How Long Does it Take to Become a Successful Market Trader?

The timeframe to become a successful market trader is completely up to you and your discipline. Early in my life, I played a lot of golf. In fact, I would play the same course daily, attempting to perfect my game. I had a golf mentor explain to me "Dan, you can go to the driving range day in and day out. You can spend thousands of dollars, buying the latest technology of golf equipment. But, until you practice perfect you will not get anywhere." I am so grateful I learned the lesson that practice does not make perfect, perfect practice makes perfect.

Many traders will spend their entire careers or lives making the futile attempt to become successful. Why do I choose the word "Futile," you may ask. Simply put, unless you are practicing good principles over and over again, perfecting the qualities you need to be successful in an ever-changing market, you will never reach the level of a consistently profitable trader.

Perfect practice makes perfect. In my thoughts, perfect is defined as one who defines their risk going into each trade. A perfect trader will always know when they are right. They will also know when to admit they are wrong. Trading perfectly requires an immense discipline to await a trade to setup, or reach a certain price level, prior to entering the trade. One of the most difficult aspects of trading is sitting on your hands, awaiting the next trade. At MP Capital, we take minimal trades per week in comparison to an active trader. This idea and strategy of minimalism greatly increases our probability to be right. We only await picture perfect setups that have been back tested in a vast timeline. In doing so, we have experienced massive success.

Being consistent in the market will always get your further than having a big win here, and an even larger loss there. Many traders will proclaim their winnings to the world, while burying their losses deep to avoid appearing as a failure. As I explain to people how I personally trade, I like to focus on how I manage the trade to control my losses. I truly feel that by teaching someone how to manage their risk and control losses, they will have a tenfold chance of succeeding in comparison to someone who simply hears all of the "Big win," stories.

Get rich quick mentality never wins the game of trading. The consistently calm planner wins the game.

Source : ezinearticle