The Trading Mistake That’s Costing Beginners Years of Progress
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#636: The Trading Mistake That’s Costing Beginners Years of Progress
In this video:
00:29 – We don’t spend all day looking at charts.
00:40 – Learning how to trade properly.
01:22 – The elephant is too big to eat at once.
02:30 – Little and often is the fastest way to learn.
03:24 – Don’t compare yourself with an experienced trader.
04:17 – You won’t become a full-time trader by next week.
05:22 – Bradley’s video testimonial.
06:12 – Blueberry Markets as a Forex Broker.
07:00 – Find someone to follow.
How do you eat an elephant? Well, you eat it in the same way as you learn to trade the forex market. I’m going to share details about how you can eat the elephant and learn to trade properly in this week’s video and podcast. Let’s get into it right now.
Andrew Mitchem here, The Forex Trading Coach with video and podcast number 636.
We don’t spend all day looking at charts.
Outside on another beautiful winter’s day here in Nelson in New Zealand. The beauty of trading, of course, is that you are not sitting looking at your charts all day.
Learning how to trade properly.
But the issue that people have is that they don’t know how to start. And so I liken learning to trade as the same as the phrase that you may have heard, and that is how do you eat an elephant? You see, the way that you eat an elephant, not that you’re going to, is 1 bite at a time.
And learning to trade forex is exactly the same. You know, many people look at trading and they get overwhelmed with the information out there, you know, charts and indicators and news and not understanding risk management, psychology behind trading, all these things. And the mistake that I see so many people out there doing is they try to learn it all at once.
The elephant is too big to eat at once.
So the issue that you have to come back to when you’re thinking of the elephant is the elephant’s too big. So you can’t do this all in 1 go. You have to understand what it is that you need to do in order to tackle that elephant, or in this case, the forex market. And you see what people end up doing is they jump from 1 strategy to another.
They try to master everything straight away and they get information overload. They become frustrated and it just doesn’t work. So going back to the 1 bite at a time, learn things piece by piece. Learn how the market moves. Break things down. Look at the price. You know how many people, how many of you out there watching or listening to this don’t actually look at the price?
I bet there’s a lot of you. Understand risk management. Understand what things like support and resistance are. Understand the movement of different times of the day or the different currency pairs, how they react. Do they react to news announcements or not, or how do they correlate between each other? All these type of things break it down to eating or in this case, learning 1 thing at a time.
Little and often is the fastest way to learn.
Now consistency beats intensity, and what I mean by that is by doing little bits often, you will soon be amazed how you will soon pick up things. You know you can’t go there eating this elephant in just 1 meal. You’re not going to just keep taking 1 mouthful at a time and expect to eat the elephant. Likewise, you can’t just sit there and cram all this information in like just in a few days and expect to become as good as someone that’s been doing this for a long time.
And right now, as an example, I’m, you know, trying to get better at singing, trying to get better at learning to play the guitar. So I’m doing regular lessons online, and I’m learning and doing little bits at a time, learning bar chords. So if you’ve ever played a guitar, you know how difficult bar chords are and what they mean on the fretboard.
This is exactly the same. Learn a little bit, say 30 minutes a day when you can to learn these parts and things will soon start to come together.
Don’t compare yourself with an experienced trader.
The other important thing is not to compare what you are doing and what you’re learning with someone that’s been doing this for a long time.
You can’t, for example, look at my trading knowledge and experience and expect to be at that level straight away because I’ve been doing this for like 21-plus years every day. And, you know, but when I started, you know, it was all new. When I started, there was nowhere near the help that there is today.
So don’t go out there comparing yourself with real traders or what you perceive online with the TikTokers and, you know, the barely-out-of-school type of people that have traded for a week and tell you how good they are. Whichever ones you’re following, whether it’s a real trader or, you know, getting conned into listening to those guys, you cannot compare yourself with someone that really knows what they’re doing at the beginning. So put the time and the effort and consistency into that.
You won’t become a full-time trader by next week.
And the other thing I’d say is don’t worry about becoming a full-time trader tomorrow. It’s not going to happen. Don’t go giving up your job tomorrow. Don’t expect to become a multi-millionaire tomorrow out of this, or even next week or even next year. You know, give yourself time to do this.
It is not a race. If it’s a race for you, you shouldn’t be doing it. And if it’s a race for you because you think it’s going to solve all your life’s financial problems, you probably shouldn’t be doing it either. What you should do is treat this realistically, small bits at a time, learn the skill, master the skill, and over time look honestly, it is the best thing there is. But it takes time.
It’s like all these things I’ve mentioned to you many times I’ve done in my life. Flying a helicopter has probably been the best example. It is 1 of the best things I have ever done, but it takes time to get there. Otherwise it’s going to go wrong. So take your time. Do this thing properly.
It’s a journey. It’s not a race out there. The market is not going anywhere. Trading is not going anywhere. You have time to do this. You have time to put in to learn how to do this properly.
Bradley’s video testimonial.
And I’ve just released a few new testimonials from clients, and 1 of them is from Bradley, who lives across in Perth in Western Australia, and he’d been trading for 8 years before he found us.
And now, a year later, after he’s joined us, he’s doing so well. But have a look at videos like that and learn from people who are out there that have spent time doing the groundwork, doing the homework. And it works.
So coming back to the elephant, can you eat the elephant? Yes. Can you tackle, as in like, you know, not literally, but, you know, can you learn to trade the forex market? Yes. Take it 1 bite-size piece at a time. Take it slowly. Be consistent, be realistic, and don’t gorge yourself on information as in, don’t try to learn everything like in a weekend and take your time. Ask questions. Seek help. It will work.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets over in Australia. But, you know, it doesn’t matter where you live in the world. Most people who are trading forex, with the exception of a few countries like the US, etc., but pretty much everybody else can trade through Blueberry Markets. There’s lots of brokers out there. I personally use other brokers as well as Blueberry Markets, but they are my preferred broker and it’s where I have my main trading accounts.
I think they’re really good. They offer the MT4 and especially the MT5 platform. But 1 thing that stands them apart is not only their spreads and execution and withdrawal speed, it’s the quality of their customer service. Outstanding people. Have a look at them if you’re out there looking for a good broker. So once again, take your time. If you’re out there learning to trade, don’t jump onto every forum.
Find someone to follow.
Don’t clutter your charts with millions of indicators and don’t chop and change systems. Find someone out there that’s got a proven system that’s been around for years, that works across all markets, all time frame charts, and doesn’t require you to sit in front of the charts all day long.
Now, yes, when you’re starting, put some time and effort into learning. But once you’re doing it, get outside and enjoy the beautiful place that we live in. And, you know, trading takes care of itself.
So hope it helps. This is Andrew here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #636: The Trading Mistake That’s Costing Beginners Years of Progress
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
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