Newbie Forex traders almost always ask some variation of the same question:”How long will it take me to transform myself into a profitable trader?” This is a perfectly natural and logical question to ask yourself, and others, whilst undertaking the baby steps of your trading career. But seasoned pros take this as a sure sign that you will need a lot more training and experience.
Just like in life, you take a great risk by focusing only on the destination and end up keeping your eyes off the journey. You could easily end up prioritizing the wrong things and be blind to the lessons while getting to a particular destination. Thus, it is wrong or improper for you to ask the popular question mentioned above. The right or more suitable questions, as well as their corresponding answers, which you should be asking are as follows:
What should I, as a Forex trader, do to become more profitable?
This is the most logical question to ask because you have to understand how to become a profitable trader first before even thinking about long it would take to become one. If you don’t try to understand how to go about trading properly, making a profit will turn out to be a difficult undertaking. Hence, the first step is for you to learn the art of trading properly.
What are the qualities or attributes necessary to become a profitable trader?
This primarily deals with the mental prowess and other related skills necessary to be successful in the world of Forex trading. The nature of trading relies heavily on individuals who are comfortable working alone and have strong mental resolve. Without the proper mental attributes, one doesn’t have a decent chance of making a solid profit over the long-term.
Not every has what it takes to become one. So before pumping your money into it, it is necessary for you to take a period of introspection and understand if you can thrive in such a high-pressure, solitary career. You will have to be brutally honest with yourself and assess various characteristics like patience, discipline, control over your own desires and emotions, and the nature of the market which is beyond your control.
But really though, how long will it take to be a profitable trader?
There is really is no conclusive answer for a question. There are too many variables in play to even take a wild guess. This is primarily because each and every individual’s ability and mental prowess varies. The truth is that the duration completely depends on…yourself. Some people can pick trading concepts more naturally over others. Some have brains which are wired differently and, hence, more conducive for the world of Forex trading. But natural talent alone doesn’t dictate who becomes a profitable trader, it just means that others will just have to put in longer hours, more practice and undertake more preparatory sessions to overcome obstacles.
Final Thoughts & Some Words of Advice
Being hungry is very different from being greedy. You are limiting yourself by simply counting down the days till you become a profitable trader. This line of thinking hurts your learning and personal growth process. By solely focusing on the time aspect, you are allowing greed to consume you. Such greed will only allow errors to creep into your trading decisions and you will end up risking more than would normally do. Ultimately, you will end up being farther away from your end-goal than when you started.
Hence, focus on various aspects of the journey. Train yourself to be mentally stronger, disciplined, learn, observe and analyse in an enhanced manner. If you decide to invest yourself into becoming a better or a more efficient trader, then time falls by the wayside and you are simply consumed by a thirst to become a better individual.