense study minimum. I am at that 5 year point and need more time.

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lender85 said:

I see most trader with > 3 years experience come to broker for a forex position (manager, analyst,...). 1-2 years is enough to make stable income then switching a large fx broker for higher income.

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Uranus said:

How do you guys find a job that doesn't interfere with trading hours? . . .

. . . Any tips for finding a 2nd/3rd shift job that isn't fast food or some other boring job? I wouldn't mind a physical/labor job. I've never had a job in my life and quit nursing school to pursue trading. How would I write a resume?

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timsk said:

Hi Uranus,
Brace yourself, as I'm gonna tell you something you probably don't want to hear. Giving up nursing school in order to trade was a mistake. The only valid reason for giving it up is if you absolutely hated doing it and you couldn't give a flying toss about the health and well being of other people. Assuming you like people and want to help them, then nursing has to be right at the pinnacle of the most important and most useful professions out there. Certainly waaaaaaaay more important and useful than trading!

I suggest you put your trader head on and apply it to your career prospects. By that I mean, when you enter a trade then, (hopefully anyway), you do everything possible to minimize risk. You know what you'll do if the trade goes against you and how to handle whatever the market throws at you. Now, apply the same philosophy to your career. What happens if your trading ambitions don't pan out; you blow up your account or simply get bored of it? You'll look back and wish you'd finished your nursing training or, at the very least, pursued something else that lead to a useful qualification and provided the opportunity of a good job with prospects. That's not being negative, it's being sensible and realistic. You absolutely have to assess and focus on the downside risk and, for the time being at least, forget about trading 100 cars and making millions every year.

Your education is the most important thing in your life right now, and you need to invest in that heavily while you're still young. You can always trade in your spare time if you want to and, besides, the markets will always be here for you to return to when you have all the basics (i.e. education and qualifications etc.) all squared away. The only exception to the above is if you have the opportunity to work as a trader (or similar role) in an investment bank or proprietary trading house. However, to get into one of these, especially an IB, chances are you're gonna need qualifications anyway. So, whichever way you look at it, higher education is where your entire focus needs to be right now. Seriously, I urge you in the strongest terms possible to forget about trading until you've got your career sorted out.

Good luck!
Tim.

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NVP said:

Trading is not for everyone.......it's different to other businesses........it's just you and that thing on the top of your head.......called a brain

Do,you want to be successful ?.......earn an income ?........be wealthy ?.......be famous ?.....be respected ?.......speak at conferences ?......be a celebrity ?.......teach ?......retire at 30 ?.....

Ask yourself what you want from trading......it's not a simple matter......and will be multi faceted......

Once you know what you want then it will assist your drive and ambitions and commitment to becoming a trader.......small steps but have a vision of who you will be and how it will feel ......taste it ...smell it live it in your head.....


It will take years to find your edge.....but you have to start and endure to get there.......take regular timeout s to review your progress and also get a decent mentor .....I don't mean pay a vendor to give you some worthless feedback you paid for......I mean find someone who,actually is interested in your progress.....

How ?......well it cuts both ways everyone ........you have to sell yourself and prove you've got,what it takes for,them to help......

It will happen if you believe ......I have been mentored by more than probably 10 People now......towards the last few years they get my forex strengthmeter knowledge in return for coaching me in specialist areas I needed......

So get stuck in .....if you drop out along the way don't beat yourself up......only a few percentage make it........

N

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radex78 said:

Required long time experience and learning, as long as trader still want to treat forex as their main business, hence they need practice everyday, learning the market behaviour and submit plan trading if they get best signal which giving best opportunity to making profit, but however forex is remain risky business.

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FXSuperTrader said:

btw, you can open a demo account and trade free, not bad

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