Don’t Race to Get Rich through Trading
#482:Don’t Race to Get Rich through Trading
In this video:
00:28 – Take your time when learning to trade
01:33 – How I can help you
02:06 – Trading with low risk per trade
03:00 – Controlling your heart and your head
03:17 – Client makes +60% in 6 weeks
04:47 – Check out Blueberry Markets
05:16 – Today’s lessons
05:37 – Like & Subscribe
Hey traders. Don’t race to get rich through trading. It’s likely to end in tears. Let me explain exactly what I mean through my 18 years of knowledge and experience to help you right now.
Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 482.
Take your time when learning to trade
Came outside this afternoon, beautiful afternoon. And I wanted to talk about why you should not race to get rich through trading. You see, people get into trading and they think it’s going to be easy. They think they’re going to become super rich really, really quickly without too much thought or too much effort. And look, you can’t blame people for thinking that. I did exactly the same.
Give you a bit of a kind of funny story. 17, 18 years ago, I was pushing kids around in prams, push chairs, or walking the dog and not really being in the moment, and instead my head was in the how much money am I going to make through my trading kind of space. And I would be forever calculating while I was walking. Go, okay, so I start with 10,000 and then I double that, that’d be 20, and I’d double that. That’d be 40, and I’d double, that’d be 80. And I was trying to sort of figure out if I’m doubling my money every sort of month, how long it would take me to get to these magic high numbers.
And it’s a mistake that so many people go through. And like I said, I really don’t blame you if you are going through that or have done that because it’s exactly what I did myself.
How I can help you
But what I’m here to help you with is now after some 17, 18 years of trading full time, in fact coming up near 19 now of trading full time, I can offer you knowledge, experience, bit of wisdom to help shortcut things for you. And that’s what we do at the Forex Trading Coach. It’s not only about the course, and the strategy, which of course work, it’s about the realities of trading.
And yes, you can do really, really, really well from your trading, and I’m going to share with you a testimonial that I received just yesterday shortly, but it’s about the realities.
Trading with low risk per trade
And I quite often get asked by people saying, “Andrew, look, how can I make money when you only say trade half of 1% risk per trade?” And you got to remember, that’s not me saying you should trade half of 1%. That’s what I’m saying that suits me. And from my years of experience and knowledge, I find it a really good number. Now, if you want to go and trade 2, 3, 5, 10% per trade, go for it. It’s your money after all. I’m not here to say you have to do this. I’m here to say, if you want my help and knowledge, these are my suggestions. And I’ve always sort of used that figure because I find personally that figure is a really good low risk figure.
And when you look at prop firms around the world now, which by the way is a really good way for people to make money, once they know what they’re doing, a prop firm, all it really wants is, yes, it wants you to make some money, but it wants you to have low control drawdowns. So that’s exactly why the half percent risk per trade strategy, philosophy, call it what you want, is such a great thing because it keeps your drawdowns low.
Trading with low risk per trade
Now, I’ve always said in trading, there’s two things that you have to control. One’s your heart and one’s your head. If you can control those two in your trading, you’re on the way to doing really, really well because it’s all well and good, even with a fantastic strategy, you’ve got to be able to control your emotions to do this properly, and that’s why low risk trading helps.
Client makes +60% in 6 weeks
Now also wanted to share with you this testimonial that’s come through from a guy called Andrew who happens to live here in New Zealand also. And he said, “I’ve been with you six months, and initially, trading was quite slow. I was slow getting my head around it, and after a few months, I gave up, and it wasn’t working.” He then said, “I wanted to get back into it. So I’m glad that I have. I’ve now made a 60, that’s six zero, 60% gain on my account over the last six weeks following the process and just managing my trades a little bit more.” And he goes on to say about how he’s really enjoyed the support through us from Blueberry Markets, loves the live webinars, can’t get on them all, but they’re always great, love watching them and always learning something. We have a wonderful community here, and I’m proud to be part of it. Everybody is so supportive and knowledgeable.
So it’s really nice to receive messages like that. And I suppose the takeaway from that is a little bit like the theme with this, don’t go try getting rich straight away. Don’t rush to get rich. So like Andrew’s done there. Unfortunately, he sort of stopped and gave up initially, but he may have been in that same mindset where he’s trying to jump into it and become a multimillionaire in the first month or so, and it’s not going to work. So now he’s realised that, he’s back into his trading, he’s trading properly, he’s done the course, been through it a few more times now, been on webinars, and now it’s working. And that’s reflective in his 60% gain in the last six weeks there. And that’s on a live account as well. So that’s really good to see.
Check out Blueberry Markets
He also mentioned about the support of Blueberry Markets and our support, and Blueberry Markets, as you would know, is a broker who I strongly recommend people go and have a look at, check them out. Now, if you’re in a few countries around the world, most noticeably the US, you cannot trade through Blueberry Markets. If you are in the US, have a look at maybe the likes of OANDA. But for everybody else, I can strongly recommend Blueberry Markets will be a really good broker for you to consider trading through, great bunch of people, incredible support, great platform, lots of markets, especially on their MT5 platform as well.
Today’s lessons So I hope that helps. The takeaway from this is trading does work. Trading will work for you if you give it time, if you give yourself time, knowledge and stick at it. Of course, you need the strategy and everything else in place and you need support. And that’s where we come in here at the Forex Trading Coach. So I hope that helps. This is Andrew Mitchem here at the Forex Training Coach, and any questions, please just ask.
Like & Subscribe
If you’re watching YouTube, please like and subscribe. If you’re listen on the podcast, hope you’ve enjoyed it, and I’ll talk to you this time next week. Bye for now.