The question that a lot of new traders ask is, “How long does it take to become a profitable trader?” A reasonable question but one that up until now was very difficult to answer.
As a new trader, and everyone starts at a different place because everyone has different skills when they venture into trading, there is so much information to learn and conquer implementation on the live edge of the market. Which markets does one begin with? Should you trade the underlying or binaries or touch brackets? Why choose one over the other? What indicators should you use? What timeframes? What is a good setup? When do you exit?
In May 2019, I started the new coaching sessions. The sessions are held every Tuesday, Wednesday, and Thursday, plus there are additional online videos that traders needed to watch prior to the beginning of the coaching sessions. Last week members completed 24 weeks of training. At the end of 23 weeks was when I began receiving emails from clients that stated they were now beginning to have profitable trades.
How Long Does it Take to Become a Profitable Trader?
In other words, it took these clients 23 weeks. Why so long? Well, here’s just a little of what they had to learn:
- 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?
A profitable trader can answer all these questions. They know which market to focus on and why. They know exactly what timeframe to look at because they did their analysis early. They also know exactly what their profit potential was before they ever entered the trade and they also knew they price may go back and test for either support or resistance and knew where to place a stop, if they needed one.
Of course, these traders had to put in the time to attend the sessions and to practice what they were learning. Otherwise, they would not become a profitable trader — knowledge is great but implementation is what is needed.