What are your plans to Forex success
In this weekly video:
00:25 – Assessing your trading year so far
01:08 – Most traders don’t really know what they are doing
02:13 – Be careful relying on social media
02:40 – Seeking specialist education and coaching
03:35 – Getting the hours of practical experience under your belt
04:25 – A real strategy that works well
05:27 – What are you going to change?
What are your plans for your Forex trading success? Do you have any? So let's talk about that and more right now.
Hey, traders, Andrew Mitchem here, the owner of The Forex Trading Coach Video and Podcast Number 283.
Assessing your trading year so far
Now, last week I talked about assessing your midyear point, where we're into July. We've gone way past halfway through the year of 2018, and how are your trades going? What is your performance? Are you doing well or not well? The feedback was quite amazing. The overwhelming majority of people wrote to me and said, “Look, I'm just not making anything. It's not working. I'm struggling. How can you help?”
So it got me thinking. And it's like if you're in that situation, what are you doing about that to try and change things? Because obviously, like the phrase goes, kind of, if you don't change things, the results will stay the same. It's really about what are you doing.
Most traders don’t really know what they are doing
The feeling that I had from a lot of the emails that came through were that people, mostly they don't know what they're doing. That seems to be the biggest common mistake. People think they want to get into trading. They suddenly want to become a full-time trader. They don't really have a proven strategy, and so they're trying to sort of make up something, conjure up something from a combination of forums and YouTube videos and all those type of things.
You see, the reality is that trading by yourself, if you don't know what you're doing, can be a real lonely business. You'll sit there sort of reading these latest posts, adding this indicator, chopping and changing things, and it really does become a bit of a mess, to be honest. Most people don't understand money management properly. They don't understand reward-to-risk properly. They don't really know what timeframe or what kind of strategy they want to trade. Who do they go and seek for help and advice? So you can see it's just a big mess there, and I get the feeling that the vast majority of retail Forex traders are in that position.
Be careful relying on social media
Look, I put videos on YouTube, and I make them helpful videos, but unfortunately, with forums and YouTube and other social media, is that the vast majority is full of rubbish really. Think about it this way. If you wanted to become a doctor or a builder or a sports professional, are you really going to learn how to do that by watching some free videos on YouTube?
Seeking specialist education and coaching
It's not likely to happen, is it? So, what do those people do? Well, they seek education. They seek advice and specialist coaching and help to make themselves better.
I'm learning to play squash, and I've mentioned it a few times, I fly a helicopter. When I learned the helicopter flying and now when I'm learning to play squash, yes, there's some useful information online, absolutely there is. I'm not knocking it. There is some very, very useful information, but the reality is you need to get out there and do it practically. I can't learn to become an A-grade squash player by watching it on my computer behind me. I have to be on the court learning how to do things, learning how to hold the racket, address the racket, address the ball, foot placement, all those type of things.
It's the same if you want to be a doctor, builder, whatever it might be. You have to get those practical hours and experience under your belt.
Getting the hours of practical experience under your belt
To be absolutely honest, Forex trading is no different. You have to get those hours under your belt to understand the practical side of things as well, and that is really, really important, and that's where we help people because we are practical people. We take trades daily for people to follow. We have forum sites that are all about the strategy. They're not sort of random, waffle-about things that most forum sites are like there. All of my clients participate on the forum site with positive information about trades, et cetera, about the one strategy that we teach. That's really important. It doesn't get your mindset going off into tangents about oh, what happens if I do this? Or what happens if I take on this new strategy? It's not good to do that. It plays with your brain.
A real strategy that works well
You have to get a proven strategy that you have full confidence in that you can see works, that you've seen has worked in the past, different market conditions, and will continue to work. That's where your confidence comes from, and it's like watching live webinars. I hold a European trading session webinar. Paul, who works with me over in America, held a US session. He held one just last night. It's really, really important to have that practical, ongoing help and tuition, and that's what makes this work.
So if you'd like to know more, just drop me an email, [email protected] or leave a reply under this video if you're watching the video on my site or any other sites or YouTube, et cetera. Like I said, I'm not knocking YouTube. I'm not knocking free information. There are some good videos and information out there, without a doubt. But you've got to be quite selective, and then you need to get some proper help to take your trading to that next level.
What are you going to change?
So, just remember that. The vast majority of feedback last week was from people not doing well. So what is it that you are going to do to change that situation, if that's you right now? Carrying on doing the same old thing is likely to lead to the same old result. I don't want people at the end of this year to be saying, “Oh, look, things are still not going well.” It's time to do something about it. If you want our help, we're here to help. We're not pushy about it. We're perfectly fine making money by ourselves, thank you. But if you want to join us, then it'd be great to have you onboard.
So once again, this is Andrew Mitchem, The Forex Trading Coach. I'll see you this time next week.