Reading a Book Will Only Get You So Far
#437: How to Easily Calculate Your Position
In this video:
00:29 – You need more than just theory from a book
01:06 – What our clients get out of our live weekly webinars
03:19 – Another example from my experience of flying
05:02 – Send me your questions for the brokers
06:23 – Trading and Flying in real time
Reading a book about trading will only get you so far. In order to learn how to trade correctly for yourself in real time, you need much more. Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 438.
You need more than just theory from a book
Now, when you read books, you’re only going to get so much information. Sure, they can be good to give you some good background information, some grounding, understanding what to look for and candle patterns, that type of thing. But in order to trade correctly, independently, and in real time, you need something more. And that’s why here at The Forex Trading Coach we offer our clients our live two-hour trading room webinars every week. I hold the European session, and Paul Tillman, who works with me in the U.S., holds the U.S. session the following week.
What our clients get out of our live weekly webinars
When our clients attend those sessions, they get something really special out of all of them. You see, because they’re live, they’re not pre-planned, they’re not scripted in terms of knowing what’s going to happen. We are not covering up trades that maybe don’t work. All those kind of things that you could kind of think elsewhere would probably happen. Because they’re live, they real time, we’re talking about trading, we’re seeing trades, and we’re taking trades. That’s how you can then learn. Because, you have to do this for yourself. You have to put the theory into practise and have chart time and real-time thinking time in order to do this properly. And that’s the beauty of the webinars. Because, we really encourage our clients to interact with us on those sessions. They’re real time so we don’t know what’s going to happen. If we see a trade set up, of course, we go, “Yeah, I’m taking the trade.” We don’t know whether it’s going to be a profitable trade or losing trade because it’s real time.
But, what the client gets out of it is our thought process, our understanding, the mental sort of structure that we go through in terms of analysing a chart and seeing a trade in real time and taking it and why we’re taking it. And that’s the bit that’s invaluable. You see, you can do that and practise that and follow along in real time whilst watching the webinar, and it gets you into that mentality of what to look for, what to do, in order to make yourself a successful and independent trader. Now, sure, we have ways that our clients can follow us and copy what we’re doing in terms of our daily trades, things like that, things that we post on our forum site, but the webinars are just invaluable because they’re all happening right now. You can talk about that, you can discuss it, you can get the whole picture, and that’s the key.
And so, by doing that, you’re going to make yourself a far better trader, by attending those kind of webinars, and seeing or listening to what we are thinking at the time.
Another example from my experience of flying
And I’ll give you an example that I’ve experienced in my life. As you probably know, I fly helicopter. Now, when I learn to fly, I ask my instructor about hovering, because it’s one of the hardest things you can ever do with any machine ever. It’s so difficult to learn how to hover a helicopter. I nearly gave up so many times when I was learning how to hover. It’s incredibly hard. And I wanted to ask my instructor what I needed to do. I was paying a lot of money to him per hour, and it was just not working for me.
He said, “You’ve got to just feel it.” I’m quite numerical. I like numbers and patterns and structure, a little bit why I like trading. And he said, “No, you just got to feel it. You just feel it.” And I was getting more and more frustrated and angry because I wanted to almost like read the book or be told what I’m doing wrong. And I wasn’t getting that answer. I was getting, “Oh, you just got to feel it.” And the reason he said that is a hundred percent correct. The reason you say that is because you do have to feel how to hover. Every situation will be different. The way that the helicopter, the wind, all sorts of different things change. You are actually constantly making adjustments and feeling it. And so, no book can ever teach you that. Yes, you can read books about how to fly helicopter, and you might even watch a video on YouTube or something, but it’s nothing compared with really doing it and feeling it and doing it in real time. And that’s exactly the same as trading and why when you jump onto live webinars like we hold with our clients, that’s the difference. I hope that helps.
Send me your questions for the brokers
One other thing that I want to discuss with you and to get your feedback on is on next week’s video and podcast, I’m going to be interviewing Ben Clay at Blueberry Markets. If you have any questions at all that you’d like to ask to a broker, take this opportunity to send those questions to me, and I will ask on your behalf any questions that you have. I’ll put them to Ben on the interview on the webinar and the podcast for next week. Anything you’ve ever wanted to ask a broker, it doesn’t have to be specific to Blueberry. It can be anything. But if you’ve got specific questions as well for Ben and the Blueberry, anything at all, email me, [email protected] Just put in the subject line “Blueberry Question,” and I will ask your questions to Ben on your behalf.
It’s a great opportunity for you to find out more about a broker, what they do, how they operate, anything you’re thinking of wanting to know, whether it is account questions, withdrawal, spreads, whatever it is. If you’d like to ask that question to Blueberry, let me do it for you next week on next week’s session. I look forward to receiving your emails about that.
Trading and Flying in real time
And I hope the analogy of the learning to fly and the live webinars resonates with you because it really is so important. Yes, theory is great, but there’s nothing like doing it in real time and that practise of doing that in the market or in the hover, depending on which you’re flying or trading. Both very, very difficult to master, trading and flying, but both incredibly rewarding once you can and you’ve put that effort in and that time and that money and that dedication. You’ll get massive amounts of value from both. I hope that helps. I’ll see you this time next week with that interview with Ben. Bye for now.
Episode Title: #438: Reading a Book Will Only Get You So Far