I first started in the markets in 1997 with 15K and turned into 400K by April 2000. Six months later I was lucky to pull half that out of the market and thankfully used the cash to renovate my house before getting married.
I could not really call myself a trader at that time as I had absolutely no idea what I was doing, throwing as much as I could into the market and was trading mainly off tips and rumours. No game plan, no strategy, and no money management. It was the worst possible start to trading one could imagine because I thougth I could do no wrong. The next 3 years were roller coasters, profitable one year and blowing accounts the next, but that is when I would say I gave more thought to my trading. In total blew up 4 accounts, starting from scratch again each time until it got pounded into my head what I needed to.
One day it finally dawned to me what I needed to do. SURVIVE.
If I could survive and make it my number one priority, the profits would slowly come by themselves. So ones first priority is not to get rich, but survive, because most do not survive past the first year.
In fact this turned out to be the case, from 2003 onward I have been consistantly profitable, initially not great returns, but gradually improving every year until now whereby on I would return the average wage which I am happy with as a part time trader.
Aside form the need to survive, I would say having the discipline and patience to wait for the right trades to come along are the most important traits to attain in this business. Trade the 80/20 setups and rety to stack the cards in your favour as much as possible and stuff eveything else. Also perseverence, and tough mindness are a must in my opinion.
I think TH is right with what he says. I would say for most that persevere it would take anything between 4-10 years of experience before they became CONSISTANTLY profitable.
Just my thoughts