Podcast:
Do You Need A Forex Doctor?
In this video:
00:43 The need for A Forex Doctor
02:18 The importance of Psychology within Forex
05:52 The new look website is now live
Time For A Forex Doctor?
Do you feel that you need yourself a Forex Doctor? If you do I’ve got some really valuable information I’d like to share with you right now. Hi Forex traders it’s Andrew Mitchem here and I’m the owner of the The Forex Trading Coach one of the biggest Forex education companies online today with the 5-year history of teaching clients all around the world.
Now I’d like to talk about psychology within trading in this session because it's something that is really underestimated and I’ve had quite a number of requests from people on YouTube comments and also from non-clients and also from clients to talk about the need for Forex Doctor or to talk about Psychology behind trading and the importance of it in order to be a trader who can make money consistently and over a period of time and it’s something that’s underestimated.
When people jump into trading all they want to do is they want to understand how the charts work behind me here that you know they want to understand candle patterns or news and all those things and it’s really important but if you don’t have the mental stability in terms of being able to take trades, when to pull the trigger, when to exit a trade, when to stick to your plan if you can’t do that then a lot of the other important things become watered down because you’ve got to have a strong mindset to trade but you’ve got to be comfortable with your trading system so a whole Psychology behind trading especially when you’re talking about trading with real money.
It hurts you when you have losing trades and you see your account going down and you see negative trades it really does hurt you and it affects you in two ways: It affects your head and it affects your heart and your emotions. There’s no question about it and as I’ve mentioned it’s a very underestimated but very important part of being a successful Forex trader.
Understand Your Strategy
So we spend quite a bit of time with my clients yesterday on our live 2-hour trading room sessions talking about the importance of Psychology within Forex. There’s a number of things that I would like to talk about because to me you have to be comfortable with the strategy that you employ. You’ve got to have full confidence in it. It doesn’t matter what that strategy is, it means that you have to be comfortable with the style and its approach so it means to be something that suits your personality. Now it’s the same when it comes to the time frame charts that you chose to trade. If you’re the sort of person who likes to trade real short time frames then great go for it but don’t be placing trades on weekly and monthly charts likewise if you’re the sort of person who likes to just look at your charts once a week or once a day then you need to be on those longer time frame charts but again it what suits you.
We had a question on the webinar last night from a client who was saying to me he has 80% win rate yet he wasn’t quite happy with his trading and it was because he was feeling that he was being so picky with setups that he was missing out on a lot of trades that he was 50/50 with but unable to pull the trigger and I suppose there’s two ways of looking at the solution there. First of all an 80% win rate is outstanding so my first suggestion was don’t change too much because an 80% win rate in terms of picking good trades with high returns is excellent. He could potentially look at increasing his risk per trade. He could also look at trading other markets non-Forex markets as well because he was predominantly looking a...
