Becoming a Great Forex Trader – Learning from Japanese Culture!
In This Video:
00:37 Why the Japanese are a Trader’s Benchmark!
01:51 Probable Cause for the Japanese to take up Forex Trading
In today’s video, I want to talk about what it takes to be a fantastic Forex trader, so let’s get into that right now!
Hi traders, it’s Andrew Mitchem here, the Forex Trading Coach and in today’s weekly video and podcast I’m coming to you from Tokyo, in Japan, where I’m on the last leg of a trip around the world. Had a fantastic time here and just learnt so much!
As I mentioned, in today’s video and podcast, I want to talk about what it takes to become a really good Forex trader and when you think about the Japanese culture, there’s so many aspects of it that just screams ‘Great Traders’!
Why the Japanese are a Trader’s Benchmark!
You know they’re very dedicated people, they’re hard working people; they’re willing to learn; they’re willing to invest in themselves; they’re not so much worried about the short-term gains, they’re more interested in longer term gains. There’s a great respect here amongst everybody. They are efficient; they are hardworking – everything that you need to be to be a great Forex trader you can see in the Japanese culture.
And as someone who’s practised Karate for the last seven years, and years ago as a child I practiced Judo, it’s just really exciting to be here and to see what an amazing city and what an amazing culture the Japanese people have here.
So really, to be a trader, you need all of those aspects that I’ve mentioned – you do need to work hard, you do need to invest in yourself, you do need to look for the longer term gain – don’t be worried about what’s happening on the very next trade or the next week – look for the longer term gains. You know, be dedicated, work hard, be disciplined at your trading.
All of those features, you put those together, and they go a long, long way to becoming a successful Forex trader and as I mentioned, it’s just a great aspect to see in the Japanese culture. I love it! Just really great people – so polite, so nice and friendly!
Probable Cause for the Japanese to take up Forex Trading
I suppose the only thing that’s sort of a slight downside when you visit here is you just realise just what appalling savings interest rates they have here. And it’s no wonder that so many people trade Forex here and, like I said, I’ve met so many people here who’re extremely good at it as well.
I’ve just got some figures here –I was just talking to someone yesterday – the highest savings rate I can find here is 0.06%. The highest term deposit I can find for three-year’s term deposit is 0.22%. So when you see those figures and you realise that the people who have money in the traditional investments in terms of banks and things like that, their payouts, their interest rates are absolutely awful!
And again, it just shows why so many people are turning to Forex as a way of being successful. You know, when I look at those figures, 0.06% and 0.22%, well almost every trade that I take, that’s profitable, is higher than any one of those and it shows why trading is such a fantastic business to be in.
But back to the main purpose of this video and podcast is just think about those aspects of the Japanese culture. You know – hard working, disciplined; looking for the longer term gains, not the shorter term gains; willing to invest in themselves; working hard, willing to learn – all those aspects just great, great traits to have if you want to be a successful Forex trader.
So hope that helps and this time next week I’ll be back home in New Zealand so look forward to bringing you more trading information then.
So this is Andrew Mitchem, the Forex Trading Coach, last time from Tokyo!