What does it take to become a full time Forex trader?
In this video:
00:29 – Don’t expect to earn a living from trading if you have $100 in your account
00:58 – Anything that is good takes effort
01.10 – Coaching clients gives up his job to trade Forex full time
01:50 – Started my coaching course 5 years ago
02:45 – Feeling confident to take that next step after making excellent returns
03:30 – Analyse the charts at the weekend
04:00 – Take your time and get it right
04:30 – Don’t expect it to work straight away
What's it take to become a full time Forex Trader? Let's talk about that and more right now.
Hi traders it's Andrew Mitchem here, the Forex trading coach today. It's Friday the 27th of May.
I'm going to talk about becoming a full time trader. It's a topic that so many people ask me about and it's one of those things that's a little bit frustrating because so many people come to me and say,
Don’t expect to earn a living from trading if you have $100 in your account
“Hey Andrew, I've heard about this trading thing. I've got $100. I think I can make it. I think I can become a full time trader.”
I never hear from them again. It's one of those things that because Forex trading's put out there on the internet to be, not a get rich quick scheme, but something that doesn't take a lot of effort and you're going to make a lot of money and solve all your financial problems. That unfortunately is the perception that too many people have.
Anything that is good takes effort
In reality, it's like anything. It takes … Anything that's good. It takes hard work. It takes dedication. It takes consistency. It's really important that you understand that if you wanted to become a full time trader.
Coaching clients gives up his job to trade Forex full time
Just last week I had a visit from a client of mine called Stephen, who lives up in Auckland in New Zealand, about 2 hour drive from me. He came down to see me because he wanted to tell me that after 5 years of being with my course, he's now packed in his job. He was actually in a tour of the area around me seeing some of his clients. He worked for a big finance company on a very good wage, I would imagine. He was actually seeing these clients saying, “I'm finishing and I'm going to be trading full time.” He just wanted to see them as a courtesy call.
He came to see me to say thanks for your course, for inspiring him into trading, but also for sticking with it.
Started my coaching course 5 years ago
That's the important thing. For the last 3 years Stephen's made absolutely phenomenal gains, but he didn't jump into quitting his job and trading full time after having 2 weeks of having good gains. He's consistently logged into my webinars. He's consistently logged into my membership site and looked at trades, asked questions, phoned me, being to see me. He's taken the effort and he's not rushed into it and jumped in both feet or dived in head first. Whatever phrase it is you want to use. He's not done that. He's been with me for 5 years. He's had 3 excellent, excellent years on a live account. He's got it all tracked in terms of his performance. He's been trading at very low risk exactly like he wants to continue now that he's a full time trader. He's taken that decision to go full time. I said to him, “Why have you done that?”
Feeling confident to take that next step after making excellent returns
Of course, the obvious of not wanting to work for someone else, not wanting to travel, etc like that, and being your own boss. He said he's that happy with his trading that to him it's now the natural progression. Yes, sure he wants to start trading for some other people over time and take his trading bigger and bigger and further and further. Right now he's just happy to trade for himself, making excellent returns, taking very little time of the day. He mostly trades the Daily Charts and I think a little bit of the 4 Hour Charts, but not a lot, mostly Daily Charts. He's really actually only going to be doing say half an hour of trading each day.
Analyse the charts at the weekend
And maybe at the weekend just looking at the markets, looking at the longer time frame charts, the weekly charts, etc and taking his trading from there. When people say to me, “Hey Andrew, what's it take to become a trader.”
I say, “Number 1, you've got to give it time. If you want to have any skill in life then you've got to give it time.”
I started to learn to fly a helicopter 3 years ago. It took me a long, long time, more than most, to be able to pass my initial private pilot's test. I didn't want to rush it.
Take your time and get it right
I wanted to get it right. Now that I've been passed my license for well over a year now, I'm enjoying that hard work, I'm enjoying the rewards of that hard work and dedication up front. That dedication of money, dedication of time, of commitment, of learning, of doing lessons, doing exams, etc. The Forex market is absolutely no different. You have to accept that you're going get ups and downs. It's definitely not going to work perfect all the time, especially at the beginning.
Don’t expect it to work straight away
I suppose if one thing that does annoy me is when people come to me and say, “Hey Andrew, look I've taken your course and now after 2 weeks it's just not working. I'm not profitable.”
Take your time. It really is not a rush. It's a journey, trading. Ups and downs. Good time, bad times. Over time you'll figure out what works for you. If you stick at it and you dedicate your time and your effort into it, it will work. I hope that helps. If you're looking to become a full time trader take on board what I've just said.
Once again, this is Andrew Mitchem, the Forex Trading Coach, from the beautiful sunshine coast in Australia.
Talk to you this time next week.