What makes a good Forex Trader?
In this weekly video:
00:29 – The good news
00:43 – Your passion to want to trade
01:10 – It’s too easy to change systems
01:48 – Good trading is boring
02:17 – Consistency is key
03:13 – Why do so many of my traders succeed?
What makes a good Forex trader? Let's discuss those really important characteristics right now.
Hi Forex traders, it's Andrew Mitchem here, owner of The Forex Trading Coach. Video and podcast number 274. I want to give you an insight into what makes a really good Forex trader.
The good news
Now the good news first is that you don't need to have to work in a bank or in the city or at a brokerage or anything like that.
The other good news is you don't need to have a degree in mathematics or anything like that either.
Your passion to want to trade
It's more about the individual person and your passion and your drive and your enjoyment of trading that makes a big, big difference. Over the years I've seen all sorts of people come and go through trading.
Some people start off really well. Sometimes they get bored and sometimes things psychologically get to them and trades then suddenly don't go quite so well and they stop or they give up.
It’s too easy to change systems
Unfortunately, you probably know this from your own experience, because it probably happens to every Forex trader is that it's too easy to dismiss the system and to chop and change and go on looking for that next shiny object, that next holy grail system that's going to suddenly magically solve all your world's financial problems.
But, that's what you thought of the one that you've just given up on a few weeks or a few months previously. Of course, that didn't work either. So people are constantly changing and that I think is one of the big problems. Consistency is the key. You see, the fact is not many people will tell you this.
Good trading is boring
But the absolute fact is that good trading is actually very, very boring. It's not the sort of thing that you would expect me as a full time trader and a coach to say, but the fact is trading, good trading that is, is boring. Why do I say that? Well, it comes down to doing the same thing all of the time.
Now while the market changes and moves up and down and sideways, etc. and the market is never the same. But the actual approach to your trading needs to be the same.
Consistency is key
You need to have consistency. So if there's one take away you were to use or to get from this video and podcast, it is consistency. And you have to have that. You have to be consistent in your approach and your mental approach and your technical approach to what you're looking at into the time that you're trading. The setup that you're trading has to be consistent in order to give that strategy the best chance of success because trading is probability. Not every trade is going to be perfect and you have to accept that also.
So, consistency and boring trading approach is what makes the good trader in the long run. The person that just chops and changes from one system to another, after two or three losing trades, is not going to be the person who ever makes a good Forex trader. So consistency is absolute key.
Why do so many of my traders succeed?
Why do so many of my clients do so well? Well, first of all, they're getting taught a damn good strategy, one that has worked consistently over so many years, over so many market conditions. But also, our approach is consistent. Even these free videos and podcasts, they're made every single week consistently. On my membership site, consistently every single day of the trading week, the daily charts are put on the membership site at consistently the same time. We trade at the close of the New York 5 pm candle on the daily charts.
So consistency is there. The strategy, the star that we teach is consistent. Every webinar is consistent. It's the same time in the European time and it's the same time in the US time every other week.
Consistency. I've been holding webinars in the European time since 2010 and here we are almost now mid-2018 and I'm still consistently holding those webinars. They're the same approach, they're looking at the same strategy. All my clients are consistent in the time frame charts that we use. We're consistent in the software that we all share. So that consistency is absolute key. Don't forget, like I said, good trading is boring. So it has to be … it's up to you to be consistent and that's why, like I said, that's why my approach works and that's why so many of my clients are successful because we teach that consistency.
Our risk per trade is consistent. Our setups that we're looking for are consistent. Our high risk reward, or reward to risk trades are consistent. All these things that we do are consistent throughout. And that means that whatever the market conditions, over time we have consistent results and that becomes the absolute key. So I hope that helps. This is Andrew Mitchem, The Forex Trading Coach.
I'll see you this time next week with more Forex trading tips and information. Bye for now.