Is It Really Possible To Make Money As A Forex Trader?
In this video:
00:24 – Everybody has this same question – Can you make money as a small time Forex Trader?
00:59 – Reasons why so many traders fail to make money
01.50 – How it’s possible to make money as a Forex trader
03:00 – Daily trading suggestions and results
04:18 – Recent client’s testimonials – including clients who are now trading Forex full time
06:16 – How can you benefit from this information?
06:40 – Make sure you are one of the 5-10% of traders who are successful
Is it really possible to make money as a small-time Forex trader? Let's talk about that and more right now.
Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 9th of September.
Everybody has this same question – Can you make money as a small time Forex Trader?
I want to talk about the question everybody asks. Is it really possible like, is it really, really possible for a small-time retail trader to made money on a regular basis in the Forex market. That's all most traders want to know. Is it possible? The answer is yes, but most people don't make money and there are so many reasons because you'll hear the stats that 90% to 95% of all Forex traders, all retail Forex traders lose money.
It's a well amount stat and it's probably true.
Reasons why so many traders fail to make money
Reasons why. Well, a number of reasons. People don't have a plan. They don't have a structure. They certainly don't have discipline. They don't have the emotion to cope with trading, to take losses or the greed when it comes to too much profit. People take too many trades, like they over-trade. They don't know whether they're a technical trader or a fundamental trader. They take too much risk per trade. They have a bit of an anger with trading. If they have losing trades, then they double up positions. They don't have stop losses. There's a whole number of reasons why people don't make money.
They don't have the knowledge. They don't really know what they're doing. They don't have education. They don't have support. Whatever it might be, there's just a huge number of reasons to back up that fact that 90%, 95% of people who trade, small-time Forex traders, lose money.
How it’s possible to make money as a Forex trader
But, it's definitely possible to make money, so let's talk about some reasons how it's possible, and give you some tips and information, and some proof around that. Okay, so for my clients, each day I put out on the membership site daily trading suggestions based off the daily charts. I do that every day at 5:00 PM New York time.
At the beginning of the week I do the same thing based on the weekly charts. Specific trades, why I'm taking the trades, the reasons for the entry, the exits and the specific levels, which is all taught in the course anyway, but it helps people in real time before the market's made a move for the day to see what I'm seeing and why. Now, of course some trades work and some don't. That's just trading, but I'm putting that information out there in advance of the market making its move for the new day. That's the only way you can really learn. There's no good in me saying, “Yesterday I might have done this or I did do that” because that's economists sort of speak.
I'm talking about, “This is what I'm looking at doing right now for the market right now in advance and moving.” That's where you learn from, but also, that's where you can profit from because that's what my clients are doing.
Daily trading suggestions and results
If you did nothing else, then copy my daily trade suggestions once per day … Sometimes there are no trades. Other days there might be one to two trades. Today there was actually five, but most days there's one to three trades, per day. Very easy. Put the trade on. Stop loss profit target. Put part of your position on at the market, part of retracement level which I teach and explain. That's it. Leave it.
Okay, so if you did absolutely nothing else than just that with half of 1% risk per trade, this year you would to be up 32% on your account. Adding compounding, monthly compounding, it works out just over 36%. Just the daily chart, once per day. Probably less than five minutes work once per day. That's if you just copy. That's if you did nothing else. That's no other time frame charts. If you also copied my weekly charts, they're up another 24% for the year so far. Of course there's all other trades that you can take on different time frames in your own time, but nothing else than just copying and viewing that information, 24% on the weekly charts so far this year and 32% on the daily charts.
That's an amazing result and we're only in early September. That proves that you can make money. That's if you just want to do nothing else than just that.
Recent client’s testimonials – including clients who are now trading Forex full time
What I've got here? Some testimonials I'd like to read with you. These are available on Forex Peace Army or my website. These are just some recent ones. One here from Ivo, lives over in Ireland. “I first did Andrew's course back in 2012. My goal was simple. I wanted to become a full time Forex trader. It's now 2016 and I can finally say I've done it. I trade full time. I quit my job as a full time engineer.” That's from Ivo in Ireland. Another one here, just received just this morning from Chris in Florida. Chris said, “Trading the daily charts and four hour charts, risk half of 1% per trade as you recommend. In the last five days” but he didn't trade Sunday and Monday, nonfarm payrolls and US holidays. He said, “I'm ahead by 10.75%.” That's taking my suggestions and what I've taught in my four hour charts. 10.75%, that's huge, but only small risk.
Another one here from Stephan in Oakland. “I've been involved in Andrew's training and trading for over the last five years. With his methods in trading, it's assisting me to now trade full time myself successfully. I'd recommend Andrew, 21, his training methods, if you're looking to trade long term. That's a sustainable way of trading Forex.” Another one from Gary, Texas, in America. “I initially invested in the Forex Trading Coach in 2012. Notice I said invested, because I never considered it a cost or expense. It's been an investment based on the returns that I've generated by following Andrew's training.”
Another one here. This was just received last week from John in Perth, in Australia. “I've been very busy with my happy life. I'd always check out your daily strength and weakness reports and check out your ideas. I'm still trading your strategies with great success averaging 1% per week. This week I'm up 1.7%.” John in Perth, in Australia. This is a few there. There's plenty more that you can see on my site.
How can you benefit from this information?
How does this affect you? Well, what I'd strongly suggest you do is, if you haven't already gone on to my free trading strategies on my course, get a copy right now. It's free to you. It's free to view, to download.
An indicator and a template, and get some ideas about how to base your trading. There's a link right below this video. Click on it and get started on that.
Make sure you are one of the 5-10% of traders who are successful
Once again yes, it's possible to make money in the Forex market. The stats say the majority will fail and we've already been over the reasons for that. Most people just lack a strategy, a plan, some back up help, and some education and knowledge. It doesn't matter what you do in life, if you want to do it well, it takes some hard work. It takes an effort, dedication and takes some investment, whether it's time or money or probably both, but you know, if you want to become a trader and a full time Forex trader or not even a full time Forex trader …
Not everybody wants to be, but if you want to be successful at Forex trading and make some passive income or full time income, then you really need to put in a bit of effort and a bit of work up front. A bit of an investment into yourself and into your future. If you want to do that, just start with the free course. If you want to go to the full course, then that's your call. Click on the link below.
I'll see you this time next week. This is Andrew Mitchem, The Forex Trading Coach.