Do You Lack a Clear Trading Strategy?
#504: Do You Lack a Clear Trading Strategy?
In this video:
00:26 – You know the stats – Most people lose
01:45 – Spreads will affect Sell trades
03:12 – We’re here to help and make this work for you
04:05 – Trades taken on a live webinar
04:56 – Clients from 103 Countries
05:06 – Profitable trades posted on the Forum site
05:59 – Trade through Blueberry Markets
Most people lack a clear trading strategy and it means they’re never going to make money out of the forex market. So let’s see how we can help you. Let’s talk about that and more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video on podcast number 504.
You know the stats – Most people lose
Now you’ve all heard the stats. 90 to 95% of traders out there lose money. And it’s a well-known fact. And you can see why it’s true. And as you can imagine, I get a huge amount of emails and I have quite a number of calls each week with people out there who are looking for help.
And the same pattern comes through time after time after time. The people are out there trading. They are putting real money into this. They think they can get onto prop firms early. They see it as a way out, maybe financially. But the issue is, is that almost all of the people I speak to have no idea what they’re doing.
They don’t have a clear strategy. They’re swapping and changing systems. They understand the market well enough. They don’t understand risk. They don’t know how to calculate lot size, they don’t know what timeframe charts to look at. They don’t know when to trade. They don’t really know their strategy in terms of like why they’re placing a trade, where to put a stop loss, Why is this a good trade, yes or no?
And then of course, things don’t works. They go and try and create something else or go to the next thing that they find on some forum somewhere. And that whole lack of consistency, that lack of understanding in the market.
Spreads will affect Sell trades
Like I do know that if you take sell trades on especially pairs, that spreads widen like the exotic pairs, let’s say at the close of a day, a sell trade can get you wiped out for your stop loss because of a massive widening and spread.
But that won’t happen on a by trade, you know, do know things like that. Do you know when the close of the day even is do you know how important 5 p.m. New York time is all these types of things. And so do you know how to calculate your risk? You know that Pips are completely irrelevant. Do you know that?
Do you know that in some ways having a very, very high win rate is completely irrelevant, You know, all these type of things. So a lack of understanding is what I’m seeing out there all the time. And it’s quite concerning because all people are doing is basically jumping into trading and placing some trades. They might get lucky on a few trades and then of course the inevitable happens and it goes wrong and they lose their money or they jump on a prop firm way too early without knowing what they’re doing.
They have not proven to themselves that they could trade on a demo, even let alone a small live personal account. But they’re quite happy to go and throw money into a prop firm because they see that is the easy way out. And the danger there is that you become disillusioned. You don’t have confidence in yourself. You think systems rigged, you think the brokers rigging it, you know, whatever it might be.
And it all, you know, it all goes wrong. You give up and, you know, you move on to the next thing.
We’re here to help and make this work for you
And we’re here to make things different for people. Our aim is to have quality, consistent traders, independent traders. I had that question last week. Hey, Andrew, if I join you and all I’m doing is just copying what you’re doing, how am I going to learn?
That’s not the reason. That’s not what we do or why we do what we do. As a coach, our aim is to help you along. We’re taking these trades anyway. Yes, it’s great to copy them every day we post daily trades. I’ve only taken one today because that’s what the market showing me. On Wednesday I took four trades, you know, because that’s what the market showing you.
So, yes, we’re taking these trades for you to earn from, definitely. But more importantly, to learn from. To learn why we’re taking the trades in real time for you to be able to do that, to train your eye, to have confidence in the logic and the strategy that we teach.
Trades taken on a live webinar
Just last night my time, I took a live webinar which we do each week for our clients. On that session, I took trades on the three hour charts, the four hour sorry, the three out, the two out of the three out of the four hour and the 12 hour charts all taken live for our clients to follow again to earn from if we get those trades right, but more importantly, to learn from. It’s understanding how to trade is the most important thing you can do, because once you do that, the returns will follow.
Too many people get into this at the beginning, worrying about how much I’m going to make, how soon it is, can I give up my job, How do I how much do I need in my account so I can make $1,000 a week? All those questions that I get and I get why I get them, but they’re completely irrelevant today.
Unless you know what you’re doing, unless you know how to trade. And that’s where we come in. And that’s why we’ve helped so many clients.
Clients from 103 Countries
We’ve now got clients in 103 countries, and we’re approaching 4000 clients over the last 14 plus years. And we’re really proud of the community that we have.
Profitable trades posted on the Forum site
Another example, just yesterday I saw a client post a trade on the Euro US dollar three hour chart.
I wasn’t even looking at that chart. He posted it on the forum site. I saw the the notification on the forum site. So I saw the trade, wow, this is a great trade. Thank you Karl over in the UK for posting that. I took the trade. Guess what? It hit the full profit target while we’re on the webinar live last night and made me some great return a 3 to 1 reward to risk return there.
So if you don’t have a strategy, you’ve got to get something that works consistently and has been proven and that’s again where we can help. Each week I hold a live webinar for our clients. We post daily trades each day and we have trades on our forum site. If you’d like to find out more, click on the link that I’ll put here to take you through to our masterclass. It’s a one hour session, gives you a bit of background insight, how we trade.
Trade through Blueberry Markets
If you’re looking for a good broker, I can highly recommend blueberry markets that are based over in Australia, but you can try through blueberry markets. Doesn’t matter where you live. In the world’s a few countries, you cannot trade through them, most notably the US and a few other countries.
But everybody else You can trade through blueberry markets. I’ll put a link to them here on this video and podcast post as well. Go and check them out. They’re a fantastic bunch of people, great broker, great service, fantastic spreads, etc. everything you need for a reliable broker. So I hope that this video and podcast helps if you have any topics you’d like me to discuss on future videos and podcasts just like this one, send me an email.
[email protected] or leave a comment If you’re on YouTube and I can help discuss other trading topics to get you further ahead quicker. If you’re watching on YouTube like and subscribe, pass it on to anybody you think might be interested as well.
And I’ll see this time next week. Bye for now