Answering that question is kind of like answering the adage of “how long is a piece of string?”
Well, it depends where you cut it.
They say that to become a master that it takes 10,000 hours of good practice. Just as well, you’re only looking to be a professional and not a master.
That’s not to knock any professionals. A professional is all you need to earn a lot of money. Whether or not to become a master is a choice to make at a later date.
Far too often, we get told by the media and advertisers to become a master. When we really don’t need to be. It gives us unrealistic goals and desires. We do not need to be a master to be really good at something.
A master is just the best or perhaps one of the top 10 best in the world. It’s going to take a great deal of time and effort to become that.
How does that help us answer the question of how much time we need to commit to becoming a professional; (successful) trader?
Here’s where Pareto’s 80/20 principle comes in handy because he has proved that 80% of your results come from 20% of your work.
To become a professional trader (80% of being a master) takes 20% of the time… 2000 hours.
But we don’t need to be a long standing developed professional in order to start. We all know from personal experience that your learning doesn’t stop when you get qualified. So you could probably class yourself as a professional trader after 1000 hours of good practice.
Here lies the problem most unsuccessful traders have, they’re not getting good practice. So although they are racking up practice hours those hours aren’t worth a carrot. You need a mentor that can keep you on track and doing all the right practice.
What you should do right now!
If you are struggling to successfully extract consistent payments from the markets, then I do suggest that you take a look at my “Do It Yourself” Trading Course.
In this course I will personally coach you the necessary technical and psychological skills needed to be a successful Prop Forex Trader and create the life of your dreams, whatever they might be.