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The Path to be a Successful Trader

November 27, 2021| Forex Market

Every single day, countless individuals are launching their career in day trading. They join chatrooms, participate in various classes, and start trading in real accounts or simulators. They enter day trading with all kinds of different expectations. Let’s deal with one that I encounter often. People will say to me, “Oh, okay, I’ll become a full-time trader, and I can make a living out of that. I’ll have financial freedom and become independent and be able to quit my job.”

Unfortunately, that is not very likely to happen very early in their trading career. Of course, it’s possible for anyone after three months of training and study to become a full-time trader. That’s the easy part. But if you want to actually make a living out of trading, preferably while lounging in a beach house on the Caribbean and sipping tall cool drinks, that outcome is highly unlikely.

I’m always saying that trading is a career and a business. And in no career and in no business can you become profitable in just three months. Look at doctors, lawyers and engineers. They go to school for years and take examinations and serve internships and practice, and practice some more, before they can truly call themselves professionals. They are all long and challenging processes that take considerably more than three months.
Basically, what you will learn in those first three months are the answers to two vital questions:

  1. Is day trading for you?
  2. And if yes, how to plan your trading business?

That’s the first and most fundamental question: “Is this for you or is it not?” And if it is for you, you need to know how to plan for it and understand that you have to let your trading business grow slowly. There are costs associated with learning day trading. Real time simulators and the tools and software required for a trading business are not cheap, although their costs are not overwhelming either.

A typical education cost for a trader is between $1,000 to $2,000 including several months of practice trading in a simulator. This cost, although high, is not unreasonable for a new career or to start a new business. You can compare this to any educational degree that you attend school to earn, as well as any professional degrees, such as postgraduate diplomas or MBAs, where you have to spend tens of thousands of dollars in tuition fees and living expenses, and spend years in school, and yet you’re still not guaranteed an income.

Many often ask if there is a guarantee that they will become a profitable trader?The answer is no, there is no guarantee for success. This is also true in all other careers and businesses. I personally know many doctors and engineers who are in financial trouble, carrying literally huge student loans and personal debts. An education or training program is an investment that you make, and maybe it works, and maybe it doesn’t. If it doesn’t, it’s not the end of the world for you. You will survive and go on with your life. And if it works, well, that’s good for you. Knowing how to manage expectations is extremely important, especially for beginner traders.

Some people tell me they need to get into trading with real money as quickly as possible, saying, “I don’t have time to practice in a simulator. I really need the income. I quit my job, I don’t have any savings, and I can’t wait.”

This is a common discussion I have almost every day with a new trader. They want to get into live trading as quickly as possible. In the summer of 2017, one trader emailed me and explained he had experienced some heavy losses and was wanting my advice. His sister had given him my first book as an early birthday gift. I did not know him before, and I had no idea what he was doing, but I urgently asked him to stop trading with real money and switch to a simulator so we could get to work on figuring out his problems. He emailed me back:

“I have never used a simulator. I can’t afford to earn fake money for 3 months. I am on a mission to rebuild my battered portfolio.”

He later got into even deeper trouble with his account. Trading in a simulator and taking the time to gain a proper education is vital. I often receive negative feedback about why I place so much emphasis on these two points. Some traders think I want to push them toward buying my software, but in all honesty I don’t own any software. My desire is to try to save traders from themselves.

Trading in a simulator is a must. You should go live and begin trading with real money only after earning consistent profits when trading in a simulator for several months. The bottom line is that there is still no guarantee, even if you are consistent in the simulator, that you will make money when you use your real account. But, if you are not consistent in the simulator, failure is guaranteed when you begin trading with a real account, and especially given all of the psychological factors that will come into play.

Another problem for beginners is that many of them think that trading is easy, often because they have been misled by online marketers. If you go to the Internet and do a Google search, you will find plenty of advertising for different training programs featuring people who say, “Oh, it’s easy,” and constantly use catchy buzzwords and phrases like “financial freedom” and “becoming independent”. The truth is that trading is not easy, and you have to be really skeptical about anyone who says otherwise.

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Categories: Trading tips, Forex EA, Forex Tester

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