A common question I am asked about trading is how long does it take to be successful in forex. Well, it takes time to fully master forex trading – roughly 2 to 3 years for most people. So for all the newer traders starting out, I created an infographic that lays out the road to success in forex.
To put this infographic together I interviewed over 30 traders, ranging from a few months to a few years experience. This helped me get a really good idea of how long it takes to become a successful forex trader.
Fast Track Success in Forex
Interviewing these traders uncovered a lot of interesting facts about common mistakes that new traders make:
- Waiting too long to create a trading plan. Over 80% of the traders I interviewed waited over 10 months before creating a trading plan. Not having a plan before you start trading is a critical mistake! I give you a free trading plan template over in the free course so go ahead and use it.
- Not filling in your trading journal. Over 60% of the trader I interviewed have never kept or do not regularly update their trading journal. Journals are invaluable because they help you spot mistakes which lets you fix those mistakes. If you want to increase your profitability, keep a trading journal! I have another free template for a trading journal that you are free to use.
- Relying on indicators. New traders rely far too much on indicators and indicator based methods. You are ignoring price action if you use them too much and they are not as sustainable in the long run.
- Wasting money on forex robots and similar things. This is more common than you might think – there are a lot of scammer out in the forex world. New traders throw money away on false promises and products that are not legitimate. Be on your guard and do your research into companies!
- Demo trading for too long. Demo trading for too long. A lot of people disagree with me on this one but demo trading can give new traders a false sense of proficiency. Demo trades do not carry the same weight and pressure as live trades do. Profitability in demo trading doesn’t directly transition into live trading profitability. So don’t put off live trading for too long!
Check out the info graphic below.
Please note that the average profit column indicates the average profit for the 6 month period indicated. This is based on averaging out the percentage of profit/loss given to me by the traders I interviewed. This values listed are based on less than 20 data points each.
