#537: The Realities of Learning How to Trade

02/25/24 • 7 min

The Realities of Learning How to Trade 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 #537: The Realities of Learning How to Trade In this video: 00:26 – A trading reality check. 01:00 – Do you want it now or can you wait? 01:41 – Adults are no better than children at wanting instant gratification. 02:23 – How much can I make? 03:23 – Doing the hard work first. 04:33 – Not everything will go in your favour. 05:09 – Don’t knock someone who’s trying to help you. 06:00 – We can help you if you would like to trade well. 06:26 – Book a call with us. 06:38 – Blueberry Markets. Today, I'm going to talk about the realities of learning how to trade properly and why it's probably not quite as easy as you think it might be. Let's talk about that and more right now. Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537. A trading reality check. Now today it's a bit of reality check. And it's kind of like not being grumpy day, but just wanted to keep things real. I've had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there's so many people out there that are not real with their trading. Do you want it now or can you wait? Now, you may have heard about the experiment. I don't know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we'll give you three. And of course, most of the kids go, I'm just going to take the one that they can't comprehend. You know, if you just wait for a little bit longer, you'll get three times the amount for just a little bit of, you know, dedication. And that was a kid's experiment. Adults are no better than children at wanting instant gratification Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it's me, show my age or what, I don't know, but whether it's, you know, an instant gratification thing, whether it's a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant. And people unfortunately don't seem to be able to. A lot of people anyway, don't seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix. How much can I make? Now, I want to talk about that because I think that you've got to get your head around that if you're going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account? How many prop firms do I need? All these? How to what's the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it. And I find that people struggle to do that. And maybe it's because it's not the answer that they want or it's not the quick fix solution. It's not the you're going to become a multimillionaire next week solution. It's and that kind of thing. I just I struggle with, I suppose, because I suppose I'm about a year away. Doing the hard work first. You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know,

Previous Episode

#536: Should You Trade Only the Major Forex Pairs?

Should You Trade Only the Major Forex Pairs? 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 Click Here to Watch The5ers webinar #536: Should You Trade Only the Major Forex Pairs? In this video: 00:32 – Should I trade just the Major FX pairs? 01:34 – Don’t limit your options. 03:08 – Trades on Minor and Exotic pairs this week. 04:00 – Be careful with Sell trades and widening spreads. 05:10 – Attend my Masterclass and book a call with us. 05:22 – Webinar with The5ers. 05:38 – Blueberry Markets. Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It's a question that I get asked quite often, and this week I've got some great examples of why I trade both. Let's get into it a more right now. Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536. Should I trade just the Major FX pairs? So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there's more people trading it. So the volume, liquidity, etc. is better. Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you'll find that you'll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you're not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs. Don’t limit your options. Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who's looking for sudden like couple of patterns, why limit your options? It's like, why limit the markets? This week I've taken trades on the Nasdaq and the S&P and we've taken trades on the JPN225 So why limit to just, you know, the forex pairs? That's my thought. If the system the strategy worked on other markets as well. Last week you'd have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don't think you should limit yourself if you find that your strategy worked on those other markets. Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we've already seen that for parts of this year. So far we've you seeing some quite dull price action on some of the major pairs. Trades on Minor and Exotic pairs this week. So moving on to the exotics and the minor pairs, just this week I've taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD. So I've taken profitable trades on those. Now my prop firm account you'd have heard me mention last week was, you know, continuing to go well this week. So far we've still got all of one or Friday still to go. I'm at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge. So for me,

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#538: 7 Points to Help Develop Your Own Trading Plan

7 Points to Help Develop Your Own Trading Plan 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 Click Here to Watch Prop Firm Masterclass #538: 7 Points to Help Develop Your Own Trading Plan In this video: 00:25 – 7 points to help develop your own trading plan. 00:36 – #1 Your personality. 01:15 – #2 What type of trading do you like? 02:16 – #3 What are your goals? 02:55 – #4 Risk management. 03:51 – #5 Know your strategy. 05:16 – #6 Demo, live or a prop firm? 05:50 – #7 Journal and record your trades. 07:10 – Attend my Forex Masterclass. 07:19 – Prop firm Masterclass. 07:40 – Book a call to chat with us. 07:52 – Blueberry Markets. Today. I'm going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let's get into that and more. Right now. Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538. 7 points to help develop your own trading plan. Today is all about developing a trading plan that's going to work for you. I'm going to give you seven points. That's going to be something that if you put this together. Massively help you. #1 Your personality. Let's start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart. Some people think that's the where the most opportunities are, where the most money is to be made, and that's why people do that. And then they realize that probably doesn't work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts. #2 What type of trading do you like? So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I'm someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe. So look at what works for you. If you're out there, you know, you've got family, you've got travel to do, you've got work to do, you've got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week. Therefore you're going to have to go to those longer timeframe charts. You may go, Well, you know, I've got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you. #3 What are your goals? The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don't forget, time is really important. You know, it's all well and good to write down. Say I'm going to make 10% every month and I'm going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it's got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It's what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events?