How Important Is Your Win Rate?
In this weekly video:
00:23 – I’m in Washington DC with Paul Tillman holding training sessions
00:50 – Should you be concerned with your win rate?
01:30 – 40% win rate and making money
01:50 – Free and paid training in the US
03:00 – Amazing client’s success
Andrew Mitchem: How important is win-rate to your trading success? Let's talk about that and lots more from America right now.
I’m in Washington DC with Paul Tillman holding training sessions
Hi, traders. Andrew Mitchem here, The Forex Trading Coach video and podcast number 228. I am here in Washington DC with Paul Tillman.
Paul Tillman: Hey, everybody.
Andrew Mitchem: A couple things we want to run through. Just to let you know that we're in Washington right now. We are holding some live events tonight and tomorrow night, Thursday and Friday, and that this weekend coming we're holding some live full-day training sessions. Did exactly the same in North Carolina last week. Had tremendous, tremendous success.
Should you be concerned with your win rate?
One of the parts that I want to just quickly run over is a lot of people said to me, and these were people who were not clients at the time, these are new traders. They were saying I'm really concerned about win-rates. When we went through the session, it was actually interesting. The more you think about, the more win-rate is actually not that important. I'll just explain why.
We had a guy who was talking about having a 90% win-rate and was actually losing money from his Forex trading. Reason being is he was taking lots of small profitable trades, sort of small either pips or percentages, and then having one or two huge great losses. The problem was the losses, of course, were wiping out all the gains. Yes, he may have had a 90% win rate, but he was losing money.
40% win rate and making money
We then get a client of mine who was talking and saying, “Well, I've got a 30% win rate, and I'm making money.” In fact, Paul, who is sitting right next to me here, who's been with me for two years has got around a 40% win rate but is still making really good money. I believe he made about 4% on his account just last week. With that and more, I'll hand you over to Paul.
Free and paid training in the US
Paul Tillman: Absolutely. We're here in Washington DC. Right here Washington Monument and we've got these live sessions. We're doing free sessions tomorrow and Friday and then paid training into the weekend. We're going to be doing this all over the United States in the weeks and months to come so definitely watch out for that.
I want to talk just quickly, we were on the metro coming into the city. I heard a few guys talking saying, you know what, I pulled 56 hours this week. I pulled 60 hours this week. The thing that he said at the end really caught our attention. He said, “Well, that's life.” We're thinking, “Well, that doesn't have to be life.”
I sit here and Andrew and myself, we might trade four or five hours a week total, and you get that supplemental income and then you ramp up to a full income. You don't have to get in suits and ties and go to meetings all the time. Your work-life balance is incredible, phenomenal. It just goes to show you what you can do in just a few hours time making great gains on your account and all it takes is a little bit of education, coaching from us, webinars, forums, just all kinds of great things that we can offer you with The Forex Trading Coach.
Amazing client’s success
Andrew Mitchem: Yeah, absolutely. I couldn't say any more, really, because we've got proof. We've just met so many people in the last week and we will again this coming weekend, I'm sure, that have just had tremendous, tremendous success after just a small investment in themselves, small investment in their education. Like Paul said, just sort of committing to being on a few webinars, copying what we do each day once a day, 10 minutes, and that's it. If you're interested in really turning finances around, having a really good work-life balance, travelling around places like this, we've just had a great time here this week. It can be done.
As Paul mentioned, yeah, we just sat there on that tube, on the metro this morning, and these guys all in their suits are all doom and gloom, and off to work in their offices, and not particularly happy with life. It can be turned around. If you take that step to make that decision that Forex is right for you.
That's all from Washington DC. This time next week I'll be back in New Zealand and look forward to bring you more videos and podcast then. Bye, from Washington.
Paul Tillman: Take care, everybody.