Podcast:

Have you been trading too long to quit now?

In this video:

00:27 – Not making money but been trading too long to live up

01:00 – Trading journey

01:15 – The blind leading the blind on the forums

02:05 – Over reliance on indicators and robots

02:25 – The next big shiny object

03:18 – What can you do to fix the issue?

04:00 – Chopping and changing the way you trade

04:18 – You need a plan

04:55 – Get onto one of my free webinars to learn more

Do you find that your trading is just not working? You're just not profitable, but you've been in this game too long to quit.

If that's you, listen up, got some great news for you.

Hi Forex traders, Andrew Mitchem here, the Forex Trading Coach. Today is Friday, the 3rd of June.

Not making money but been trading too long to live up

I want to talk about an e-mail that I've had from a guy called Peter over in Australia, and it's a big, big problem, and it's a big issue that so many people have.

People are feeling that they're just not making money, they're unsuccessful within their trading, but the problem is that they find as they've been in the game, they've been trading or looking at trading, whether it be just as a hobby, or sort of part time, or even try to go full time.

They've been trying to trade Forex for just too long to quit now, you just cannot justify quitting now because it's just a waste of time.

Trading journey

They're in that time of their trading journey when they just don't know what to do. Now, a lot of that comes back to the issue of so many people they rely on forums and quite honestly, the vast majority, not all.

The blind leading the blind on the forums

But the vast majority of forums are where you find the blind leading the blind because in most cases, the forums are basically populated by people who are not trading or they're not successful trading, but they're more than happy to tell other people who come into the forums either how easy it is or how to do it.

They've always got an opinion and you'll always find that it doesn't matter what thread it is, what forum site you go on, that you go back after several weeks or several months and the person who started that thread or forum is no longer contributing with this. Had their guts full of people just sort of taking over, of changing the whole logic of what they originally asked. That just happens all the time, always has done and likely always will. Be really careful with forums. Yes, they can be useful in some ways, but the vast majority of times, it really is the blind leading the blind.

Over reliance on indicators and robots

You then get people who have an over the lines on indicators. People who bought robots, people who bought e-books, who have bought news feeds, who have bought bot testing software.

The next big shiny object

All these type of things, people just get so consumed in the next shiny object and it is a big problem. Look, I've been there myself many years ago and I know exactly how you feel if you are in that situation right now.

The other problem of course comes when you think, “I cannot quit now. I know so much about trading, I'm almost there.” Yet, when you think of the real life what's going on, you're wasting so much time or spending so much time watching charts within your trading. You've spent so much money or wasted opportunity of not earning money elsewhere. You've probably either got a grumpy wife, grumpy husband, grumpy kids, whatever it is, because you're just spending all this time just staring at charts moving up and down or waiting for that next news announcement. It is a big, big problem for yourself mentally, financially, relationship-wise.

It's a big, big problem. Absolutely, it is.