If You Can’t Master This, You’ll Never Succeed in Trading
Podcast:
Podcast: Play in new window | Download Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
#640: If You Can’t Master This, You’ll Never Succeed in Trading
In this video:
00:24 – The mindset of successful traders.
01:13 – You need to be excited by trading.
02:40 – Don’t get too emotional with winning trades either.
03:30 – Accept losses if you traded your strategy correctly.
03:58 – Community is so important.
04:30 – Examples from my experience.
06:42 – Check out my new Masterclass.
07:00 – Blueberry Markets as a Forex Broker.
07:33 – How to contact me for trading help.
Do you have the right mindset to be a successful trader? It’s a really important aspect of being a good trader or a poor trader. Let’s talk about what’s required and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach for video and podcast number 640.
The mindset of successful traders.
Today I want to talk about mindset. It’s really, really important. And I’ve just been off a webinar where a lot of traders and investors from around the world were talking about the importance of mindset and what it requires to be that kind of person that is successful.
You see, trading is not for everybody, and unfortunately, a lot of people see trading online as something to maybe give up the job because they hate the job, or they need some money or, you know, they think it’s a get-rich-quick scheme, or they just simply want to be lazy and think it’s a great way of making lots of money without any effort.
And the reality is it’s not any of those. And if that’s your mindset, then it really is not something I suggest that you do because it’s going to end in disappointment and failure and just wasting money and time on your behalf.
You see, the reality is that trading is much different. You almost need that entrepreneur kind of mindset to do it. You’ve got to be interested in it to start with. You’ve got to be excited by the markets. You’ve got to want to do it. Like, how much do you really, really want to do this?
You need to be excited by trading.
And that becomes a big part of it because what you do have to do is you have to have that mindset where you show up consistently.
You have to be disciplined. You have to show up. You have to understand risk. You have to understand the strategy and stick to it.
Now to me, good trading is almost boring, and I mean that in a really good way because you have to control emotions as a trader.
Now you have to control your mindset, your heart, all the emotions that come into making and losing money.
And so to do this properly, you have to trade your strategy, your system, and you almost have to forget the monetary value. You can’t treat it like a game. You can’t gamble. You have to stick to your rules, stick to your discipline. Pass on trades when they’re there. If you see the trades, take the trades.
And you also need to not get knocked down and despondent when you have losing trades, and you have to accept there will be times where you get losing days, losing weeks, possibly losing months. And you have to look at this and go, well, did I stick to my plan? Did I stick to my strategy? And if you did, then fine, carry on.
Don’t get too emotional with winning trades either.
Likewise, the other side of the spectrum is you can’t get too stupidly carried away when you have profitable trades or lots of profitable trades. Yes, it’s really good. Yes, that’s why we’re doing it. Yes, we’re looking at making money. Of course we are. But you can’t get carried away and do stupid things because that’s where I see a lot of people do these things. You know, it’s almost like they’re bulletproof. They can’t fail.
So they then start doubling up, or they take the stop losses out because, “I know the trade is going to reverse on me soon and come back into profit.” All those silly things that people who don’t have the correct mindset end up doing. And of course, it always, always backfires. It just always does.
So have the mindset of consistency, showing up, sticking to your plan, being disciplined, almost being boring in your trading, your approach, and you will find that that will help you massively.
Accept losses if you traded your strategy correctly.
Now, I’ve talked about accepting losses, and it is something that you do have to accept. And you know you can’t go out there blaming the broker, blaming the market, blaming everything. If you did something silly and you broke your rules, then just blame yourself. If you stuck to your rules and the market just did something different, then you know, that’s the way it goes. Nothing is 100% guaranteed, and trading is all about probability and sticking to the same disciplined system.
Community is so important.
Also, I think community is a big part of things as well. If you’re sitting there just trading on your own, maybe off your phone or your laptop or your iPad, you’ve really got no sort of backup and support. And I think that community, being willing to help people, to share ideas, to invest in yourself, whether it’s your time or financial investment into someone else’s time and information and knowledge, all of those things become a big part of the mindset of someone who’s out there doing well.
Examples from my experience.
Now, I just want to give you a few examples of things that I’ve done in my life that could help you with your trading, especially if you’re struggling right now. I practiced karate for many, many years. I practiced it, my kids have been through it, and I taught it for many years also.
Now, when you see someone practicing any sport, martial arts for example, what you see is the end result and you go, that looks really cool. And look how well they can kick or, you know, punch or block or do karate, whatever it might be.
What you don’t see is all the hundreds or thousands of hours of discipline, of learning, of fitness, of turning up to the dojo when you’re absolutely shattered. It would be easier to stay home. You know, all those kinds of things that go into any sort of high to top-level sport.
So you’ve got to show up, you’ve got to be disciplined, and it can work very nicely for you.
Moving on from that, helping my wife raise 5 children. You know, it’s not easy. If you’ve got kids, you know how hard it is. There are a lot of times when you think, “You know, I can’t do something. I’m not going to do it today.”
Other things I’ve done in my life include learning to fly a helicopter. You know, you’ve got to invest your time, your money. It’s hard. It’s really, really, really hard at times. So you just think, “Oh, it’d be easier to give up.” But you don’t. You show up, you do your exams, you learn your practical information. It’s a constant learning process, very expensive, and time-consuming.
Other things I’m doing right now include learning to play the guitar and sing on stage. Again, hard. It’s easy to watch someone play a guitar and sing on stage. They’ve done it for years and years and they’re really good. You think, “Wow, I can do that.”
What you don’t see is all the hours behind the scenes of learning to play that guitar and the songs, learning different chord formations and strumming patterns, learning the vocal techniques involved with singing, and then actually being able to stand on stage and do it in front of other people.
So all these things take time, and I think to do anything good in life, and trading is just a perfect example, it does take time.
Don’t expect miracles quickly. Seek help, be willing to learn, accept new ideas, be willing to seek mentors if that’s something you want to do. And it comes back to, again, how much do you really, really, genuinely want to do it?
Check out my new Masterclass.
So if you are one of those people who really, genuinely wants to learn how to trade, have a look at our masterclass. I’ll put a link to it here below. It’s only about 15-20 minutes. It’s on demand so you can click on it and have a look at it when it suits you. Just turn your phone off, put the kids to bed, watch it for 20 minutes, and you’ll learn so much from it.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good quality MT4 and especially MT5 broker, I can highly recommend Blueberry Markets. People from right around the world can open an account with them. I’ve been with them for years and I trade not only forex but also metals, commodities, cryptos, and indices with them as well.
I’ve actually withdrawn some funds just this week from 3 different accounts. The funds were here within less than 24 hours, so really quick there as well. So I’ll put a link to Blueberry Markets if you’re out there looking for a good broker.
How to contact me for trading help.
Any other topics, feedback, or questions you have, please send me an email at Andrew@TheForexTradingCoach.com.
I see you this time next week.
Bye for now.
Episode Title: #640: If You Can’t Master This, You’ll Never Succeed in Trading
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Podcast: Play in new window | Download
Subscribe: Apple Podcasts | Spotify | Android | iHeartRadio | TuneIn | RSS
