You can consider yourself as a trader but considering yourself as a profitable trader is not so simple. The most common question that has been asked to me is how long it takes to become a profitable trader. Trust me there are no answers to it. I am in this trading industry for almost 10 years including my learning period. It took me almost 4 years to understand this and making my livelihood from it. I saw many traders who joined this industry before me still having trouble earning their livelihood and many traders joined this industry after me they are earning well from this industry. So in my point of view, this question is frequently asked by new traders who are thinking about joining this market without having proper knowledge about it.
We can give you one answer that you need to work hard as you can to learn about this market and how to trade. The faster you understand this market the faster you can earn from it. If you are mainly too much focused on the destination rather than the preparation of the journey then you might not reach your destination ever. So setting goals is good but if you don’t work hard accordingly to reach that goal then you will never get a sight of your goal.
What does a trader need to do to become a profitable trader?
This is the first question a new trader should ask and this is a practical question and you may get a good answer to this question. You need to understand the market and this is the answer to that question. If you don’t understand the market and cannot trade in the market properly then you will never able to earn money rather than losing your capital. So before joining this industry and considering you as a trader you must need to have clear knowledge about this industry and have to know how this market work, what type of opportunity this market is offering you. So before thinking about making a profit you first need to learn how to trade properly. For doing that you can browse the internet because there are lots of sites which provide you knowledge about trading. Visit https://www.home.saxo/en-sg/products/bonds to know more about trading profession.
What does it take to become a profitable trader?
This question contains lots of psychological aspects of trading and you need to master them if you want to join the trading industry. Trading is a hard skill to acquire if you don’t have a proper mindset and without that, you will never have a chance to become a profitable trader. Think straight that if everyone can become a trader then everyone will join this market to trade. So everyone doesn’t have what it take to become a trader and living a disciplined life when they’re putting their money at risk. Trading is a market where temptation is always high and not everyone can handle the temptation. Ask yourself if you can be patient when the market is going against you. If you have a positive answer to that question then you might have a chance to become a profitable trader because trusts me this market doesn’t care about you or your desire.
So how long does it take?
So the best answer to this question is there is no definite time for that because every person has some unique ability that makes us different than each other. Some people are just born with analyzing skills and they might take a shorter time to understand the market, on the other hand, you might not have that much of analyzing skill so you might need to learn it and it will take time. Never give up no matter how hard it looks to understand the market if you are want to be a trader.
So if anyone tries their best and work hard to acquire the art of trading and keep practicing it then he might become a profitable trader sooner or later.