By rayner teo. you’re reading this right now because you want to know how long it takes to become a consistently profitable trader. you’ve heard others say it takes at least 2 years. some would tell you it takes 5 years. and there are a few who still suck at it after 10 years. 5. backtesting speed up your learning process. backtesting is, besides keeping a trading journal, another great way for traders to speed up their learning progress. during a backtest, the trader goes through historical price data and looks for trading opportunities by applying their trading rules.
Either way, here’s how to turn it into profits quickly and efficiently. 1. focus on one idea or strategy. focus on one specific idea. an idea is not “price action” or “technical analysis”. that is too broad. but you could start with the idea of day trading an 8 and 21 period moving average crossover. Follow these steps to become a successful trader: learn the basics of your market. pick a strategy that appeals to you. create a trading plan. backtest your trading plan. forward test your trading plan. journal your trades and improve. start trading live. now that you know the basic steps, let's dive into the details. In fact, sometimes losses are part of a smart strategy. for example, in hedging, one position loses against another. it can take years of study and more years of trading experience to reach profitability. it requires a good mix of knowledge, smarts, experience, intuition and the ability to evolve. Rule 1: always use a trading plan. a trading plan is a set of rules that specifies a trader's entry, exit, and money management criteria for every purchase. use technology to test a trading idea.
In fact, sometimes losses are part of a smart strategy. for example, in hedging, one position loses against another. it can take years of study and more years of trading experience to reach profitability. it requires a good mix of knowledge, smarts, experience, intuition and the ability to evolve. Rule 1: always use a trading plan. a trading plan is a set of rules that specifies a trader's entry, exit, and money management criteria for every purchase. use technology to test a trading idea. Read steps to becoming a profitable trader as quickly as possible for a step by step guide on doing just that. how much time it takes to become a trader – final word. i don’t view being a trader as a destination. it’s a process. i’m only a trader as long as i stick to my methods, control my losses, and can pull money out of the markets. Novices can start with smaller amounts, depending upon their selected trading plan, the frequency of trading, and other costs they bear. to actively day trade, it is required that you maintain a.
Read steps to becoming a profitable trader as quickly as possible for a step by step guide on doing just that. how much time it takes to become a trader – final word. i don’t view being a trader as a destination. it’s a process. i’m only a trader as long as i stick to my methods, control my losses, and can pull money out of the markets. Novices can start with smaller amounts, depending upon their selected trading plan, the frequency of trading, and other costs they bear. to actively day trade, it is required that you maintain a.
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