Planning Your Trading Year to Ensure Success
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#441: Planning Your Trading Year to Ensure Success
In this video:
00:24 – The first video for 2022 – Making this a good trading year
01:23 – What are you going to do differently this year?
02:37 – Providing a template to help achieve trading goals
03:19 – Trading with Prop firms
04:22 – What size account should you have to start trading?
04:51 – Which FX broker do I recommend?
06:15 – Trading in 2022 is off to a great start
What will you be doing differently this year to ensure that your trading is better than last year? Have you got a plan? Let’s talk about that, and more, right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 441, the first video and podcast for 2022.
The first video for 2022 – Making this a good trading year
So welcome back, hope you’ve had a good Christmas and New Year break. And now that we’re into trading for the year, I just wanted to discuss a few things to help you into this year. You see, you heard the phrase doing the same thing over and over again and expecting a different result or a different outcome is basically the definition of insanity. It’s a common phrase, I’m sure you heard it. And it’s very true. And it’s exactly the same when it comes to trading. Now,
if 2021, or before, was not good for you, doing the same thing this year moving into 2022, and we’re already getting into mid January now already, doing the same thing and expecting a different result is obviously not going to end well, it’s the definition of insanity.
What are you going to do differently this year?
So what is it that you’re going to do differently? What have you done so far this year to create a plan, a trading plan, a realistic trading plan as well, trading goals as well? And again, make it realistic. Look at what you did last year that was good. What did you do last year that was not good? What do you need to change? Whether it be with the way that you trade, your strategy, your mental approach, your business approach to it, your position sizing, timeframes that you trade, directions that you trade, all those type of things. Timeframe charts, when you trade, what’s realistic for you around other things that you do in your life? So you need to sit down and come up with a plan, and plan to succeed. Because if you don’t, then the year’s just going to disappear. As I mentioned, we’re already midway through January already, and if you don’t do anything, we’re going to be into February, March, April, and you’re going to go, “Oh my goodness, another year’s disappearing on me and I’m still getting bad results.” So a really good opportune time now, in early January, to sit down and have a good think about that.
Providing a template to help achieve trading goals
We did exactly this last night on our live webinar with our clients. And we provide them with a template and I shared my exact trading goals and my trading plan, when I’m going to trade, when I’m not trading, what happens if I get a run of bad trades, what happens if I see setups that are against the daily direction, all those type of things, what am I going to do at those times? And so having all that written down, not so much set in concrete, but at least that you’ve got it written down that you know that if something happens, good or bad, you’ve got an idea of what you’re going to do about it, rather than just reacting at the time. So that’s really important, so just wanted to discuss that.
Trading with Prop firms
Another thing that we also discussed was the amount of our clients now trading with prop firms, and it’s really, really exciting to see. We had four clients last night who talked about prop firm trading and how well that they’re doing. We had one client over in Hong Kong who’s now just passed the first test of a year long test with a prop firm. He’s now trading, well, he’s passed the 25,000 test, he’s now onto the 50,000 account test. Doing really well, with low drawdowns, passing the test really quickly. We’ve got two others who are in the $100,000 mark and are doing nicely. And another client who is up to $700,000 across a combination of different prop firms that he’s trading for, trading $700,000 worth.
What size account should you have to start trading?
And it’s a question, we get asked quite a lot. A lot of people say, “Hey look, what size account do I need to start trading? What size account do I need to take your course,” all those type of things. And to me, it doesn’t matter. The important thing is that we are teaching you how to trade. There are so many other ways to make money, even if you don’t have a particularly large account yourself right now, but only once you know how to trade. And that’s the important thing. And that’s our job is to teach you how to trade, that’s the important thing.
Which FX broker do I recommend?
The other thing that you need to know, is when you’re starting off, or at any stage during your trading, is where do you trade through? Where do you put your funds? Which broker do you look at? What is it that you should be looking at when you’re searching for a new broker? And the broker that I always come back to as one that we just recommend you have a look at is Blueberry Markets.
I’ve been with Blueberry Markets for a long time now. I know them, met them personally, have discussions with them quite often, with their team. Look, they’re a good bunch of people. We’ve had a lot of our coaching clients that have gone to them and done very well through them. And they only have good things to speak about them. Ultimately, for you, it’s where you want to put your funds. I’m just giving you a suggestion of, if you’re looking for a good broker, then Blueberry Markets is certainly one that I think you should consider. If you live in the US then you cannot trade through them, but most other countries you can. And it’s important that you’re comfortable with your decision. Do your due diligence, but Blueberry would be certainly one that I would consider if you’re looking for a good broker to trade through. What I’ll do is, I’ll put a link to them on this post so you can go and check them out for yourself.
So that’s it for this week, first video and podcast back for the year, sitting outside, it’s a nice summertime day here and back into our trading and loving it.
Trading in 2022 is off to a great start
Doing well, had some good trade results so far on the weekly charts for the year. Daily charts are going really nicely, and a few shorter timeframe charts are just starting to come in. We’ve had some good, not very many yet, but a couple of trades on 12 hour charts. We’ve had some six hours, four hours, and a few people have been posting a couple of two hour charts as well. Still early days for the year, but market conditions are pretty good, and we’re looking forward to a fantastic 2022. But as I said right at the beginning, for you to get a fantastic 2022, put a bit of time and effort in upfront right now, make your plan and set your goals and stick to them. If you need our help, you know where to find us here at The Forex Trading Coach, and I’ll see you this time next week. Bye for now.
Episode Title: #441: Planning Your Trading Year to Ensure Success