What nonsense! Why you don't need 10,000 hours to become a successful Forex trader
Dear Trading Tips reader,
I am sure you have heard someone say that you need 10,000 hours of trading experience to master the art.
This is certainly the case for many career options such as becoming a professional golfer, rugby player or even a movie star. But I really don't believe that this is the case for Forex trading. In fact, that really is nonsense as far as I'm concerned!
With the correct support structure in place, you can be successful from year one and this is what we aim to do at Trading Tips.
So today I am going to walk you through this thought process and show you why you don't need anything near 10,000 hours to be a profitable trader.
Let's break down why 10,000 hours is a waste of your life!
Most beginner traders set aside a certain amount of time per day to study Forex trading.
Let's assume you have decided to put aside an hour a day to do just that.
Some simple math shows us this would mean you need 10,000 days to master Forex trading. That's a whopping 27 years of your life practically equal to a life sentence!
Now I don't know about you but to me that just doesn't sound appealing. Especially when I want to retire in the next decade or so.
In fact, I wish you to have a comfortable life style and enough time to spend with my family, in less than five years.
Forget 10,000 hours when all you need are 28 hours to become a successful Forex trader?
First you need to learn the basics of Forex trading and how to trade the market.
There are countless online sources you can use to learn to trade.
YouTube, Google or even Trading Tips as you know. And there are many trading resources out there that Timon has created to cut this learning curve completely in just one seating.
Once you become familiar with how to trade Forex, next you’ll need a strategy.
Now if you’re like Timon or me, you can spend years in your young trading days developing trading strategies.
And why I say years is this.
Timon and I have literally gone through thousands of trading strategies through programming and back testing. And only after a couple of years, did we find trading strategies that consistently show success year after year.
The funny thing is this.
I’ve only known Timon for the last three years and when we spoke about our trading strategies, there was instantly synergy to the way we trade.
Such as we never look to risk more than 2% of our portfolio per trade.
We only look for trades that have a risk to reward higher than 2. This means our reward per trade needs to be twice as high at what we’re willing to risk.
So, the fact that we spent years developing trading strategies and coming to a similar conclusion, made us realise.
If someone showed us these simple money management rules and trading strategies, we wouldn’t have needed to spend years of searching.
And so, today you can literally learn from our mistakes with the material we have to share with you.
And that’s why we are both so thrilled to have this platform to show you how to trade, not only the profitable way but also the realistic way.
Once you have the foundation of the basics and you have a trading strategy then you’re ready.
Start trading the correct and profitable way within a few weeks!
The real question is this. If I don’t need 10,000 hours to become a successful trader, how much time do I need?
Well first, you need to spend about two to three hours to learn the basics of the Forex market.
Next you’ll need a winning strategy to practice and develop to grow your portfolio.
Each strategy you create can take over six months of testing. And if one strategy fails to work, then you’ll need another six months to test another strategy.
What happens if you end up trying out 20 different strategies before you find a suitable strategy for your portfolio?
Well you would’ve spent 10 years alone just testing strategies without even committing a cent of your money.
And even then, you might not even find a profitable strategy.
But I’m going to tell you about a strategy that has worked for over 13 years. And because we’re dealing with the Forex market which trades over $5.3 trillion a day, ANYBODY can use it to learn to trade.
By using this strategy, you’ll cut your learning curve by over 10 years. And this is why the 10,000 hour rule will be irrelevant to your trading strategy.
All you’ll have to do with this strategy is this.
Back test around 20 trades to see how your portfolio would’ve done in the past. This way you won’t risk a cent.
Then if you’re satisfied, then REAL test your strategy with 20 trades going forward. But still with a demo account.
Take a look at your success rate for every 20 trades that you take. And if you find that the consistency is the same and that you are making money. Then you are in a position where you are ready for the real thing.
If you end up testing around two trades a week, it will take you 14 days to back test and 14 days to forward test your demo account.
And if you’re happy with the results, you can then deposit real money and start making an income from trading.
All in just 28 days.
Which only equates to 28 hours of learning to trade Forex.
Which I’m sure you can admit is a much better deal than learning to trade from scratch and going through the full 10,000 hours.
P.S: If you find that 28 hours to learn to trade Forex beats the 10,000 hour journey, then click here because Timon is willing to share everything he knows on how to be a successful Forex trader within one little box.
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