Hey @GenYtrader2000, for me, it took around 5 years to become properly profitable - 'properly' as in making decent profits. I first became moderately profitable after about 3 years but wasn't making enough to really bloat about and would often experience down months.
I struggled a lot with the psychological side of things. I used to find it really hard to sit on the sidelines waiting for a set up (I trade a more longer-term style as opposed to Rick. I hold positions anywhere from a couple of hours to a couple of weeks, averaging about 6-8 trades per month).
The hardest thing I struggled with more than anything was being in profit, only to watch it diminish as the instrument pulled back. I would quite often get out to "save my profits" but that ultimately threw my entire reward:risk ratio out the window. It took a lot of discipline and practice and now I have very little issue holding and my trades are only exited via SL or TP. I very rarely get out manually.
My breakthrough moment in terms of strategy was after reviewing a journal I had going for almost 2 years and worked out;
1. Which set-ups were working the best for me and which weren't working at all. For example, pattern breakouts were just not working for me whereas Elliott-wave ones were..
2. The months that I traded the least were the months that I made the most - leading me to lean towards more of a swing/longer-term strategy.
3. The timeframes that were working best for me (1hr, 4hr, daily).
Breakthrough moment in terms of psychology was when I was privileged enough to be mentored by a full-time trader with 20 years experience. He really forced me to stick to the plan and, more importantly, held me accountable for my actions. Funny thing is he trades completely differently to me but in this game the psychology is all the same and he really drilled into my mind on how to trade more like a robot rather than let emotions get in the way.
