The Top 5 Issues Facing Forex Traders
#380: The Top 5 Issues Facing Forex Traders
In this video:
00:26 – Issues that you’ll be facing as a Forex trader
01:22 – The 5 main issues
02:32 – #1 Lacking a working strategy
03:40 – #2 Managing and Avoiding Risk
04:15 – #3 Lack of time to trade
05:00 – #4 Don’t know when or why to enter the market
05:23 – #5 Controlling Emotions
06:25 – Contact me if you’d like a copy of my live webinar recording
Today, I’m going to discuss with you the top five issues facing most Forex traders. It’s going to be really interesting. Let’s get into it right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380.
Issues that you’ll be facing as a Forex trader
And I want to talk to you about some issues that you’re likely to have as a Forex trader. And the reason I know that is I’ve held a survey recently from my entire database, had some great replies from people, and I’ve gone through all of those replies and I’ve categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I’ve categorised those in order to try and help you out.
Now, just to let you know, also as a thank you for those people who send through the survey responses, I’ve given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you’d like to get access to that same webinar replay, just send me an email or reply to [email protected], and I’ll send that through to you.
The 5 main issues
So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I’m going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don’t know where or what enter the market, and even when they’ve entered the market, they don’t know how to exit the market or where to exit the market. So it’s a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we’ll cover all of those issues here.
#1 Lacking a working strategy
And number one, the strategy issue. It’s the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You’ve got to look at the price. You got to actually see where the price is right now.
And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy, and I can certainly help you with that, you’re away. It’s a big part of your problems fixed.
#2 Managing and Avoiding Risk
Number two, managing avoiding risks. Well again, that can be easy once you know what you’re doing. Forget about making pips. I only trade with a maximum of 0.5% risk of my count on any one trade. That’s it, 0.5%. Sometimes it’s under a quarter. So you have to have controlled risk and known risk. That means you can trade any currency pair, any timeframe chart, any stop loss size, does not matter. Your risk is the same. How do we do that? We use our lot size calculator. Again, it’s freely available on my website and we adjust our position size.
#3 Lack of time to trade
Number three, don’t have time to trade. Again, easy once you know how. I can teach you how to trade in under 30 minutes a day, quite easily. Last year, you may recall if you’re following me back then I went over to the UK and Europe for four weeks with my family. When travelling around Europe, I traded for less than 30 minutes per day. I recorded all the trades. You could see them taking on my account. You can see them all actually posted on our membership site. I returned back to New Zealand after four weeks with a 12.79% account gain by risking a quarter to a half percent risk per trade. Less than 30 minutes per day of trading, you can do it once you know how to do it and once you understand trading.
#4 Don’t know when or why to enter the market
Number four, don’t know where or why to enter the market or even how to get out. Again, easy once you know how. Once you have a strategy in place, once you can understand candle patterns, once you understand fib retracements and extensions, quite simple to know. Yes, there’s a trade set up. I’m entering there, I’m exiting them, my stop loss is there, done. Very, very easy to do once you know how.
#5 Controlling Emotions
Number five, controlling emotions and how this hurts their trading. Well, again, if you get number one, two, three, and four correct, your emotions are under control. For me, I see a trader take a trade because I’m confident in my strategy, I’m confident in my low risk approach, I’m confident in my high reward to risk trading. And so when it comes to controlling emotions, I very rarely have emotions within my trading. Now, I’m just seeing what I’m seeing and taking the trade. Why? Because I know it works. Why? Because I’ve been doing this for nearly 17 years, but actually with my strategy nearly 13 years, teaching it for 11. I’ve seen thousands and thousands of traders throughout the entire world, 88 countries who are clients in right today, succeed at this. So controlling your emotions like most things, once you understand what you are doing, it is relatively straight forward. So I hope that helps.
Those were the top five issues that I face or that people were facing, they told me they were facing. As I mentioned, I gave all of those people who applied access to that live webinar recording.
Contact me if you’d like a copy of my live webinar recording
If you’d like to see that recording for yourself. And by the way, the feedback from these people who watched that recording was unbelievable because finally they could see and hear how a trader thinks and how you go through and process trades and how you go through and analyse charts and take trades in real time. So if you’d like a copy of that same webinar replay link, send me an email, [email protected] and just say webinar recording, something like that and I will get that link through to you, or leave a comment on this page if there’s a comments area and I’ll get that webinar link through to straightaway.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, helping traders throughout the world succeed at trading the Forex market. If you’d like me to cover any topics like this on future videos and podcasts, just send me an email again, [email protected] and I’ll see you this time next week. Bye for now.
Episode Title: #380: The Top 5 Issues Facing Forex Traders