Weekly Video News & Podcast

#504: Do You Lack a Clear Trading Strategy?

Jun 5, 2023

Do You Lack a Clear Trading Strategy?

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#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.

Andrew@TheForexTradingCoach.com 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

Episode Title: #504: Do You Lack a Clear Trading Strategy?

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#503 – Trading – Does FEAR Prevent You from Being Profitable?

May 29, 2023

Trading – Does FEAR Prevent You from Being Profitable?

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#503: Trading – Does FEAR Prevent You from Being Profitable?

In this video:
00:32 – I’m not sure if I can trade
01:05 – Fear is not real
02:03 – Government control
02:37 – My personal experiences and fears
04:33 – Everyone starts trading at the same place
05:37 – Just do it
06:06 – Check out my new Masterclass

Trading. Can I do this? Or is my fear taking over and preventing me from wanting to even start? Let’s talk about that and more right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 503.

Just wanted to come outside. Another beautiful day here to make this video because.

I’m not sure if I can trade

I get a few emails from people saying, look, I’m not sure if I can really do this or can I talk to someone because I want to see if I’m right for this.

And the issue there is that people just get, I suppose, caught up in fear or the fear of not making it work, the fear of even getting started, the fear of is this too difficult? Is it something I’m going to understand? Am I clever enough for this? Whatever the fears might be, I’m not very good at numbers, you know, all those type of things. And I get that.

Fear is not real

But also I suppose from a mindset point of view, fear is something that’s just not really there, is it? Something that we all as individuals have this issue with because just think of, for example, the fear of flying. It’s not really anything physical. It’s just our heads telling us, you know, when people have that fear.

And as a pilot myself, I find that really strange. Although I understand it, I find it really strange when I take people for a flying helicopter. People go, I’m terrified of flying. It’s like, Well, don’t you think that I want to do this and get home and do it properly and safely as well, You know? And so it’s a very strange sort of fear there.

And when you think about commercial planes, etc., is probably the safest form of transport there is. Yet so many people have a fear that yet they’re quite happy to sit in a car and go on the road where there’s accidents all over the place, you know. So it’s just that mental side of things that people have an issue with.

Government control

Fear is all, you know, it’s all right. And it’s just look at the way that the governments around the world for the last three years of have reacted and acted. It’s all about control and fear that’s made people, you know, sort of scared. Trading is no different. You know, it’s all about understanding emotions and controlling emotions.

So can you do this? Is it too hard? I want to talk to someone first. I’m not sure all those fearful things are just you having a new experience or scared of a new experience.

My personal experiences and fears

And from a personal point of view, I get that. You know, the man, when I was making this video, I was putting together some notes and I was thinking, well, from a personal point of view, I left the other side of the world.

I left a family farm that had been in the farm for generations, 25 years ago, came to New Zealand, flew to the other side of the world. I mean, what a fearful experience that was. I can tell you I didn’t know anybody here. I met my boss once for an afternoon about eight months prior. I didn’t know a single other person here, you know, back in the days before Internet as well, and cell phones.

So, you know, that was pretty fearful, leaving my only job that I’d ever had and paid employment for a couple of years, few years, and then going to take on huge debt to go and buy my own farm that was fearful when I sold the farm. And what was I going to do next that was fearful, getting into trading?

Well, going round in circles for four years, you know, and and fear of not making it work as well. That was fearful. All sorts of things. You know, I got into karate that was fearful because I was very uncoordinated. And so, you know, ended up teaching it for years and loved it learning to fly helicopter. I’ve I don’t know anybody that flies prior to learning.

So I can tell you that was pretty fearful. But, you know, I did it and I love it. And then moving to the South Island here in Nelson, you know, leaving 20 sort of to 23 years of sort of connections and friends not leaving, but, you know, moving away from to move to the South Island. That was pretty fearful.

More recently, I’ve started to learn to play the guitar and I’ve never done anything like that and performed on stage. And about a month ago I performed on stage for the first time. That was pretty fearful. So it’s almost like you’ve just got to go and do these things. If it’s something that you want to make work for you and to improve or change what you’re currently doing.

Everyone starts trading at the same place

And so we did all that because everybody started trading. Don’t forget, in that fearful state. And when they have been brand new and don’t know anything and you feel like you’re kind of out of your depth and, you know, a little bit green and not sure what you’re doing. And and so we get that because as coaches, we’ve all been there and we’ve all taught people who have been in that situation.

But what we can do is take you through a step by step process with a strategy that works. And that’s why we post our daily trades every day, because it helps people to gain confidence and to be able to see what we’re doing each day and to learn from those trades, but also to earn from them as well.

It’s why we have live weekly webinars. It’s why we have a forum site where we’re all trading the same strategy and it doesn’t matter where you live in the world, you can all trade the same strategy. So put all those things together and with the course, the step by step instructions, the accessibility that we have, all of those things can help overcome that fear that someone might have. And again, perfectly understandable.

Just do it

But just think of it this way. Just, just do it and quote my lovely wife, Jenny. She always has a phrase. You know, she says, you’re a long time dead. So it’s very true. You know, I suppose it’s as you get older in life, you kind of realize that if you just want to change things, you just going to do stuff, just go and do it.

And fear is just something that we all have in our heads. It’s not a real thing. Just just go and do it.

Check out my new Masterclass

So if you’d like to just go and do it and you like to make trading work for you, just come and check it out. I masterclass that we held is an hour long presentation, teaches you all about what we look for, what we do, how we can help.

I’ll put a link to it here. It’s probably a first step. Feel free to book a call with one of us, either myself or Paul over in America or Mikalai in London, and just have a chat with us. You know, we’re real people all being there at the beginning and so we know exactly what it’s like if you’re new to trading.

And that’s it for this week. Yeah, trading. Can I do this? Absolutely you can. And I see this time next week. Bye for now

Episode Title: #503: Trading – Does FEAR Prevent You from Being Profitable?

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#502: Celebrating 14 Years of Helping Traders Worldwide

May 15, 2023

Celebrating 14 Years of Helping Traders Worldwide

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#502: Celebrating 14 Years of Helping Traders Worldwide

In this video:
00:39 – We turn 14 years old at TFTC
01:31 – The strategy has never changed
02:27 – Our amazing trading community
02:50 – Your chance to join us this week
03:58 – Blueberry Markets

We’re celebrating 14 years here at the Forex Trading Coach, and we’re going to give you an absolutely amazing opportunity to come and join us at a crazy low price for three days for this week only. Let’s get into that and more run that.

Hey, the traders, Andrew Mitchem here, the Forex Trading Coach for a video and podcast number 502.

Just come outside today and you can see in here behind me the first snow of the year on the mountains behind. And what better way to come out in the fresh air, in the sunshine and talk about trading.

We turn 14 years old at TFTC

So we turn 14 years old at the Forex Trading Coach this week. When you get to watch this video, something we’re incredibly proud of. I’ve just had personally my 50th last week as well, 50th birthday and 14 years of coaching. So a big time for celebration.

So look, we’re incredibly proud of what we’ve achieved over the last 14 years with our community of help. So many people worldwide. To achieve financial freedom and success and basically change lives for people. So many people have joined us that are being completely and utterly frustrated with their trading and not making money. And we’ve been able to help change things around for them.

And likewise, we’ve had people never traded ever in their life. And the good thing is, from their point of view is they get to learn a system straight up with with no bad preconceived ideas. So it doesn’t really matter where you are in the journey or in the spectrum that we can certainly help you.

The strategy has never changed

The other thing to let you know, over the last 14 years, like obviously things change and things have got better and better in terms of improvement.

The delivery of how we provide the course. But the strategy has never, ever changed. And I could go back 14 years and look at webinars that I started. Back then 2009 – 2010 and the strategy, the trades I’d taken back then would be identical to the trades taken just today. So that’s a huge credit for the strategy and the course because it works across all markets, all time frame charts and that new market such as like the indices, cryptos, commodities, etc., like that as well.

And the good thing is they never change because it’s based on sound logical principles of price action. And so therefore, if the market is showing the quality set up, if you take the trades, if they setups are not there, you don’t take the trades as simple as that really.

Our amazing trading community

But look, over these years we’ve just built up a fantastic community of go ahead, like minded progressive people all trading that one strategy and the community is a massive part of what we have.

Through our forum sites, through our Daily trades, through our live webinars, everybody looking at the same charts at the same time because we all use our MT4/MT5 indicators and templates.

Your chance to join us this week

But if you not a client right now, this week is going to be your best opportunity. We are only holding one sale this year and it’s going to be right now between Tuesday and Thursday.

We’re going to give you the option to join us for crazy low price. There’s also going to be a split payment option as well. To find out more, click on the link that I’ll put on this video and podcast and it will take you through your page where you can find out the price, how you can join, what dates it’s on, etc. and take advantage of that.

Look, if you want to change your trading around and become finally a successful, independent, profitable trader, we’re teaching the person to fish. Yes, we provide you with the fish to help you to learn and earn. But ultimately, as I as a coach, our job is to get you to be able to do this for yourself with our help along the way.

And that’s what we do. That’s what we’ve done for 14 years. That’s why we have so many successful, happy people and so many stories of just helping so many people to jump on board. As I mentioned, click on here for three days only. There will not be another sale this year. A massive opportunity to save 67% on the main joining fee. And come on board with us right now.

Blueberry Markets

Last thing in terms of brokers blueberry markets is just fantastic people. They are a great bunch of people. I have so much respect for what they do and who they have their efficiency, their quality of their customer service. Whenever I hear from clients who have gone to Blueberry and say, Look, Andrew, you suggested I try blueberry markets, they’ve just been fantastic.

It’s so pleasing to hear that we recommend someone and that company exceeds expectations with a quality that they offer. Again, I’ll put a link to blueberry markets here as well. So that’s it for now. This is Andrew Mitchem here, the Forex Trading Coach celebrating 50 years personally and 14 years as a coach. I see this time next week. Bye for now.

Episode Title: #502: Celebrating 14 Years of Helping Traders Worldwide

Find out more about Blueberry Markets – Click Here

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Signup For my 14th Birthday Sale

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#501: Learn How to Pass a Prop Firm Challenge

May 8, 2023

Learn How to Pass a Prop Firm Challenge

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Join my Forex Training Masterclass

#501: Learn How to Pass a Prop Firm Challenge

In this video:
00:28 – Lacking the capital to make a good income?
01:25 – Prop firms to the rescue
01:52 – Make sure you are profitable first
03:33 – How much to risk per trade?
05:19 – High Reward:Risk Trades
06:15 – View my new on-demand masterclass
06:54 – Take a look at Blueberry Markets

Prop firms. They’re a great way to make a substantial income through trading in the Forex market. But how do you pass their Challenges successfully and consistently? Let’s talk about that and more right now.

Hey there, Forex traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 501.

Lacking the capital to make a good income?

Now, traditionally people have always had an issue when it comes to trading and the feeling that they cannot make a substantial income out of their trading.

And it’s a question that I’ve been, you know, sort of presented with for years and years and people go. Look, Andrew, love to do your course, but I’ve got $10,000. I spent a couple thousand dollars on your course. I don’t really have enough money. Even if I can make 50% in a year, you know, to actually make something substantial out of my trading account.

And it’s understandable. And my answer has always been, well, that’s fine. And I know it’s easy for me to say, but you’ve got to learn to trade properly first, learn how to first still doesn’t actually solve the issue for the individual. And, you know, in the past, people were able to do things like maybe trade funds for other people or sell signals and things like that, but it’s always been a little bit difficult.

Prop firms to the rescue

However, over the last few years, you’d have noticed we’ve got a massive influx of prop firms and like everything in the Forex market and everything online, there’s good in this. Maybe not so good. You have to do your research to find out what you consider to be a good prop firm. But my job as an educator and as someone who provides a forex strategy is to give you some tips and information of how you can best passed those firm challenges.

Make sure you are profitable first

So the first thing you need to do before you even get to that stage of thinking about a prop firm is make sure that you are consistently profitable yourself. If you’re learning a new strategy, like if you’re coming to us and it doesn’t matter how big your account is, how long you’ve been trading, I always say to people, get onto a live demo account and a small live demo account of that and make sure you’re profitable on that first.

The reason is then you gain confidence in yourself and the strategy and the group of people like us that you’ve joined, etc. You’ve got to gain confidence in doing this properly first, then move on to your own personal live account. Doesn’t has to be big. It doesn’t really matter what size it is, but the ability to be successful and consistent on a live account with low drawdown.

Really important point there. because when you move to a prop firm, you’re then got confidence in yourself. You’ve got confidence in your strategy and your ability. The reason I mention low drawdown is because ultimately when you go to a prop firm, you have to make sure you’re preserving their capital. That’s why they have those rules in place. Most of them have like about a 5% maximum drawdown, and rightly so.

This is their capital that, you know, even if you passed a few demo challenges and you want to real money, this is their capital. They’re risking this for you to trade it. If you don’t know what you’re doing and you’re out there risking 3%-5% to trade, you don’t last long. You’re just going to keep paying them. Lots of small subscriptions.

But if you’re there to do this properly, you have to ensure that all your trades are very low risk.

How much to risk per trade?

In my normal day to day trading, I recommend a half of 1% on prop firms. I’d probably go lower. I’d be looking at something like a 0.25%, a quarter of 1% risk. I’m not saying that’s the actual figure you should do, but I’m saying something like that is a really smart idea because when you think about it, if you have a 5% maximum drawdown and it’s going to take you for losing trades to get to 1%, four times five is 20, you have to have 20 losing trades all in a row at quarter of 1% to fail that challenge.

Now, sure, it may take longer to get to the profit target and it’s important that you choose a prop firm who do not have a limit on or a maximum number of days that you have. I don’t think that’s a great idea. These prop firms say you’ve got to reach 10% in 30 days.

I would steer completely clear of them personally. I wouldn’t go near them. Why? Well, 30 days In reality, it’s probably 20 trading days time. You take out weekends and things and you take out maybe Mondays. Not particularly active. Friday may not be that active. You really only have a few trading days to make that money and let’s say you’re up at 6%, 7% and you’ve got a couple of days left.

You’re then going to do something stupid and you’re going to take silly risk. Yes, you might fluke it once, but probably not. And you’re going to end up losing it and regretting all that work you’ve done because of their silly rule. To me, a good prop firm should have no limit on the time it takes you to get to that 10%.

Therefore, you can keep within the risk parameters and therefore you can have slow, steady gains. So risk is obviously one major factor because it’s their capital that they want you to preserve.

High Reward:Risk Trades

And the second thing is making sure you have trades with high reward to risk, because therefore when you have profitable trades, they’re going to be two or three, four times your risk.

Therefore, quarter percent risk, you might be up to like half percent, three quarters, 1%, even 1% account gain for every trade that’s profitable. And that’s how you’re going to get yourself through these prop firm challenges. Obviously, if you know what you’re doing in knowing how to trade, you’re in within their rules of low risk and get to their profit targets.

The the upside potential is literally unlimited and that’s what a lot of our clients are doing. And that’s because the way that we trade and the way we teach is a sensible, low risk, but with high reward risk twice, it’s what the prop firms want. It’s what you should want. If you’ve got any interest in being a successful and good quality professional trader out of this.

View my new on-demand masterclass

So have a look at our masterclass. It’s a new masterclass. It’s about an hour long. It’s an OnDemand session. You can watch it at any time that suits you. I really encourage you to go and have a watch of that session to see how we trade and what we’re doing on that. At the end of that session. We also give you the option to book a live 30 minute session with myself or with Paul.

Paul is over in the US and I’m here in New Zealand and between us we can cover you know, the clock and the globe. And that’s an opportunity at the end of that masterclass session to find out if we’re a good fit for each other and how we can help you further.

Take a look at Blueberry Markets

If you’re out there looking for a good forex broker for your personal account, I can highly recommend Blueberry Markets are a fantastic bunch of people, fantastic brokerage, low spreads, low commissions and MT4/MT5 ASIC regulated over in Australia as well.

Been around for a number of years now personally owned by and I know the guy who personally owns it and so you’ve got a lot of credibility there and that’s why we like working with them. Their customer service is absolutely the best you will find. So have a look at the link I’ll put on here to blueberry markets, Have a look at the link I’ll put on here to our masterclass.

And if you are looking at increasing your income through the use of prop firms, consider all the things I’ve just mentioned and it will massively help you. So once again, this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now

Episode Title: #501: Learn How to Pass a Prop Firm Challenge

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my Forex Training Masterclass

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#500: Lessons from my 20 years as a Forex Trader

May 1, 2023

Lessons from my 20 years as a Forex Trader

Podcast:

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Join my Forex Training Masterclass

#500: Lessons from my 20 years as a Forex Trader

In this video:
00:20 – How my 20 years of trading knowledge can help you
00:47 – Trading is hard work
02:40 – You are in a fortunate position today
03:33 – Our commitment to quality
05:22 – Get the basics right first
06:42 – View my new on-demand masterclass
07:07 – Take a look at Blueberry Markets

I want to help you by explaining some of the things that I found out in the last 20 years as a full time forex trader. Let’s talk about that and more right now.

Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 500.

How my 20 years of trading knowledge can help you

So big celebration today, something we are really proud of. And I’d like just to come out so I this you can see here nice sort of autumn day here in Nelson and wanted to explain what I’ve learned so I can pass the information on to you and help you to become a better trader by shortcutting the learning process for you.

Trading is hard work

So first of all, let’s just be real about this. Good trading is hard. It takes time, it takes dedication, it takes commitment. If you’re the sort of person that is lazy or you think it’s just going to suddenly, roll off and make you a multi-millionaire by next month, it’s not for you, or certainly we’re not for you.

You’re probably wasting your time. In all honesty, you have to be real about this. And so I think that is one of the things that I find, especially with coaching, you know, from time to time and it’s probably on a daily basis, people will come to me and say, Andrew, how much can I make from this? Or I don’t like my job, I want to replace it with trading.

Now there’s a few things there. If you want to put some effort, time, commitment, financial commitment, your own time, commitment, a bit of hard work. Yes, it can work. And yes, you can replace your your income with it. Lost of ways you can do that? Like prop firms, etc. like that. But you still have to start small. You have to learn to walk before you can run.

All those kind of phrases are so, so true and trading. And over the last 20 years, I think that’s probably one of the biggest things that I find because online obviously there’s a lot of makes it look easy things, a lot of, you know, YouTube videos everywhere. Everybody’s got an opinion or a method that, you know, it’s going to make you a multimillionaire next week.

They’re driving around in this red flash Ferrari and things like that. Laptops and pretty women sat next them. Look, they’re all hired. They’re not real, they’re staged. When I fly around in my helicopter and show you that’s me flying in my own helicopter. I’ve done that through hard work trading and hard work to learn how to do that and hard work to be able to afford, how to do that.

So it’s real. It’s taken 20 years, you know, it’s not something I started, and within a month I was suddenly owning a helicopter. So get it real and realize that I have gray hair and it takes time. And that’s what you have to accept.

You are in a fortunate position today

But you are in a fortunate position because, you see, when I started, we are on dial up Internet. Things were very different. Not a lot of information out there. I had a one gigabyte plan when I started trading on dial up. First of all, I had to get the Internet to work and actually stay stable and then one gigabyte plan, which my mates were absolutely amazed at, that I had a one gigabyte per month Internet plan.

It was huge. And then I remember we went to 10 Gig and everybody was just blown away that I would have such a massive amount of Internet per month. And of course things have changed as everything does. Technology changes everything. It gets better, improves, hopefully. So, you know, you got no excuse today in terms of like cheap laptops, cheap Internet, reliable go anywhere in the world pretty much.

And you’ve got Internet. So you have that in your favor today, which of course we did not have.

Our commitment to quality

The downside is, of course, there’s more scams and more things out there. I suppose we still had them back then, but less of them. So, you know, there’s pros and cons of everything. But the good thing is, you know what I’m proud of?

Of what we’ve done is we have that commitment, that achievement, that consistency, that showing up. Just last night I held a live webinar for my clients. I’ve done that every two weeks for my clients since 2010. The alternate weeks a US session which Paul Tillman holds for me, we are consistent, we show up. We do that every day.

I’ve just literally before I’ve started this video made and posted my daily chart trade suggestions for today, which is Friday the 28th of April. I put six trades on our membership site for our clients to follow. Learn from, and hopefully they get a wealth and from us. Well, today on the webinar last night I took three trades live, so we’ve done that every day.

We have never missed a day of daily trade since 2010, not one. And so that again shows our commitment effort. Just email me, try us out. Email us. We will reply to personally. If you book a Zoom call with me, we all report. We will show up. That’s our commitment to our professionalism and our dedication to what we do as traders and what we are like as people.

Just look at these videos and podcast. This is number 500. Every Friday I post them. How many people do you find that, you know, have a business or post five or ten videos and then you never see them again? We are. They are showing up day in, day out, because we’re doing this ourselves as real traders, you know, because that’s what we do.

That’s what we love and enjoy. So do that and have consistency. Put some effort in. It will work for you.

Get the basics right first

On a trading point of view, Just want to really sort of convey, I suppose it comes back to the basics. It comes back to the way that we trade. Why it works because it works across all market conditions.

So no matter what the political, economic and, you know, all the different events that happened over the last 20 years that I’ve been trading. The strategy that I’ve been teaching for 14 years now works consistently because it’s based on price action, candle patterns. What part of the chart it shows in, how we got support and resistance, round numbers, divergence, all these things, strength and weakness that we look for really important.

You do that and have that consistency and we also of course look for low risk per trade and we also ensure that our trades have high reward to risk per trade. So you put these basics together and you can see why what we do works and the daily trades, the webinars, the forums site, the emails, the support site, the trading software, all of this put together with the strategy and the videos and our help and support is why it works for people.

So that really is our point of difference. I suppose it works because it just does, because we’ve proven over all these years. 14 years next month the Forex Trading Coach something again we’re really immensely proud of with clients in 101 countries. So if you want to go further, a couple things you can do.

View my new on-demand masterclass

If you’ve not been on my new On Demand webinar, you can click on that and just watch it whenever it suits you.

At the end of that webinar, there is an option for you to book a call live zoom call with myself or with Paul Tillman, who’s over in the US. Using our calendar system, and you can do that at the end of the webinar. Make sure it’s right for you though first.

Take a look at Blueberry Markets

And also if you are looking for a broker, I can highly recommend you consider and look at blueberry markets, they’re base across over the ditch over there to the west of me over in Australia. Good bunch of people, great platform, MT4/MT5 lots of different markets as well now.

And also lots of more minor exotic forex pairs as well. Good spreads, just good people. Have a look at blueberry markets again. I’ll put a link to them here as well for you. So that’s it for today. Really proud of our efforts and commitments. Like I said, this is video on podcast number 500. Just love doing what we’re doing.

Any questions, please ask and I’ll see you next week. Bye for now.

Episode Title: #500: Lessons from my 20 years as a Forex Trader

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my Forex Training Masterclass

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#499: Why Schools Will Never Teach Trading

Apr 24, 2023

Why Schools Will Never Teach Trading

Podcast:

Podcast: Play in new window | Download

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#499: Why Schools Will Never Teach Trading

In this video:
00:29 – #1 Learning how to trade is not taught in schools
03:25 – There’s no better time to learn than right now
03:52 – #2 Our new on-demand Masterclass
04:33 – #3 Blueberry Markets
04:55 – Next week is video #500
05:14 – Share, Like & Subscribe

Learning how to trade or even why you should look at learning how to trade is something that will never be taught in schools, colleges, or universities. Let’s talk about that and more right now .

Hey there, Traders!. It’s Andrew Mitchem here at The Forex Trading Coach. With video and podcast number 499. We’ve got three important things to discuss.

#1 Learning how to trade is not taught in schools

The first is, I believe that learning how to trade or why you should even think about learning how to trade is something you’ll never find in schools or university. It doesn’t matter where you live in the world. Why? Well, it’s because it’s different. It’s because schools are generally set up to teach you how to go and learn a skill to be able to go and work.

And generally that means you’re out there learning and, you know, to work for someone for generally X number of dollars or pounds or euros or yens per hour. It’s creating something for the masses to go out there, learn a skill that is your job for life and you go to work, you earn your money, you come home. And it’s something that sadly the education system is set up for.

And although there are some schools that are good, there are universities that are good, there are good teachers, but the vast majority of teachers there do not have the skills themselves to think about something different, to think outside the box, to think outside the curriculum, to be entrepreneurs, to look at things like trading. Because that’s not the sort of person they are.

That’s why they are teacher, That’s why they teach history or English or Maths or Geography, whatever it might be or very, very important skills. And I can assure you I’m not knocking them, but what I’m saying is that in general, in my experience and don’t forget I’ve had five kids that I find that schools are just very stuck in their ways of getting enough people through the system, ticking enough boxes, the teachers just getting by, getting enough kids through.

You generally find that most kids are really, really good. Get bored at school because the teacher spends all their time worrying about the kids who are not good at school and getting them up through enough to get the teachers a pass mark and make the school of good. That’s the general way of how it works and looking at things like online businesses, it’s really strange because when you consider that, you know, there are so many online businesses now and entrepreneurship and things like that, we don’t get taught that.

And there’s so many basic money skills in life. I had to open a bank account, what’s a mortgage? All those things that most schools and most kids are leaving school, getting into adult life do not know. And so trading is one of those things. And again, it comes back to it’s not in the curriculum because the education system probably doesn’t understand or doesn’t want you doing it.

The teachers, most of them, certainly don’t understand it anyway. Big problem, as you can see. So that’s why I think that education in trading and learning how to trade and why potentially you should look at learning how to trade is such a flaw in the education system and that’s why something like ourselves here at the Forex Trading Coach can offer you something that you’re probably not going to find in many places out there.

There’s no better time to learn than right now

If you are young, there’s no better chance and time to get into it than right now. Learn how to do this.

And naturally probably going to be really good and better than older people on computers and the internet and things like that. So take your time, learn how to do this properly and get yourself a good passive income or even a full time career through prop firms and things like that of learning how to trade and doing this properly because it’s perfectly doable.

#2 Our new on-demand Masterclass

The second thing that I want to talk about is our new On-Demand webinar that we have now live on our membership site, on our on our website. I should say. Go have a look on our website and I’ll put a link to it here. You can watch it.

It’s just over an hour long, contains lots of really good forex information for you to give you an understanding of what Forex, what we offer, what we do, how you can learn the things that we the tips and trading information that we look at with candles and risk management and rewards risk and prop firms and all these things and build this bigger picture together. To help you to develop further as a trader.

#3 Blueberry Markets

And the third and last thing is you are out there looking for a really good forex broker I can highly recommend, Blueberry Markets that are fantastic broker they offer MT4 and MT5. Lots and lots of markets on their MT5 platform. Really good to see have a look to at blueberry markets. If you’re looking for a really good broker again I’ll put a link to them here.

Next week is video #500

Next week. We are on video and podcast number 500. That’s quite an amazing achievement considering we put these at pretty much weekly. And if you’d like to ask any questions you’d like me to cover on next week’s video and podcasts, do send me an email Andrew@theforextradingcoach.com

Share, Like & Subscribe

If you’re watching on YouTube or any other video format, please like and subscribe, share the video around and share it with any friends and family who think might be needing that forex education. I’ll see you this time next week. Bye for now.

Episode Title: #499: Why Schools Will Never Teach Trading

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my Forex Training Masterclass

Podcast: Play in new window | Download

#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

Apr 17, 2023

Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

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Join my Forex Training Masterclass

#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

In this video:
00:28 – Less is More
00:53 – FOMO – Fear Of Missing Out
02:05 – Trade for enjoyment
03:03 – Trade examples from this week
04:38 – Our NEW on-demand Masterclass
05:20 – Blueberry Markets

I’m going to explain why trading and looking at your charts for 30 minutes a day is so much better than trading and looking at your charts for 8 hours a day. Let’s get into that more right now.

Hey there, Forex Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 498.

Less is More

I want to talk about something that might seem so obvious, but unfortunately most people don’t do it.

And that is why trading 30 minutes at a maximum is so much better than staring at your charts and being glued to the screen for 8 hours or more day. Well, as I mentioned, it seems so obvious, doesn’t it? What are the benefits? Well, they’re endless. But why is it that so few people do that?

FOMO – Fear Of Missing Out

So it probably comes down to when you start trading, you think that you need to do more and more and you need to be glued to the charts all day and all night.

You just can’t get away from it. You’re watching every pip movement up and down your flicking between different charts, different timeframes, different currency pairs, different markets, and you then think that you need to get into trading different sessions and you need to be there at the beginning of the European session. You need to trade during the US session.

We need to trade all the news announcements, the Red high impact news announcements. So that you see on Forex Factory. You think you need to trade those as well. You’ve been told that the main price action happens when Europe’s open and America is open. So you have to trade then. And I know exactly what it’s like because years ago when I started trading, I knew exactly the same.

I was trading those sessions, which is night time. My time I was trading news announcements and setting my clock on my watch all the time to be there 5 minutes before those major news announcements in then. All through the night. And trying to do that with five young kids as well is a bit of a nightmare to be honest. And I’m glad it didn’t last for too long before I finally figured out that it wasn’t a good idea.

Trade for enjoyment

So to trade properly, to trade with enjoyment and I’ve been doing this for 18 years now and teaching for 14 years, so I can tell you with some knowledge, some experience of what works and what does not work. And I can tell you that if you can trade properly with looking at a chance a few times a day, 15 to 30 minutes a day, it’s enjoyable because it’s real, it provides longevity and it provides enjoyment in what you’re doing.

It doesn’t burn you, it doesn’t stress you out. You can carry on doing what you’re doing. You can carry on with family life, other jobs, whatever it is that you’re doing, you can trade on prop firms. You don’t need to be spending all day and night doing it and you can copy across from a main account to prop firm account.

So just because you think I’m doing this for not much time in the day doesn’t mean to say that it’s wrong or it’s lazy or anything like that is absolute complete opposite. It’s what makes trading real and enjoyable and profitable.

Trade examples from this week

To give you some examples from three trades that I took this week, we started off trading this week after the Easter break on Wednesday and on Wednesday I posted three trades off the daily charts based off the daily charts for our clients.

It was a sell trade on the USD/CAD, buy trade on the EUR/USD and a buy trade on the EUR/HKD. All three were profitable and so the results of that were the USD/CAD made a 1.8 to 1 reward to risk. We also did have one position stopped out as well. So that was a 50/50 there one profitable one not. The EUR/USD made a 3.9 to 1 reward risk.

The EUR/HKD made a 3.6 to 1. Put those together I made from those three trades, including the one loss on the USD/CAD and one gain. I made just over a 2% gain on those three trades, which literally took my clients less than 5 minutes to identify and to place. So “Less is More”. 2% gain, real low risk per trade.

You don’t need to be sitting there watching every pip moving going up and down driving yourself mad because it’s just not real. It’s just not enjoyable. So make sure that you have a strategy that uses close of candles and probably also the longer timeframe charts. It’s going to make your trading much more profitable, much more real, much more enjoyable.

Our NEW on-demand Masterclass

So two other things to mention to you. Our new On-Demand webinar is now ready for you to view. If you haven’t been on my webinars in the past or even if you have, this is completely different. I’m going to put a link to it on this video podcast so you can click on at a time that suits you is completely on demand and it’s instant access to that webinar.

It’s just over an hour long, really worth your time to go and register for that and to find out more about what we do, how we trade, how we can help you and get lots of trading tips and information, talks about all sorts of things about trading risk shows, some of our trades that we’ve taken. Talk about prop firms and how you can trade properly. Go and click on the link.

Blueberry Markets

And lastly, if you’re out there looking for a really good broker, have a look at blueberry markets again, I’ll put a link to them on here. Blueberry markets, they’re based in Australia, but it doesn’t matter where you live in the world, pretty much every country apart from the few plus the US, you cannot trade through blueberry.

But if you’re everywhere else or anywhere else, you can pretty much trade through blueberry markets and great bunch of people. Incredible customer service. Probably the best you’ll ever find out at any broker that I’ve ever experienced. Blueberry markets. There’s a link here as well.

Any questions that you have, send me an email. Andrew@theforextradingcoach.com any topics you like me to discuss over the next few weeks?

Please send them through and in 2 videos from right now we get to video post and podcast number 500. So looking forward to that.

Anything you want me to cover on that one, let me know. Bye for now!

Episode Title: #498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my Forex Training Masterclass

Podcast: Play in new window | Download

#497: What Makes a Good Forex Trader?

Apr 3, 2023

What Makes a Good Forex Trader?

Podcast:

Podcast: Play in new window | Download

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#497: What Makes a Good Forex Trader?

In this video:
00:23 – Pre-flight completed and ready to fly
00:53 – Hard work and dedication needed
01:45 – Learning to fly is hard, but incredibly rewarding
02:09 – The best student ever
03:40 – Getting yourself trained
04:35 – The TFTC Coaching Course

What makes a good forex trader? What characteristics do they have that you could learn from? So you two can become a good trader. Let’s talk about that more right now.

Hey, the traders Andrew here at the Forex Trading Coach video and podcast number 497.

Pre-flight completed and ready to fly

As you can see here, I’m out at the airport just a preflight ready to go for a flight very shortly. And what does it make this podcast and video out here? Because yesterday I was talking to Etienne Crete, who runs a really good Traders podcast. And on it

We discuss what characteristics make a good trader and can someone learn those or is it just something they just happen to be born with that makes up your character? And so I said to Etienne that it’s really important that you’re quite a thorough type of person in many ways.

Hard work and dedication needed

And I was quite fortunate in some ways that I was born on a dairy farm where you have to go and milk cash twice a day.

It doesn’t matter whether it’s Christmas, your birthday, you’re feeling ill, you know, the sun’s out, raining and snowing doesn’t matter. You have to go and do that seven days a week. You get no choice. And so being brought up on a dairy farm or anything to do with looking after animals or children and things like that when you cannot get away is a big characteristic.

And I think that makes a good person who is going to be good for trading the forex market. And likewise, I’ve always done a lot of martial arts and judo and karate, and same thing with that. You’ve got to have that respect, that discipline, that hard work ethic, and you realize that it’s not as easy as it’s made out to be.

But you also realize that if you do put that time and effort and dedication into things that the results are just incredible.

Learning to fly is hard, but incredibly rewarding

And it’s no different with this helicopter behind me here. You know, ten years ago, if you said, first of all, I own a helicopter, will even be able to think about flying it, then I thought you’d be crazy.

But with some time, dedication, hard work, effort and commitment and investment, it’s happened. And here it is behind me now.

The best student ever

It’s it’s no different to trading the amount of people that come to me and go, I’m just going to be your best student ever. I’m going to join your course and I’m just going to be the best student ever.

And they don’t join the course and they go off and do something else, you know, because there’s no real effort or commitment that and it’s incredible how often that happens, because for some people, like actually joining a course is just too hard. You know, they’ve got to learn something, get it, got to give up a bit of time to dedicate to actually making this work.

Whereas everybody seems to want the quick fix and the easy answer and you know, they go to forum sites and various other video sites and just think that they’re going to find the free answer and the Holy Grail there. The bad news is you’re not. So you do have to put some effort in. Now, I’m going to see if I can move this camera around.

Well, I’ll show you inside here, because, look, I’m not exactly mechanically minded, but I have to know all about this hydraulic system in here. I have to know about this turbine in here. You know, I have to know about the weather. I have to know about the law. I have to know about them. So I’m not doing a very good job of this.

I have to know about all these different things here. The mechanics of flying, aerodynamics and then all that I have to do even before I get inside the machine and even like get to start it. So this there’s a whole procedure you have to go through and the whole checklist you have to go through before you start. So there’s all these things that you have to do.

If you look inside here, I’m trying to see if I can show you inside the machine the amount of levers and buttons and dials and things in here. It’s it’s huge. And you know what’s going on in here.

Getting yourself trained

So you have to learn this properly. So to do that, you have to go and get yourself trained and know what you’re doing. Otherwise it’s complete dangerous and it’s that’s not going to happen. Trading’s exactly the same and you’ve got to put that time, effort, commitment into it and and learn what you’re doing properly. So I just wanted to, I suppose, make that comparison really, if you want to do it. Yeah. Anybody can learn how to trade. Just depends on how committed you are to doing it.

Properly dedicated you are to investing in yourself and learning a skill that like all things, if it was that easy, everybody would be doing it. No different to flying this helicopter, no different to teaching karate here is that easy? Everybody would do it. But the rewards, if you want to do it and you dedicate yourself to doing it properly, are enormous. Flying is the same, nothing beats it and trading’s the same. There’s nothing that beats it.

The TFTC Coaching Course

So look I put a link to our course if you are interested. We’ve been doing this for nearly 14 years, getting close to 4000 clients in 101 countries. And we know what we’re doing because it works. And it also doesn’t commit you to sitting at yours charts all day because we can go and do things like this.

So that’s it for now. I’m just going to finish this video. You know, I’m finished on a pre-flight and off for a fly. I see you next week, bye for now

Episode Title: #497: What Makes a Good Forex Trader?

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my webinar for new traders

Join my webinar for the more experienced trader

Podcast: Play in new window | Download

#496: Learning to Grow as a Trader

Mar 27, 2023

Learning to Grow as a Trader

Podcast:

Podcast: Play in new window | Download

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Join my webinar for new traders

Join my webinar for the more experienced trader

#496: Learning to Grow as a Trader

In this video:
00:26 – Being self sufficient
00:42 – Nothing to see here
01:44 – Learning how to trade is exactly the same
02:07 – Putting in the effort reaps the reward
03:00 – Think of your trading is like growing a plant
03:16 – Get onto one of my webinars
03:38 – Choosing a broker – Blueberry Markets

You need to learn to grow as a trader. It’s no different to planting your own food like I’ve just done behind me here. Let’s talk about that and more right now.

Hey, the traders! Andrew here at the Forex Trading Coach with video and podcast number 496.

Being self sufficient

Now we like to be pretty self-sufficient here. We grow our own food. In fact, of this planted here in this brand new garden bed that I’ve just built behind here, some broccoli and some cauliflower and some garlic and some cabbages as we head into winter here.

Nothing to see here

Now, there’s nothing here to see. Right now, it’s just empty. You can’t hardly see the plants I put in, but that’s because it’s all new. And they need time to grow and to nurture. And we like to be self-sufficient. As I mentioned, with our own food. We like to avoid supermarkets as much as we can. We grow our own food around vegetables and fruit. We’ve got our own meat, our own fish, and yeah, we’ve got our eggs and, you know, everything you can possibly really want.

And that’s our choice. But it takes some hard work and dedication. But the rewards are massive because you feel better. Everything’s home grown. You know what treatments it’s had or not. It’s there to pick in season. And although it’s hard work and it takes some dedication and you get your ups and downs, you get your failures, certainly, you know, things go wrong, the weather and whatever it might be, something eats it and you’ve got to start again.

It can be frustrating. And it got me thinking when I was putting these plants in here, just that I’m going to make my weekly video and podcast on this exact topic about planting.

Learning how to trade is exactly the same

Because it’s no different from you learning how to trade. You know, when you start off you like this, you put all this effort in and you can’t see anything and you kind of wonder like you all that cost of building it.

I’ve just put six cubic meters of soil in here. Grown the plants from seeds, put them in, and I still can’t see anything. There’s no reward there yet, you know, there’s no plant, there’s no food yet, and trading’s no different.

Putting in the effort reaps the reward

You’ve got to put that time in that effort, in that commitment upfront. And yes, you will get failures.

There is no doubt about it. Things will go wrong, You’ll do silly things, you’ll lose money. You have great straight set ups that will lose money. And that’s just the nature of trading. But once you know what you’re doing, once you’ve had some success and some time in like the business. Like of these plants here, when they grow and I could show you trees up here of avocados and tomatoes and lemons and nut trees and figs and pumpkins growing up there and watermelon and all sorts of things and corn.

How well can I see behind me here there’s cabbage, there’s lettuce, there’s quail, there’s peppers, there’s all these things I can see behind the camera here that are growing because we put the time and the effort in, you know, previously to get them to grow to that stage.

Think of your trading is like growing a plant

So think of me trading like growing a plant, nurture it and put some effort in, help it grow and accept there’ll be a few losses and a few failures, but accept also that once you if you stick at it, the rewards are massive. So that’s my trading and gardening analogy for today.

Get onto one of my webinars

If you’ve not been on my webinar, there’s two sorts of webinars that I hold and one for experienced traders and one for new traders. I’ll put a link to both here on this page so you can jump on to one of those. You only need to attend it once. Just pick the time that suits you or you can actually go and watch a recent recording as well. If you don’t want to attend one of the scheduled sessions.

Choosing a broker – Blueberry Markets

If you’re looking for a broker, I can highly recommend Blueberry Markets. Fantastic broker there over in Australia. Go and have a look at them. Check them out. I’ve been with them for years and years. I’ll put a link to them as well on this page, so I hope that helps.

This is Andrew Mitchem here, the Forex Trading Coach. Enjoying the inside and enjoying the food, enjoying the sunshine and loving the trading. I see you this time next week. Bye for now.

Episode Title: #496: Learning to Grow as a Trader

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

Join my webinar for new traders

Join my webinar for the more experienced trader

Podcast: Play in new window | Download

#495: How Long Does it Take to Become a Profitable Trader?

Mar 20, 2023

How Long Does it Take to Become a Profitable Trader?

Podcast:

Podcast: Play in new window | Download

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

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#495: How Long Does it Take to Become a Profitable Trader?

In this video:
00:28 – How long does it take to become a good trader?
00:48 – How long is a piece of string?
01:45 – Be patient for long term success
02:16 – What should you do?
03:07 – Using your demo account correctly
04:15 – The next stage to trading live and prop firms
05:19 – Choosing a broker
06:19 – Like & Subscribe

How long will it take somebody to learn how to trade the forex market properly and turn into a profitable trader? It’s a question that everybody has. Let’s talk about that and more right now.

Hey, forex traders! It’s Andrew Mitchem here at the Forex Trading Coach with a video and podcast number 495.

How long does it take to become a good trader?

And that’s right, everybody wants to know, how long is it going to take me to learn how to trade properly? How long is it going to take me to be profitable as a trader, whether I know absolutely nothing or for some people they’ve been going around in circles doing this for years.

How long is it going to take me, especially if I’m starting a new strategy and a new course?

Well, the answer really is, is how long is a piece of string? But what I can tell you, in other words, there is no one answer. But what I can tell you is this The more that you are patient, the more that you put your dedication and time upfront into learning, the more that you forget about making money, the better you will be long term.

And what I mean by that is that so many people just charge straight in headfirst like a bull in a china shop. Just go, I want to make money or they paid for course. I want to pay off this course really quickly or they’re in debt or they’ve lost their job, whatever it might be. Everybody’s always focused on how much money they’re going to make.

And when you focus on the money that you’re going to make, you’re going to do things wrong. You’re going to do silly things, you’re going to take gambles, take big risks, because all you’re doing is focusing on the outcome of the monetary side of things.

Be patient for long term success

What you need to do is take your time and be patient, because I can promise you, if you do that slowly, carefully, methodically, almost in a boring way, and your long term chances of being a profitable and highly skilled forex trader are massively increase.

And I can tell you that because I’ve been trading the markets for nearly 20 years and I’ve been and seen it all from my own experiences and through the thousands of people that have come on board with us here at the Forex Trading Coach.

What should you do?

So what can you go and do? Well, first of all, if you’re learning a strategy, you’ve got to learn it properly.

You’ve got to get onto demo accounts, you’ve got to make your mistakes on a demo account, whether it be a money management thing or whether it’s a partial closing thing or trading the wrong direction, whatever it might be, use the demo accounts carefully and use them to your advantage. Now, the other thing you got to be careful with a demo account is you don’t open up too big an account size, a lot brokers will give you, let’s say 50,000 or 100,000.

That’s unrealistic for when you’re going to go live. So I suggest you open a demo account and try and get down to one of the smallest sizes that you can have, maybe sort of 10,000 or something like that, because then it becomes real when you go live and nothing really changes.

Using your demo account correctly

So once you’ve made all those silly mistakes of entering and exiting trades, you then need to use your demo as though it were real and you have to use it and carefully and properly.

Don’t just think, Oh, it’s a demo account. I don’t care that trade loses or I’m leaving that trade in over the weekend. I forgot to close. It works, doesn’t matter. It’s just a demo. Don’t think that at all. You’ve got to treat it like it’s real and you then have to become consistently profitable on that demo before I suggest.

Then you look at going live. When you do go live, then go to a small account. It doesn’t matter how much money you might have. You start with a small account and just carry on doing the same thing. Because when you go live, your emotions will definitely come into it, your head and your heart. Two things you have to control when you’re trading, but by that stage you should have eliminated all those silly things that you’re going to do on the platform.

But now you’re focusing on the trading and being consistently profitable on that small account, because when you have losing trades, it hurts when you have profitable trades, this joy and excitement, but you’ve got to try and bring those to almost to neutral. Then when you do that, you’ve got a few options.

The next stage to trading live and prop firms

First of all, you’re in like the 5 to 10% of people who are making money consistently. So congratulations. Secondly, you can then increase your account size. You could trade for other people. You can get on to prop firms and different things like that, which will then massively increase your returns. So that’s what I’m saying at the beginning. Do it patiently, Do it slowly. Don’t worry about how much money you making today, because I would much rather have a conversation with somebody.

And they said, Andrew, I’ll join your course. It took me six months or so before I felt like I was comfortable to go live and then another six months and now after a year I’m feeling really good and I’m making good, consistent gains. I’d much rather have that conversation with anybody than someone to just jump straight in. And after two or three months they’re blowing their account.

They don’t know what they’re doing. They’re losing confidence. They’re blaming the strategy, the system, the broker, me, everything but themselves. And so the long term person with a long term mindset will be the one who wins in this market. Right.

Choosing a broker

So you’ve done that. You’re understanding that you want to put your money with someone who’s a good broker, good, trusted, solid, reliable, honest broker.

Look no further than blueberry markets. They’re a fantastic organization, fantastic team of people. The based over in Australia. You can open accounts with them pretty much forever. You live in the world apart from the States and a couple other countries, but most other people can. They have the MT4 and MT5 trading platform. I’m now complete convert to the MT5.

I love it because not only is it have the built in extra time frame charts, but of course it has so many more markets to trade. And as a technical trader that just gives me so many more opportunities to get high quality A-plus grade trades set ups on a daily basis. So I hope that helps. Remember, don’t rush to trading and if you’re looking for a broker, consider blueberry markets.

I’ll put a link to them on here as well. So once again, this is Andrew Mitchem here at the Forex Trading Coach.

Like & Subscribe

Have yourself a great week or weekend wherever you’re watching or listening to this and any questions, please ask. Don’t forget to like and subscribe. If you’re on social media or YouTube and any questions you have for future editions just like this, send me an email.

Andrew@theforextradingcoach.com. See you next time. Bye for now!

Episode Title: #495: How Long Does it Take to Become a Profitable Trader?

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