Most successful traders spend at least two to five years honing their skills before they become consistently profitable. During the learning process, it is not uncommon for traders to lose tens of thousands of dollars – and even more – while they develop their trading strategies. No two traders will have the same approach; each one needs to find the style that works best for them. This means factoring in your account size, risk tolerance, psychological stability, commitment, patience, and personality. You should also consider how much capital you are willing to invest in your education and how often your trading plan should be updated. Additionally, journaling your trades and tracking your progress is key to success. No matter how prepared you are, you should expect to lose some money while learning to trade. This is an unfortunate reality, and it should be seen as an investment in your education. That said, if you can’t stomach the idea of taking losses, you will never get to experience the joy of winning.