Are You Thriving or Just Surviving?
In this video:
00:33 – Paul Tillman was here in NZ last week
01:12 – How we made profit from the Coronavirus news
02:06 – The stats show that only 5% make good money
03:05 – The system and strategy works in all market conditions
03:35 – What do you need to do in order to become a thriving trader?
05:02 – I’ve re-opened a link for you to follow
06:19 – Shows the results that you can achieve with low risk
As a forex trader, are you thriving or are you just surviving? Let’s talk about that and more, right now.
Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 357.
Now, I want to talk about the difference between the very few who are thriving, and the majority who are just surviving in the forex market.
Paul Tillman was here in NZ last week
But first, also want to update you regarding last week’s video and podcast where I had Paul Tillman here with me in New Zealand. Now Paul works with me, he’s based out of North Carolina in the States and he covers the American live webinars that we hold and also he helps run and moderate our forum site. But it was great to have Paul and his family here for 10 days with my family here in New Zealand and it just goes to show what can be done with trading. We carried on exactly as normal. Paul brought his laptop and things just continued as normal. Another one of those great benefits from trading.
How we made profit from the Coronavirus news
But also on that video and podcast, you’ll remember, and if you’ve not seen it, go and watch it, that we talked about how we profited from the monthly charts by selling the Australian yen and the New Zealand yen at the beginning of February. Now, right now with early part of March and the coronavirus news and the threats and the story is going mad, not so much here in New Zealand, but globally. And the important thing is is that we saw the Japanese yen, particularly the yen strength, but also some strength in the franc and the US way back in at the end of January. And it just shows that if you can read the charts properly and you know what you’re doing, how you can profit from that and become one of those thrivers.
The stats show that only 5% make good money
So we know the stats that you hear and see out there, that probably only around 5% of forex traders make good money. And we are one of those, in those groups, of the 5% and we’re definitely thrivers because not only have we made good returns from this most recent news event and the strength of the yen and the weakness in the Aussie, the Kiwi and the Canadian especially. Not only is that something that we’ve done well from recently, but we’ve done well from all sorts of different events and market conditions for years and years now. I’ve been trading nearly 16 years, and over that time you kind of go through all the different conditions and news events and political events. Nothing really makes too much of a difference once you know what you’re doing.
The system and strategy works in all market conditions
So when people say, “Oh, does your system work in this kind of market condition?” Well, yes, it works in all kinds of conditions because it’s proven to have done that over those years. But the problem is, and we find this all the time from emails that we get from people who are struggling out there is unfortunately, 95% of the people are the survivors. And to be honest, most of those people end up giving up because it’s just too hard. It’s too difficult. It’s not working for them.
What do you need to do in order to become a thriving trader?
So really, if you’re one of those survivors and you’re not a thriver, what is it that you can do? Because if you’re a thriver, well done, congratulations. You are in the top elite group of people who can make money from trading. But if you’re not, and the majority are not, what is it that you are going to do right now to change that around within your trading? Because obviously, it comes down to a number of things, the strategy and the mindset being the two kind of big ones.
But what is it that you’re going to do to ensure that you get to use a strategy that has been proven, that works across different timeframes, different market conditions, something that’s not going to take very long out of your day to actually implement, something that’s practical, something that’s realistic, something that gives you high reward-to-risk trades. So when you have a profitable trade, you more than make up for any smaller losing trades. Something that has very low drawdowns as well is very, very important. Far too many people get caught up in win rates and things like that. And far too many people get caught up in trying to make massive gains all the time, but then they ignore the drawdown. Now realistically, drawdowns are a big part of your trading because they do affect you psychologically. So you don’t want to be having a system that has huge drawdowns. Very important that you control your risk.
I’ve re-opened a link for you to follow
So to give you an example of this and a real practical example of this, I’m going to reopen a link to a small project that I did last year in July and August. So back in July and August 2019, I went over to the UK and to Europe for a few weeks with my family. And during that time, I recorded my trading, my account, the trades that I was taking and all done in real time so people could see exactly what was happening. And what I did is I recorded me taking the trades of the daily charts. And I think I looked at the 12 and maybe six-hour charts. I traded for about 10 to 20 minutes, absolute maximum per day. And by the time I got home, I made around, I think it was about a 12.7% return on my account with absolute minimum drawdowns, very low risk portrayed as well.
So what I’ve done is below this video, I’m going to send you the link or give you the link that you can click on to go and watch all of those videos again and you can go and see all the trades I’ve taken. You can see the trades that I posted on our membership site and on our forum site, and you can see the trades on my live MT4 account.
Shows the results that you can achieve with low risk
So very, very beneficial because what it shows is not only the strategy work in real time, it shows the results that you can achieve with low drawdown, but only by trading 10, 20 minutes once a day. So once again, go and have a look at that link. The link will be on this page somewhere and I really urge you to have a look through all of those videos. Obviously, start at the first video and work your way through them because you’re going to learn a lot from that and see how you too can trade well with only a very small amount of time trading per day.
So once again, this is Andrew Mitchem at The Forex Trading Coach. Make sure you join the thrivers and you get out of the survivors group. Bye for now.