Want to be a profitable trader?
You’ll surely scream “of course!” as a response to this question. Of course, it is every trader’s main goal to earn profits and find success in trading Forex.
Your next question would probably be ,“how long would it take for me to become profitable?”. Now, this begs for a more concrete answer to enlighten a lot of traders and would-be traders out there.
But right at the very start of your career, you should realize that overly fixating on the profitable side of trading can work against you. Without appreciation of the journey itself, you’ll miss the opportunity to learn the lessons to achieve trading success. These lead us to the fact that the “how long” question is not right after all.
So here are the most important questions (and answers) you need to know to be truly successful in your trading career.
What does a trader need to become successful?
Before taking your first plunge, the first most crucial thing you need to ask is “What do I need to become profitable?”
If you know the “HOW”, then every important piece for success will fall into its right place. If you’re nothing but a hell-bent trader obsessed with profits, then you won’t be here for long. Those successful traders that you emulate have achieved their status by answering that all-important question “HOW”.
If you feel that answering the question “how to trade properly” can be burdensome, then do not expect any concrete success with any of your venture.
What does it take to become a profitable trader?
Ask yourself if you really have what it takes to become a profitable trader (and not just one of the bland traders). This question lies NOT in the skills and trading knowledge that you should acquire, but more on the mental/psychological aspect of trading. Do you have the will to master this aspect, or would your impulses enslave you?
You have to realize that trading is a solitary and psychological venture. Leave as early as you can if you are not equipped with the proper trading mindset. This kind of mentality is one of your essential keys to become a profitable trader, and without it, all your efforts would just be in vain.
Here’s another truth: everyone does not have what it takes to be a profitable trader. Thus, trading is not for everyone. Before making a deeper plunge, you should really have a deeper reflection if this venture suits you.
Here are three questions that beg honest answers: Are you ready to be patient when you’re too tempted to take action? Are you prepared to accept the truth that the market doesn’t care about your desire? And more importantly, are you strong enough to remain disciplined amid strong temptations?
A “no” to any of these questions is enough reason for you to back out.
At last, the question you’ve been waiting for.
How long does it take to be a profitable trader?
Does it take 6 months, 1 year, 2 years, or longer?
The truth is…
There is no definitive answer.
You see, everyone has their own capability to manage their emotions, to absorb various realizations and the guts to take action. So, the length of time it would take to become a profitable trader depends on your capabilities.