#188: Is Forex Trading Right for You?

Podcast: Is Forex Trading Right for You? In this video: 00:26 – Very few people talk about this subject 00:50 - You have to do the ground work first 01:50 – Trade for 20 minutes once per day – but only once you know what you are doing 02:29 – Don’t force yourself to make money from day 1 03:01 – Are you right for this? 03:33 – I want to help the right type of person – the committed person 04:40 – 3 x H12 trades taken on my live webinar 05:12 – Daily trade suggestions at +25% for the year 05:35 – Weekly trade suggestions at +22% for the year It's important to make sure that Forex Trading is right for you. Let's talk about that and we will right now. Hello, Forex Traders it's Andrew Mitchem here the owner of The Forex Trading Coach, today it's Friday the 22nd of July. Very few people talk about this subject I want to talk about a subject that very few people talk about especially people online. I want to talk about the importance of making sure that you are the right kind of person to become a Forex Trader. You see everybody out there tell you that Forex is the best thing, and you can make a fortune, and you just need to plug and play a robot and all your problems are solved. That's not true. You have to do the ground work first Forex is an amazing market to trade, but you have to do the grand work first. It's a slightly, and I suppose a harsh reality, a boring but true type of podcast and video this week, but it's highly, highly important. Let's get into some truths. Forex trading is not for everybody. Definitely it’s not you have to be the right type of person. You have to want to learn to trade Forex, you have to get a buzz or a thrill out of trading, out of watching charts, out of seeing why the charts are moving, what's behind it, what are the reasons. It's not just about thinking that you're going to sit back, plug in a robot or an expert adviser, and it solves all your problems. It's not about sitting on a beach with a laptop and taking a trade and forgetting about it, it's just not that at all. Sure, when you understand trading, and you get into it more and you like to trade those longer time frame charts. Trade for 20 minutes once per day – but only once you know what you are doing Sure you don't need to be sitting there watching charts all day long. I certainly don't do that. In fact, if I'm just trading daily and weekly charts, when I'm away on holiday, I trade for probably for 20 minutes once a day, and that's it, but it doesn't start like that. If you're at the very beginning of trading, you have to put the time in, put the hard work, put the foundation into understanding trading, and it's really important that you do that. Even if you have done some of that, you still need to be the right type of person. You have to have a control over your emotions. You must not be trading just simply because you want to solve all your life's financial issues. You can't do that. Don’t force yourself to make money from day 1 The amount of people that come to me and say, "Hey Andrew, I need to make $5,000 a month or $10,000 a week," whatever it might be. People come to me daily with these kinds of things "How much can I make out of this?" "I've heard that it's the best thing that I can make a fortune. How much can I make?" The thing is I don't know how much you can make. I can tell you how much I make and I can tell you how much the vast majority of my clients make, but I cannot tell you how much you are going to make because I don't know anything about you. I don't know your personality, I don't know if you're going to be the sort of person to throw all your toys out of the cot if a couple of trades go wrong.