• flag+612 8091 5708
  • flag+1 646 583 2752
  • flag+64 21 1216268
  • flag+44 20 3289 1849

#217: How To Become One of The 5-10% of Traders Who Make Money From Trading

Podcast:
Play

How To Become One of The 5-10% of Traders Who Make Money From Trading

In this weekly video:
 00:30 – What it takes to become a successful Forex trader
01:12 – Why do so many people lose money from trading?
01.52 – Most don’t have a strategy or the right mindset
03:00 – How I can help you overcome these issues
03:45 – A trading strategy that is proven to work across all market conditions
06:16 – Live webinars for clients every week either in the European or US trading sessions
07:14 – Clients only Forum site to help and learn – building a trading community of like-minded traders
08:54 – Short cut the learning process

I'd like to share with you tips, help, and advice to help you become one of the 5 to 10% of Forex traders who actually makes money from trading, so let's get into that and more right now.

Hello Forex traders. Andrew Mitchem here, the Forex Trading Coach. This is video and podcast number 217.

What it takes to become a successful Forex trader

I want to talk about what it takes to become a successful Forex trader. How I can help you shortcut your learning path and save you lots of time, money, headaches, and frustration. Does that sound good? If so, keep listening. Okay, so there's a common number put around that somewhere between 90 to 95% of all Forex traders lose money.

How accurate that figure is I don't know but wherever you research online, somewhere between 90 to 95% is the figure that's commonly used. So, let's accept that that figure is correct for now.

Why do so many people lose money from trading?

Why is that and more importantly, what can you do to make sure that you're in the 5 to 10% of all Forex traders who make money? Because ultimately that's what you're here for, and it depends how important that is to you, and there's various ways of being a good trader but let me share with you my tips and secrets from around 14 years as a full time Forex trader, and I've seen all sorts of different people and companies come and go in that time believe you me, so I've got a fairly good, extensive knowledge of the Forex industry.

Most don’t have a strategy or the right mindset

Okay, so the problems are most people don't have a strategy. Of course, it's the obvious number one thing. They don't have the mindset of what it takes to become a good trader, they don't have a style that suits them, they don't have back up or help. People very easily get distracted when things don't work out, and you tend to get the … You know the phrase, “Blind leading the blind?” That is a very common problem in the Forex world. People find that when things don't work out for them, and their trades aren't working, they go to try to add something to it. They'll go and search for the next holy grail and the next best system, the next indicator, the next bit of news trading, whatever it might be. They're always on the search for the next thing rather than sticking to what they know.

It's a big danger. When you're out there by yourself trading it's very easy to get distracted and start searching online, so what can I do to help you overcome that?

How I can help you overcome these issues

I'd like to explain why such a massively high proportion of my coaching clients become very, very good Forex traders. In fact, one of them, a guy called Paul over in North Carolina in the US, he's now come onboard with me as part of the team. He's now holding live webinars in the US timeframe, so the US trading sessions. He's that successful I've said, “Look Paul, I'd like to offer you a position as part of the group,” because he's done so well.

There's lots of people out there like Paul who have taken my course and done very well but let's start at the very beginning, and the basics.

A trading strategy that is proven to work across all market conditions

I provide a strategy that's proven. It's as simple as that, it's a proven strategy. It's been proven for years. I've been trading this particular strategy for over 10 of the 14 years I've been trading. I've been teaching it for almost eight years. It's well proven, it's proven, doesn't matter where you live in the world, what timezone you're on, how many hours you can dedicate to trading, what currency pays you like, what timeframes you like, what the market conditions are. It's proven across all of them.

That's the important thing that you need to start with, a strategy that works, a strategy that has logical sense, that works in all market conditions and is proven. That's the first thing. Second thing, I provide daily, like every single day of the trading week, I provide daily analysis for my clients. It includes specific trades that are taken off the daily charts. At the beginning of the week, I also mention weekly charts, at the beginning of the month I also mention monthly charts but every single day I mention trades that I'm placing myself based off the daily charts. The reasons for taking the trade, the candle patterns, the set up, all the reasons why I'm looking at taking that position, it's all done in advance of the market moving.

There's no hindsight involved, it's real time, you can make money from it by just understanding it, copying it, learning from it. The entry positions, the stop loss, the profit target, the reasons why. It's all taught in the course anyway, but every single day I'm writing this information for my clients to train their eye in real time, so that one, they can learn from it, two, they can earn from it, and three, they can then go and apply that same philosophy, same principle that they're seeing day after day after day, and apply that same strategy and principle to any other timeframe chart that they wish to trade. It's a real time trading. It's not, “Oh, yesterday I might have done this,” or, “Yesterday I did that,” and hand picking good trades. It's not that at all.

You get the good trades, the bad trades, everything in real time. It can be applied, doesn't matter where you live in the world, to apply that onto your account. You have the strategy, the daily trades, strength and weakness analysis, where I'm looking for strength and weakness with different currencies as well. Now, part of that's freely available on my website, but the clients actually get so much more. Only clients get the specific trades.

Live webinars for clients every week either in the European or US trading sessions

Live webinars, just mentioned, I've just taken onboard Paul who is now going to be holding two webinars per month, one and a half to two hour live sessions per month in the US trading session.

First one was just yesterday, and the alternate weeks, every two weeks, I hold and have done for eight years, live trading room sessions which are all two to two and a half hours long in the European session. They all get recorded if as a client you can't get there to watch it live, but these are real time trading webinars. Clients only, so everybody understands the system, the strategy, when they're on there. We're looking at taking trades in real time, we answer questions, we look at trades that were taken over the previous week since the last webinar, lots and lots of real time information. When we're looking at historical trades, we show trades that have worked, trades that haven't worked because you can learn from both.

Clients only Forum site to help and learn – building a trading community of like-minded traders

I have a forum site that's for clients only. It's not one of those silly arguing, everybody's trying to outdo each other forums like most of the forums out there in the general Forex world. It's clients only, talking only about the strategy that I trade and teach. Different timeframe charts, where I discuss, people are posting trades in real time. Some people post trades that they've taken, good and bad, in hindsight, after the trade's closed. But a lot of people on there posting trades in real time saying, “Hey, I'm liking the look of this set up and these are the reasons why,” but again, it's building a community.

There's hundreds and hundreds … Well, actually there's thousands of clients that have taken the course, but there's hundreds of clients on the forum sites all the time, interacting with each other. There's always information there to gain. You put all that together and you add to that trading software that helps identify set ups, it's not a robot system, it's not to say you have to rely on that software, but the software identifies key levels of support and resistance, helps identify candle patterns, different things like that that are included in the overall strategy. It just helps alert you to potential trade set ups.

You put all that together and you have a community, you have a proven system, you have real time help, real time coaching, access to myself, access to Paul, email access, support sites, forum sites, daily trades, the whole strategy, video courses, everything put together, that is what you need if you're serious about becoming a successful Forex trader.

Short cut the learning process

If you want to shortcut the whole learning process, if you want to save yourself headaches and tears and frustrations and giving up and losing money on accounts, if you want to save all of that, then take my course really is the best way to shortcut the learning process and becoming a successful Forex trader.

How do I know? Well, thousands of people have done the same thing over the last eight years and the success rate is remarkably and incredibly high. If you'd like to join us, it'd be great to have you on board.

This is Andrew Mitchem, the Forex Trading Coach. I'll see you this time next week.

Play