In today forex faq, we have a good question from one of our fellow traders who has been learning forex for several months now and has the following question.
Below is the question
I have been learning forex from books and websites for 5 months now but I feel that I am not making any profits in my demo account.
Just to check with you roughly how long it takes someone to really master how to trade forex and make money from it.
I bet this is one question that most of you have in your mind but did not ask. It took me close to 9 months to start money in trading. I remember that I lost close to $20,000 of my hard earned money on the 2nd month of learning forex.
I simply read up some forex books and took up one forex course that teaches me a very simple strategy. I am very confident that I am going to make money from trading and jump straight into trading live account.
To my surprise, I got my account wiped out after 2 weeks of trading that simple strategy. I am not convinced and decided to take up another course and then trade live again. I got my account wiped out the 2nd time.
I decided to really treat forex as a career and start to study the chart and learn how to trade. I remember trading on the demo account for about 3 months with no profits. It was on the 4th month that I started to see profits and I had another 2 more profitable months after that.
This was when I know I have mastered it and since then I am trading live till today. So how long it really takes depend on a few factors.
1) Yourself – You must really treat forex as a career and not those get rich quick scheme that can make you a lot of money within a short time. This is a big problem as this is what most advertisement made forex trading looks like.
Therefore you must first tell yourself that you want forex trading as a career and you are willing to put in the time and effort to make it work.
2) Education – Without a good mentor or strategy to use, you will never make it in trading. From your question above, you are simply reading up books and websites but did not take up any courses.
Those techniques that are written on the books or websites are very simple techniques. You really need to fine tune it in order to be able to make money from them.
No one will share with you strategy that works for free. However there are a lot of courses online that are created by marketers who wants to make money from new traders and that is why you must be very picky when selecting course to take.
3) Discipline – Even when you have a very good strategy on hand, if you do not have the discipline to stick to it, you will still be unable to make money from trading.
A professional trader sticks to his strategy no matter what happen. It is common for a trader to see a losing but this is something that new traders cannot tolerate.
They tend to believe that there is a strategy that can win 100% of the time. I have to tell you the truth, there is no such strategy. A reliable strategy is one that can produced profits at the end of the month even if there is some losses.
If you follows the above 3 factors, you can start to see profits in your trading within 6 to 9 months as you must always practice what you have learned on a demo account for sometime before you trade with your real money.
I hope that I have answered your question and do feel free to give your comments below.