Quote:
Originally posted by txtrader
and I don't mean to be a sa, but where do I go from here? I know I don't know - but I'm willing to learn, but my personality being what it is doesn't allow for your prediction of 2007 - yes, it's a slow process, yes, it's a learning curve, but some of us, as posted, don't necessarily need the 2+ years to realize we don't know, and we have to slow down. But not all of us need 12 - 18 months to learn to do something that will help us in the long run. We learn quickly from our mistakes, and are more than willing (sometimes to our detriment) to listen to "those who know".
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I think you are right. To say that everyone needs three years to get to stages 3 and 4 is nonesense. There are typical mistakes that we are told that all beginners make.
1- Not cutting losses short. I have never had any probelms, right from the beginning, to cut my losses short. I have always had a short fuse for trades that go wrong. I always, without fail, bailed out of losing trades and still do.
2- Letting your profits run. This I found more difficult but not serious enough to stop me from making profits. See 3 below as this relates to having enough trading capital.
3- Not sticking to a system. I had problems with this but fixed them quickly by getting better capitalised. I didn't take all the trades that my signals told me to take because I was afraid of losing. So I got more money from family and sold my expensive car, and the courage came with the money. That was the end of that problem.
My point is that, how long it will take you to become a good trader depends entirely on what kind of personality you have as well as your personal circumstances when you start out. I started trading just over 18 months ago, and I find trading pretty boring and routine by and large. This ain't rocket science. Just understand that it is an odds game and provided you find a way of putting the odds in your favour and realise that you know nothing, then trading fx is a deal.