Personally, I have taught some people who became profitable under my tutelage, but before then they have been struggling with the market for about 8, 9, and even 10 years!!!
But, does everyday chart study increase your chance of becoming profitable?
You would discover that as we dive into more studies, in this article.
Aside from going on a personal self-discovery, what are other factors that generally tend to affect the time period of becoming a profitable forex trader?
Well, this article has got you totally covered as we would be discussing the general factors that determine how long it would take for you to become profitable.
Factors That Determine How Long It Would Take For You To Become Profitable.
• Education
• Time investment
• Capital Investment
• Psychology
Listed above, are four crucial factors that can determine how long it would take you to become profitable.
Let’s take each one of them and explain what it is, and how and why it affects your profitability.
Education
Education simply means learning from the right source about the forex market and how to navigate your way into becoming consistently profitable.
What is the right source?
I hear you scream, “oh there’s tons of free quality content on YouTube or on Google that can teach you how to trade forex”.
Well, however true this might be, having the understanding of how to know who is feeding you with the correct information and who is not, would be difficult.
But why is that?
Mostly due to the fact that many of these so-called forex teachers or gurus out there are just brandishing and brandishing content.
And you as a newbie would probably think in your mind that you have gotten hold of the truth about the market and all you need is to jump into the market and start making millions of dollars.
This is far from the truth and reality of trading.
Really, nothing comes for free.
You have to pay in some sort of way, either monetarily or through pain.
You can either pay to get a quality course that would save you from a lot of wrong information out there, like having the forex mastery course.
OR take the pain of teaching yourself or self-study, that not only take the longest time but also exposes you to the risk of being trapped with the wrong information.
And this, usually make traders so choked up that they sometimes wouldn’t be able to get the correct education ever.
Usually, I recommended to anyone to take the forex mastery course, which not only saves you from the risk of being exposed to false teachings but also guides you through your journey in forex.
This affects your profitability because the time you waste absorbing the wrong information would multiply the time period you need to you can become profitable.
At this time, you would not have a well-defined and structured strategy that would help you even make profits, not to talk of consistently making that profit.
But, if you have been on the right path from the get-go, you would reduce how long it would take because you would have a good mentor’s path to thread, and from there develop your own path that would lead you to become profitable in the shortest time possible.
Therefore, having the right education would do you a lot of good moving on in this journey– the forex journey.
Time Investment
What do I mean by this?
It is simply the amount of time you are ready to dedicate to learning how to become a profitable trader.
Apart from having the right education, time Investment is another crucial factor that determines how long it would take for you to become a profitable trader.
Yes, you can be exposed to good quality content, but how about the time you’re willing to give towards learning and practicing?
You see, “knowledge alone is nothing, but applied knowledge is power“.
In this forex market, you need to study and practice a whole lot to become profitable.
Take any other career as an example, it takes a lot of time and practice to become successful.
Let’s have a look at some below–
It takes no less than 4 years of intense study and practice to become an Economist.
It takes at least 5 years of deep study and practice to become an engineer.
You need to have rigorously studied and practiced for at least 6 years to be licensed as a medical doctor.
Trading is not any different, other than the fact that you might not need to take 4,5 or 6 years to become consistently profitable.
This is only to lay emphasis on how study and practice are necessary for reducing the length of time it takes you to become profitable.
You need hours of study and chart time to have a grasp of what you are being taught, and to be able to spot your potential trade as soon as it is forming clearly.
I get it, you might be a student, a family or a business person and all these take your time.
Do not worry, as all you need to do is to set apart some hours of the day to study.
The hours you set apart are subjective, as it depends on the kind of person you are.
Personally, I had no less than 10,000 hours of chart time before I became profitable in the forex market.
This is because I had to pass through the normal stage every trader passes through.
If you want to know how I became successful, check out my story on how I became a forex millionaire.
But note, yours do not necessarily have to be that long if you have the right education, mindset, and commitment.
Hence, the time you spend studying and practicing is another major factor.
Having said this, we would have a look into another type of investment you need to make.
Capital Investment
Capital Investment is the amount of money you are willing to give in, from your learning stage till you become funded– till the stage where you have the capital to trade.
This is also a factor when it comes to determining how long it would take you to become profitable.
Many are choked up with lots of wrong information about forex because it is free and readily accessible by anybody in the world.
They are not ready to pay to learn, they are not ready to pay to earn, and all they want is everything free of charge.
Which makes them not profitable because they would not know how to approach the market.
I cannot over-emphasize the need for you to have enough capital before you can think of trading.
When it comes to funding accounts also, many are not willing to put in enough amount that would afford them enough risk to make good gains, rather many would think that they can slot in $5 to cash out $50.
Like I always say, trading is not gambling.
Go to the casino to achieve that.
You should be able to have enough capital that would afford you to risk enough for potentially good gains. Your first, second, or third trade might not be profitable for you, they might all be losses.
I spent over $30,000 seeking good knowledge in this industry before becoming consistently profitable.
The question is, Do you have to spend that much?
No, not at all, not even up to a percentage of that, if you have the Forex mastery course.
Therefore, your capital with good risk management should be able to afford you the liberty to fail, fail and fail again before you achieve success.
Remember,
“The greatest successes come from having the freedom to fail”
Psychology
Psychology, in simple terms, is your expectations and how well-disciplined you are when it comes to trading.
Of course, it entails far more than that, which we would be discussing shortly.
One of the greatest enemy to a bright future in trading is the unrealistic expectations you have from the market.
Just like the $5 example I gave earlier, that kind of mentality should be done away with as quickly as possible.
Such expectations tend to make traders subject themselves to career-damaging habits such as overtrading, over-leveraging, unhealthy risk management, and so on.
Any trader who wants to stand a chance of ever becoming successful should either have no expectations coming in or should reduce their expectations to realistic and achieve able goals.
Your level of discipline also has an impact, because you would be able to stick to the rules of your trading and therefore save you from further losses if have a losing streak or saves you from basking in your euphoria, when on a winning streak.
You will need to focus on the process and not just the potential results of the process, and you can only do this if you have the proper psychology.
Above are the factors that determine how long it would take for you to become a profitable trader.
Final Words
Having known these factors and all possible questions you need to ask yourself when you are on a self-discovery, it is now time for me to tell you how long exactly it might probably take for you.
Let me start by sharing my own experience, before finally becoming a profitable trader, more or less a forex Millionaire, it took me three (3) years of study and practice to become a profitable trader.
This is because of some of the factors I have highlighted earlier.
Now in your own case, after exposing yourself to these factors, all you need to do is to boycott all possible future hindrances to your success in the industry.
It can take you up to 6 months before being consistently profitable or even 3 years like it took me or even more, all depends solely on YOU.
Lastly, ensure to have the demo traded for at least 6 months with consistently profitable results following your strategy before trying to live trade.
If you stick to all these I have equipped you with, you would be unstoppable in the forex industry.
