How long does it take to become a successful trader? I have been asked that question numerous times throughout my commodity career. When you first start out, you MUST establish realistic expectations! If you expect to get rich in a few weeks, you are setting yourself up for a major disappointment. Factors that affect a trader’s success are:
1. How much time do you put in to learning about the market?
2. Are you a day trader or swing trader?
3.Do you learn from your mistakes or repeat them?
4. Do you set monthly goals for taking profits? Constructing more winning trades than losing trades?
5.Do you listen to helpful advice from others, or does your ego get in the way?
The average beginner takes 6 months to a year to be able to trade consistently and effectively if one has “done his homework.” This consists of practicing placing trades, looking at charts, testing bullish or bearish strategies, and managing your “trading state of mind.” Trading the market tends to highlight individual weaknesses as well. Being too greedy when in a winning position may create a feeling one is invincible. Whereas not having the patience to allow your winning position to play itself out until it’s over may cost you additional profits!