Can the small trader really win at Forex?
In This Video:
00:44 Why do Small Traders feel Overwhelmed?
02:01 Small doesn’t mean Weak!
04:01 Bringing that Mindset into Trading
Can the small trader really win at Forex? Let’s discuss that and a lot more, right now!
Hi Forex traders, it’s Andrew Mitchem here.I’m the owner of The Forex Trading Coach and today is Friday, the 27th of March and I want to discuss the likelihood or the chances of you being a small trader and your probability of success as being a Forex trader.
Now, when I say a small trader I’m probably talking about most people would be under $100,000 and in reality, the vast majority of small traders out there are trading probably somewhere between about one and ten thousand US Dollars, if they are trading even live at all!
Why do Small Traders feel Overwhelmed?
And so, if you come under that category, then really, this information is designed for you because the problem that I see with most small traders is they think everything’s against them. They think the broker’s against them, they think the price of the market’s against them. You know, every time you place a buy trade the market goes down; every time you place a sell trade the market goes up!
And people seem to think that everything’s against them – the stop-loss hunting, they have lack of facilities, lack of all the other facilities and means that some of the big banks and institutions have. And you’re sat there at home, or in your office, wherever it might be on your laptop and you’re just small fry in a huge world of Forex trading.
So, people think that everything is against them whereas in reality, in my opinion, what’s against most people is they have a lack of knowledge, a lack of discipline, a lack of understanding and probably, with most people, when things go against them, they don’t stick to their plan. They become despondent, they start changing systems and strategies, looking for the next thing and that’s the problem that most small traders have – they just don’t stick to something that works for them!
Small doesn’t mean Weak!
Now, I want to share with you a story about something that I’m really passionate about and apart from trading and flying a helicopter, my other big passion is cricket! I absolutely love cricket. And so, I’m a big fan of New Zealand Cricket. Now, I need to tell you a story about New Zealand Cricket.
See, we have a very small population – four million people – we have very limited resources in terms of financial and, actually, facilities for people to play cricket. You know, not as good as, say like, England, which has millions and millions or hundreds and millions of pounds. We don’t have the population of India with 1.4 billion people – most of them absolute cricket-mad.
So, we have a lot of things against us – we’re a nation of Rugby followers and fans, with the All-Blacks.So cricket, although it’s our main summer sport, is very disadvantaged, I suppose you can say, in terms of on an international scale. Yet, the World Cup is on right now! Now, if you follow cricket you’d know this of course and New Zealand are now in the final, to play Australia this Sunday, in the final. And the thing that makes New Zealand so good right now, with their cricket, is they have a plan!
They have players in place that can implement that plan. They stick to that plan! They have done a lot of homework, a lot of knowledge, a lot of background; they have a will and a passion to win! You their belief and mindset is that they’re going to win. And they know that because of all the hard work and dedication and research and practice that’s gone into their sport and into their playing and their preparation. They’ve got raw talent, yes, but they’ve also got that mindset and that will to win.
So they’ve done all their homework. They’ve done their homework against different teams; they know their strengths, they know their weaknesses, they have their plan and they implement it!
Bringing that Mindset into Trading
So really, when you think about trading, New Zealand’s very, very small in terms of financial and population on the cricket stage – probably, if you’re watching this, you’re a small trader; you’re probably under the $100,000 live account, so really, anything under $100,000 I’d consider as a small trader. You think everything’s against you but discipline, a plan, knowledge, education, sticking to your plan, being disciplined, not being distracted in your trading, sticking to it – you know that’s the key – stick to it, believe you can win, understand your system! And it’s no different, whether you are New Zealand Cricket Team or whether you are a Forex trader trading from home.
And, by the time you watch this you’re going to knowwhether New Zealand are the World Cup holders or whether Australia beat us and we came second, but either way, amazing to actually be in the final and be in that position. So, you’re trading is absolutely no different! Go out there, take on the market; take on the big guys and you can do it. So, I hope that helps you.
Now, this time next week, I’m going to be in San Francisco so I look forward to bringing you a video from that lovely city and helping you more with your trading. So, bye for now, this is Andrew Mitchem from The Forex Trading Coach!