Things to Know as a New Forex Trader
#425: Things to Know as a New Forex Trader
In this video:
00:22 – Are you brand new to trading?
01:01 – You can do well from trading, if you know where to look
01:58 – Start with a small demo account
03:53 – Choosing a good broker
04:40 – Echo Trade Copier is at +30.7% in 6 months
06:32 – Tips for new traders – find the right people
07:24 – We’ve helped over 3000 traders from 98 Countries over 12 years
How do you start out as a brand new Forex trader? 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 425.
Are you brand new to trading?
And I want to make this video for you if you are brand new to trading or if it’s something you’re just looking at getting into and you don’t really know where to start because the Internet’s an absolute minefield. There are so much information out there online about Forex trading. Unfortunately, most of it’s not particularly good, and most of it’s written by people who are not really traders. So you got to be a little bit careful out there. And it’s almost like if it’s too good to be true, just don’t go there.
If it’s all showing you flash cars and Ferraris and people sitting on their laptop on the beach, don’t go there.
You can do well from trading, if you know where to look
But the good news is, is that you can do extremely well from Forex trading, but you just need to know how to get there first. So when you start out, it looks flashy. There’s flashy results, there’s flashy indicators, there’s all these cool things. But just take it back a step and treat it real. I really encourage everybody to do research. Don’t just jump in head first and think you’re going to become a millionaire by next week, because you’re not going to make that work. It’s going to end very, very badly. Do not treat it as a gamble either.
Now, if you think about starting something new, new sport, hobby, whatever it is, job, anything at all, you’ve got to start at the beginning and find someone to help you, coach you, and that’s important as well. You’ve got to have support around you, and there’s nothing better than basically to sort of fast track yourself by getting some good help and good support.
Start with a small demo account
Now when it comes to the charts, I would suggest that you get onto a demo account and you start with a small demo account. Don’t start with $100,000 demo account because reality is, is that for almost everybody, you’re never going to start with $100,000 live account, so don’t start with a demo account of that size. It’s just going to fall you and get you into a false sense of security.
Look, I made that mistake myself 17 years ago. Back then, there weren’t people like myself helping other people like you out there and giving you the realities of training. So I’ve made all the mistakes. Trust me. It took me about four years of going round and round in circles making these mistakes and I can help shortcut those for you. So when you get onto a demo, treat it like it’s real money and try and work out what’s actually happening in the market. Look at candles, what they’re doing, what they’re telling you. Look at correlation between different currency pairs. Look at the price on the right-hand side axis on your charts and just see where the price is moving to and why, where it’s stalling, where it’s changing around, see how different timeframe charts interact with each other.
What time of the day do different things happen, and what’s happening at that time in New York or in London, and actually figure out what’s happening and why. If the Australian and U.S. moves up, does the Australian yen move up with it? Does something like the pound Australian then move down at the same time? So you’re getting the correlation, you’re understanding strengths and weaknesses. So there’s a lot you can do to help train your eye, to start you trading, by getting those basics understood first. Look at things like round numbers. Oh, the price has stored at a 00 level or 50 level. Funny that, because that’s the psychological bounce level.
So then you’ll start to build that picture up of why things are moving and where they’re likely to go to and why. So really important that you do that.
Choosing a good broker
Now, moving forward from that, when you get onto a live account, you’ve got to, of course, choose yourself a good broker. One of the best recommendations I can make is Blueberry Markets over in Australia. They can take clients from almost every country. It cannot take clients from the U.S., unfortunately, and that’s a licencing regulation thing. But if you’re not from the U.S., Blueberry Markets would be one of the best brokers I can suggest. Very good customer service, good platform, MT4, MT5. Really good guys. Got security view funds there. All the things that you need when you go to a real account. And I’ll put a little link through to Blueberry Markets on this video and podcast for you to go and have a look. Just say that you’ve been watching my videos and podcasts, and they’ll really look after you there.
Echo Trade Copier is at +30.7% in 6 months
Other things you can do is you can follow along with our trade copier, Echo Trade Copier. Right now, in six months, that’s up 30.7%, 3-0, so 30.7% in six months, so something that you can do like that to help boost your account. And again, I’ll put a link to Echo Trade Copier. It’s 100% automated copying, and if you go through Blueberry Markets in the next week or so and open a new account with them, and they will credit your account with the Echo Trade Copier monthly fee as well. So again, I’ll put a link through to that.
And lastly, I want to share with you a couple of comments that have come through, one by email one on our forum site, just to share with you, as a new trader, the importance and the value of support. Now, the first one here is from Percy. Percy said, “Andrew, I’ve just completed my one year with you since I joined the Forex Trading Coach.” And Percy went on to explain, to start with, it took a bit of time to get going and things went really well, then they fell away. And he said to me here, “In the last 90 days, I’ve made 17.3% gain,” on his live account, in the last 90 days. So, that’s pretty impressive, and it just shows with support and with help and with a strategy, how he’s done that groundwork, done that hard work, out front, learnt things, and now he’s flying. 17.3% in the last 90 days. That’s fantastic.
Add a comment here from Jayden. This came through just overnight on our forum site. Jayden said, “Hey, I just want to say a massive thank you to both Andrew and Paul. I’m so grateful to find such great mentors who answer questions and go over everything in detail. You really have transformed my trading and you’ve made me persevere through something I never thought I would achieve. I owe you a lot. You are both amazing and patient mentors.”
Tips for new traders – find the right people
So anybody out there that’s new, do not underestimate the value of good support, good strategy, people to follow who know what they’re doing. And I’ve mentioned this before. You’re going to play a new instrument. You’re going to go and get taught by someone who knows how to play their instrument. Seven or eight years ago, I learnt how to fly helicopter. I went to the best people I could find to teach me.
A few years ago, I wanted to play squash. I went to a professional coach to help teach me the best way, because it’s money spent in yourself, in your education, in your safety, in terms of trading, in terms of your finances, your safety of your funds, the enjoyment of it. If you’ve got an interest in anything and you want to do it well, seek out the people who can help you the best.
We’ve helped over 3000 traders from 98 Countries over 12 years
And that’s where, for the last 12 and half years here at Forex Trading Coach, we’ve helped over 3,000 trading clients from 98 countries to help them succeed as far as a Forex trader, and then an independent Forex trader. Sure, with our help to start with, so they understand what they’re doing, and ongoing support like Percy here and Jayden, but our aim is to help you become an independent and successful Forex trader. Low risk, high reward to risk trades so you can do this yourself.
And look, there’s nothing better. If you want our help, you know where to find us, here at the Forex Trading Coach. I’ll catch you this time next week. Bye for now.
Episode Title: #425: Things to Know as a New Forex Trader