What It Takes To Be A Good Forex Trader
In this weekly video:
00:30 – You must have a passion for trading
01:44 – Controlling your emotions
02:22 – A willingness to learn and change
03:33 – Be dedicated to trading
04:10 – Develop a strategy that works for you
05:02 – You have to give this some time to work
05:43 – How can I help you?
06:07 – A very high success rate for clients – here’s why
07:07 – Click on the link below to find out more
What makes a good Forex trader? Let's talk about that and more right now.
Hello Forex traders. It's Andrew Mitchem here, The Forex Trading Coach video and podcast number 232. In this video, I'd like to explain about some of the main points you need to have in order to be a good Forex trader, so let's get into it.
You must have a passion for trading
Number one, and I think this is so important, very often overlooked. You need to have a desire to want to trade. You have to have a dedication to trade, but you have to have a passion for trading. It has to be something that you really want to do. Don't just get into Forex training because you've heard somewhere or read online it's a really good way of making some easy money. It will not work for you if that's the reason you're in it. If you're in it for a get rich quick idea, don't do it. If you're in it because you're a gambler, don't do it.
If you would like to become a Forex trader and genuinely have an interest in the markets, an interest in understanding how they work, an interest in making money, of course, but investing and being a good investor, then the Forex market is perfect for you. You have to have that approach up front. You have to have that genuine desire to know what's happening in the market. I think it's really important, often completely overlooked because everybody always jumps into the strategy first. You've got to really sort of enjoy it. You have to sort of look forward to trading each day. When it gets to the weekends, I'm disappointed I can't trade. I look forward to Monday mornings. For most people, Monday morning is about the worst thing that can happen to them because they have to go back to their job again. It's all about having that enjoyment in what you do.
Controlling your emotions
You have to be able to control your emotions. It's really important. You are dealing with money. You are dealing with life. Price action moving, sometimes things can be very, very slow. Other times things could be happening very, very quickly. You have to be able to control yourself, control your mind, understand what you're doing, be very level-headed about what you are doing because ultimately when you're trading with money, emotions do come into it. Again, when you're trading with strategy and you're trading with the unknown and you're trading with probability, because that's ultimately what we're doing, you have to be able to control your emotions and not react in a bad way to the market or what's happening. That's the first two points.
A willingness to learn and change
The third thing that you need to do, you have to have a willingness to learn. You have to have a willingness to change and a willingness to adapt to the market because market conditions do change over time. You have to have a willingness to, not just be completely rigid. Yes you have to stick to rules and yes you have to have a plan, and you have to be able to stick to rules and stick to a plan, but at the same time, as the market changes, you have to be able to adapt. Give you a great example, just yesterday, I held a webinar with clients. We took some trades on the four hour chats. Now, more recently, the four hour chats haven't been showing that many good trades, but this last week, they‘ve been showing some excellent trades.
Whereas I've been trading a lot off the daily and the 12 hour chats more recently, but this past week, less trade. You adapt to what's showing at the time in the market. This week we've had U.S. holidays. We had a holiday in Canada on Monday. We had independence day in America, Tuesday, and then today being Friday, we've got U.S. non-farm payrolls or employment change, so it's been quite a quiet week. Therefore, you adapt and you trade slightly shorter timeframe charts if that's what's showing at the time. That's what I mean by a willingness to adapt as well.
Be dedicated to trading
You also have to be dedicated to what you're doing. You have to be doing this all of the time. When I say that, you don't have to be trading as your full time job, but if you are going to be a trader, don't just sort of trade yesterday and then I might go on holiday for a week and might not trade for another week, and something else happened, I can't be bothered to trade for two weeks. Don't do that. Try and be consistent in your trading. Whatever it is you do, whatever style of trading you have, try and be consistent. Doesn't mean to say that you have to sit there watching charts all the time, all day and night, but you have to be consistent at when you trade.
Develop a strategy that works for you
You also have to find, develop for yourself, or purchase, whichever way it is, and it doesn't really matter, a strategy that works for you. A strategy that not only works across all currency pairs and all market conditions or timeframes, but it's what suits you. You can spend a lot of time trying to develop your own strategy and if you get a strategy that works for you, well done, absolutely go for it. It took me four years of trial and error before I found a strategy that really worked for me, and developed my own strategy. Likewise, you can buy a strategy. You can buy my course. You could buy other courses. Again, it's what works for you. I'm a technical, price action based trader and that's the way that I trade. I'm a technical trader. It works for me. If it works for you, if you'd like to be a price action trader and a technical trader, then I can certainly help you shortcut that whole learning process.
You have to give this some time to work
You have to be willing to give this time. It's so many people I see that give up after a few weeks or a few months and say, “Oh, it's not working for me. My broker's taken all my money,” or, “My wife tells me it's gambling.” All these excuses come out, but ultimately it is very, very good. It's not easy and it does take time. It's like all good things, they take time. It's like a good bottle of wine. It takes time to develop. Whether you're growing something, whether you're producing something, whether you're learning something, anything good generally takes some time and some dedication. Forex trading's no different whatsoever.
How can I help you?
How can I help you to become a good Forex trader? As you probably know, I run an online course, been running that for over eight years now. I have clients in over 58 countries, all around the world, all trading experiences, different types of ages, different work commitments, etc. The list goes on. There is such a massive variety of people who have taken my course. The success rate is absolutely incredible. Why is that?
A very high success rate for clients – here’s why
Number one we have the strategy that works. We have a strategy that doesn't require you to be sitting watching your computer all the time, a strategy that doesn't require you to have to be there at a certain time. We have a huge amount of ongoing help and support. Just yesterday, I held a two and a quarter live webinar for my clients. Every week you can jump onto a live webinar. In the European session, the following week in the U.S. session. They all get recorded so you can go back and watch recordings back to 2010 on the membership sight.
Every day we're posting strength and weakness analysis, where we're seeing the likely movements for the day, specific trades, why we're entering, the reasons for entering the trade, the exact entry and exit levels for you to go and learn. We have great software. We have a forum site where clients can interact with each other, where we post trades on different timeframe chats. There's email support. There's a support site. There's a huge amount of ongoing information on top of the actual strategy itself to help you to become a successful trader.
Click on the link below to find out more
If you'd like our help, there's a link below this video. If you're listening on the podcast and you can't see the link, well just head to TheForexTradingCoach.com and you can find out more on my website.
This is Andrew Mitchem, the Forex Trading Coach. Have a great weekend. I'll see you this time next week. Bye for now.