Forex is a decentralized market place where traders can engage in forex trading from anywhere around the world. And some traders can be efficient in forex trading within some years of trading. But some traders require a lot of years for learning forex trading efficiently. Basically how many years a trader will require to get the acquaintances about the forex trading depends on the abilities a trader. The quick learner and a person with great intuitions and analytical abilities can be better able to learn the forex market within few years.
How many years does it take for one to learn the forex trading?
- Thread starter Garett Sim
- Start date
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All these years i have never learned /started LOL; doing something with banks money-thats different
So a quick learner could make a big difference, @ bank.; + one would have to really want to trade something.......
Depends on your education background and how much you know finance, if you're alone or have a mentor and how legit that mentor is.
there are many of those "mentors" in Forex who are only good at selling e-books, webinars and other useless junks.
Most retail traders like myself started with not much knowledge, we have a job/study so we don't have much time to spend on it and most of that time is spent testing "systems" we found on forums,which are mostly based on voodoo and magic indicators that will supposedly show you the best entry/exit.
you find a "system" on a forum, test it for couple weeks, realize that it doesn't work and move to the next one.
This is extremely time consuming and frustrating.
On average i'd say a retail trader on his own will take between 4 and 8 years before becoming profitable
there are many of those "mentors" in Forex who are only good at selling e-books, webinars and other useless junks.
Most retail traders like myself started with not much knowledge, we have a job/study so we don't have much time to spend on it and most of that time is spent testing "systems" we found on forums,which are mostly based on voodoo and magic indicators that will supposedly show you the best entry/exit.
you find a "system" on a forum, test it for couple weeks, realize that it doesn't work and move to the next one.
This is extremely time consuming and frustrating.
On average i'd say a retail trader on his own will take between 4 and 8 years before becoming profitable
Hmm. I think there's a misconception that you must understand finance and that will somehow benefit you when trading. I can tell you first hand it doesn't really benefit me when trading - but I do understand the context which you're talking about. Maybe you mean basic mathematics and some common sense.
Agreed with the rest of your points. Most of these "mentors" these days are just internet marketers.
I would suggest stripping your charts of any indicators for a while and sticking to the higher timeframes - especially if you're working during the day.
There's a good book called we don't need no stinking indicators which I would recommend. Along with naked forex.
Try that style of trading, using supply/demand zones and momentum etc.
Might be worth your while.
The River Bed - Like that of the Mouth of A Flowing River – So is that of the Foreign Exchange Market Place – It is endless to time but not to Human Interference and will continue to Flow – So do be Patient as to Entries I make available to you. There will always be Time to Place New Entries – As further Evaluation is forthcoming – Once one end is complete – So more leaves from a Tree is Produced – So we are left in Complete Cycle as to what is going on. - Peter Matthew Matty – Just another source of my poetry which I have decided to add in assisting you to better trading mentality.
There is no clear answer to this. It all depends on your willingness, constancy, knowledge and hard work. There are some people who learn it relatively faster than others whereas others are not so efficient. They take their own time. However I must say this that for a field as elaborate as forex you will require a lot of time and effort to fully understand this. More important than the time frame is how profitable and consistent you are in forex.
Agreed but if you're talking about profitable or efficient trader. I can say that it all depends on the strength of either their mental body (laziness can costs greater loss or wasted experiences) or their mental behavior (immature, poor in management, impatient, greedy in nature).