Why do so many fail as a Forex trader?
In this weekly video:
00:24 – We all want to become a good Forex trader – but most fail
01:11 – How much do you want to succeed?
01:35 – It’s easy to quit
01:50 – Trading success stories
03:10 – What makes these traders successful?
04:40 – It takes real dedication in order to succeed
06:10 – Good Forex coaching is a must
What do you need to do in order to become a better Forex trader? Let's talk about that and more right now.
Hi traders, Andrew Mitchem here, the owner of The Forex Trading Coach video and podcast number 263.
We all want to become a good Forex trader – but most fail
You see, almost everybody who starts trading Forex wants to become a good Forex trader. Obvious, right? But very few people actually achieve that so why is that? You have a look online and you'll hear the figures, somewhere people estimate between 90-95% of all people who trade Forex don't actually make money. It's an appalling statistic but I can see that it's quite likely to be very accurate and after trading the markets for close on 15 years now, there's a number of traits that I see when it comes to people who become successful as opposed to people who are not.
I've been coaching for almost nine years, so you know, over those years, you kind of get to work out what works and what doesn't.
How much do you want to succeed?
A lot of it comes down to how much do you really want it and dedication. It's very easy to go, “Oh, Andrew, look, of course I want to be a trader. I'm going to do anything possible. I'll be completely dedicated to being a trader because I want it so much and I hate my job and I want to work from home.”
It’s easy to quit
Whatever the reasons might be and I hear that all the time, but the problem is it's very, very easy to quit. You know, t's very easy to blame the market, blame someone else. “This didn't work. I'm quitting. I'm changing systems.” All the rest of it, but let me tell you and share with you a couple stories and these are great examples.
Trading success stories
Now, these are both from just yesterday. These are both clients, so I had an e-mail here from Emery who lives in Canada and Emery said to me, “I'm at the point where I'm now trading full time quite comfortable. I take trades on the weekly, the daily, the 12 hour, and the 8 hour time frames, and it's been wonderful. Thanks a lot for everything you do. Since becoming a client, my confidence in trading has only increased and since graduating six months ago from a demo to a live account, I've not had a single losing month. I think perhaps maybe only two losing weeks in total.” That's from Emery.
Again, it just shows what can be achieved. Another post here on my forum site again, just yesterday from Sean who lives in Australia. Sean said, “I took this trade on the US/Canadian dollar last night before going to bed, woke up for a nice profit. Had a two to one reward to risk. Been very selective with my trades lately and only taking A Grade setups, getting only two to three trades a week, but I'm up 6.5% for the month.” That's just an amazing achievement. That was for February, 6.5% for February.
It just shows what can be achieved. Now the interesting thing is I'm not just plucking out two sort of people.
What makes these traders successful?
I'm picking out two people who only yesterday told me their results and how they're doing, but not only that. Those two people are very, very dedicated so first of all, they sought some good professional coaching, so that's the first thing. They're dedicated, wanted to invest some money into themselves to become good traders.
The second thing is I've got thousands of coaching clients but the second thing is about Emery and Sean, plus lots of others, but those two we're talking about right now, is that they're dedicated because they always log in to view the membership site daily, to view my daily suggestions. They're always on the live webinars. If they can't get to a webinar, they watch the recording. They're always asking questions. They're always posting trades and contributing and helping themselves and helping other people on my forum site.
It's about not just buying a course and doing nothing with it, it's about buying a course, using it, dedicating yourself to the strategy and the understanding of it, and seeking help when needed, sticking to the rules. Like Sean said, he's only taking two or three trades a week. You know, that's very, very selective, but if you're making 6.5% return on a live account per month, it's working, isn't it?
You know, that's what everybody wants, so I suppose not so much the answer but to help you with the question of is what does it take to become a good trader?
It takes real dedication in order to succeed
It takes real dedication. It doesn't just say, “Oh, I'm wanting to become a good trader.” You actually have to do it. You know, so many people make so many excuses in life. You know, you've got to seek good training.
A couple examples for me personally, if you've been following me, you'll know this, but I'll just quickly repeat it. You know, four years ago I wanted to learn to fly a helicopter. A very, very dangerous thing to do if you don't know what you're doing. You have to get good professional tuition, but not only that, is you've got to be very dedicated yourself.
Lots and lots of work to do, lots of new things to learn, lots of exams to take. You know, a whole new basically industry to learn and skill to learn. Massive dedication but if you want to do it, you'll find a way of doing it. Just last year I learnt or started to learn to play squash, so what I've done now is I've taken up some one on one coaching with a professional squash coach.
Why? Well, because I don't want to be an average squash player, I want to be a good player. You know, I want to be far better than I should be after a year because one, what's the point in bothering otherwise? You know, I wanted to do it, yes, for fitness and enjoyment, meet people, etc., but I want to become a damn good squash player and so therefore, in order to shortcut that learning process and to keep the enjoyment and dedication, I have sought some professional tuition. I can tell you after six lessons, it's making an incredible difference.
Good Forex coaching is a must
So when it comes to trading Forex, it's absolutely no difference. Yes, I sell a Forex course and I'm going to promote a good Forex course. Of course, that's going to happen, but it depends on what you want out of it. I can trade, you know? I can trade. I've got thousands of traders around the world who have helped who can trade also, but it depends on what you want to do, so you're the one ultimately responsible for what you do in your life and if you want to trade, great. If you want help, professional help, to becoming a good trader and to probably shortcut that whole learning process, then become like Emery and Sean. Not only purchase a good course, but also become dedicated to it once you join.
I hope that helps. This is Andrew Mitchem, The Forex Trading Coach. I look forward to seeing you at this time next week. Bye for now.