One of the most frequently asked questions is “How long does it take to become a profitable trader?” It is a hard question to answer because everyone begins with different strengths and weaknesses. Some concepts may come easier to some, while others will struggle with the same concepts. Not only does a new trader need to gain the knowledge but they also have to learn to implement the techniques as the market is moving.
So, how long does it take to become a profitable trader? Back in May 2019, I started a live coaching session program. Last week completed 24 weeks of live training. It was at the end of week #23 that clients began emailing me that they were beginning to see profits. So the short answer is a minimum of 23 weeks. However, most clients are present at every session and they ask questions, either via email or during the session.
Let’s review just a sampling of what they have learned in the last 23 weeks:
- Candlesticks – there are many candlestick patterns but which ones are the most important and why?
- Technical Analysis Indicators — what makes these particular analysis techniques special and how do they work?
- Which markets are the best and when should I trade them?
- Price Patterns – there are so many price patterns that a trader could go nuts identifying all of them. Which ones are key in trading the markets?
- Which timeframe do I trade and why? How do I know which timeframe to focus on?
- When do I not trade?
- When do I exit with profit? When do I exit early?
- What’s the difference between trading the underlying instrument and trading binary options or touch brackets?
- How do I identify the best setup?
- When should I not enter a trade?
- What can I expect to make on the trade?
- Where will price likely go?
- What are the best times for my market?
How long does it take to become a profitable trader?
These clients have started seeing profits (by their own admission) in 23 weeks. In other words, that is when everything from the previous 22 weeks started clicking and they could (on their own) implement the techniques on their own. Were some clients in the sessions able to make profits before week 23? Yes, the more experienced traders in the sessions were already a profitable trader and were seeking to fine-tune their trading.