Discover how learning to trade Forex is no different from learning how to fly a helicopter.
In this video:
00:21 Similarities between learning how to trade Forex and to fly a helicopter
04:18 The importance of enjoyment in what you do
06:24 Most pairs have moved 100-150 pips
Did you know the learning to trade Forex is no different from learning how to fly a helicopter? Let me share more with you right now.
Hello it’s Andrew Mitchem here the Forex Trading Coach and today is Friday the 9th of May. That’s right I want to give you an analogy between the similarities between learning how to trade Forex and learning how to fly a helicopter. Around 10 years ago I started learning to trade Forex, and it took a number of years and right now I’m about a third of the way through my private pilot license learning how to fly a helicopter. I want to go through and to share some of the experiences of what I’m going through right now and how that can help you learn your trading which is something that I’m still doing but something that I started a long, long time ago.
So learning to fly a helicopter, for me it’s a big dream that I’ve always wanted to do and at Christmas my wife got me a lesson to learn to fly and right now I’m sort of flying once or twice a week on the way to having a private pilot’s license.
Similarities between learning how to trade Forex and to fly a helicopter
So how can that help us? Well it’s a dream of mine so for many people learning how to trade Forex successfully and either traveling around the world with their laptop trading or trading from home with your family and your children around it’s a dream also and both of them can be achieved but like everything anything that is good, it takes a lot of hard work and dedication. Now I’m finding with a helicopter it takes a lot of my time, it takes a lot of dedication. There’s a huge amount of information to learn most of which I have no idea I would need. I’m opening myself to a whole new world of terminologies, of different experiences and there’s a lot more than I actually thought will be involved and again trading is no different. There’s a whole new world out there to learn when you want to become a Forex trader.
Now the other thing that’s similar is that it’s not only that takes a lot of dedication you put it best to find yourself a really good instructor or really good coach. I’m not just saying that because I coach Forex, you can go to anybody who you choose to. I’m just one of a number of people who would be good to learn from but with my helicopter license I’ve gone to the best instructor that I can find because at the end of the day I’m up there flying around in the sky and I want to learn the best way that I can from the best persons so learning to find to Forex Coach and to trade properly again is no different.
The importance of enjoyment in what you do
Experiences; well I go from absolute exhilaration and joy through to fear, scared, terror sometimes, very nervous sometimes, very hesitant sometimes and then again back to being just the best thing I can do and huge smiles from my face. And you go through different emotions and I have a very good days of flying and some not so good days and exactly the same with trading you go through that you will suddenly makes some money and you just have that exhilaration and that joy you would then suddenly becomes frustrated, you will become disappointed, you will become frustrated again, you make some more money you will then go backwards again and you’re going around and around in a never ending circle or so it seems.
However when you look back on it it’s amazing how much you do actually grow and develop and it’s also interesting that my instructor is slowly but surely adding layer per layer per layer of skills to my ability and I’m learning and putting little things together step by step and learning again to trade Forex is no different.
That’s why I have my course setup in the way that I do because it’s building blocks it’s layer per layer per layer. You’re not going to get it right straight away. I don’t get trading right all the time. Like anybody I make mistakes, my helicopter is no different. You make mistakes and you learn from those and you move on.
But it’s also important to have enjoyment from it. There’s no good in flying if you’re not enjoying it, there’s no good me trading if I don’t enjoy it. It’s exactly the same. Don’t start trading just because you’re desperate to make some money; that’s not the way to trade. You got to enjoy trading and the whole learning process and really enjoy it that’s all I can say is enjoy it because it’s such a brilliant business. There’s no reason why you shouldn’t enjoy it and it’s the same with me flying the helicopter. It’s such an amazing experience and a skill to develop there’s no reason why I shouldn’t enjoy it.
Also, very few people can fly a helicopter. Most people give up most people actually don’t even start but most people find it just too difficult and again trading successfully is no different. Very few people actually do it because if it’s that easy everybody will be doing it. But most people either don’t have the dedication or the investment of their time, investment in their knowledge and their education and just dedication. You know you will get knock backs, you will get setbacks you’ll make fantastic trades and then you lose it all again. That will happen and expect that to happen especially while you’re learning but over time you have less and less mistakes and you will make more and more and your whole knowledge and understanding of the markets and the way that you chose to trade will grow.
I’m anticipating that my knowledge of flying and ability and safety and everything else and understanding will develop overtime. Like I said it’s one of those which is the trading I experienced a long, long time ago the helicopter flying that I’m experiencing right now. If you do fly you’ll know exactly what I mean by how difficult it is to learn to fly. I’ve had fantastic it is but also how frustrating it can be as well.
Most EUR pairs have moved 100-150 pips on Thursday
On to the charts themselves I’ve a very quiet last month actually it’s been really, really quiet but yesterday being Thursday a huge crash in the EUR and it actually moved a lot. Most pairs have moved 100-150 pips that have the EUR on them. So it could be now the start of something, like new trends; it could be the start of a bit of price action within the market which will be fantastic if it does happen because it has been a little bit flat and little bit quiet over the last few months so I’m anticipating that heading into next week by the time you watch this video and listen to this podcast the price action should be back into the market and there should be some fantastic trading opportunities for us.
So I’m wishing over fantastic weekend and I look forward to talking to you this time next week. This is Andrew Mitchem from the Forex Trading Coach.