Consistency is a term deeply rooted in the trading industry. If you think you can get away in this market without dedication and patience then you are living in your own world. For your information, consistency in trading helps you to reach your goals and be successful in this industry. Without having a consistent attitude to your trading you cannot survive in this market for long.
Trading requires regular practice. Trading is like a sharpening knife. The more you sharpen it, the sharper it becomes. Similarly, the more you practice your trading skills, the more experience you gather. Therefore, if you decide on joining this industry, you have to make sure that you have the spirit to face the hardships of this economy. If you are not strong-willed, you will not be able to make any money out of it. Another important factor of the trading market is that the pace of the market shifts very easily and people find it difficult to deal with such rapid changes.
But this can never be an excuse to give up on your career if you take it that way. Because millions of other traders are going through the same pain as you are going through. So, you have to make sure, you are ready to face all the challenges of this industry with a smile on your face.
Experience of the skilled investors
Now, many ask how long it takes to be a consistent investor. Of course, there are several answers to it. Hence, some debates have arisen to about when the best time for an investor become consistent is. Among those several options, we believe that the duration one takes to be consistent in this profession can vary from person to person. For some, it might be 2 years while for some it may take up to 5 years. However, to reach that level, every party through 4 phases before coming to their destination.
To know more about the successful trader, visit the website of Saxo. Evaluate the profile of the elite traders to get a general idea about their experience level. But keep in mind, you must trade for a year or two before you start making real profit.
How long does it take to be a profitable trader?
This is the point when you join the market with high hopes to meet more opportunities and high profits. You are willing to give it your all. Also, you have the highest confidence level at this point. Since you are just beginning, you are quite the optimistic one and your enthusiasm to learn new things is overwhelming. So, you study everything that you get in front of you and slowly get yourself familiarwith dynamic stages in this profession.
This is the level where you might have probably lost one or two trading accounts and have taken a few extra risks that you shouldn’t have taken. But this is also the stage where you get to know how to use risk management properly. This gradually helps you to be a better trader and make a more detailed records of your investment. However, despite having such an epiphany, you are simply not there yet.
In this phase, you are more concerned about tools and are willing to get as much technical help you can get. By this time, you have read all about Fibonacci retracement lines, risk management disciplines, and other theories. We can say that you are more experienced and calmer than at previous times. Your trades will be better prepared and strategic than they were in the early days.
This is the time when you realize that only money can help you earn more money. However, for this, you have to go through several formulas and calculations. You also have a better money management policy and a reliable plan that you have set up in your work. At this level, you are at the peak of professionalism.
Some investors take a short time to go through these levels while some take an eternity to pass them. However, no matter how long people take, if they are dedicated enough, they can reach the zenith of their career at some point in their life.