The Best Way To Learn How To Trade The Forex Market
In this video:
00:24 – The best way to learn how to trade Forex
00:56 – Limitations with most methods
02.54 – The value of live trading webinars
03:49 – You get to see everything on a live account
04:45 – Learn the reasons to trade or not take a trade
05:30 – Daily on-going education to help you trade
06:10 – Trading across all time frame charts
06:40 – Interact with a professional trader in real time
What's the best way to learn how to trade the Forex Market? Let me share that and more with you right now.
Hi, Forex Traders, it's Andrew Mitchem here, the owner of The Forex Trading Coach, today is Friday, the 18th of March.
The best way to learn how to trade Forex
I wanted to share in this video and podcast, the way that I believe is probably the very best way that you can learn how to trade the Forex Market. Let's look at the options of what you currently have.
You could attend live seminars, you could look at forums online, you could read books, you could attend local trading groups, or you could just do it alone, and you can figure out what works and what doesn't work for yourself.
Limitations with most methods
All of those have some limitations. The problem is, when you go to a seminar, is that it's generally all over within a day; possibly a weekend, if it's taught to you during a weekend, then of course you can't trade live. That becomes a problem with a seminar.
When it becomes an online forum group, they generally get taken over by the people who think they know more than everybody else, and who like to express their opinion, and the other thing I've noticed over the years with forums is that they very quickly go off topic, or someone adds some new indicator or changes the whole original look and feel of the forum. The person who generally starts that forum or that thread up, generally gets fed up and leaves. That's the common issue with forums.
You could go to a local group of traders, and the problem is with that is that people may be trading different markets. They may have got different ideas. Some have got longer-term traders, some like scalping the market. The other problem is, is that depending on where you live, the market may not be in the best conditions for trading live. Everybody has different ideas and opinions. You generally find that those groups that most people don't like to give away all their secrets. The few live trading groups that I've ever been to, I've found them not that useful. Nice people, great to talk to other traders, but not that useful, as in trying to learn what works for me.
The other way, of course, is going alone. Doing it yourself. Trial and error, trying to figure out what works for you. Can be very, very lonely, and quite frustrating. You generally find that most people, friends or family, have no idea what it is that you're trying to achieve, and therefore, you're stuck at home or in your office, trying to understand how to trade by yourself, really with little support and backup.
Those are the issues that I see with most ways that people learn to trade.
The value of live trading webinars
One of the things that I think is so important and why I believe that so many of my coaching clients do extremely well, is because I hold live trading room sessions. I held one just last night for my clients. Around two hours, fifteen minutes, in the European session. The beauty of the live trading room sessions is that you get to see me trading. You can see one of my accounts here, with hopefully those green lights you can see. We just had a great trading room session last night. Lots of profitable trades that I took during the session, and many of them actually closed out for profit during the session also.
The benefit of that is you actually get to watch and hear, and be able to interact with a full-time trader. Someone who's trading right now, in the market, as the session's happening.
You get to see everything on a live account
The way that I like to run my webinars is that I show you my whole account. You get to see everything. All the dollars and cents moving up, the account balance, you see my previous trades, good and bad. You see live trades, you see me taking the trades in real time. It's not just me saying on a demo account, “I'm taking a trade here.” You actually see it on a live, six-figure account, with me placing the trades, the reasons for placing the trade, the entry, the exit levels, etc. You see the whole thing, nothing's hidden.
Whether that trade ends up being a winning trade or a losing trade, you actually see it developing and being placed in real time. There's no better way of learning how to trade then seeing someone do that in real time. There's no cherry-picking, just the best ones. “I'm now going to show you all my winning trades from the last month,” there's none of that. It's real trades taken in real time.
Learn the reasons to trade or not take a trade
The other good thing about that, the feedback that I get from people, is that you actually get to understand the reasons for taking a trade, and also reasons for not taking a trade. You may see several really good trading setups, they look good, and you think, “Yeah, this fulfills everything that I'm looking for, or most of the things I'm looking for.” Then I might say, “I'm not actually taking this trade, because of reasons one, two, three.” Whatever they may be. To actually see that in real time, there is nothing better than being able to understand that and see that.
Apart from the actual video course that I have, which actually explains the whole strategy, the video course is great in terms of you can go and actually see the course, understand the course, and be able to learn in your own time. Then of course on top of that, you need followup information.
Daily on-going education to help you trade
That's why I supply my membership site daily trades strength and weakness analysis, etc, to help people with their ongoing education. It's no good just having a one-off, let's learn a strategy. You need real time followup. You need to have day by day, look at the market, to understand what's happening in the market, and then you need the trading rooms on top of that to be more specific with actual, real trades.
Those sessions are just invaluable. The feedback is tremendous. I have people from all over the world attending those live sessions. It's just the best way in my opinion of learning how to trade.
Trading across all time frame charts
As I mentioned on the session, just last night, we had some brilliant trades. I also took trades on the four-hour and six-hour charts. I had trades open on the daily, the weekly, and even the monthly charts. We go and look at all different time frames. We even went down to five minute chart trades, and looked at those yesterday. In fact, a client made a fantastic trade, about a two to one reward to risk on a five-minute chart trade when I was on the session live yesterday.
Interact with a professional trader in real time
Join those sessions, we have question and answer sessions also so clients can interact and ask me any questions they like. They can send me trades they've taken, both good trades and bad trades. The main thing is that we look to trade in real time during those sessions.
If that sounds like something that you'd like to know more about, or something that you think could help you with your trading, because I genuinely believe that that is the very best way of learning how to trade. If you'd like to know more, send me an email. [email protected]
If you'd like to know more, you can also look at jumping onto the webinars that I hold each week for non-clients. They're for new traders or for frustrated traders. Just choose the type of trader that you are, whether you're brand new to trading or you've been trading for a while. Hop on to one of those webinars.
Don't forget, it's the actual clients only sessions where I'm actually trading on the charts in real time. That's the best way of learning.
This is Andrew Mitchem, from the Forex Trading Coach. Have a fantastic weekend and a great trading week next week.