How Long Will it Take to Become a Profitable Trader?

The number one question traders have when they’re starting out is “how long will it take for me to become a profitable trader?” It’s not at all surprising that this is the first thing novice traders want to know about; after all, trading has the potential to be an incredibly lucrative career, and that was probably a factor in choosing this path. The problem with this way of thinking, though, is that it doesn’t really address how to achieve the goal of becoming profitable.

When starting out, the number one question should be more along the lines of how to amass the knowledge and training needed to be successful in this field. Instead of focusing solely on the goal, it should be the journey that they are thinking about.

Here are the questions that should be asked by new traders:

 

“What can I do as a trader to become profitable?”

Before jumping straight into how long it will take to make profit, it’s much more sensible to think...

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What Should I Trade? Stock Market, Foreign Exchange, Commodity, Indices or Cryptocurrency?

If you started trading just 15 years ago, the chances are you could only trade the stock market or commodity market (products like gold, oil and silver). However, only 10 years ago the foreign exchange market blew up onto the scene and became the go to market for many traders. Heck, only a year ago did cryptocurrencies blow up on the scene and change the game. Variety is great but can be overwhelming.

Cut the crap, which market is better to trade?

Is it the stock market, foreign exchange, commodities or cryptocurrencies? Each market has pros and cons which we detail below. The worst thing to do is to be stuck in your ways and not adapt, or explore, new opportunities or to find the 'holy grail'. Here at Trader Prophets we advocate trading on all markets but on higher timeframes as detailed in this article here. However, intra-day trading on all these markets will definitely not work. It's just too much to focus on.

Can you trade all of these markets?

Trading is popular now that all...

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7 Reasons Why You Should Trade More Markets On Higher Timeframes

Are you scared to trade the higher timeframes because you think there will be a lack of opportunity?

Perhaps, you're trading for the fun and excitement of it and you think the higher timeframes are just plain boring?

Well, good luck to you. My advice, save your money in your bank account and do not trade the market! If you're starting to hate me now (you won't be the only one) then given me a chance and keep on reading:

7 Reasons Why You Should Trade More Markets On Higher Timeframes:

1. You can avoid the algos hunting your trades

Did you know that trading algorithms now account for up to 70% of all intra-day moves in the financial markets? How the heck can you make money as a trader fighting robots who can take trades in nano-seconds? Well, there is a way if you know how.

Firstly, it's important to remember that these algorithms aren't just left in the market 24/5. They are turned on and off at the will of the trader managing them. That's right, there is still a human element...

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How To Build A Small Trading Account

beginner insight strategy Jul 31, 2020

How to build a small trading account

With over fifty million people around the world turning to the financial markets to build their capital and to create an income there are many who struggle to build a small trading account. After all, whether you are a great trader or a very a new trader most people will be starting off with a small trading account that they want to grow into a bigger one.

However, straight away the pressure of building a small trading account into a larger trading account can be too much as it seems like a huge jump. Of course, everyone wants to get there overnight too! In reality, it can definitely be done but there are some key principles in growing a small trading account which have been laid out for your below.

1. Stop 'trying' so hard

It sounds counter intuitive to stop trying so hard to build a small trading account. After all to get ahead in life you need to try hard right? Well, in most cases that is right but when you have the ability to trade a five...

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The 6 Essentials For A Beginner Trader

beginner insight Jul 01, 2020

Trading the financial markets is fast becoming the most popular method for those wanting to grow their capital or create an extra income source. However, for the beginner trader there is a wealth information available that can seem daunting as you just don't know where to start. That's why in today's article we go through the fundamentals for a beginner trader so you can tune out to all the noise that is out there and focus on what will help you achieve your goals.

The 6 Fundamentals For A Beginner Trader

Below are six fundamentals for a beginner trader that you must answer and be focused to following every single day, even when the going gets tough. After all, it is about having a laser like focus to achieve your specific goals. Think about the markets carefully and use these six fundamentals as your business plan for the next six to twelve months as a beginner trader to ensure yourself the best possible chance of lasting success. 

1. Choose a market

The great thing about the...

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Trade Your Fear For Profits

insight psychology Jun 01, 2020

Hey it's Natascha, co-founder of Trader Prophets.

Today, I want to share with you some of the struggles our traders face and how we have worked with them to overcome these.

I'll also share with you some tips, tricks, tools and insights that have helped our traders enhance their trading performance to go on and then achieve consistent results.

Having worked with some of the world's best traders and investors for many years now my team and I have had the privilege of working closely with over 10,000 traders across the globe, with traders at various levels and from all different walks of life.

This has given me great insight into what a traders journey entails and the problems all traders encounter when trying to reach their financial goals.

 

The Problem

 

Two key questions I get asked the most are:

  1. How do I stay consistent in my trading performance?
  2. How do I prevent my emotions from affecting my trading performance?

To help us answer these we first have to look at the...

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How we're trading Netflix right now

With over 14 different markets on our watchlist this week spanning US stocks, global currencies and commodities here's a snippet of just 1 stock we're focusing on right now: Netflix.

MEMBERS: Watch out for the premium mid-week video update and research

NEW MEMBERS: Check out the Golden Playbook for exclusive access to advanced educational material and trade research

So what's happening with Netflix? Well, apart from the new season 2 of The Crown starting here are the levels we are watching:

As you can see there are some major demand levels on the Netflix chart. Currently, we're at the first area for a potential bounce. Within this zone we'll be waiting for our Trend Tracer and Price Booster setups on the Daily and 2 hour charts for an early entry into the move. 

If the market pulls back further we'll be looking for similar setups at the new demand levels. The key to our success is to keep things SIMPLE! We trade specific strategies on the markets with the highest probability...

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How we're trading FedEx right now

With over 14 different markets on our watchlist this week spanning US stocks, global currencies and commodities here's a snippet of just 1 stock we're focusing on right now:

MEMBERS: Watch out for the premium mid-week video update and research

NEW MEMBERS: Check out the Golden Playbook for exclusive access to advanced educational material and trade research

 

Happy trading folks! Keep it nice and simple, have a focus and always be the hardest worker in the room. 

 

Natascha

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The Science Behind Investment Decisions

Since the beginning of the stock market, financial sector researchers have worked to understand the factors that influence how people make decisions. According to classical financial theory, investors act rationally, which sustains market efficiency. However, this clearly doesn’t describe human behavior in practice – people frequently make irrational decisions that aren’t predicted under this theory. As a consequence, financial markets fluctuate widely.

This phenomenon has led economists to turn to behavioural science to help them understand how financial markets function in reality. Eventually, a new field emerged that combines conventional financial theory with cognitive psychology: behavioural economics.

Behavioural economics has helped to show that economic theory on its own cannot explain human behaviour, as behavioural economics is able to explain both rational and irrational decision-making. It also set the stage for the advent of neuroeconomics as an...

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How to Approach Trading Like a Business

insight psychology Sep 06, 2017

1.   Start thinking of your trading like a business.

Even though trading is not a typical business, it is important to remember that it still is one – so if you want to become a successful professional trader, your first step should be to treat your trading like a business. If you neglect to develop a structured business plan that accounts for your costs, it will be hard to develop a strategy for a long-lasting career in trading.

Running your trading business properly can help to simplify key business decisions. If your revenue is higher than your costs, your business will be profitable – and if you lose more money than you make, you will be running at a loss and risk going out of business unless you correct the situation. So it’s important to plan ahead by assessing your costs, managing your risks, and developing a trading strategy that enables you to consistently run a profitable trading business.

2.   Take stock of your business costs.

...

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