Podcast:
How much are you worth per hour?
In this video:
01:55 Income benefits from trading FOREX
05:00 2.2% gain without any extra work
07:11 NZD – big mover of the week!
How much are you worth in your job per hour?
It’s something that as FOREX traders luckily we don’t really need to worry about and I'll share more with you right now.
Hi traders it’s Andrew Mitchem here, the FOREX Trading Coach – and today, is Friday the 11th of July.
And I want to talk about the differences between most people – having a job where you get paid so much per hour and FOREX traders. Because we're a little bit more like self-employed people where the hourly rate is not such a big issue. When you have a normal let’s say 9:00 – 5:00 job, you get paid so much per hour and that hourly rate can depend on certain things like what type of job you do, how far up let’s say the corporate ladder you are or whether you’re doing a technical job or a manual job, how much experience you have. It could be to do with what part of the country you live and what part of the world you live as there are different hourly rates for the same job but in different parts and so it’s very much dependent on that.
The good thing as I suppose you know, you work X number of hours, you get X number of dollars or pounds or Yen or whatever currency you’re paid in. The downside is of course and that with most jobs is that if you want to increase your wages and have more money, if that is what your goal is, then you generally have to work either more hours to get more money per hour or over the course of a week or you have to work yourself up through to a higher paying job which can very often mean more stress, more time away from your home and your family and that type of thing. And so having a high paying job is not always the very best thing in terms of a high hourly rate.
The beauty that I’ve always been attracted to the FOREX market:
In terms of the benefits of the income side of things from trading FOREX is that the quality of the trades that you take are the thing that really makes the difference. It’s not so much how many hours you spend staring at screens and charts, reading through forums or anything like that. That really doesn’t have very much of a bearing at all once you understand how to trade. You know it’s not to do with, “Oh, I’ve spent 10 hours today staring at charts therefore I’m likely to make X number of dollars or percent.” That doesn’t have any relevance.
I'll give you some examples from a webinar that I held for my clients yesterday.
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It was almost about a 2 ½ hour webinar. It was a very long webinar. Really good one with a lot of great questions asked and some trades taken. There are just brilliant ways to learn to trade in real time. It’s the live webinar where I trade on my charts here behind me in front of my clients on a live account and take trades in real time.
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I had a client who took a trade on the 30-minute charts. It lasted for 3 bars, that’s 1 ½ hours and he made a 4.4 reward to risk trade on a 30-minute chart. So that if you let’s say you’re risking 0.5 of 1% per trade – that’s a 2.2% return. Now it lasted 3 bars which is an 1½. It doesn’t mean to say he was sat there watching it for 3 bars or 1½ hour. But you know it’s just put the trade on potentially leave it. You might want to monitor it but even if he sat there for the whole 1½ hour which he didn’t. But even if he did it, you know that’s a 2.2% account return just in that time. Now there maybe a number of hours or it could be several days between a quality setup like that again. Who knows? It just depends on the current market conditions.
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I had a trader on a one-minute chart say to me, “Hey Andrew I’m taking a setup. It was a sell trade on the British Pound/US Dol...
