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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How To Build A Small Trading Account

beginner insight strategy May 15, 2017

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 Apr 26, 2017

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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10 Trading Terms Every Trader Needs To Know

beginner insight Feb 12, 2017

So you want to be a big hot shot trader? Moving in and out of markets like a seasoned professional, grabbing pips and points in the world's biggest financial markets, as and when you please? Then you better read on as every successful trader in the world lives and swears by the following top ten trading terms. Of course the first step is knowing about it and then implementing it. So, eyes down folks, here we go...

1. The Forex Market

Every trader must know about the forex market as it is the largest market in the world with an average trading volume of $5 trillion per day. It is the go to market for professional and newbie traders alike as it's open twenty four hours a day, five days a week and is highly liquid making it very cheap to trade. This market has made many fortunes and is a must in any traders portfolio.

2. The Commodity Market

The oldest of all the markets is the commodity market and this is the go to market for many professional trading firms and corporations. It is the...

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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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Learn The 4Point Trading System™ To Pick High Profit Trades In Any Market

Are you struggling to pick the right trades? Can't seem to get any consistency in results? Then the 4Point Trading System™ can help!

Discover how you can approach the markets in a consistent way every day and on every trade. Not only will this help you to think 'top down' but you'll absorb more information from the market to build your intuition - something the greats like George Soros and Warrren Buffett rely on. 

 

Why is the 4Point Trading Sytem™ important?

In trading having a PLAN/SYSTEM/METHODOLOGY is hugely important. Without it, forget about achieving consistent results - you just won't. That's because you need consistency when you trade to allow probabilities to work in your favour. Think about it. The market can be quite random. The only part of trading you have control over is what you trade, how you trade and why you trade. 

Turning up everyday and trading the same way not only helps build consistency in results and good habits. It also helps to...

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3 Steps For Financial Success

beginner insight Nov 28, 2016

Wouldn't it be great if we could just buy the one stock or ETF that we can just leave forever, never look at it again until we retire and cash in all the fat profits we've accumulated? Well, you could but the statistics show that's the quickest way to lose a fortune because quite simply you are thinking about your own needs rather than the markets needs. And the market always deserves respect.

The hard truth is that your investment portfolio needs regular maintenance. The most successful investors, whether a profession Fund Manager reading his analysts reports or your simple at home investor scrawling through the Financial Times, carefully monitors their portfolios and adapts to the ever changing habits of the market and economy. They act to survive and you should be doing the same.

3 Steps For Financial Success

The three most common steps for financial success:

Regularly review your finances and portfolio - At the end of each quarter, every six months and the end of every year...

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4 Questions To Ask To Find The Root Of Your Trading Problems

It’s a well-known fact that before a physician can begin to treat an illness or ailment, a diagnosis must occur. It’s the same process with engineers dealing with machinery, or mechanics working with cars: if you don’t know what the problem is then you can’t begin to fix it.

The same analogy can be applied to traders, and therefore trading problems. Time and time again traders facing problems will try various solutions without really stopping to assess what problem they’re trying to solve. Even worse, unlike doctors, engineers or mechanics, trading mentors will jump straight to the treatment without pausing for diagnosis.

This post will help anyone facing trading problems to identify what is going wrong, by asking a series of diagnostic questions.

 

QUESTION #1 Do I actually have a problem?

You probably think that’s a weird question to be asking when you’re experiencing a drawdown and you’re becoming frustrated. But, even if this...

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3 Types Of Profitable Market Analysis

So you want to be a hot shot trader and be amongst the 50 million other traders in the world who consistently make money from the markets? The first thing you need to know if you want trade the forex market, stock market or commodity market successfully is the three types of market analysis that every trader, investor and financier looks at every single day which you should be doing too.

After all, if those guys are using it then every wannabe profitable trader needs to be too. Remember that the people who really know how play this game use a variety of ways to analyse and develop ideas that they then go on to trade. The three most important types of market analysis are:

1.       Fundamental Analysis

2.       Sentiment Analysis

3.       Technical Analysis

Some traders will use all three and some will only use just one or two. It really depends on your experience and what resonates with you as...

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