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How long does it take to become a good trader?


Something someone said in another thread got me thinking...How long does it take to be a good trader??? Not just profitable but consistant new account highs?
IMHO I would say 10,000 hours, thats almost 6 years of screen time. I put in +7hours a day on the us index's and 3-4 on the euro every night which I think really helped. And it took about 10,000 before my account stopped with the large swings and replaced with the more easy on the stomach new highs, higher lows.
I feel it's best to follow a system. As humans, it is impossible to keep emotions out of trading and a system will do just that. Trading will become mechanical as it should.

Great Question... well to hit the subject on a brief note... there are 5 musts to not only be a good trader but a consistent trader... everyone can be a good trader... have you seen the etrade commercials there right a baby can place trades...but to be consistently profitable is another story..

1.A trading method(system). you obviously need to know pattern, charts, and behaviors of markets, to find entry and exit points of trades.

2.Money Management... No brainer, if you don't you'll blow your account.

3.Control Emotions. Keep your greed and fear in check.

4. Discipline... ability to ALWAYS... not sometimes... but 100% of the stick to your method, money management, and controlling emotions...

5. And of course. Practice, practice, practice.

the biggest hurdle for most is #3 and #4... many novice traders especially after a loss assume that they need more market knowledge to conquer the markets... but in reality they need to start within themselves they need to get control of there mind and emotions. if you are new to trading or if you have been doing it for years, if you have a hard time not detaching yourself from the markets and your mental and emotional state is up and down as you trade with the markets... my first suggestion... GET A MENTOR... i did... or work with someone you may or may not know that trades everyday with discipline...

So back to the subject of how long it will take you depends... how disciplined are you to stick and do 1 2 3 4 & 5 EVERY TIME you sit down to trade...

good new is everyone can learn... its obtainable if your deticated... I mean i only have my high school diploma and i make money every week trading... if i can do it you can to... stick in there dont let anyone tell you different.
It takes 4-5 years (one stock market cycle) of at least 20 hours a week work to become a so-called semi-pro stock trader – quote from the book "The small stock trader
Much of it depends on if you were fortunate enough to find a good mentor willing to teach execution. Any mentor that teaches theory without teaching execution will have little impact to your trading. You have to see them trade live successfully and explain their trades in detail. When your execution goes wrong, they need to explain the details of your mistakes..

Assuming you trade full time and is fully immersed:

If you have a natural knack for trading AND is guided by a successful trader walking you thru the execution - 6mo to 1 year

If you have a natural knack for trading but don't have a successful mentor guiding execution - 2 + years

The average trader probably takes 4-5 years to become semi pro/semi consistent

A big many traders never become consistent. They have a lot of knowledge but don't assimilate it well.. Or they can assimilate and even read the market well but lack confidence. Trading is like athletics, many things have to come together and come together consistently to pull money out of the market on a consistent basis..
Can you be mentor?
Thanks
Neel
It really depends on your commitment and how much work you do on yourself. I'd highly recommend reading the book "Super Trader" by Van Tharp which studies the most successful traders in the past 25 years and teaches you how to model them.

I highly recommend taking the trading test to see what kind of a trader you are:
www.tharptradertest.com

I'd say 3-4 years as well.
Here is my result from the Van Tharp Test. Anybody else want to post their result?

Click image for original size
Van Tharp Test result for day trading on 20/June/2012
Originally posted by redsixspeed

http://www.tharptradertest.com/signup.aspx


Well I thought I posted my test results ..
At the end of the test I got the same screen as DT ... Administrative Trader.
“Well everything gets on you with time. You have to devote your efforts in specializing in trading”