The roller coaster ride when you trade Forex
In this weekly video:
00:25 – The ups and downs of trading Forex
00:55 – 90-95% of traders lose money
01:25 – Why you should seek good quality education
02:30 – An interesting graph describes the traders journey
03:45 – It took me 4 years to become successful but I can short cut that time for you
Want to talk about the swings and cycles involved with what happens to a new forex trader. So let's talk about that and more right now.
Hi, forex traders. Andrew Mitchem here, the Forex Trading Coach with video and podcast #281.
The ups and downs of trading Forex
Now I've had a client of me called Sean from Australia who wrote a post on our client's forum site this week, and it's up behind me here. I'm not sure if you can see it, but it's a graph showing Sean's performance over the last 12 months and his 700 trades taken live since he joined my forex coaching course. The good news is that right now he's in some great profit. He's up almost 70%.
90-95% of traders lose money
Now just taking back a step. Last week I mentioned the commonly known figure and accepted figure that somewhere between 90% to 95% of all forex traders lose money. And why is that? Well, so many people give up too early, they risk too much, they blame someone else, they blame the market, they blame the broker. You know, “It's too hard, it's not working straight away for me”—all those kind of things. And you may well have experienced those same kind of thoughts and emotions yourself.
Why you should seek good quality education
But the good thing is, is when you see good quality education it can definitely assist you and change your trading around. Now I am not saying that by taking my course, and despite it having a five-star rating and helping thousands of traders for more than nine-and-a-half years, it is not a get-rich-quick scheme. It is not some magic pill that Andrew's suddenly gonna give you this magic formula to suddenly change your financial world situation around. It still requires some hard work.
Now why am I telling you this? Because I could go and say, “Take my course and you will suddenly become a multimillionaire.” But the thing is, the reason why we're still operating so successfully after nine-plus years is we tell the truth. I'm here recording this at home in my office with my charts behind me here. We are real traders. I'm a fund manager and I have a trade copier service and I'm a forex educator and a trader. And we tell the truth. So that's what I'm gonna tell you. It is still not easy, even if you take my course. And with our help, things can certainly would done.
An interesting graph describes the traders journey
So the graph behind me here that Sean sent and posted on the membership site, on the forum site, it's quite interesting. I'll run you through it if you can't see it. He started off with an absolute hiss and roar. Trades were fantastic and he was making lots of money. I think he was up about 30% after the first, let's say, hundred trades.
He then stalled a little bit, and then he said in his own words that he thought he knew everything. He started adding a bigger risk, bigger position sizes, taking more trades. And guess what. He then gave most of it back again. So his curve started going really well, it stalled a little bit, and then it came back, almost back to break even.
It then stalled a bit longer. Why did it stall? Well, he was then going back to lower risk and working things out, seeking our help. And now over the last couple of hundred trades it's then gone way up past the original peak, and now it's up almost 70% in the first 12 months. On a live account this is.
So it's pretty outstanding, but it's also a good lesson, that things are not as simple as most other people out there will tell you they are.
It took me 4 years to become successful but I can short cut that time for you
I'm here. I'm a realistic trader. It took me four years to finally become consistently profitable.
Now with my coaching course and our help we can drastically reduce that because, one, you're getting a decent strategy that works, has proven to work over so many years and so many markets and conditions, etc., plus you're getting the ongoing help. But even with that you still need to put some effort in by yourself.
But think of it this way. Are you realistically prepared to put some effort in and to stick at it? If you are, fantastic. Why don't you become the next Sean? 70% return. It's there on the graph, on the live account, in the first 12 months. Is it a 70% straight line? Absolutely no, because he went thorough that learning curve and that process that you will go through. But if you stick at it, with a proven strategy and with someone's help, it will absolutely work.
So what I'm gonna do is put a link below this video and podcast to my course. If you've any interest at all in progressing your own education and your financial future with our help, have a look at it. I think you'll be really pleased. But ultimately I'm not here to sell it to you; it needs to be your decision. We're all making money. We're quickly happily … Sean's making 70% in the first 12 months. Imagine what he's gonna do next year, in the next 12 months. We're all making money, so it's your call. And that's where the difference with the way that our approach is. We don't go cold-calling people. We won't go phoning you up or bugging you. It needs to you be your call to want to join us. If you do, we give you 110% effort to make sure it works for you.
So that's it for now. Have a think about that. It's not a spoonfed get-rich-quick scheme. Absolutely not. If that's what you want, don't join us. If you want to learn how to trade profitably by yourself and become the next Sean, absolutely jump on board with us.
So once again, this is Andrew Mitchem from the Forex Trading Coach. Look forward to talking to you this time next week. Bye for now.