When does a trader start making money?

Most people are accustomed to income coming immediately. For example, work for a month and get paid, sell a product and get paid. So, the gap between starting work and seeing financial results shouldn't exceed a month.

If you decide to become a trader, you'll have to change your attitude toward work and earnings. A newbie on the exchange can only make money by chance; their earnings are more like winning the lottery. While they do happen, they're rare.

When will a new trader start making money?

Stage One - "I Know It All."

The trader is confident in their abilities and is convinced that profitability requires only knowing how the trading terminal works.

This confidence fades after the first drawdowns and deposit losses.

Stage Two - "Auto Trading."

The trader learns about expert advisors that trade automatically and generate 1000% profit per month.

A month after another deposit drawdown , the trader realizes that trading with expert advisors also requires specific knowledge and experience.

Stage Three - "Study."

The most persistent traders begin to study technical and fundamental analysis , becoming familiar with various tactics and methods of capital management.

As a result, they acquire knowledge that needs to be systematized and optimized for practical application.

Stage Four - "Strategy Search."

It is during this time that existing forex strategies and individual trading strategies are developed. The understanding that profitable trading is indeed possible comes.

Stage Five - "Experience."

I begin working with a proven strategy, which I refine through trading, refining some of the technical aspects of its application. My own capital gradually increases, and investors' funds begin to pour in.

If I could rewind time, I'd gladly skip the first two stages, saving myself six months of wasted attempts to make money on Forex. The most surprising thing is that most of my fellow professional traders have a similar story.

—David Sherman