Why learning HOW to trade is so important
In this video:
00:24 – You need to learn HOW to trade first
00:56 – Getting squash lessons
02:52 – Investing in your yourself through training and coaching
04:05 – Long term investment in your future
04:28 – I’ve been teaching traders worldwide since 2009
05:06 – Three important letters “HOW”
Let's talk about why learning “HOW” to trade is so important. Let's get into that right now.
Hi Forex Traders! Andrew Mitchem here, The Forex Trading Coach. Today is video and podcast number 211.
You need to learn HOW to trade first
I'm going to talk about something really important. It's all about the importance of learning how to trade. It's that there's so many parts of trading, but unless you actually learn the how to bit, get that bit right, the how to trade. It's an important little word because if you get that right things will be great. If you get it wrong, then you can have all the systems, the accounts, everything, but it will not work for you. Let's explain a little bit more.
Getting squash lessons
To give you an example, just this week I've taken up learning how to play squash. I used to play about 20 years ago when I didn't have grey hair. I'm looking at something to do that's going to help keep me fit and something that I haven't done for awhile and I thought, “I'd love to get back into some squash.” What did I do? First thing I did is I went along to a club and I had a chat with them, worked out what the membership was going to cost me for the year.
Then I thought, “Actually, I need to get to be taught how to play.” Again, it's the “How To”. Get that bit right. The learning with a mentor, with a squash coach, is actually going to cost me more money than the annual membership of a really good local club. Some people might just think that's absolutely crazy and think that's ridiculous. Why would you just pay someone to do that when you can just get out there, and get a ball and a racket, and hit away, and off you go?
Yes, I could do that, but of course I'm probably not going to progress very far and I'm going to end up getting frustrated because my skill level will be just about the same. It may improve a bit. It may go backwards. Who knows, but it's not going to give me what I really want. To me, investing in someone to help teach me to look at what I'm doing right, what I'm doing wrong, a coach in squash is such a valuable investment because I'm investing in me. I'm investing in my overall enjoyment of the game. Probably going to get myself far better results. Therefore get high rankings, play against better people, progress. All those sort of things. That's what I'm after from it.
I'm trying to do it at the very beginning. I don't want to come in with lots of bad habits and then someone's gotta unfix all those bad habits and break all those habits that I've got into.
Investing in your yourself through training and coaching
To me, upfront, I'm looking at investing in training and coaching. Trading Forex is absolutely no different. You see people will come to me and they go, “Andrew, how long's it going to take me to pay off your course if I've got a thousand dollar account?” To me it's like, it's almost like it's not relevant. Don't take that the wrong way, but take it and think of it, don't get offended by that comment. Think of it a different way. Turn it right around.
You could have a million dollars in your trading account, but if you don't know how to trade, if you don't know what you're doing, you're going to lose some money on that account. Likewise, if you've got a thousand dollars in your account and you go, “Why would I want to go and spend fifteen hundred, two thousand dollars on a coaching course when I've only got a thousand dollars in my trading account? That's crazy.”
It's not really when you think about it because if you want to get into trading long term, don't just think about the thousand dollars that you have in your account today. Think about it long term. The learning how to do anything is the important thing. That's what you want to do if that's your longer term goal and achievement is to be a trader or be a squash player. Whatever it might be.
Long term investment in your future
Think about investing in yourself because long term, if you get some good coaching, some good Forex coaching from a professional who's doing this all the time, and what that will do is it will short cut your learning. It will make a far more enjoyable experience for you and it will give you that longer term investment and that growth in your account far quicker.
I’ve been teaching traders worldwide since 2009
How do I know that? I‘ve been teaching people since 2009 and I've seen so many people come to me in the early stages and then end up being good traders. I've also taught people who have been trading for 10 years or more and are just still in that frustrative stage. Those people are the people that you've gotta unpick all their bad habits and then almost make them start again. It certainly can be done.
It doesn't really matter rather you're brand new to trading, or you've been trading a little while, or been trading for years. If you need to learn how to trade properly, seek professional help. It really will pay for itself in many ways and many times over in the long run.
Three important letters “HOW”
That's today's lesson. It comes down to three little letters, “HOW”. Learn how to trade. Very, very important lesson. Get that right and your account size today will be irrelevant because in the future it will have such a good chance of growing far better than it will by just trying to fiddle around trying to do this yourself, looking online through forums, et cetera, getting frustrated.
I hope that helps. This is Andrew Mitchem The Forex Trading Coach. I look forward to talking to you this time next week.