Forex trading can be a great experience when you take the right path. If you think you can just jump right in and become a millionaire overnight you more then likely will lose everything.
Using proper risk management will be the biggest key to your success or failure no matter what strategy you go with.
So how long will it take you to learn Forex Trading?
There are a lot of variables with learning Forex that will depend on the individual, but overall you should be able to get the basics down within a month or two.
- Stop Loss
- Buy / Sell
- Risk Management
- What is a pip
- Trading Platforms
If you learn about these things you will be ready to take the next step in forex trading which is choosing a strategy. Below we go over some successful strategies along with brief overviews of the bullet points above. Take your time with Forex involve mastering one strategy and you will reach success.
How Long Does It Take To Be Profitable In Forex?
This will depend on how much time you have per day and how quickly you pick things up. Also try to stay laser focused on one strategy until you master it before you move onto another one.
Jumping from strategy to strategy will make it that much harder to get going positively in the Forex industry. You need to become an emotionless trader before you become a fulltime trader. This is the head game and depending on where your head game is it can take you that much longer or shorter.
It took myself 2 years to become consistently profitable and become an emotionless trader.
Learning Indicators, Patterns, Strategies and drawing up charts is the fun and easy part everything else with the head game is the hardest part to master.
Opinions Of Real Traders On This Matter
We did some research and gathered answers from real traders on how long it took them to learn how to trade and become profitable. We gathered results from BabyPips, ForexFactory, and Reddit.
So, how long did it take you guys to come up with your own strategy and start trading with real money? And how long did it take you to actually earn a profit? Also, where did you learn? Youtube, blogs, etc. Trying to get started myself!
- JarJar –You learn every day, but it ‘took me’ 3 years to finally ‘understand it’. If I were to tell my beginner self some advice, I would tell myself:-risk management is key, be disciplined in this.
-don’t talk about your trade orders with anyone else, because everyone has different trading styles and opinions.
-come up with your own rules for entering and closing a trade and stick with it.
-start with a demo account to test your strategies, and give it some time.
-don’t force trades or get into fomo, there will always be another trade.
- User4925715 –I agree but I’d like to clarify, when you first start out, you want to get a lot of exposure to many different ideas and try out a lot of things. After say, 12 months of this, pick one thing, whatever seems to give you the best results, and focus on that one thing and go deep.That’s when this advice applies to ignore everyone else. It takes an extended period of sustained, focused effort one on system to figure it out and become proficient with it. If you switch systems every time the system gets hard or goes through a bad streak, you will never be successful. You have to go though the hard times and become an expert at dealing with them.
So yes, once you figure out a viable path, put the blinders on and focus on that and ignore everything else. The problem with caring what other people think is, you will have a signal to go long, and if you talk to 10 people, 5 will say go short and 5 will say go long, and the reality is, everyone might be right about their own system, because everyone is looking at different metrics in different time frames. If you let other people’s opinions affect your opinion, it will only hurt your results. Test stuff for yourself, find something that works, and stick to your proven system.
- Noyki86 – Learning indicators and patterns is easy. But you truly “learn” the moment you master your emotions and have solid discipline. If you ask me, I still haven’t mastered my emotions and I’m already 2 years in.
- ForexTrustRating –You never stop learning. There is always something more to learn.How to trade, about 5 minutes, how to trade well, still learning and always will be.
- ClicketClank –What the heck are people talking about with it takes 3/2 years, first of all everyone has a different learning curve so what takes some 3 years takes others 1.I agree with the posts mentioning risk management and controlling your emotions.
I don’t agree with the whole be for yourself and trade for yourself and don’t show others your trades because they will criticise you. You will have a quicker fast track to forex if you got the right team. Just because you had to learn things the hard way doesn’t mean everyone else have to.
The key is finding right mentor with the right team. Finding one though is easier said and done since forex is infested with people scamming and lying to others.
Another key is indicators its the future and technology with regards to indicators has improved immensely.
I would advice get the agimat and trade in the 1h to 4h. It will discipline you since you can’t just jump into trades. Risk management + fundementals + agimat = Winning P.S I’m not affiliated with agimat buy after going through so many indicators I really can’t find a better one and if you do share. Peace
- SemiProCharlie –This weekend marks the end of the financial year, and my first year of live trading. I had studied forex and other markets for about 12 months before going live, so I’d estimate I’m 24 months in.I’m down 0.7%. Considering my first 7 months I went backward (I was down 22% at the lowest), I’m happy to basically break even and aim to improve from here. Hopefully, this year being my 3rd year I have brought enough pieced of the puzzle together.
Learn the basics from something like Babypips, but only learn enough to get started on demo where your real learning will begin. There is no course that will 100% equip someone to be consistent and profitable. You have to get your hands dirty.
I also listened to the No Nonsense Forex podcast which I also got a lot of value from, but as with Babypips, be prepared to derive your own value from them – don’t expect to be spoon-fed a formula to riches.
- Mr_P_Pui –I see no ones brought up the stats. The brokers are forced to disclose client profitability.Only about 30% of people are profitable and it’s not the same 30% every year. That 30% is still a bell curve. So of the 30% only about 1% to 2% will do well from fx. Rest will putter along or fail completely.
It takes a very long time to master. Especially if you go the automated route.
Bargain on years, not months or weeks.
The main idea you can get out of these traders is it will take a different amount of time for everybody, but to mainly focus on some main aspects of forex trading to get consistent then continue working on your head game and craft until you master both. It may take a few years or much longer.
How To Learn Forex Trading?
There are many ways to go about Learning Forex Trading and that can be the hardest issue.
- Go The Free Route – Sign up for our free membership so you can get started trading and see if it really is something you want to do. Also look at YouTube lots of free vids to get you setup there.
- Find A Real Mentor – Once you have gotten a taste of Forex now is the time to invest a little money in your training this will depend on how you want to trade. I trade different then most people since I am not on the charts all day. I setup traps, notifications, even take some signals, and have an A.I. Robot trading for me depending on what I have planned for the week. Some of the best mentors I can recommend are Steve Gregor, Eric Garrison and Clint Eastman. They all provide free training as well before you make the paid leap.
- Paid Training For Forex – If you don’t find anyone mentor you want to latch onto there are companies out there like IM Academeny (Formally IMarketsLive), Ronin Forex (used him very cool guy and teaches all strategies along with signals), and also going the route of a EA (Forex Bot) like EAconomy where you also get training for trading manually with forex while your bot trades live.
So those are a few ways to learn Forex. Unless you have tons of money to throw away I would go with a free route first before paying too much for training.
Forex Demo Account
Using a Forex demo account is the best way to get a free education on what not to do in Forex trading and not losing a dime. You can sign up for a free account in minutes that we show you in the free membership or jump on YouTube.
You should demo for quite awhile before going live. Keep track of your trades. With Steve Gregor he has a facebook group where you post your trades and get feedback. Let’s be honest this will help you tremendously. Do you remember in English class when you re-read your essays and couldn’t find anymore grammatical or spelling errors (pre-computer days mostly). Then you would give to someone else or your teacher and they would mark it all up.
This is just the way our minds work it is hard to self correct when we are doing what we know.
Best Way To Trade Forex
There is no one best way to trade Forex for a multitude of reasons. Every ones situation is different for one reason so it will depend on the time you have. I follow the New Paradigm mostly that Steve Gregor teaches since you can setup trap notifications when they go off you jump on and take the trade if the criteria is there. You aren’t on the charts all day. The New Paradigm also gives you the most bang for your Pip as well. So you can make up to 10X more then swing traders.
However I also trade with a bigger stop loss if I am traveling or very busy so I don’t have to watch the charts or have to jump back on to check. There is a strategy called Bounce Back taught by Eric Garrison that is a free strategy you can add other confirmations to it as well.
You can also take signals on the side which are plentiful out there. You can use something like Ronin’s Signals or IM Academy. I would maybe start with Ronins free signals or somebody else’s so you can get trading.
Can You Get Rich By Trading Forex?
Yes you can get rich by trading Forex, but it either takes lots of time or lots of money to start with. Either way you need to take your time learning the craft before you become consistently profitable. So it is not a get rich quick scheme.
How Much Do Forex Traders Make A Day?
I have seen Forex traders that make hundreds of dollars to millions of dollars. How much you make dollar wise should not matter it should be how much you are risking vs your rewards times your win percentage. Going for an average of 1% a day is a great ROI but you don’t want to risk the house every day for that 1% or else you will get bit and lose everything.
Just as quick as you can earn you can lose it if you don’t use proper risk management.
Can I Start Forex With $100?
Yes you can start trading forex with $100 or even zero which we should you how to do both. So there is no reason not to trade if you don’t need any capital to even get started.