I think that answer is different for everyone. How fast you start journaling learning risk management back testing and doing that consistently will determine how fast you reach profitability. I went my first 3 years doing none of that and even though I learned I never became profitable. For the last few years I finally started doing all of these things consistently and I can finally say that I’m stating to see myself alot more profitable each month. It’s taken me since 2017 to get here. Some people have done it a lot faster than me and the only difference I see is they started journaling, backtesting , and applying risk management a lot sooner than I did. No matter how long it taken don’t ever quit the journey is different for everyone.
It's quite amusing how this perfectly describes my current situation. This marks my third year, during which I initially believed I could accurately predict price movements and achieve profitability. However, over the course of several years, I found myself going in circles without any tangible results to showcase, which humbled me greatly. In July 2022, I began constructing the trading strategy I currently employ. Despite entering the market every day and taking both profits and losses to heart, I always held onto the belief that there must be another method out there capable of eliminating the emotional rollercoaster. Recently, though, I made the decision to confront my fears after listening to several professional traders who possess verified results. The key lies in consistently facing my fears, making calculated bets, and determining the path towards achieving my goals, which, in my case, involves honest backtesting, journaling, and continually assessing and managing risks during trade execution. I firmly believe that the upcoming six months will mark a turning point in my trading journey. My priorities have shifted towards achieving flawless execution, as I now understand that this is the ultimate key to success once you fully immerse yourself in the trading process.
Nick - Great discussion point!! I have been trading since 2000. At 61 years old, I started this very late. I have been profitable since January but still work my full-time job. At my age, supporting my wife and still one kid at home, things like health insurance and benefits mean a lot more to me than someone in their 20s or even 30s. So, I don't foresee trading ever fully replacing my full-time hospital job. What I want to get from trading is to cut a few years off my time to full retirement and not have to work as much overtime now just to afford a vacation or a nice Christmas. I am getting there since I just passed a funded challenge and am looking forward to my first payout. You had a hand to play in that - so thank you!!
Am a consistently profitable trader already but still lack funds, am trying to use a prop firm to fund my dreams. Is not been easy but am working on that.
If you are a profitable trader already as you said, then you already build patience and decipline to be a successful trader! Prop firm is not needed anymore, continue building from where you start and compound it! Empire of wealth is build long term. 😉
Im a single mom (we co parent) and i currently work from home but my goal is to trade full time so I can have an open schedule to spend time with my child
i started in 2019, i personally think im still far from being a full time trader but at the rate im going i give myself 2 years if im consistent enough.
Definitely different for everyone,, I think for me I went into this on a solo journey so it’s taking me a while. This is my 5th year trading and I’m just starting to get on a real roll with my discipline and sticking to my plan, no over trading, fomo, revenge trading,,took me some years to learn myself,, point being that if you doing this alone it’s gonna take a while but if you have a mentor you’ll get it faster. So basically if you are someone who can stick threw all the bs on ya own do it, but if you can afford a mentor you’ll get to the finish line faster good luck fellow traders
This is the same for me , I had the opportunity to buy three trading courses but none of them helped me out, and after losing money with these courses an from trading I changed the perspective, I removed everything that I had about trading, all the videos ,stoped watching TH-cam videos about trading and focused on me , I discovered that the problem was not my trading strategy or plan but with my self I highly recommend traders to read TRADING IN THE ZONE by Mark Douglas, this book is like my holy grail 😂😂😂
Definitely in for long game . It's been 3 years now , I'm grateful for discovering more and more about myself. The market is truly a reflection of our mindset
Took me 2.5 years to become profitable I suffer a lot but I am good now I am winning and winning every day. I thought I will never make it in trading for a bit but I keep doing it and it is working now
This really depends on how hard everyone is trying and wants to achieve being profitable. I'd say for someone whos really trying and is going for it 1-2 years. Someone who isnt 3-5 years. Watching and learning from other youtubers plays a HUGE part in speeding up this process or slowing it down, there are a lot of fake people with a lot of fake information out there sadly, I have been doing this for 2 years now, Im only now getting to the point of getting profitable however if I knew from the beginning that there isnt a secret indicator or a secret strategy to this whole trading game, I would have been profitable way earlier, but its part of the journey I think to experience both wins and losses because thats when you really know how psychology plays a part in this entire industry.
I’m happy for you man, this is the goal of life, to do what you’re passionate about! I’m a young dad and my biggest motivation to make it as a trader is to have more time seeing my kids grow up while doing something I love! And don’t let me start on the personal development journey trading has brought me on, I started reading books, meditating and be more patient. I hope everyone finds something they’re passionate about and that is worth while pursuing!!
I've been trading for 2 years, not quite profitable but I don't blow up accounts. I've been studying the markets for 5 years. I thought I was consistent enough to go full time. Didn't quite make it but I was so close. YOU CAN DO IT! Sidelining your dream doesn't mean you've givin up
I think it depends on the person and how they handle pressure, stress, and physcology that comes with trading. Some quickly understand that high leveraging and revenge trading is not the way and they take time to learn/backtest for the long term success they become successful faster. Some it takes time and for some it never comes for them
It all depends on your account size and whether you are a risk-averse or risk-tolerant trader. There are pros and cons to both. A risk-averse trader will have smaller losses but smaller gains. A risk-tolerant trader will have bigger losses but bigger gains. Ultimately, it is important to realize that your understanding of trading, the markets, and economics is the most important thing to consider.
I don't think there is a specific year.. one becomes profitable when he or she understands these basic concepts 1. Trading is about probabilities.. since every trade has an uncertain outcome. 2. Trading is about risk management. And finally about skill and psychology.. when a person understands these he's on her way to profitability.
I agree with you on the fact that it takes time to gain the necessary knowledge, experience, skill, and discipline to trade profitability. (This isn't an attack nor is any disrespect meant) I was once in your group in the early days and one long standing point of contention I've had has been your view on what's reasonable in terms of profit per month. 10-20% consistently per month is not out of the question for a skilled trader in forex, futures, or stocks. Another mentor of mine set his goal at 100% per year for retail accounts as a good goal (He trades live as well). It ultimately comes down to the individual trader's discipline, their entry strategy, and money management system.
For me the secret lies in having small losses and huge wins of course and that's why I don't recommend traders learning support and resistance. I think SMC/ ICT help traders improve their RR while take small losses.
i expect around 2 years and i'm 6 months in. I find the most difficult is to find reliable sources. Most of what is out there is fluff or just naive advice aimed at getting us to over trade all in favour of brokers.
I'm making money in trading 700% up in 2 years, 18% max drawdown, 8% monthly growth, 3.34 profit factor, it took 4 years to become profitable. Bot has been running for 2 years.
I actually love my career selling timeshare in Orlando. But I really love the independence and art that the market delivers day trading. So because of that reason at my age I’m not in any rush. Will keep learning and believe that this will bring more income in the road to come 😎 and I love your videos Nick ! You made trading a lot more clear👍
I’ve been doing this for years. I’ve never seen one person prove it with broker statements or myfxbook. The truth is there’s a lot of claims, but the ones who prove it are nowhere near those numbers. This isn’t meant to be negative, but it’s important to discuss realistic returns
@@TraderNick I’m up 68000% in one year. 79% daily win rate. 9.98 profit factor. Compounding at 2.34% a day for a year now. I only made 13% in June, 25% in May, and 24% in April. I haven’t lost more than 1% a day in 5 months. I’m an outlier but it’s possible. Trading with 200-500 lots now. Nick, if someone makes billions from the lottery, why do you think millions in a year from trading starting with a small account isn’t possible? EURUSD trades 30 million lots a day. The big banks trade positions of 10,000 to 100,000 lots at a time. I know you don’t believe me and that’s fine, but it is possible. MyFXbook proves nothing as broker statements can be faked. I’ve been trading 12 years for 12 hours a day. I believe part of my success is due to luck, but also a lot of it due to skill. If someone can turn $1000 into millions at a casino, which has been done, why can’t they do that with a bit of luck in the markets? The markets have a higher edge than a casino. Call it luck, maybe it was, but I did it. I like your channel though Nick. In it for the long game. Still risking 1% a day.
FOR ME I THINK A YEAR OR LESS. IM ALAWAYS HOME, NO 9-5 . IM SHARP ON RISK MANAGEMENT. I JUST WANNA KEEP PROFITING, DRAW DOWNS ARE POSSIBLE. BUT I BELIVE I WILL BE WITHDRAWING AT LEAST EVERY WEEK OR BIWEEKLY. BUT ANYTHING IS POSSIBLE IN THE MARKET. GIVING UP IS NOT AN OPTION THOUGH, COS I KEEP STUDYING EVERYDAY AND REACHNG OUT DIFFERENT OPINIONS
I've been trading for just over a year now and I have made a lot of progress but I dont think I'll be fully profitable for another year or so. From there, hopefully I can get funded by a prop firm and trade full time a few months after that. That's the goal for me, It would take too long to build up my current account to a point where it could be able to support me.
I've been trading about 7 months and when I started I thought I'd be good in 2-3 months (was naive lol). Im my mind I think a year is a good but realistic timeframe.
@broguy5967 thanks for the confidence lol I know it's an ambitious target and if takes longer then that's ok too. Thank you for the good advice. I've also been focusing on one pair only for the last 5 months which I think has and will continue to speed up my progress.:)
you are wronggg mannage 10k is not mannaging 1 bilion dollar like worren buffet or hadge fund market is not infininte but if you are a mid term like swing trader then yah
The “long game”. In my experience, being consistently profitable with trading is not enough, even if I can approach most days of the trading week and be profitable on average, it still doesn’t make a huge difference if you don’t have a huge capital basis. It makes it very difficult for a young person to reach a level where you can trade full time. I make somewhere in the range of 50-100 USD per day right now on a profitable day, but of course not all days are profitable days, there are days where I get things wrong, and also days where I seriously outperform my average (but the opportunities that present the large moves needed for greater gains are a bit more rare than stuff that shows up every day). The goal for me is always to do this into the long term, but I don’t think I am at a level yet where I can just stop generating an income through traditional means like an in person job. I think for aspiring traders who are dedicated to turning it into their full time thing, you have to think of it in several phases; first stage: primary learning phase. Most people who get into trading will fail at this phase. This is where you jump into trading, go through some significant losses, maybe blow an account or several, because you’re new and you don’t know what you’re doing, you haven’t really found a niche or strategies that work for you. You learn a lot during this phase about who you are as a person through primarily pain a suffering but also when things do work you feel an immense sense of pride, and you do get better or you quit, those are the only two outcomes of this phase. For me during this phase I was lucky in that I didn’t blow any accounts but did come close several times and felt like I should quit only to claw my accounts back into green over the course of two years. I did have a significant run of great trades, but I also had immense losses too, so I learned that it is possible to feel both immense pain and recover if you have the will and enough creative ideas to give you some great probabilities on trades. I actually found during that time that I was better to make less trades and be more aggressive in some respects, by generating biases based on fundamentals and looking for specific setups that offered fantastic risk reward. I figured out the type of trader I want to be. But I am absolutely glad to be through that phase because it’s pretty hellish when you start from a relatively small capital basis. The next phase is a growth phase. This is where even though you may have figured out a good strategy, you don’t have the capital to trade full time and that is where I am currently at. You need money to make money, even being consistently profitable and having more green months than red ones, it’s still a slow process. For me I wouldn’t be surprised if it takes me the next few years at least to be able to increase that capital enough to the point where I can trade full time. You do a lot of research in this phase I think even more than you sit at the screen trading, you’re paying attention to all relevant news, using methods to calculate how an interest rate change might change the value of a currency and navigating the technical chart and attempting reconcile it with fundamentals. Asking yourself, will this move based on the fundamentals or will trade psychology of price win out. During this time for me I have a job and study at university outside of trading, and use that to support the growth of my accounts, trading primarily the London and New York sessions in the evenings where I am. In my observation the first 3 hours of a session are the most important, along with the gap time between 3 hours of London and 3 hours of New York (because price often sets up for the moves off news in the first 30 minutes of New York, so that gap time is important to see if price is tending towards some kind of breakout or false break reversal off news). I could go into the specifics of what I look for but my main point is that during this growth phase you aren’t a full time trader, you have other commitments and income and you need to work for years to build your accounts in a stable way. The 3rd phase is when you are both consistently profitable and have a capital basis in your accounts that is significant to eclipse what you can earn from a normal full time job. In fact, I would argue you need to be generating constant profits even higher than a full time job because it’s not always guaranteed that you will make money on trades, at the end of the day it’s probability and possibility, not like a traditional salary where you know you will always receive a certain amount of money in a given time and anything extra is a bonus, if you have a bad run on your strategy you need even more capital outside of trading to make sure you can still live comfortably. My goal is to reach this level. In my mind I need to at least be able to earn at least double what I could earn from a traditional job, so even if I go through a loss period, the excess profit from prior trades can cover my living expenses during that downtime. I am on my way to this, but I am not there yet, and that’s ok, it’s a long game and I will achieve this. The realistic timeline I believe is 7-10 years to move through all stages, and hard work and dedication is required at every stage. The goal of the growth stage in in now is to reach a few hundred thousand USD (specifically 300,000 in my plan), and differentiate that into several accounts of 100k, and then grow them simultaneously in that 3rd phase where I can take a real income from them. Not easy by any means, but I have been doing this for years now and I love the journey even if it contains a lot of growing pains. I think the important thing to remember is that even if you are dedicated to this path, do not forget to round yourself out in other areas of your life. For me I have my education and my job, a girlfriend and great supportive family and friends, all of which help me in ways that trading cannot and help to build my other skills. In time I will be a great trader, but it is not the be all and end all of life. I think nicks assessment of the industry is excellent and he’s right, most will fail on this path, it is one of the hardest paths you can pursue. Great video as always Nick, I love your content and I appreciate your integrity. I hope that one day I can be like you, even if my strategies differ significant from yours, I think I can make it.
I am 1 year into trading and live in a city in Europe that has cheap rent and relatively cheap living expenses overall. I still got a job that pays pretty well where I can support my trading journey until I become profitable. I think it would take me at least an year more to become consistently profitable. I mentioned that I live in a cheaper country because from a 200k funded account I can live pretty good even if I only make 2-3% per month
Hello Nick hope you doing well I love you videos man I think it would take me 3 to 4 years to reach consistant profitablity on the market I started 18 months ago
@@TraderNick 10% in a month? Whats the difference than per month? Because if i buy the challenge now and they expect 10% after a month for me to pass, then whats the difference
The point is you may have a good month and make 10%. Occasionally I’m able to have those types of months. However, those are outliers and don’t happen every month consistently. Props like to see you be able to have a great month while still keeping it under control, which is difficult but certainly possible to do during a challenge month. Following your evaluation, you’re free to trade much more conservatively.
I don't think there is a specific year.. one becomes profitable when he or she understands these basic concepts 1. Trading is about probabilities.. since every trade has an uncertain outcome. 2. Trading is about risk management. And finally about skill and psychology.. when a person understands these he's on her way to profitability.
I think that answer is different for everyone. How fast you start journaling learning risk management back testing and doing that consistently will determine how fast you reach profitability. I went my first 3 years doing none of that and even though I learned I never became profitable. For the last few years I finally started doing all of these things consistently and I can finally say that I’m stating to see myself alot more profitable each month. It’s taken me since 2017 to get here. Some people have done it a lot faster than me and the only difference I see is they started journaling, backtesting , and applying risk management a lot sooner than I did. No matter how long it taken don’t ever quit the journey is different for everyone.
It's quite amusing how this perfectly describes my current situation. This marks my third year, during which I initially believed I could accurately predict price movements and achieve profitability. However, over the course of several years, I found myself going in circles without any tangible results to showcase, which humbled me greatly.
In July 2022, I began constructing the trading strategy I currently employ. Despite entering the market every day and taking both profits and losses to heart, I always held onto the belief that there must be another method out there capable of eliminating the emotional rollercoaster. Recently, though, I made the decision to confront my fears after listening to several professional traders who possess verified results. The key lies in consistently facing my fears, making calculated bets, and determining the path towards achieving my goals, which, in my case, involves honest backtesting, journaling, and continually assessing and managing risks during trade execution.
I firmly believe that the upcoming six months will mark a turning point in my trading journey. My priorities have shifted towards achieving flawless execution, as I now understand that this is the ultimate key to success once you fully immerse yourself in the trading process.
Single full time dad of two toddlers and trading has made me a better dad - no lie. Shows you where you need to improve on EVERYTHING If you allow it
You the real MVP !! 💯
Nick - Great discussion point!! I have been trading since 2000. At 61 years old, I started this very late. I have been profitable since January but still work my full-time job. At my age, supporting my wife and still one kid at home, things like health insurance and benefits mean a lot more to me than someone in their 20s or even 30s. So, I don't foresee trading ever fully replacing my full-time hospital job. What I want to get from trading is to cut a few years off my time to full retirement and not have to work as much overtime now just to afford a vacation or a nice Christmas. I am getting there since I just passed a funded challenge and am looking forward to my first payout. You had a hand to play in that - so thank you!!
Am a consistently profitable trader already but still lack funds, am trying to use a prop firm to fund my dreams. Is not been easy but am working on that.
If you are profitable, even 100$ is enough
If you are a profitable trader already as you said, then you already build patience and decipline to be a successful trader! Prop firm is not needed anymore, continue building from where you start and compound it! Empire of wealth is build long term. 😉
Im a single mom (we co parent) and i currently work from home but my goal is to trade full time so I can have an open schedule to spend time with my child
i started in 2019, i personally think im still far from being a full time trader but at the rate im going i give myself 2 years if im consistent enough.
Definitely different for everyone,, I think for me I went into this on a solo journey so it’s taking me a while. This is my 5th year trading and I’m just starting to get on a real roll with my discipline and sticking to my plan, no over trading, fomo, revenge trading,,took me some years to learn myself,, point being that if you doing this alone it’s gonna take a while but if you have a mentor you’ll get it faster. So basically if you are someone who can stick threw all the bs on ya own do it, but if you can afford a mentor you’ll get to the finish line faster good luck fellow traders
This is the same for me , I had the opportunity to buy three trading courses but none of them helped me out, and after losing money with these courses an from trading I changed the perspective, I removed everything that I had about trading, all the videos ,stoped watching TH-cam videos about trading and focused on me ,
I discovered that the problem was not my trading strategy or plan but with my self
I highly recommend traders to read TRADING IN THE ZONE by Mark Douglas, this book is like my holy grail 😂😂😂
Definitely in for long game . It's been 3 years now , I'm grateful for discovering more and more about myself. The market is truly a reflection of our mindset
Took me 2.5 years to become profitable I suffer a lot but I am good now I am winning and winning every day. I thought I will never make it in trading for a bit but I keep doing it and it is working now
Pro tips: if someone says that it is impossible, prove to them it is possible.
This really depends on how hard everyone is trying and wants to achieve being profitable. I'd say for someone whos really trying and is going for it 1-2 years. Someone who isnt 3-5 years. Watching and learning from other youtubers plays a HUGE part in speeding up this process or slowing it down, there are a lot of fake people with a lot of fake information out there sadly, I have been doing this for 2 years now, Im only now getting to the point of getting profitable however if I knew from the beginning that there isnt a secret indicator or a secret strategy to this whole trading game, I would have been profitable way earlier, but its part of the journey I think to experience both wins and losses because thats when you really know how psychology plays a part in this entire industry.
It took me 2 years of constantly backtesting and forward testing to become profitable trader
I’m happy for you man, this is the goal of life, to do what you’re passionate about! I’m a young dad and my biggest motivation to make it as a trader is to have more time seeing my kids grow up while doing something I love! And don’t let me start on the personal development journey trading has brought me on, I started reading books, meditating and be more patient. I hope everyone finds something they’re passionate about and that is worth while pursuing!!
I'm not sure. I mean, I believe once you have a couple of trading setups, then it comes down to how well you can manage risk and emotions.
Long Game. Thanks for sharing Nick!
I've been trading for 2 years, not quite profitable but I don't blow up accounts. I've been studying the markets for 5 years. I thought I was consistent enough to go full time. Didn't quite make it but I was so close.
YOU CAN DO IT! Sidelining your dream doesn't mean you've givin up
And yes nick. Despite my not using the code word, I always watch to the end. Gotta get that algo flow! 💪🏾
Was it only me that thought the replay mode from TV was really annoying? :D
I think it depends on the person and how they handle pressure, stress, and physcology that comes with trading. Some quickly understand that high leveraging and revenge trading is not the way and they take time to learn/backtest for the long term success they become successful faster. Some it takes time and for some it never comes for them
Glad you mentioned making a side income with trading is a viable option. It really is about the Long Game.
It all depends on your account size and whether you are a risk-averse or risk-tolerant trader. There are pros and cons to both. A risk-averse trader will have smaller losses but smaller gains. A risk-tolerant trader will have bigger losses but bigger gains. Ultimately, it is important to realize that your understanding of trading, the markets, and economics is the most important thing to consider.
Excellent info Nick ~ Long Game Baby!
I don't think there is a specific year.. one becomes profitable when he or she understands these basic concepts 1. Trading is about probabilities.. since every trade has an uncertain outcome. 2. Trading is about risk management. And finally about skill and psychology.. when a person understands these he's on her way to profitability.
I agree with you on the fact that it takes time to gain the necessary knowledge, experience, skill, and discipline to trade profitability. (This isn't an attack nor is any disrespect meant) I was once in your group in the early days and one long standing point of contention I've had has been your view on what's reasonable in terms of profit per month. 10-20% consistently per month is not out of the question for a skilled trader in forex, futures, or stocks. Another mentor of mine set his goal at 100% per year for retail accounts as a good goal (He trades live as well). It ultimately comes down to the individual trader's discipline, their entry strategy, and money management system.
For me the secret lies in having small losses and huge wins of course and that's why I don't recommend traders learning support and resistance. I think SMC/ ICT help traders improve their RR while take small losses.
i expect around 2 years and i'm 6 months in. I find the most difficult is to find reliable sources. Most of what is out there is fluff or just naive advice aimed at getting us to over trade all in favour of brokers.
3 to 5 years to really understand trading and become consistently profitable.
Long game baby!!
Fact speech nick❤
Those candles are making me dizzy hahaha
I'm 3 years in and almost reaching that goal
LONG GAME 💯💪🏾
Thanks for this. LONG GAME
I'm making money in trading 700% up in 2 years, 18% max drawdown, 8% monthly growth, 3.34 profit factor, it took 4 years to become profitable. Bot has been running for 2 years.
Short term patience and Longterm gains.
I actually love my career selling timeshare in Orlando. But I really love the independence and art that the market delivers day trading. So because of that reason at my age I’m not in any rush. Will keep learning and believe that this will bring more income in the road to come 😎 and I love your videos Nick ! You made trading a lot more clear👍
In for it the "long game"
I am an FX day trader and I make around 10% per month and I know several FX traders who are doing 25-50% per month.
I’ve been doing this for years. I’ve never seen one person prove it with broker statements or myfxbook.
The truth is there’s a lot of claims, but the ones who prove it are nowhere near those numbers. This isn’t meant to be negative, but it’s important to discuss realistic returns
@@TraderNick I’m up 68000% in one year. 79% daily win rate. 9.98 profit factor. Compounding at 2.34% a day for a year now. I only made 13% in June, 25% in May, and 24% in April. I haven’t lost more than 1% a day in 5 months. I’m an outlier but it’s possible. Trading with 200-500 lots now. Nick, if someone makes billions from the lottery, why do you think millions in a year from trading starting with a small account isn’t possible? EURUSD trades 30 million lots a day. The big banks trade positions of 10,000 to 100,000 lots at a time. I know you don’t believe me and that’s fine, but it is possible. MyFXbook proves nothing as broker statements can be faked. I’ve been trading 12 years for 12 hours a day. I believe part of my success is due to luck, but also a lot of it due to skill. If someone can turn $1000 into millions at a casino, which has been done, why can’t they do that with a bit of luck in the markets? The markets have a higher edge than a casino. Call it luck, maybe it was, but I did it. I like your channel though Nick. In it for the long game. Still risking 1% a day.
Never
Some day you make
The other copull of day you lose all
Great videos man
FOR ME I THINK A YEAR OR LESS. IM ALAWAYS HOME, NO 9-5 . IM SHARP ON RISK MANAGEMENT. I JUST WANNA KEEP PROFITING, DRAW DOWNS ARE POSSIBLE. BUT I BELIVE I WILL BE WITHDRAWING AT LEAST EVERY WEEK OR BIWEEKLY. BUT ANYTHING IS POSSIBLE IN THE MARKET. GIVING UP IS NOT AN OPTION THOUGH, COS I KEEP STUDYING EVERYDAY AND REACHNG OUT DIFFERENT OPINIONS
"long game" give me heart nick
I've been trading for just over a year now and I have made a lot of progress but I dont think I'll be fully profitable for another year or so. From there, hopefully I can get funded by a prop firm and trade full time a few months after that. That's the goal for me, It would take too long to build up my current account to a point where it could be able to support me.
"long game"😊
In it for the long game
I've been trading about 7 months and when I started I thought I'd be good in 2-3 months (was naive lol). Im my mind I think a year is a good but realistic timeframe.
It'll take a lot more than a year.
If you backtest and journal, it will be faster and less hard for you.
@broguy5967 thanks for the confidence lol I know it's an ambitious target and if takes longer then that's ok too. Thank you for the good advice. I've also been focusing on one pair only for the last 5 months which I think has and will continue to speed up my progress.:)
Sir my plan work for 2 month
Then next month I was in loss.
So can I change my plan or follow my plan..
Please help me ...
“LONG GAME”
you are wronggg
mannage 10k is not mannaging 1 bilion dollar like worren buffet or hadge fund
market is not infininte
but if you are a mid term like swing trader then yah
The video title is really off.
The “long game”. In my experience, being consistently profitable with trading is not enough, even if I can approach most days of the trading week and be profitable on average, it still doesn’t make a huge difference if you don’t have a huge capital basis. It makes it very difficult for a young person to reach a level where you can trade full time. I make somewhere in the range of 50-100 USD per day right now on a profitable day, but of course not all days are profitable days, there are days where I get things wrong, and also days where I seriously outperform my average (but the opportunities that present the large moves needed for greater gains are a bit more rare than stuff that shows up every day). The goal for me is always to do this into the long term, but I don’t think I am at a level yet where I can just stop generating an income through traditional means like an in person job. I think for aspiring traders who are dedicated to turning it into their full time thing, you have to think of it in several phases; first stage: primary learning phase. Most people who get into trading will fail at this phase. This is where you jump into trading, go through some significant losses, maybe blow an account or several, because you’re new and you don’t know what you’re doing, you haven’t really found a niche or strategies that work for you. You learn a lot during this phase about who you are as a person through primarily pain a suffering but also when things do work you feel an immense sense of pride, and you do get better or you quit, those are the only two outcomes of this phase. For me during this phase I was lucky in that I didn’t blow any accounts but did come close several times and felt like I should quit only to claw my accounts back into green over the course of two years. I did have a significant run of great trades, but I also had immense losses too, so I learned that it is possible to feel both immense pain and recover if you have the will and enough creative ideas to give you some great probabilities on trades. I actually found during that time that I was better to make less trades and be more aggressive in some respects, by generating biases based on fundamentals and looking for specific setups that offered fantastic risk reward. I figured out the type of trader I want to be. But I am absolutely glad to be through that phase because it’s pretty hellish when you start from a relatively small capital basis. The next phase is a growth phase. This is where even though you may have figured out a good strategy, you don’t have the capital to trade full time and that is where I am currently at. You need money to make money, even being consistently profitable and having more green months than red ones, it’s still a slow process. For me I wouldn’t be surprised if it takes me the next few years at least to be able to increase that capital enough to the point where I can trade full time. You do a lot of research in this phase I think even more than you sit at the screen trading, you’re paying attention to all relevant news, using methods to calculate how an interest rate change might change the value of a currency and navigating the technical chart and attempting reconcile it with fundamentals. Asking yourself, will this move based on the fundamentals or will trade psychology of price win out. During this time for me I have a job and study at university outside of trading, and use that to support the growth of my accounts, trading primarily the London and New York sessions in the evenings where I am. In my observation the first 3 hours of a session are the most important, along with the gap time between 3 hours of London and 3 hours of New York (because price often sets up for the moves off news in the first 30 minutes of New York, so that gap time is important to see if price is tending towards some kind of breakout or false break reversal off news). I could go into the specifics of what I look for but my main point is that during this growth phase you aren’t a full time trader, you have other commitments and income and you need to work for years to build your accounts in a stable way. The 3rd phase is when you are both consistently profitable and have a capital basis in your accounts that is significant to eclipse what you can earn from a normal full time job. In fact, I would argue you need to be generating constant profits even higher than a full time job because it’s not always guaranteed that you will make money on trades, at the end of the day it’s probability and possibility, not like a traditional salary where you know you will always receive a certain amount of money in a given time and anything extra is a bonus, if you have a bad run on your strategy you need even more capital outside of trading to make sure you can still live comfortably. My goal is to reach this level. In my mind I need to at least be able to earn at least double what I could earn from a traditional job, so even if I go through a loss period, the excess profit from prior trades can cover my living expenses during that downtime. I am on my way to this, but I am not there yet, and that’s ok, it’s a long game and I will achieve this. The realistic timeline I believe is 7-10 years to move through all stages, and hard work and dedication is required at every stage. The goal of the growth stage in in now is to reach a few hundred thousand USD (specifically 300,000 in my plan), and differentiate that into several accounts of 100k, and then grow them simultaneously in that 3rd phase where I can take a real income from them. Not easy by any means, but I have been doing this for years now and I love the journey even if it contains a lot of growing pains. I think the important thing to remember is that even if you are dedicated to this path, do not forget to round yourself out in other areas of your life. For me I have my education and my job, a girlfriend and great supportive family and friends, all of which help me in ways that trading cannot and help to build my other skills. In time I will be a great trader, but it is not the be all and end all of life. I think nicks assessment of the industry is excellent and he’s right, most will fail on this path, it is one of the hardest paths you can pursue. Great video as always Nick, I love your content and I appreciate your integrity. I hope that one day I can be like you, even if my strategies differ significant from yours, I think I can make it.
I am from India
And here if we make 500$ per month then it's enough for a 4 member family ...
The Medallion Fund founded by Jim Simmons
I am 1 year into trading and live in a city in Europe that has cheap rent and relatively cheap living expenses overall. I still got a job that pays pretty well where I can support my trading journey until I become profitable. I think it would take me at least an year more to become consistently profitable. I mentioned that I live in a cheaper country because from a 200k funded account I can live pretty good even if I only make 2-3% per month
Hello Nick hope you doing well I love you videos man I think it would take me 3 to 4 years to reach consistant profitablity on the market I started 18 months ago
It will take me at least two yrs for real
"Long Game"
Prop firms needs 10% per month to pass the challenge. Which contradicts ur 2% per month
10% in a month. Not per month. I have 10% months occasionally, but I shoot to average about 2-3% over time
@@TraderNick 10% in a month? Whats the difference than per month? Because if i buy the challenge now and they expect 10% after a month for me to pass, then whats the difference
The point is you may have a good month and make 10%. Occasionally I’m able to have those types of months. However, those are outliers and don’t happen every month consistently. Props like to see you be able to have a great month while still keeping it under control, which is difficult but certainly possible to do during a challenge month.
Following your evaluation, you’re free to trade much more conservatively.
2years of experience and I'm still at breakeven
Breakeven is a lot of progress compared to losing.
2 years. It’s already been a year
Long game ❤❤
"LONG GAME"
Am glad am the first here
At least 5,6 years
LONG GAME!!!😁😁😁
"Long game"
At least 2years but al ready trading 3years it takes times
"long game"
LONG GAIN
❤
Long Game!
A year
60days
Long game🤑
Long game!
5yrs
Long Game :)
LONG GAME!
😅😅😅 me who gets 50% in 3 days
Be careful! There’s a reason the greatest traders of history have averaged 20-30% per year on average over the long term.
Game Long
Looong game 😂
Long Game
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LONG GAME
lONG Game
LONG GAME❤
I don't think there is a specific year.. one becomes profitable when he or she understands these basic concepts 1. Trading is about probabilities.. since every trade has an uncertain outcome. 2. Trading is about risk management. And finally about skill and psychology.. when a person understands these he's on her way to profitability.
LONG GAME❤
"Long game"
❤
Long game
Long Game
LONG GAME❤
long game
Long Game
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Long game