Learning Forex trading, no matter what level you are at, can take a lot of time, but the rewards are always worth it.
Many traders who were not successful gave up along their journey to becoming profitable traders.
This happens about 80% of the time because only 15% of traders actually make profits in the financial market.
The main reason for this is that they are unaware of how long it takes to become profitable while learning Forex.
In this post, we will discuss how long it typically takes for an average trader to learn Forex and become profitable.
Additionally, we’ll explore the challenges you might face during your learning journey based on my 12 years of personal experience.
Lastly, we’ll provide tips on how to speed up your learning process the right way.
Let’s get started!
How Long Does It Take To Learn Forex Trading?
Let’s take a look at other traders’ responses.
Twitter User: “As long as it takes you to realise how bad you want it, then it will take as long as takes to succeed“.
James Steenkamp has something to say as well?
James Steenkamp from Quora says: “It took me about 4 years to fully learn it”. “It’s not easy but it needs a lot of hard work. I made my first million through forex”
Mikey Hawke says: “I would say around 3–4 years”.
“There is an old adage that states it takes around 10,000 hours of practice to become proficient at anything”. “And if you do the math that’s approximately equal to a 3-year university degree”.
We could tell their answers are quite different.
In other words, it differs based on each individual perspective & experience.
Are these answers to these questions actually wrong?
Spoiler Alert: no it’s not.
The topic of questions like this has been discussed many times, and the answers can be misleading, mainly because they depend on each individual’s potential.
Learning is an ongoing process, and nobody is exempt from it.
Trading in the financial market is akin to playing a game of probabilities, given its ever-changing nature.
Therefore, the key lies in acquiring the “right education” and how this can help you accelerate your learning curve.
However, many people are unsure about what it means to have the “right education,” which essentially refers to learning from someone with a proven track record of success.
Embarking on this journey by yourself can be quite challenging, especially as you may struggle to distinguish between right and wrong.
The vastness of knowledge in this field may make it impossible for you to grasp everything on your own, considering that learning is an ongoing process that begins, especially during the early stages of your trading career.
The Beginning Stage
During this phase, as a beginner in trading, you might feel overwhelmed and uncertain about where to begin and how long it will take to master the art of trading.
At this point, seeking information becomes crucial.
You turn to platforms like YouTube and Google, which become your primary sources for trading information.
You watch numerous videos by different traders, read various articles and books, attend webinars, and seminars to gather as much knowledge as possible.
However, with such a vast amount of information available, you struggle to discern what is right from what is wrong.
Throughout this journey, you come across various technical indicators and trading strategies that promise the desired win-win situation in Forex trading.
You try to implement what you have learned from all your research into practice.
Yet, I understand that putting all these pieces together can be overwhelming, and it takes considerable time to determine if you are on the right track.
Now, let’s delve into the central aspect of this entire story.
“How Long Does It Take An Average Trader To Learn Forex”?
It takes an average trader 2 years to learn forex and be able to put all the pieces together to become a profitable trader.
Are there stats to prove this? No.
It’s just the way it is, especially when you’re in the beginning phase.
So, How long will it take you to learn to trade forex?
It all boils down to these factors.
- Your dedication to trading
- Your mindsets
- Source of information gathered
- Time and effort, you placed during your learning phase.
- Practice
- Your background knowledge in investing
With all these factors, Does that mean forex can be so hard to learn?
This leads us to the next section
How Hard Is It To Learn Forex?
Forex is a game of probabilities and the chances of you making a win out of it depend on how much you actually know
Most times you may have come across quotes like this
“It takes time to learn but takes series of trials to become profitable”.
But the truth is, Learning how to trade forex doesn’t equal, you’re being a profitable trader.
You can know how to trade and still not be profitable.
As it says, It takes time to learn to trade the market and a series of trials to become profitable.
How To Speed Up Your Learning Process
Learning to trade alone can be a lonely road especially when you are trying to put the pieces all together by yourself.
But that can only take longer than expected. To quickly speed up the process here are the best way to go about it.
Having The Right Mindsets Toward Trading:
Embarking on the road to success in trading can often feel like one man’s journey, and it’s true that it’s never an easy path. It’s not solely about having the most accurate analysis or finding the perfect setups.
True success begins with the right approach and mindset.
Understanding that trading is not a get-rich-quick scheme or a way to quit your current job for instant financial freedom is crucial.
Entering the market with such expectations lays the foundation for a flawed trading career.
Instead, the key lies in recognizing that trading requires time, dedication, and hard work to achieve success. Adopting this mindset will help you stay focused and committed, ensuring you remain in the game for the long haul.
Remember, patience and perseverance are vital traits in the journey toward becoming a successful trader.
Get The Right Mentor:
Having a forex mentor is one of the fastest ways to kick things off, Ever feel like giving up? you have someone to motivate you.
That way you are learning from your mentor’s years of experience and that can actually scale things faster for you.
Expect The Expectations:
Most of the time we never seem to accept the facts, losses are also part of the game.
The reasons portrayed are mostly due to some traders who make newbies believe losses make you a bad trader.
This mostly occurs when these set of traders shows screenshots of their winning trades and not losing ones.
And then you try to become perfect, believing losses don’t make you a better trader.
Here is the truth. Losses are also part of the game.
Please don’t feel discouraged when losses come, instead treat them as a lesson.
Plan Your Trades:
Planning your trades saves you from a whole lot of premature trades that actually can lead to losses.
Remember it is not a trading strategy but a roadmap on how you execute your trades and also helps you identify your weak spots to know if actually, you’re improving with your trading strategy or not.
So each trade you place should be placed based on your objectives and strategy, not emotions.
Avoid Emotional Trading:
Multiple losses can lead to fear of blowing your trading account.
Greed, on the other hand, can cause you to go against your trading plans.
These are deciding factors that can trigger your emotions and make you place trades prematurely.
Every successful trader knows how important emotions play a vital role in trading.
Though, it takes time to be able to control your emotions.
But ensuring you are not placing trades based on your emotions can save you a lot from unwanted market conditions.
Instead, you only open a position when the market has given you a clear direction.
Pro tips Only trade what you can afford to lose.
Additional Resource: Can I start trading the forex market at as Low as $10?
Risk Management:
When it comes to trading, risk management is the most overlooked aspect newbie traders tend to overlook.
In fact, understanding how to set proper risk management can save your account sizes and give you room for more trading opportunities.
With a proper risk-to-reward ratio,
Risk management helps you to cut down your losses,
In other words, it limits your loss when a trade is opened.
That way you trading with an investor mindset and not with a gambler’s perspective.
This is a deciding factor that usually separates the gamblers from the successful traders, and also the successful traders from those traders who still struggle with the market.
When you lose more than what you put in, you are a gambler
When you make more than what you put in, you are a speculative trader.
In trading,
Price moves based on many factors which means you don’t have to win all the time. Yeah!.
There will be times when your trading decision will go wrong and yes, it usually occurs.
But with proper risk management, you tend to minimize these losses.
FAQ (Frequently Asked Questions)
Can I Learn Forex Myself?
yes, it is 100% possible but not a path I would commend newbie traders to engage into,
Instead, get a mentorship program to shorten your learning curve.
The Best Way To Learn For Trading?
Watch youtube videos and read articles about forex.
and also apply for a mentorship program
