Is Forex Trading Right for You?
In this video:
00:26 – Very few people talk about this subject
00:50 – You have to do the ground work first
01:50 – Trade for 20 minutes once per day – but only once you know what you are doing
02:29 – Don’t force yourself to make money from day 1
03:01 – Are you right for this?
03:33 – I want to help the right type of person – the committed person
04:40 – 3 x H12 trades taken on my live webinar
05:12 – Daily trade suggestions at +25% for the year
05:35 – Weekly trade suggestions at +22% for the year
It's important to make sure that Forex Trading is right for you. Let's talk about that and we will right now.
Hello, Forex Traders it's Andrew Mitchem here the owner of The Forex Trading Coach, today it's Friday the 22nd of July.
Very few people talk about this subject
I want to talk about a subject that very few people talk about especially people online. I want to talk about the importance of making sure that you are the right kind of person to become a Forex Trader. You see everybody out there tell you that Forex is the best thing, and you can make a fortune, and you just need to plug and play a robot and all your problems are solved. That's not true.
You have to do the ground work first
Forex is an amazing market to trade, but you have to do the grand work first. It's a slightly, and I suppose a harsh reality, a boring but true type of podcast and video this week, but it's highly, highly important. Let's get into some truths. Forex trading is not for everybody. Definitely it’s not you have to be the right type of person. You have to want to learn to trade Forex, you have to get a buzz or a thrill out of trading, out of watching charts, out of seeing why the charts are moving, what's behind it, what are the reasons. It's not just about thinking that you're going to sit back, plug in a robot or an expert adviser, and it solves all your problems. It's not about sitting on a beach with a laptop and taking a trade and forgetting about it, it's just not that at all.
Sure, when you understand trading, and you get into it more and you like to trade those longer time frame charts.
Trade for 20 minutes once per day – but only once you know what you are doing
Sure you don't need to be sitting there watching charts all day long. I certainly don't do that. In fact, if I'm just trading daily and weekly charts, when I'm away on holiday, I trade for probably for 20 minutes once a day, and that's it, but it doesn't start like that. If you're at the very beginning of trading, you have to put the time in, put the hard work, put the foundation into understanding trading, and it's really important that you do that. Even if you have done some of that, you still need to be the right type of person. You have to have a control over your emotions.
You must not be trading just simply because you want to solve all your life's financial issues. You can't do that.
Don’t force yourself to make money from day 1
The amount of people that come to me and say, “Hey Andrew, I need to make $5,000 a month or $10,000 a week,” whatever it might be. People come to me daily with these kinds of things “How much can I make out of this?” “I've heard that it's the best thing that I can make a fortune. How much can I make?” The thing is I don't know how much you can make. I can tell you how much I make and I can tell you how much the vast majority of my clients make, but I cannot tell you how much you are going to make because I don't know anything about you.
I don't know your personality, I don't know if you're going to be the sort of person to throw all your toys out of the cot if a couple of trades go wrong.
Are you right for this?
I don't know how committed you are to learning a system. Are you going to want to pay for an investment in yourself, are you going to want to pay for your education or you just think that someone's going to hand you everything for free. It's understanding what type of person you are. It's really, really important and as I said very few people will talk about those actual, honest truths because everybody's out there is trying to sell you something.
People say to me, “Hey Andrew why are you not doing that?” Well, the thing is for a coach like myself.
I want to help the right type of person – the committed person
I only want the best people who are going to give themselves the highest probability of success. Someone that's committed, someone that's saying yes I want to commit, and I want to invest in this course, I want to give it some time, I'm going to stop with all the other bits that I've learned in the past which haven't worked, and obviously they wouldn't be coming to me otherwise, and I'm going to give you a course a real good guide, I'm going to attend webinars, I'm going to jump on your webinars all the time or watch recordings if I can't get there.
I'll log into your website every day and look at your daily trades and that suggestions that you make. I'm going to commit to your course; I'm going to commit to doing this correctly with low risk and getting it right it's really what it comes down to. Giving it a go. Not all the time is it going to work straight away from day one really is not going to do that, but you give it time, you commit, and you'll find that for the vast majority of people if you're the right type of person that after taking my course you will do very well. No doubt about it. That's the story for the week. Let's look under some facts here about what's actually happened.
3 x H12 trades taken on my live webinar
Well, I held a live webinar for my class just last night.
On that webinar, I took 3, 12-hour chart trades. One of them did not fill unfortunately didn't quite retrace to the entry level although it's done very well and it's moved in the right direction it was a sell trade in New Zealand. It's done very well, but it didn't quite get to my entry level. I've deleted that one. Two other trades; I took the Australian-US dollar and an Australian-Canadian-dollar trade both 12-hour charts, and they are both doing extremely well on my charts behind me right now.
Daily trade suggestions at +25% for the year
The other thing that I discussed with my clients if you did nothing else than just copy my daily trades suggestions for this year.
We've now gone through January through to pretty much the end of July now at half of 1% risk per trades a very, very tiny risk. You'll be up over 20% for the year so far that's without compounding that's 25%.
Weekly trade suggestions at +22% for the year
If you took all my weekly chart trades. Each week on a Monday I suggest trades on a weekly chart trades you'd be up over 22% for the year so far. That's just doing nothing else than just logging in once a day, seeing the trades, ideally going to your charts and seeing why I'm taking the trades but here's the entry, exists, et cetera.
Putting that on your chart with only half of 1% risk per trade and letting the trade do its thing. It's either going to hit a stop loss or profit target. In reality, we can do more to help the trade. As in we can partially close, we can move stock losses, et cetera like that. If you did nothing else and just put the trade on and left it and then if it's still open at the end of the week and closed just before the end of the week if you did nothing else 25% so far this year on daily trades and 22% on weekly chart trades so very happy with that.
The market at the early part of the year especially was not that easy to trade. It just shows with just some commitment and logging in once a day, viewing that information and then on top of that information like my webinars like I mentioned those 12-hour chart trades and any other time frame chart trade that you see and learn and take for yourself on top of that. The right type of person there's definitely a great opportunity there. I hope that you enjoyed that.
Once again this is Andrew Mitchem from The Forex Trading Coach have a great weekend. Look forward to catching up with you this time next week.