Updated: Jan 7
One very common question we get asked a lot is, how long will it take to become a successful trader? To be honest, there is no answer to this question. There are so many different individual variables that can affect your journey.
There are so many things that can influence your life, such as:
How much time can you commit.
What are your current commitments.
What is your environment like.
How quick you digest information and put it into action.
How much money you are willing to spend on education.
There are so many independent variables that it's impossible for anyone to give you an answer. Some traders will be profitable within 6 months, while other traders may need 3-4 years before they get it right. But one thing they all have in common is that they will have developed a trading plan and are able to follow this plan.
The main reason people ask this question is probably because they look for a way to make quick money.
Well, yes - you can make quick money when trading Forex, but this is pure luck and you are more likely to lose a lot of money. Making quick money when trading Forex is the same thing as gambling, and this is not what trading is about. This is most likely not what you would like to hear, but it's the truth!
Trading is about making more money using money as a tool. It's about having a trading plan and a strategy that will make money over time - then you compound that money.
It takes time and discipline, and you will need goal setting as tool when working your way towards success.
Both long term - and short term goals. This is how you grind on your skills and this is how you will see results of your hard work.
The best advice we can give you is not to focus on the money but rather the prosess.
This is not always easy, but it will be worth it in the end.