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#285: Trading by yourself can be dangerous

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Trading by yourself can be dangerous

In this weekly video:
00:39 – The downside of trading by yourself
01:55 –  What can you do to help with this problem?
02:47 – Local trading groups – should you join them?
03:58 – Consistent feedback about our trading community and support
05:08 – Our clients forum site and its value
05:56 – Great technical support and help
06:16 – Weekly live webinars to attend
07:11 – You don’t need to trade alone

I'm going to talk about why trading by yourself can be quite detrimental to your own trading success. Let's get into that and more right now.

Hi Forex Traders, Andrew Mitchem here, the Forex Trading Coach video and podcast number 285.

And I brought the video outside. Nice spring day here. A blossom behind as you can see. A nice feeling, now we're into August in the southern hemisphere, that spring's just around the corner and looking forward to a great spring and summer time.

The downside of trading by yourself

But back to the trading video. Trading by yourself can be quite dangerous, and really the effects of training by yourself can really turn a lot of people off trading. And a number of reasons why. How many people do you know who actively trade? How many people do you know who actually know what it is that you do when you're talking about trading? How many of you have got a partner or a spouse who really doesn't like you trading?

I had a guy just yesterday emailed me and said, Andrew, can I pay by anything else but credit card? And I said yes, but why? And he said, look, I just don't want my wife to find out that I'm getting into trading. And I've thought about that. I thought that's actually really quite dangerous, because if you don't have the support of people around you, then it can be, not very positive, because you're doing this thing that people think is gambling or you don't know what you're doing or you're being stupid with your money, risking too much, whatever it might be. But that's the perception that people who don't have that knowledge and education about trading get into, and it's not good. And it has a massive, negative effect on your own probability of being successful yourself.

What can you do to help with this problem?

Look, what can you do about this? Well, the obvious one is the online thing, but forums as you know, most forums are pretty much dominated by people who don't know what they're doing. And that's the danger that I've always found with forums myself. They get dominated by those people who think that they want to write a thousand posts in a weekend, look really, really cool, but realistically they're not trading, and they don't understand trading, but they're real quick to put down other people. Generally not a good way of succeeding for you or for learning or having that positive impact on your trading.

And the other thing is also found with forums is that it's so easy for people to, someone types in a new strategy and everybody jumps on that bandwagon and wants to get into that and talk about that new latest thing. And of course, that's not a great way either of trading.

Local trading groups – should you join them?

So the other thing you could do is look for local trading groups near where you live. I tried that years ago, probably 10 plus years ago, and it was a disaster. Nice people, but there was people who, couple who traded Forex and trading all sorts of other things. But there was just basically a group of old men together, who sat in a room and talked technical analysis about what's already happened. I found that I got no benefit from that at all. Because no one really was prepared to give away their real strategy. They all gave me little bits of it and most of it for me wasn't about the Forex market anyway.

The other problem I found, which was quite funny when you think about it, which these meetings that I went to, and I only went to a few, were held in my evening time, which is in the European session. Well, if these guys were real traders, wouldn't they be trading in the European session? Not just all sitting around in a hall having a chat about their amazing strategy. So I found personally no benefit in that at all. And you may or may not find that with any groups that you go to that are physical groups.

Consistent feedback about our trading community and support

So what can I help you with that? Well with my course, the amazing feedback that we get consistently is how good the support is, how good the community is. And you can have a look on, say, Forex Peace Army, there's over nine years of reviews on Forex Peace Army. We're still averaging a five star review and that's as high as you can get. And we're really proud of that because we put so much effort into making this work for people. The support, like on top of the actual strategy itself, which of course is the number one most important thing. On top of the strategy and the software that we help overlay on your mp4 platform is the support and the help that we give. And it comes in a few formats.

Well, each day you can log in to view the daily trades that I'm placing on the daily charts themselves with the exact entry and exit levels. So you can learn as you go. So that's the kind of support that because it's a realistic, see the chart, I can see the chart, you can see the chart, you can get to see what I'm seeing and why we're placing the trades. We also place trades on weekly charts and monthly charts at the beginning of each week and each month, so that helps you to gain that ongoing real time learning of the actual trading.

Our clients forum site and its value

But on top of that, we've got much more. We've got an amazing forum site. Now I know of just rubbish forum sites. But our forum site is unbelievable. There's thousands of people on that forum site. All there plotting different charts, setups, different trade setups in real time. There's a chat area that people can help each other out with. We contribute to that myself and Paul. I want to contribute to that so everybody gets their questions answered. We're taking trades. I put two trades on it just yesterday on the 12 hour charts to sell trade on the euro franc, a sell trade on the euro yen. Paul placed an eight hour chart trade there just yesterday. All three of them have made money. All you had to do is go there and go, yeah, these look good setups. I liked that what these boys are saying, and take the trades and learn from that. And not only learn but profit. So there's that as well.

Great technical support and help

I've got a great technical support. We've got Mhel who lives over in the Philippines. Absolute tech wizard, can help jump onto a screen share webinar with you if you're having issues with mp4 or can't get the software to work or anything like that. So there's that kind of support.

Weekly live webinars to attend

Plus of course we have weekly live two hour webinars. Now, Paul over in America holds a webinar every second week in the US time zone. I hold a webinar in the European time zone, which is my evening here in New Zealand, every two weeks. You've got recordings going back to 2010, massive, massive library of valuable information, all recorded live. And of course ongoing, you can attend all of these live. We're placing trades, we're talking about trading, we're answering  questions, all these things in real time. It's really interactive. You can jump on board and in typing questions and say, Hey, Andrew, look, I took this trade. It didn't work. Why? What was the issue? What should I had seen? Or Andrew, look, I'm taking this trade right now and what do you think of it? All those kinds of things?

So the support of course, on top of that we have a support site and we have email support.

You don’t need to trade alone

So the point of this is you don't need to be trading just by yourself. Sit there at home, tucked away in a room somewhere in your house or on your laptop or feeling like you shouldn't be trading because you don't have support or you're kind of jumping and chopping and changing systems. That's not a good way to your longterm success. Joining in with a bunch of fantastic people all around the world, different time zones, all who are focusing on the same strategy. And why? Well, because it works.

If you'd like to join us, you're more than welcome. Great to have you on board. I'm going to put a link below this video and podcast and it'd be great to have you join us and add to the success from the thousands of thousands of traders worldwide.

So once again, this is Andrew Mitchem, the Forex Trading Coach. I see you this time next week.

Click here to know more about my Forex Coaching Course

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