Forex Trading – Graft and Dedication Fetches Great Returns!
In This Video:
00:22 Getting Started in the World of Forex Trading
02:08 There’s no Such Thing as Easy Money
03:16 A Peek at my Last Webinar – Great Trades Galore!
05:25 Forex Trading versus Money in Savings Accounts
If you want to be a good trader then you really do need to put the effort in up front in order to succeed, so let’s talk about that in this video, right now!
Hi traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach, and today is Friday, the 13th, so hope that’s not a bad omen for you.
Getting Started in the World of Forex Trading
In today’s video, I want to talk about why, as Forex Traders, you need to put some effort in up front, especially. You know, ongoing effort of course, but especially if you are new to trading or your learning a new system, you definitely need to put the time in and the commitment up front because like everything that’s good, it doesn’t come easy and there’s so many people that tell you, out there, how easy Forex is to trade and how you can become a multi-millionaire and double your money every month. You know, that’s rubbish!
You cannot do that without effort and commitment and dedication to your trading. But I can definitely tell you that if you put those in, and some time and some effort and commitment, and go through the good times and the bad times, then there’s nothing that beats it!
As you can see, behind me here, I am back here at home in New Zealand. I’ve spent almost two weeks over in the UK, and its winter time over there or being a commuter over there is just not fun, in my opinion. There’s a lot of people there that just don’t look happy. You know the, sort of, mundane getting on a train, getting on a tube, working in a high rise – it’s great if that’s what you like but for me, personally, it just really highlights how lucky we are in some ways, to be Forex traders. But then, I think about it and I think, luck’s maybe not the word to use because if you’re out there being a successful trader then it didn’t just happen by accident. It took work and effort and commitment!
So, I look at it and think well, yeah that hard work pays off but, you know, like anything, it’s not easy but there’s definitely a way there to make trading work for you.
There’s no Such Thing as Easy Money
Just also need to tell you a quick story about, actually, a client. I won’t name names for obvious reasons but he’s come to me after about one month of being through my course and said, “Look, I have to be making 10 to 15% per month, you know, I just have to!” And I’ve said to him, look you know, that’s realistically not going to happen, to start with. Yes, sure, after several months or half a year or so that may happen but don’t expect to be making huge amounts of money to start with. You know, you should probably take a month or two, at least, on a demo and prove to yourself that any new strategy or system, whatever it is – whether it’s mine or anybody else’s – you’re able to work that and trade profitably from that.
So, I think it’s quite dangerous that people jump onto a new system or strategy and after a month or so, whether they are making money or not, they’re expecting to make ridiculous amounts of money so early and realistically, that’s likely not to happen. So, again, it comes back to the same thing – the whole theme of this video and podcast is that dedication and put the effort in.
A Peek at my Last Webinar – Great Trades Galore!
On the flipside of that, I held a webinar last night for my clients and I’ve had another client who has been with me since last July and so, around, seven months or so now and he’s doing extremely well and he mentioned a trade that he took on the Gold/US Dollar pair, just last week. It made an incredible eleven to one return, just an amazing trade!
Showed us the entries and the exit levels! It was taken on the four-hour charts but the difference there is someone who’s been through the course, that’s put the effort in, attended all the webinars, asked lots of questions, worked out a time-frame that suits him and a technique within the strategy that suits him and there’s an eleven to one return trade.
On the same webinar, I took two trades, live in front of clients. They didn’t quite get to those levels but one of them was on the Euro/Canadian (EUR/CAD), on the twelve-hour chart – that hit profit a little bit after the webinar but within one bar, so within twelve hours, that hit profit and it made a 2.8 to 1 trade or, in other words, a 1.4 return on my account as I’m risking half of one percent (0.5%) on that account.
The other trade I took is still in the market as I am recording this. It’s on the Swiss Franc/Japanese Yen, also a twelve-hour chart trade and that’s a short position. I’ve got a great indicator that allows you to take any time frame on Meta Trader 4 (MT4) and create your own time frame. So, for instance, I can create six-hour charts, twelve-hour charts – whatever it is I am looking at trading. For me those longer time frame charts are great because they mean less screen-time, less chart-watching and just really high returns.
Like I said, the trade on the EUR/CAD was a 2.8 to 1 trade and just made it beautifully! So, 1.4 the Franc/Yen has opened right now at 0.7, so combine those two – that’s 2.1% on my account, just on those two trades that taken live in front of clients.
Forex Trading versus Money in Savings Accounts
Compare that with some of the bank interest rates that I found last week in the UK. I had to take a picture of this one. It was a bank, I won’t name them, but I went in there, looked at the interest rates on the savings accounts and it really made me laugh. If you’d been a client of this bank for over fifteen years, and if you had fifty thousand pounds in your savings account, they were going to pay you an amazing, gross figure, of 1.5% interest per year.
So you look at that and you think, well, why would anybody want to have that huge amount of money invested after being such a loyal client of this particular bank to earn 1.5% gross and there’s two trades that I took live, in front of clients, just yesterday that, with one trade still open, that’s up 2.1%, just by clicking two trades.
Very easy to do – it’s already made more than the loyal client after fifteen years is going to receive at this particular British bank in an entire year. So once again, it shows the benefits of Forex; it shows that with some effort, some dedication, some hard work, just immense benefits from trading Forex. And of course, the other thing, being on the other side of the world for the last couple of weeks, I’ve been able to carry on trading.
It’s not like a physical job where, you know, you’ve got to stop your income for any length of time.
So, that’s it for this week. Hope you’ve enjoyed this video and podcast. If you have any comments, just email them through to me or leave them on the bottom of this video area, on the discussion panel below. Great to help you if you do have any questions or comments!
Once again this is Andrew Mitchem from The Forex Trading Coach, have a good day!