#525: From Brand New to Trading on a Prop Firm within 3 Months

11/06/23 • 5 min

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From Brand New to Trading on a Prop Firm within 3 Months Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now #525: From Brand New to Trading on a Prop Firm within 3 Months In this video: 00:33 – Jae has taken 3 months from new to trading on a prop firm. 01:29 – Making mistakes like every new trader does. 02:23 – Ready to trade on a prop firm. 03:52 – Our on-demand Masterclass. 04:09 – Book a call with us. 04:22 – Open an account with Blueberry Markets. 04:51 – How to contact me Today, I'm going to explain how a client of ours who has never traded at all only three months ago, is now preparing to trade through multiple prop firms. Let me talk about that and more and show you how he did it. Right now. Hey, traders, Andrew Mitchem here at the Forex Trading Couch for a video on podcast number 525. Jae has taken 3 months from new to trading on a prop firm. That's right! I want to talk about a client of ours called Jae. Now Jae joined us on the 2nd of August this year 2023. Today is the 3rd of November as I'm recording this, have a chat with Jae last night. So exactly three months since he joined and three months ago Jae had never traded. He never got into trading. He knew nothing about it. It does a bit of research, but he never even traded on demo. He joined us three months ago and over those three months he's put a lot of time, effort, dedication into learning the strategy, asking questions, turning up on webinars. If he can't turn up live. He's been watching replays, he's been going through previous webinars, the forums sides following our daily trades and taking trades by himself and communicating this trade so he's learning from them. Making mistakes like every new trader does. Now being new to trading. Jae's made mistakes. Of course he has, and one of the interesting things that he said to me last night on our conversation on the Zoom call was he said, You know, Andrew, every time I've deviated away from your rules, I've had losing trades and I've gone back in of analyze that and I realize I've made mistakes and I've changed things and then I've gone back and stuck to rules and taken trades that are in line with what we teach and how we trade. And guess what? The results have come back right again. And it's a journey. And as a path that everybody goes through, you know, from trading one minute charts, staying up all day and night through to, you know, finally figuring out that if you stick to a strategy, stick to and you know, the of can do everything that we talk about week after week after week, the strategy does work and the results will therefore follow. Ready to trade on a prop firm So fast forward after only three months. It's hardly a fast forward, is it? But the reality is that we were then talking last night about how Jae can get onto prop firms, which wants to consider using a virtual server trading only on you one like made a candle of yourself and having your trades copied automatically to a prop firm or multiple prop firms, which is Jae's Jae sort of journey that he's looking at going on. And so what I asked him and what I'm going to do for you is I've said to him, Look, what I'd love to do is come back in a couple of months and do a live zoom conversation and record that and share that with you so that I can then track Jae's progress. So now we've gone from absolute beginner to now I'm ready to get onto a prop firm, so I want to give him a few months to get into prop them, open an account, maybe two or three by then, and track his progress and have a conversation with him with an update. So I think by doing that, you'll be able to see how someone who's put that effort in has gone along really quite fast and made massive progress. So that shows me that anybody can do this. I know that. But now I'm having conversations with people who are proving ...

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#524: Are You Getting Stopped Out All Of the Time?

Are You Getting Stopped Out All Of the Time? Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now #524: Are You Getting Stopped Out All Of the Time? In this video: 00:26 – Do you keep getting stopped out? 00:47 – What are the issues here? 01:32 – Not knowing where to place your stop loss? 02:02 – Trading is emotional. 02:35 – How to avoid being stopped out all of the time. 03:40 – Consider Blueberry Markets 03:48 – Book a call with us and watch my Masterclass Why do I keep getting stopped out? Today, we're going to delve into that question that has annoyed many a forex trader. So let's get into that and talk about it and more. Right now. Hey, everybody! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 524. Do you keep getting stopped out? Now, are you getting stopped at all of the time? It's a frustrating experience. You've done your analysis, you place your trades you set your stop loss only to find that the market momentarily dips far enough to hit a stop loss and then it goes back in your intended direction. It's like the markets go a personal vendetta against you, right? That's how it feels. What are the issues here? Well, let's have a look to see what you can do about that to stop that happening. Because the most common reason that I find that many people have is their stop loss is too tight. A tight stop loss might seem appealing because it minimizes your risk, or so you think on paper, but often it doesn't account for the natural volatility in the market. Now financial markets ebb and flow. They rarely move in straight lines. So if you're a stop loss is too tight, you're probably going to get stopped out during these minor counter movements. And it's something that you need to be aware of and because not every single time are you going to place a trade that moves straight up into your direction all the time. Not knowing where to place your stop loss? The second reason and again, probably a very common reason is because most people don't know where to put their stop loss for each trade they take. Most people use the same stop loss all the time for some reason. Now each market condition requires a different stop loss size. The size of the stop loss should reflect the timeframe of the chart being traded. The pair been traded, and also the market conditions at the time. Because don't forget, different pairs move in different speeds and different amounts. Trading is emotional. And thirdly is emotion and let's face it, trading is an emotional endeavor, and especially when money is on the line. Now, some traders, they move their stop loss because of fear or greed that leads to inconsistent outcomes. And now a well calibrated stop loss is based on a sound trading strategy and knowing where to put your stop loss and why. Each time. So the danger is if you become emotional, you do things that are erratic. So you need to stick to your plan and don't offer it. Don't change your plan just on a whim. How to avoid being stopped out all of the time. So what can you do to avoid being stopped out? Well, here's a few quick tips for you. So is understanding what to do and when to do it. Making sure that your trades have equal risk per trade regardless of the stop loss size. Most people think that they're stop loss needs to be small because that means they're going to lose more if the stop loss gets taken out. That is not true. We can certainly help you there to understand that a lot more. So adjust your stop loss, adjust your stop loss size accordingly so you can put your stop loss in the right place for that trade at the time you stop losses there. It's a tool to protect your capital. Don't forget that you will get stop that from time to time. But you need to remember if you've got a good, sound strategy and the trade goes against you,

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#526: Slow & Steady Wins the Day

Slow & Steady Wins the Day Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now #526: Slow & Steady Wins the Day In this video: 00:29 – Why a slow & steady trading style is best. 01:13 – My background really helps. 02:04 – Karate & Flying. 02:48 – Raising a large family. 03:31 – Consistency in our own trading. 04:21 – Get onto my trading Masterclass. 04:45 – Trade through Blueberry Markets. 05:20 – Like & Subscribe to our channel. I'm going to explain why a slow and steady trading approach is your best chance of success to be a full time forex trader or prop firm trader? Let's get into that and more right now. Hey there, traders. It's Andrew Mitchem here, the owner of the Forex Trading Coach. With Video and podcast number 526. Why a slow & steady trading style is best. Now I want to talk about a slow and steady approach to trading You see in life right now everybody's fast pace wants action, wants instant results. Everything's available on your phone. No one can wait any longer. Everybody wants things now. Now, now, now. All the time. And the danger with that is that when it comes to the reality of trading, well. Most people, unfortunately, take that same approach. They want to be a multimillionaire next week. They want to pass a firm challenge within two days. They want to you know, how much do I need, Andrew, in order to give up my job and make $10,000 a month? You know, everybody always wants that that instant result and answer without doing the prior work. My background really helps. Now, I'm quite fortunate in many ways. One, I'm a little bit older. But two, I come from a farming background, and I think that has been a massive help for my own trading because you realize in farming that consistently doing things properly and planning and a slow and steady approach whilst always having an eye on the future and never being stuck in your ways is a really good way of farming successfully. You have to turn up, You have to do things consistently as a dairy farmer. You have to milk the cash twice a day. You know, you have to be planting crops at the right time. You have to be doing things. It doesn't matter whether it's raining or it's Christmas Day or your birthday or you're not feeling well, you have to show up. And so that consistency is is absolutely vital, I believe, to success. And as a trader, that consistency of constantly showing up is also vital as well. Karate & Flying. Now, other things that have helped me personally and I hope can help you. I've studied karate for many years and again, that slow, steady, consistent, repeatable approach is what gets you from being a white belt through to a black belt. You're not going to get there instantly. You're not going to go and watch a whole heap of videos and suddenly, wham, next week you're a black belt. That doesn't happen. It's that consistency, that hard work, that dedication. As many of you know, I also own and fly helicopter. The same thing applies. You cannot go out there and do like five lessons and suddenly go and fly one of the most difficult machines on the planet, the race to fly, you know. So you have to be slow, steady, consistent, show up, do the hard work, and then the rewards follow. Raising a large family. And you also may know we've got five children. So same thing. You know, a lot of hard work, a lot of dedication, a lot of consistency through bringing up five children. And now more recently, I'm learning to play the guitar exactly the same thing. I cannot go and stand on stage within 5 minutes. You know, you have to learn the whole basics and get better and better and more practice and you learn to go up and then you have a few down days or weeks and then you go another level again. So that consistency turning up. So whatever we do in life,