#199: Don’t Give Up On Your Forex Trading

Podcast: Don’t Give Up On Your Forex Trading In this video: 00:35 – Start small and get yourself educated 01:32 - People are too quick to give up as soon as it goes wrong 02:14 – Don’t give up – you need to control your emotions 02:56 – You cannot control the market 03:44 – I’ve posted daily trades for 7 years consistently 04:32 – Daily trade suggestions up more than +36% for the year so far 05:30 – You will get losing trades – it’s a fact of trading Giving up Forex Training should not really be an option for you. Let's talk about that, and more, right now. Hi Forex Traders, it's Andrew Mitchem here The Forex Trading Coach. This is video and podcast number 199. In this video and podcast, I want to talk about why you should not give up trading. It depends on how long you've been trading, depending on which side of the fence you're on. Start small and get yourself educated You see, each week I get a huge number of people come to me and they say, "Look Andrew, I'm new to trading. I've never traded before, but I think that I'm going to be really good at it and I think I've got the personality to be a great trader and make all this money and give up my job. I'm just going to be so good at trading, what do you think?" I say, "Well calm down. You've got to be real about this." Because people think that just because they're good at one thing means that they can just suddenly give it up, jump into trading and be perfect. A lot of the time this is against what they want to hear, of course. They want me to go, "Yay! Go for it! Fantastic!" I say, "Yeah, go for it. Wonderful. But ... Start small, start on a demo account, get yourself educated, get yourself a system, et cetera. Go through, get bigger, go live, be consistent, and then yes, you'll figure out if you can trade or not." People are too quick to give up as soon as it goes wrong The other end of the scale, we get people who have been trading for a long time and it just doesn't work. It's all wrong, I'm going to give up. It's my broker's fault. My computer's fault. My wife's fault. The dog's fault. Doesn't matter whose fault it is, but it's everybody else's fault. I've been doing it for so long, and I've just had enough and it's not working. You get that sort of feedback as well from people. Luckily not clients, these are just people who are approaching me for their last bit of help. Depending on which side of the scale you are, new or angry, frustrated, annoyed, ready to give up person. I urge you, don't give up. Whichever you're at. Don’t give up – you need to control your emotions Because as you know trading Forex is just so fantastic, but you've got to of course have a strategy and an understanding of the markets and make it work. What you also need is a calm, level head. Keep your emotions under check, under control, approach to trading. Really that is one of the big keys to trading. These people that go, "I'm going to go onto another system and it's doesn't work and it's rubbish! I've had three losing trades in a row, I'm going to change and buy another indicator," it's not going to happen. Because you have to understand that trading. You cannot control the market The markets are out of your control. You have to have a strategy that you can keep trading, keep doing. Being methodical, have a routine, have a plan. All those things together. Everybody has losing trades, losing days, losing weeks, losing months. It happens. We all have them. We have good trades, and when you have good times and good trades celebrate it. Yeah, it's great, it's wonderful, your account size is growing, you've made some money, wonderful. But do not get greedy with that.