#526: Slow & Steady Wins the Day

11/12/23 • 5 min

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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,

Previous Episode

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

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 ...

Next Episode

#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour

How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour 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 #527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour In this video: 00:30 – A great trade on the NZD/CAD H4 chart. 01:29 – The trade made an incredible 7:1 R:R. 03:05 – 2:3 R:R on the USD/CHF. 03:35 – Clients passing Prop firm challenges. 03:50 – Get onto my trading Masterclass. 04:07 - Chat with us 04:14 – Open a trading account with Blueberry Markets. We've had a client make a massive 7 to 1 reward to risk ratio trade in under one hour while we were on a live webinar. Let me explain more and how you can do exactly the same. Right now. Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 527. A great trade on the NZD/CAD H4 chart. Now, just earlier this morning I was on a live for us session webinar with our clients and during that session someone already had opened a four hour chat trade on the New Zealand dollar, Canadian dollar, and it's a buy trade and it was going really quite well. But at the time we were talking, the price had retrace down to the entry level because we were taking a buy limit and actually going further down towards the stop loss level. However, the stop loss on that trade on the New Zealand Canadian dollar was below the round number of 82, 0.82. And while we were talking, a number of other clients said, Hey Andrew, look, because we've got that stop loss protection, can I jump in at the market right now? And I said, Yeah, of course you can, because the trade still valid. The stop loss was holding. We'd had previous resistance levels and now we come down and we were using that 82 as a support level. And I said, Yeah, jump into the trade. And so a number of people did. The trade made an incredible 7:1 R:R. Now, within under one hour we had clients saying that they closed out of the trade, it hit the profit target before we finished the webinar and it made an incredible 7 to 1 reward to risk on that trade. So if you use my my suggested level of half of 1% risk of your account per trade, that meant that those clients made a massive 3.5%, three and a half percent gain on their account in under one hour just by being on the webinar. So what does that mean? Well, first of all, we are identifying high quality trades and we're discussing them. We're talking about them. We're saying the reasons why we're taking the trade or why we're not taking the trade. And so for me, the quality of that life in discussion cannot be underestimated. It's something you just will not get by yourself or if you on some forum site somewhere and no one really knows what it is that you're trading. We are all trading the same system, looking at the same charts at the same time, all with the common goal of helping each other. So that to me is absolutely incredible. And you cannot underestimate how valuable that is for anybody, regardless of your trading experience. If you're a brand new to trading, it's going to be incredibly valuable. But if you've been trading for a while and just to jump on once a week or every couple of weeks and just view what we're doing in real time and discuss that, that is absolute gold. And, you know, it's just shows with the returns that we made. 2:3 R:R on the USD/CHF. I also took a trade on the four hour chart on the US Swiss franc, which made a 2.3 to 1 reward to risk not quite as high as the massive 7 to 1, but that was more random, normal reward to risk levels that we get. I've also taken some trades on the 4 hours and 8 hours that are still open behind me right now, but just goes to show what happens when you build yourself a community like minded people all around the world. And so that's how we can help you to achieve your trading goal...