Only Good Practise Makes Perfect
In this video:
00:29 – It’s not true that all practise makes perfect
01:02 – Repetition is good but only if you learn and improve
01:56 – You need a good strategy and support
02:46 – Client’s review – making 5% return per week
04:25 – The basics are so important
04:48 – My Free Engulfing candle strategy is available to join now
Let's talk about why good practice makes perfect, but not all practice makes perfect. Let's get into that right now.
Hi Forex Traders, Andrew Mitchem here, and this is video and podcast number 197.
It’s not true that all practise makes perfect
We are going to talk about why only good practice makes perfect. You see, there's a common phrase out there, that “All practice makes perfect”, and it's just not true. You see, if you are practicing the wrong thing, and you keep consistently doing that, and you keep practicing that, then the end result and the outcome will be, you are doing the wrong thing. It cannot change because you're practicing doing the wrong thing over, and over again.
For me, that phrase is not quite true, but what is true is that good practice makes perfect.
Repetition is good but only if you learn and improve
Now, many of you would know that I've been practicing karate for that past 8 or more years. In karate, we use repetition all of the time, we're constantly practicing the techniques to refine them to get better at them. The reason that we practiced everything, time and time again is because you can then become instinctive at it, it just need to be an instant reaction without thinking about it. It's really important that in karate, we practice good practice. Same thing, we have a teacher, we have Senseis, we have people that instruct us to make our techniques better, because when we are practicing these things thousands, and thousands of times of these movements, we need to practice the good techniques.
There's no good of again, just going out there and doing a punch, or a block, or a kick 10,000 times if it's incorrect, because it's not going to be effective. That same principle can be carried across into your Forex Trading.
You need a good strategy and support
When you think about trading, if you're just using the random system or a pool system, and you're refining how to use that, then the end result's not great. That's why in Forex Trading as well, you'll need to have a good system, a good solid, reliable system that works in all markets, all conditions. It's also why you need yourself a tutor or a mentor, and you need someone to be able to basically show you where you could improve, what techniques you could improve, where you're going wrong at the moment, and then what you're doing?
As you're using that information and that advice to practice in the market, and then that again becomes good practice which will lead to a profitable result in the Forex Market.
Client’s review – making 5% return per week
Now, I wanted to share with you a review that I've got here, it's on Forex Peace Army. It's by a guy called Ian, and I just wanted to read out part of Ian's review. He said, “I've been trading with Andrew for over 1 year, this follows 10 years of failing at trading stocks on the ASX. I've been very slow to let go of my bad habits by over-trading, impulse entries, totally random arguments for trades.” He set out being the quintessential, undisciplined failing trader. “But the great thing is,” Ian goes on to say, “But the good news is that 6 weeks ago in 96 trades to go, I decided to stop all the smart ass, childish, self-indulgent behavior, and do exactly what Andrew said to do. The result has been up and down, but the average is that I had of 5% return on my account per week.”
That's a really interesting story, and when you think about that and you relate that back to everything I've just said regarding the practice as opposed to good practice. Ian's just said there that he's been trading for over 10 years doing the wrong things. He's been with me for a year, and he's not really taken on board a lot of what I've said. However, the last 6 weeks and 96 trades, he's now averaging after his comeback to listening to what I've said, and sticking to the system, sticking to the rules, he's now averaging 5% per week return on his account.
The basics are so important
It just goes to show, if you come back to the basics, come back to the simple principles of trading, have a solid strategy, have a tutor that's there to help you and to guide you along the way, it doesn't matter whether it's trading or karate, or whatever it is, the principles are the same.
The outcome with good practice is likely to be far better than just bad practice. I hope that helps.
My Free Engulfing candle strategy is available to join now
Now, to help you, there's one more thing that I could help you with right now, and below this video, you'll find there's a link through to my free Engulfing Candle Strategy. It's a free course, it helps you to gain an understanding of basic candle passing, and put it into practice on a daily basis, and it will help you to make money from your Forex Market.
Once again, this is Andrew Mitchem, Forex Trading Coach, have a wonderful weekend. I'll catch you this time next week.