Podcast:
The Key Ingredients Needed To Be a Successful Forex Trader
In this video:
01:15 Don’t rush things!
03:17 Having a system that actually suits your personality
06:09 New look website
I want to talk about what you need to do in order to be a successful trader. Let me share more details with you right now.
Hi traders it’s Andrew Mitchem here from The Forex Trading Coach today is Friday the 20th of June and I want to talk about some of the really key ingredients that you need to have in place within your trading and within your whole approach to your trading in order to ensure a long term success as a Forex trader.
Don’t rush things!
So the important thing to remember is if you’re fairly new to trading don’t rush it. Some people become really excited by trading and they rush into it and they want suddenly become Forex experts and professional traders and fund managers and they want to suddenly give up their job and become a full time trader when realistically they've probably not even made money on a demo account so it’s really important that you don’t rush it because obviously put it out their own Internet to be such an exciting fast paced easy way to make money type of business and realistically it’s not it takes time, work and dedication like anything else that’s good in life so my advise though is don’t rush things take your time and go through the whole process as you would with any other business that you’re starting into or any other hobby or whatever it might be that you join. You know, you start slowly and you work your way up no difference to Forex trading. So take your time and be consistent with what you do.
Having a system that actually suits your personality
The other thing is don’t chop and change systems; a thing that almost everybody would have done. I used to do it when I started trading so much of the time and I know it’s a big common issue and mistake and problem that so many people get into because they try rushing things and a system that they try and doesn’t work instantly or it works and it doesn’t for the next several weeks after.
People are very quick to jump on to the next latest greatest Holy Grail type of system or they have a system that they’ve been given all their purchase or they've invented themselves and they didn’t start tinkering with it and optimizing it and adding more indicators and changing things. Well realistically if you have a good solid strategy and system in place you don’t need or you shouldn’t need to change it providing it makes sense too and that leads on to the next thing.
Whatever system or strategy that you use whether you want to become a technical trader or fundamental trader a combination of both, you use a mechanical system whether you use my system or someone else’s system your own system whatever it is it doesn’t matter.
It needs to work for you and you need to feel comfortable with it. A lot of people will say, “You know technical trading doesn’t work; other people say fundamental doesn’t work yet there are people on both side of the fence that make it work perfectly adequately.
There’s nothing wrong with combining their approaches and so people that say that one or the other doesn’t work all the time it’s just nonsense because it does for some people. I just happened to personally chose to be a technical trader. It doesn’t mean to say that fundamental doesn’t work it means that fundamentals are not what suits me and so it’s important to have a system that actually suits your personality so that’s another really important point and just because someone is selling a system that happens to be all about news trading doesn’t mean to say it’s going to work for you.
I might be selling a system that’s all about technical trading it doesn’t mean to say it’s...
