Focus on being a good trader and forget the money
In this video:
00:34 – Why it is important you focus on being a good trader
01:20 – Don’t run before you can walk
01:56 – Learn how to become good and get training
02:22 – Don’t focus on the money
02:55 – How do you learn how to trade well?
03:33 – You must start at the beginning
04:26 – Taking a course can short cut the learning process
05:25 – A large account size does not matter
I'm going to explain today why you need to focus on being a good trader, and don't focus on how much money you're making. Let's explain more right now.
Hi, traders. It's Andrew Mitchem here, from The Forex Trading Coach with video and podcast number 321. A really, really important lesson for you today, especially if you're new to trading.
Why it is important you focus on being a good trader
It's all about why it is so important that you focus on becoming a good trader. I'll explain more about what I mean.
Each day, and it's many times a day, I receive emails from people saying, “Hey, I've heard about Forex. I want to get into it, make some money.” “I've lost my job. I'm desperate for money.” “I need some passive income.” “How much do I need in my trading account because I need to make $1,000 a week?” “How much am I going to make?” “How long is it going to take me so I can make lots of money in trading?” All those type of questions, really, really, really dangerous, dangerous questions.
Don’t run before you can walk
The reason I say they're dangerous is because these kind of questions are from people that are trying to jump the gun. They're trying to run well before they can walk. Unfortunately, and I can say this with honesty with experience because I've seen it so many times over the last 15 years since I've been trading and the last 10 years, especially since I've been coaching is that if you come into trading with that kind of mindset, that type of mentality, unfortunately, the truth is it's not likely to end well.
Learn how to become good and get training
You think about it, you could go into any other profession. You want to become a lawyer or a doctor or a mechanic or a farmer or whatever it might be, you have to get some training, some tuition, and start at the beginning. You have to build those foundation blocks. If you don't have a good foundation, the rest of it is going to crumble, and trading is exactly the same.
Don’t focus on the money
Rather than focusing on how much money you're making or losing, focus on the traits, focus on becoming a good trader, focus on you, your ability to trade, the strategy that you're trading, your mindset. All those type of things are far more important at the beginning of your trading journey than worrying about how much money you're making or you want to make. You see, it's so important that you learn the strategy.
How do you learn how to trade well?
And how to do that when you're starting out because, unfortunately, the Internet is absolutely full, like, you know, of hype, of all these people driving around in flash sports cars, of taking private jets everywhere, sitting on beaches, drinking cocktails with their laptops, all those kind of crazy pictures that you see.
Now, the reality, of course, is far different from that. Yes, you can make some incredible money from trading. I'm not suggesting that you cannot. Absolutely, you can. Once you master it, there's very little that beats it.
You must start at the beginning
However, you need to start at the beginning. We're kind of in this age of mentality where it says instant fix. You want something, it's on your phone, it's on Google. You want to take a picture, you can instantly do it, send it to people, all those type of things. It's kind of made our mentality when it comes to learning something, not that good. Trading is something you have to put the time and the effort in.
How do you go about doing that? Well, you can find coaching courses. I've got a coaching course that's been running for 10 years. Now, I get accused of making these videos and people go, “Andrew, you're just making these videos so you can sell your course.” That is not right. I'm making these videos to help you. If you choose to wish to join my course or another course or learn by yourself, that's your call. I'm just giving you the honest facts.
Taking a course can short cut the learning process
Taking a course like going to college, like going to university to have a specialist skill can shortcut the time and the funds it takes to become where you want to get to. You want to become a sportsman. It takes time, dedication, and routine to get there. Same as a musician same as a doctor, a lawyer, whatever it might be. Trading is exactly the same.
One thing that is absolutely for sure is we all have limited time. When you decide how you go about taking a course or self learning, don't forget that we're all limited on time. If you can shortcut the process, does that not just make so much sense? That's where I see the benefit of a good coaching course with support and with a proven strategy makes so much sense.
A large account size does not matter
Coming back to the actual topic itself, if you focus on “I need to make this amount of money,” that will not work. If you focus on learning how to trade properly, then the money will follow. You see, you could have a million dollars in your trading account right now, and it's almost certain that you're going to lose money. Having the funds upfront when you're starting out, does not matter. Having the ability to trade, the mindset, the will to want to learn to trade and to put the effort in, that is how you will become a good trader over time.
If you like, I'll help with that. You know where to find us. We're at theforextradingcoach.com. If you have any questions, all you need to do is contact me via my website, and I will answer those emails for you, personally.
Once again, this is Andrew Mitchem from The Forex Trading Coach. I'll see you this time next week with more Forex trading tips and information. Bye for now.