· Trading is not an easy path to take and takes dedication
· Other market participants have gone to Ivy-league schools to learn finance
· How long will it truly take for you to reach your trading potential?
· A real mentor can speed up the process you're going through.
The world of trading
The trading business is not an easy path to take, even though some claim it to be. Some of the best traders in the world have gone to universities studying finance, business, and quantitative mathematics. Others have institutional, firm, and professional trading backgrounds. Now I am not saying you need to have this type of experience, but what you do need is structure. Notice how everyone listed had some sort of structure on their journey trading. Having proper structure will speed up your learning process. An important note about trading: Hard work does not equal success in trading.
There's no universal time of when you can be a truly successful trader. Everyone defines success little differently. I think I could speak for the majority of retail traders about their definition of success. Success in trading is being able to quit that job you hate doing and replacing it with profits from trading. Having the financial freedom to do what you want when you want! Some may want the materialistic items, and all some want is to help their family. The fact is,is that it does take time to get to any of these successes in trading.
Anyone telling you trading is a get rich quick business is bullshitting you. Oops, I said it! It's the very truth! Should it take a couple months, year, 2 years, 5 years or even 10 years?! According to some, it takes 10,000 hours to learn master a skill.10,000 hours is equal to 416 days. How many hours can one devote to learning during school, work, etc? Imagine you can only spend 3 hours a day max learning Forex, that would take 9 years to equal 10,000 hours! Now don't get all worked up. The 10,000-hour rule is shown to be true to master a skill. Trading will be something we can refine but will never be able to master.
Actionable education and structure in your trading will help you tremendously. In my opinion, if you have been in the business for 9 years,you should be successful! Otherwise you’re extremely persistent and brought the proverbial phrase” Never give up!” to another level! In my honest opinion, I don’t think it takes 9 years to be a successful trader.
Having a mentor is ideal for any success in life.
Imagine having a mentor who knew 100% what they were doing and you spent a couple hours a week with them. You could make substantial progress and cut out a lot of the BS beginners go through. Its extremely hard to say how long it takes to be successful.
Many variables play into a putting yourself in the best possible position to be successful. The ideal scenario would be:
· Adequate capital, $5,000+
· Having a mentor who has corporate/professional knowledge
· Actionable education
· Time to dedicate
I do see it being about 2+ years AT LEAST to start seeing success. Remember though, that is with the ideal scenario! Even then it is still hard to put a number on learning this skill!
Check out Macklmores thoughts in his song “Ten Thousand Hours”:
The greats weren't great because at birth they could paint
The greats were great because they paint a lot