I know its different for everyone but, how long did it take you to become a consistent winner and make a career out of trading? I'm just starting out and finding it very frustrating. I'm trying to see the light at the end of the tunnel.
Over 5 years, stareing at the screen and finding my own system. I day trade futures. I use chart patterns and other stuff. seadog
yeah about 5 years is right I just love when guys show up and say 6 months oh and oh yeahh daddy was a floor trader
Keep in mind most of it is a head game.The market reacts on how people react, and there are patterns that develop. Look for these patterns.
It's nice to know I'm not the slow learner I thought I was. "5 years","thousands of screen hours." They're not just cliches. I read an article in SFO mag a while back which stated 10 to 20 thousand screen hours are necessary to become truly proficient. Although this seems high, and possibly discouraging, I believe it is important to recognize what a new trader is getting him/herself into. I was one of those idiots (back in August of '96) who thought he was going to make money right off the bat. I honestly believe that attitude, along with an inflated ego due to previous accomplishments in life, set me back a few years. Be aware of what you are getting into. This shit ain't easy.
Been studying and trading futures since Oct 2004. Have over 4000 screen hours up until now and have read many books and I am just now getting a clue and making small consistent profits...Hope it helps
Some actual good, honest feedback here. I guess it depends on what you call profitable. For example, making any profit or making $XXX,XXX+ of profit... Anywho, there is a definite correlation between the time spent at this and the likelihood of being profitable. The thing is, many will just not be around long enough to get there. It's similar to many other top paying professions. I was a stockbroker previously and we knew that when new brokers came into the office that those that did the work AND were 'too dumb' to quit had a very high chance of making it. We seriously would tell people that you had to be too dumb to quit b/c anyone with common sense would quit the job after about 1 week. Same can be said of trading... how many around you will comment on how hard/stupid it is what you are doing but then/if you make it, more than happy to give you their life savings to trade.... Such is life.
There is no light at the end of the tunnel. This you will find is an unhappy answer but it will save you time and bring you to the truth. You've already had the necessary signs of it being "very frustrating". That is the experience of the many. Learn from it and go away. You happiness and direction in life is elsewhere. Remember you've been given this crucial guidance now - not later.
Yeah, 3 to 5 years, depending on how much time you put into it. It's really quite a journey ... and at the end of it you're going to realize some truths about yourself and everyone else that you'd never have thought were true ... but they are. Good luck if you want to do it.
I have been trading Part Time for 11 years and have just built up enough money to retire in May and trade full time. I wish I would have bit the bullet and started full time earlier like you. Although it may have been more frustrating to start, my learning curve would have been MUCH shorter. Good luck and hang in there!