How much do you really want to be a Forex Trader?
In this video:
00:51 Things you need to do to become a Forex trader
02:23 Seeking a good quality Forex education
04:05 You need to be taught from an actual trader
06:26 The EUR zone interest rates dropped
How much do you really want to be a Forex Trader? I get emails all the time from people saying they want to be full time traders, they want to give up their job, they want to gain most of or all of their income from Forex Trading. If that sounds like you, listen up to what I’ve got to say.
Let’s get into it.
Hi it’s Andrew Mitchem here the Forex Trading Coach. Today is Friday the 8th of November and I get emails all the time, many many emails per day from people saying, “Hey Andrew what do I need to do to be a Forex Trader, whether it’s full time, whether it’s replacing my existing career, whether it’s because they’ve got no job, maybe it’s because they want some passive income or they want to trade their retirement funds, whatever it is I’m sure that one of those would apply to you. But people say, “Hey look what do I need to do?” and I say, “Well there are many things that you need to do. You’ve got to have, obviously, a passion to want to trade and to be interested in Forex Trading you see it’s not for everybody. You just can’t just suddenly say, “Hey I want to be a trader because I’ve read about it on the Internet and it looks like a really great or easy way of making lots of money for no effort. If that’s what you’re thinking don’t do it, please just don’t do it.
You need to want to be a trader
But if you’ve got the dedication, the desire to want to be a trader, the enjoyment of it; if those things are what you have then definitely go for it. But remember this: if you want to learn a new career, a new skill whatever it might be you’re probably going to school, university, college, whatever it is you call that in your country for maybe one, two, three, four, five years depending on what it is you’re learning. Of course that has a time factor, it means that you probably can’t do a lot of other things when you’re learning that because the amount of work involved in the actual course whether it’d be a practical course, or university style course, whatever it is, it doesn’t matter.
Seek good quality education
It takes time, it takes dedication and it takes a lot of money to learn any new skill and Forex trading is in some ways the same but in other ways the benefits to you are, there are so many sort of options out there but of course there’s a lot of bad options as well so you really got to filter through and find the options that suit you but what I strongly suggest is that you seek good quality Forex education. You see if you do that and yes you need to invest money into that it’s like anything, it’s like learning that new skill I talked about, you need to invest some time. The good thing is compared with maybe two or three years in university, the cost of most Forex courses is very, very, very tiny in comparison. It means you can learn whilst you’re carrying on with your normal day to day work or your family, your current job whatever it is that you’re doing but it means that you’re learning that skill and it’s something that you can earn from it while you are learning. It doesn’t mean to say you can’t start getting a job until 5 years after you finish your university course.
You need to be taught from an actual trader
You can start making money from Forex straight away but of course you need to start small and you probably need to start demo but when you do start earning money you do start small but then don’t expect to earn you know mega bucks on week one, start small. The actual cost of education is very, very small but it means that you need to decide that I want good education from a good quality trading company and someone who trades themselves and that’s where I stand out as probably being far different than the vast majority of options that you have. I’m an actual trader, I’ve got my charts going behind me, I take trades every day, I suggest trades to my clients. I’m not walking around or running around the world on stage with lots of rich and famous people who I won't mentioned flogging Forex courses for ten grand. That’s not me. I’m a trader. I’m working from home and I am filming this from home in my office right now. That’s probably what makes a big part of a difference and that you need to be taught from an actual trader.
But if you decide to take a course whether it’s mine or whoever’s you’ve got to be dedicated to it. If it means that you’ve got to give up a bit of an enjoyment from watching the TV or whatever it is to learn that course then do so.
You know I’ve got clients who attend my live webinars every two weeks from the States who are up like two and three o’clock in the morning because they want to learn. They’ve made a dedication to learn my course and they love learning they are doing extremely well but they do get up for those guys for two o’clock in the morning. It’s only every two weeks to attend the webinar but they’ve made a dedication to do it. And I do find from time to time that the odd clients of mine, will you know, they don’t watch the videos properly or they watch like the first hour and there’s about another four hours to go or they will attend one webinar and none for the next few months and they’re ones that always struggle and you say well show me what trades you’ve taken and you know they’ve just randomly taken some trades without really sticking to the plan so it is really important that you treat this as a business, as a good, you get education and you treat it seriously, if you want to make a success of it.
So that’s my soapbox rant for this week but it is just something that’s really passionate for me. You see, I love helping people but people also need to help themselves and the people who help themselves, who have dedication, who have passion, the desire to want to learn properly are the ones that I find out of my clients, are the ones that do extremely well. And it’s a bit like the old 80/20 rule that you hear about. I don’t know the exact name of the 80/20 rule but you know the one that I mean. 80% of my clients I would say that do well to extremely well, 20% probably do okay, to average, to giving up probably some of them. And it applies in so many aspects of life but the traits of the people who make money, the dedication and want to learn, ask questions, putting the effort, putting the time of watching charts, the dedication, etc. You get the picture by now I’m sure.
Euro Zone Interest Rate Drop
On to what’s happening in the charts this week. Big crashes behind me here on the EUR overnight. The EUR zone interest rates have dropped by a quarter of 1% and down to 0.25% so they were half percent, dropped by quarter than now at a quarter. So a big drop there. It’s just crashed the EUR if you can see on my charts behind me.
Also we had the US non-farm payroll announcement out today or later today my time which will be Friday morning 8:30 New York time.
So that’s it for now. Hope you have a fantastic weekend. Look forward to talking to you this time next week so more trading tips and information. This is Andrew Mitchem from the Forex Trading Coach.
Bye for now.