How to be one of the few profitable traders?
In this video:
00:29 – Why so many traders lose money
01:30 – Massive losses from traders
01:45 – You need to be realistic
02:35 – Seek education
03:35 – Trading while on holiday
04:45 – Would you like to follow my trading?
05:45 – Anything could happen
Why is it that so many traders lose so much money? And more importantly, what can you do to ensure you’re not one of those people? This is a very, very important subject. So let’s get into this and more right now.
Hey, Forex Traders, Andrew Mitchem, here, from the Forrest Trading Coach with video and podcast number 328.
Why so many traders lose money
And I want to talk about why is it so many people lose money? And that, that has been as a result of an e-mail that I received earlier in the week from a company called Darwinex. I don’t belong to them, but I’m on their mailing list, and they sent me this. And back in 2015, the accounts that they had with them lost 78% of their value. 2016, almost 51%, 2017, 47%, and last year, 2018, 38%. And so far this year, almost 10%.
So, a massive loss in the cumulative accounts of their clients. Now, as they said, the results are getting better, which is good, and are still huge losses, by the way. But like they also said on here is they encourage, or want to encourage other brokers to publish their account losses. Because like they said, the other brokers, or a lot of the other brokers probably had far worse losses than Darwinex themselves do.
Massive losses from traders
But think of that, that first year, 78% loss on accounts cumulative. And even today, still massive losses. So, that’s not good.
You need to be realistic
But you need to be realistic, and I’m here as a real trader to tell you that you need to be realistic. Most people will show you flashy cars and Porsches, and all that type of thing. I don’t do that. I’m here trading from home, telling you as it is. And you need to figure out that if you are serious about wanting to become a Forex Trader, as a full-time trader, or just someone that’s doing it for enjoyment or a passive income, what is it that you can do differently so that all these other people that can basically put you on the other side to make sure you’re one of those few people who are making, not even just breakeven or a little bit of money, but some good, consistent gains? Because ultimately that’s why we all do this, isn’t it? We’re here to become good Forex traders and to make income from it.
So, what can you do about it? Well, there’s lots of reasons why those people are losing.
But what you can do, is you can seek yourself some education. And I strongly believe that that is a very, very good option. But the problem, then, becomes, is when I look around at other courses that I see online, is that while they’re systems or they’re strategies, that most of them are not very realistic in terms of being able to trade them all the time.
I’ve been doing this for over 15 years. And teaching for over 10. And I’m still doing it, and I still love it, and I still get a passion and a buzz out of it, because it’s enjoyable and it’s something that I can work in with other things that I do. If I would have sat here, looking at these screens, all day, every day, it would drive me mad. And I would have given up years ago, regardless of making money out of it. But, because of the way I trade, and it’s longer time frames, it’s less chart time, it’s more enjoyable, more reliable, I believe that’s one of the reasons why it’s realistic.
Now, you may have heard, and if you haven’t, then I’m going to tell you, and if you have, sorry that I’m going to repeat myself.
Trading while on holiday
But on Monday, probably the day you get this video, Monday the 8th of July, I’m heading overseas for just over three weeks with myself and my family. And we’re heading over to the UK and Europe. I’m really looking forward to at 27 hour flight from Auckland via Dubai to London. No. But, anyway, part of living in New Zealand, you have big flights and big travels. But, we’re heading over there, and I’m going to be showing you how I’m trading while I’m away on holiday. I’m going to be sharing with you the trades that I’m taking, I’m only going to be looking at the longer timeframe charts, like weekly charts, daily charts. Maybe 12 hour charts, depending on basically time that I have.
But I’m going to be trading and sharing with you how you can trade, too, as a full-time Forex Trader, but it’s only going to take you somewhere between 10 and 30 minutes once a day, and that’s it. And that’s what I’ll be doing. When I place my daily trades here, in New Zealand, it’s my morning time. So when I’m in Europe, it’s going to be in their evening time. All based on the close of the 5:00 P.M. New York start and close of day chart.
Would you like to follow my trading?
So, if you’d like to follow along, I’m going to be sharing with you some of my trades that I’m taking, the results that I’m taking, and I’m going to make some video while I’m over there, and just showing you how it can be done. And, look, it’s going to be, there’s not going to be some big edits on the videos, it’s just going to be me on my screen, or me on my cell phone. I’m not going to be there, spending my time on holiday, making massive, professional productions. It’s going to be me, phone, screen, send to you. And basically that’s what it’s going to be.
If you’d like to follow along for three weeks and find out the trades that I’m taking, and the results that we’re getting, and just sharing a little bit more about how I’m taking these trades, and what I’m doing, if you’d like to follow along, I’m going to put a link below this video or on this page somewhere that you can sign up, and register your interest, and every time that I make a new post or a new video, I’ll make sure that you get e-mailed a copy.
It’s going to be fun, it’s going to be …
Anything could happen
No one knows in advance what’s going to happen. I could have three weeks, and trades may make some great gains, or might make some losses. It’s July, and the market’s generally a bit harder in July, as well.
So if you’d like to follow along a real trader doing real trading in real-time, without the benefit of any hindsight, I’d encourage you to sign up, register your interest. So once again, this is Andrew Mitchem from The Forex Trading Coach. I will be making a video on Monday while I’m still here, at home, sharing with you my daily and weekly chart setups, and then, from then on, it’s going to be through the UK, and then into France, maybe having a wine and some cheese alongside the video at the same time, enjoying a bit of sun over there.
So, look, you have a great weekend, I’ll see you this time next week. And don’t forget to register, probably below this video, or somewhere on this page. Thanks again, and I look forward to sharing with you my journey to Europe.