Stop Losing — Learn Forex the Right Way
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#610: Stop Losing — Learn Forex the Right Way
In this video:
00:33 – “Ask me anything” trading Q&A webinar.
01:19 – Trades were shared, live and closed trades.
01:50 – A lack of trading knowledge.
02:50 – Most people lack a trading plan and strategy.
04:09 – A lack of money management.
05:20 – Invest in your trading education first.
05:49 – Masterclass webinar.
05:54 – Book a call with us.
06:29 – Blueberry Markets as a Forex Broker.
07:00 – Like, Share and Subscribe
If you want to be a successful trader, one of the really important things that you must do is take your time to learn the craft properly. If you do that, the rewards will be huge. So let’s talk about that important topic and more right now.
Hey there Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 610.
“Ask me anything” trading Q&A webinar.
Really important lesson today, and it all comes from a free-to-the-public live one-hour webinar that I held earlier this week. I called it “Ask Me Anything,” and people could come onto that webinar live, in real time, and ask me any trading question at all.
And of course, I had some emailed to me from people that couldn’t attend live. It was a great session — lots and lots of valuable information — and I’m going to put a link to that webinar here on this page somewhere. I really encourage you, if you were not on the session live or if you’ve not yet seen the recording, to go and watch that session, because I help people with all the questions that they have. And with my 20 plus years of knowledge as a full-time forex trader, there’s a lot of valuable content there.
Trades were shared, live and closed trades.
I shared all my open trades live at the time of the webinar, and I explained why I had those trades open and which trades I had. From last week I shared all my trades — positive and negative trades.
You could see that I had a 6.5% gain last week with very low risk per trade and high reward-to-risk — everything that I talk about. You can see that from the previous trades and you can see that on the live open trade. So there’s nothing hidden; everything there for people to see.
A lack of trading knowledge.
Now, one of the parts that I got from the session was I realized that there are so many people out there who all want to be traders, which is fantastic. But the trouble is, I got the impression from a lot of people that there’s a lack of general trading knowledge out there. Maybe that comes about from people hearing about trading and wanting to get into it but not really spending that time upfront to get that real knowledge.
For me, that was quite a concern because it seemed to me that there were a lot of people on that webinar who were just not profitable, and yet they were still trading on live accounts of their own.
A lot of people seem to be trading on prop firms and failing them. That is just a complete and utter waste of your time and money. Because why would you go and invest in something — either your own live funds or a prop firm, or both — when you don’t really know what you’re doing?
Most people lack a trading plan and strategy.
The takeaways I got from that are that, in general, most people seem to either not have a strategy, didn’t really have an actual trading plan, or didn’t know what they were looking for.
So I had questions about what it is that you’re looking for — what makes a trade? What, in my eyes, determines what is a trade and why? They don’t know what pairs to look for, they don’t know what timeframes to look at, and they don’t know what market to look at either. Whether you’re looking at cryptos or metals or forex — I got the question, “What’s the best pair to trade?”
Well, there is no best pair to trade. It depends on what’s happening in the market right now. What’s the best timeframe? Again, it depends on what’s setting up in the market right now. How do you enter a trade? Where do you put your stop loss? Where do you put your profit target?
I feel that a lot of people don’t have a set strategy and know exactly what to do. They don’t know when to look at their charts. Are they looking sort of midway through a candle formation because they happen to be at their computer right at that point?
If you’ve been following me for any length of time, you know that I look at a candle pattern and I only look at the close of a candle, so I know exactly when I need to go and look at my charts.
I know what timeframes to look at and when I look at strength and weakness of currencies, so I know which ones I’m preferring and in which directions.
A lack of money management.
Again, it comes down to money management — that was lacking. People didn’t understand risk. They didn’t understand small controlled risk. They didn’t understand how to calculate the lot size needed for various trades.
Most people didn’t seem to understand that your account denomination — if your account is in U.S. dollars, Canadian, euros, or New Zealand dollars — has a different payout per pip. It also depends on what currency pair you’re trading. I found there was a lack of knowledge about that.
People didn’t understand reward-to-risk either. They were just putting X number of pips as a stop loss and X number of pips as a profit target, regardless of the pair or the current market conditions.
So overall, just a big, big lack of general basic knowledge for people who are trading real money and investing time and money into this. And of course, what’s the likely outcome for those people? Well, they can lose money, they give up, and they blame the market. They say it’s rigged or it’s the broker’s fault. But it’s not — it comes down to you, because you haven’t put that time and effort into it.
Invest in your trading education first.
Why waste money on a prop firm account when you could put that same money into some education and then learn to trade properly going forward? I give information about how I trade with prop firms, copying one account over multiple accounts. There’s a lot of valuable information in that webinar.
So I really encourage you to go and watch it. As I said, there’s a link here — it’s about one hour long — and a huge number of questions were covered across many topics.
Masterclass webinar.
Also, if you’ve got another 30 minutes, I really encourage you to jump on, after you’ve seen that webinar, to my 30-minute masterclass session.
Book a call with us.
If you’d like to book a call to speak to myself or one of the team about how we can help you with your trading — after all, we’ve been doing this for over 16 years. We’ve got clients in 109 countries. We kind of know what we’re doing. We know what works and what doesn’t work. We know how to help people because everyone learns differently — some by watching, listening, reading, doing.
We cover all of that with our trades that we post for people and the way that the course is structured so you can learn it properly, fully understand it, and know exactly what to do and when to do it.
Blueberry Markets as a Forex Broker.
Finally, if you’re out there looking for a really good broker, I can highly recommend you consider Blueberry Markets. They have the MT5 trading platform with a huge number of markets available and very good spreads. Great people, and very quick to get your funds back when you withdraw your profits as well. I’ll put a link to Blueberry Markets here as well.
So don’t forget to watch that one-hour webinar that was made just this week. It was live, in front of a lot of people. I really encourage you to go and watch it — the link’s here — and then have a look at the 30-minute masterclass.
Like, Share and Subscribe
Any questions you have, please feel free to email me or comment below here, or send me an email directly at Andrew@TheForexTradingCoach.com
. I’ll see you this time next week. Bye for now.
Episode Title: #610: Stop Losing — Learn Forex the Right Way
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Attend my Free Masterclass
Click Here to Watch my Q&A Webinar Replay
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