Podcast:
Popular Forex Trading Questions
In this video:
00:25 Fantastic feedback from last week’s video and podcast
01:58 There are no prizes for trading more
03:36 Stick to one strategy
08:00 Why trade Forex
Hi, traders. It’s Andrew Mitchem here, the owner of The Forex Trading Coach.
In today’s weekly video and podcast, I’m going to be discussing five more very popular questions that I get asked on a regular basis. So let’s get into that right now.
Hi traders. Well, following on from the fantastic feedback that I’ve received from last week’s video and podcast, I’ve got five more questions that I’ve been asked, and I get these on a regular basis. So, I’d like to go through those, because, as I said, the feedback from last week’s was just tremendous, so it’s helping so many of you which is really good feedback, and I’m very pleased to do that. You know, that’s the aim of these, is to help people progress further with their Forex trading.
So let’s get into the 1st point.
A lot of people say to me, “Hey, look, Andrew, I have a full time job. I just don’t have the time to dedicate to Forex trading. How can I get into trading with family and life, and children, and sports, and hobbies, etc. How can I get into Forex Trading because I really don’t have a lot of spare time?”
Well, quite simply the answer is this: you don’t have to be trading all of the time. I’ve got a client over in Canada who’s a full time Forex trader, and he trades no more than 4 ½ hours in a week total. That’s it. So you don’t need to be spending hours and hours and hours watching charts, watching every pip move up and down. In fact, I would suggest that you get away from those charts if you are currently looking at those, because so many people spend so much time watching the short time frame charts. Now, it’s really good if you can trade those charts and if you like to trade those and you have the personality to trade those, but I really don’t suggest that most people start at those charts.
There’s a phrase that I use all the time and it’s called, “There are no prizes for trading more.” When you think about that, it’s so true. You don’t have to be trading all of the time in order to do really well, because if you do that you’re going to burn yourself out, you probably not enjoy your trading, and all you’re doing is feeding your broker’s pocket which you don’t want to be doing.
So, my suggestion if you have a full time job and you don’t have a lot of time to dedicate to trading is get to the longer time frame charts. Look at the 4-hour charts or the daily charts or the weekly charts or even out to the monthly charts. You know those longer time frame charts show some fantastic trading opportunities with very high reward to risk trades, and it just means you put the trade on and basically walk away and leave it for a number of hours, a number of days. You don’t have to be there watching the charts all of the time. So please try and get away from the, a lot of people had the mentality, because it’s out there on the Internet, on forums, that you have to be trading 5-minute charts and 15-minute charts. You don’t. You don’t have to do that. Get to the longer time frame charts. So, I hope that helps.
Another question: “Andrew I keep jumping from one system to the next system. Help me.”
Look, I used to do that as well, so I have full understanding and appreciation of the draw out there in terms of emails that you get all the time, new systems and strategies, forums telling you, starting new threads, someone’s found the latest greatest robot EA, you know it’s out there all the time.
What I would suggest you do is you either stick to one strategy or you develop your own strategy. If you want to buy a course or a strategy such as mine, that’s fine.
