I went from a newbie to full-time trader in 6 months, but I had a luxury that most people don’t. I didn’t have to work a job during those 6 months. I studied Forex at least 8 hours a day (many times 16 hours a day), 7 days a week for that time with no other responsibilities. I had just graduated from college and my wife and I were accustomed to living on her salary alone, so I could devote that much time to Forex Please realize that if you have a family to support, or even just yourself to support, it will take you longer than it took me, but you can still do it!
I learned about Forex from an eBook I found on the Internet. The book itself didn’t contain much information. It was an advertisement for an automated Forex robot, and I knew better than to fall for that, but it did spark my interest in what Forex was all about. So I googled “forex” to see what I could learn and one of the first sites I stumbled upon was BabyPips.
I immediately went through the BabyPips school, then after I finished I went through it again. “This sounds easy,” I thought, so I then went out and got a demo account. After playing around with the demo for a while and losing a few thousand virtual dollars I came back to BabyPips and read the forums. When I say I read the forums that’s exactly what I mean, I read them ALL.
It took me quite a few weeks to get though the whole 50,000+ posts (most were junk and only took a minute or less). I could have done it quicker but I would stop after reading a post about a particular system that sounded interesting and mess around on a demo account with it for a few days, just to learn more about how to actually use the software and to see if I understood what I was reading. All this reading was the best thing I could have done! There is no need to reinvent the wheel, and reading about what others have done right and wrong is much faster than doing it yourself.
Finally, after learning all I could I made myself a fresh demo account and started trading just like I would if I was trading full-time with real money. I settled on an indicator-based system I’d discovered, the Cowabunga system, and I went to work. I believe it’s really important to trade on a demo just like it was real money, so I went the whole nine yards… Setting alarms and getting up in the middle of the night to take trades, etc…
After a month or so of demoing I went live. But remember that I was studying my charts for 50+ hours per week, and if you can’t devote that amount of time then it will take you longer to learn the ropes.
I opened an account at Oanda with $50, but I did my charting in MT4 with an IBFX demo account. After I had turned that $50 into $75 I added $1000 to the account. I kept adding more money to the account, and leaving my earnings there to compound, and the rest is history.
Good luck in your trading!