Hello Everyone, I was just curious on how long did it take everyone before they "got it" - Meaning, was able to make even a little profit on trading. My mentor told me it took him 4 months before he did and then started making around 5k to 10k a month. I understand that it's an ongoing learning process. Thanks
I was also wondering... What is the best way to choose which company to apply for? I've seen a few places that will hire you with no experience and without any license - but with an initial capital of 5k - and then there is some that will hire you, sponsor you to get all licenses required before you start trading - with no intial capital? Thank you
It depends on a lot of factors. ** Do you have someone showing the ropes? ** Do you have the right make up? ** Are you under pressure to make money? I think each case is different and depends on the person, current situation and their enviorment. In an ''ideal'' situation I think somone can start making money ýn 6 months (in stocks) possibly less.
The best answer unfortunately is it is not a time factor...it is a human factor. it depends on your willingness to be open minded, avoid unessecary risk , and study all the good information you can get your hands on. Ill give you some good examples. I am currently reading threads on ET that are astonishing...the ones entitled "markets surge on fed announcement, I am RIGHT" and the other entitled "you must buy INTC now!". THOSE are examples of people that may never "get it"...so based on the personality of those people...I would say the answer would be 5-10 years...maybe never. But there is enough good info out there to where you dont have to make all the mistakes that have been made in the past...you CAN learn form the mistakes of others which can cut your learning time down significantly if you do your homework. I dont think there is an excuse anymore for "blowing out" for example unless you have a gambling problem. For me...I think around 6 months. 3 months of loses, and 3 months to make it back....but at that time i still didnt "get it" sometimes you are just out f sync with the market. i still dont "get it"...but my definition of that is strict. but i think you will find that every now and then...you get a revelation..you truly comprehend what you already knew...but hadnt really applied before. Then you move on to a new level of learning and understanding. as you stated..you never know it all.
I think it depends on what you are looking for. If you seek instant gratification from the markets, you may find a "quick fix." If you seek to understand the dynamics of price movement, and develop a comprehension of technical and fundamental analysis, that will take you much longer. I personally, know too many people who found the quick fix, only to be wiped out as market conditions changed. I took a different route, and although it took much longer, I have been able to operate with much greater consistency through market cycles.
Hello, Chris. You are obviously a beginner, yes, what has your mentor had you doing? Stocks? Do you pay him? How old are you? How much time per day can you allow for the markets? Are you married, have you got kids? Are you interested in the markets? Do you have a job? How much capital do you have? How do you feel about gambling? Why would a firm take you on? Do you believe you can make it? I personally think you can do it, i honestly think most people can. It's all about finding your own level. How much finding is needed and how long it takes is a question only the individual will ever be able to answer. Good luck and all the best.
I'm also interested in this. I always wonder what peoples PNL curve looked like when they made the turn. I was amazed that this guy was profitable after 1 month and never looked back. http://www.elitetrader.com/vb/showthread.php?s=&postid=1135766#post1135766
Livingstone is the exeption of the rule. I personally know him as he traded with the firm I work with now and he was something else. Not everyone can do what he has done or better said most people can not do what he has done. He is in a whole different category. Hopefully Ill be there soon.
I'm 25 years old. I don't have much capital to start off at a prop firm right now. Until I do, I'm trying to gain all the knowledge I can prior to starting this way I can atleast try to reduce the time before I can make some profit off of it. I don't mean much, even 500/wk would be good enough until I can learn more from it to increase the profits. I would like to get into a firm that does not require intial capital. I am definitely interested in the markets and know that this is what I want to do. I'm trying to learn so much that I will read this and that but just to find out it doesnt really give me any good base. I just wish I had someone who was successful to show me the way. My mentor didn't really have me to much but just answer a few questions and watch his trades. Sometimes I think the better option is to start off clerking for a trader and learn a little that way and then be a trader. Any advice is appreciated. Thanks a lot for all your responses. Very much appreciated.