Podcast:

Is It Really Possible To Make Money As A Forex Trader?

In this video:

00:24 – Everybody has this same question – Can you make money as a small time Forex Trader?

00:59 – Reasons why so many traders fail to make money

01.50 – How it’s possible to make money as a Forex trader

03:00 – Daily trading suggestions and results

04:18 – Recent client’s testimonials – including clients who are now trading Forex full time

06:16 – How can you benefit from this information?

06:40 – Make sure you are one of the 5-10% of traders who are successful

Is it really possible to make money as a small-time Forex trader? Let's talk about that and more right now.

Hi, Forex traders. Andrew Mitchem here, The Forex Trading Coach. Today is Friday, the 9th of September.

Everybody has this same question – Can you make money as a small time Forex Trader?

I want to talk about the question everybody asks. Is it really possible like, is it really, really possible for a small-time retail trader to made money on a regular basis in the Forex market. That's all most traders want to know. Is it possible? The answer is yes, but most people don't make money and there are so many reasons because you'll hear the stats that 90% to 95% of all Forex traders, all retail Forex traders lose money.

It's a well amount stat and it's probably true.

Reasons why so many traders fail to make money

Reasons why. Well, a number of reasons. People don't have a plan. They don't have a structure. They certainly don't have discipline. They don't have the emotion to cope with trading, to take losses or the greed when it comes to too much profit. People take too many trades, like they over-trade. They don't know whether they're a technical trader or a fundamental trader. They take too much risk per trade. They have a bit of an anger with trading. If they have losing trades, then they double up positions. They don't have stop losses. There's a whole number of reasons why people don't make money.

They don't have the knowledge. They don't really know what they're doing. They don't have education. They don't have support. Whatever it might be, there's just a huge number of reasons to back up that fact that 90%, 95% of people who trade, small-time Forex traders, lose money.

How it’s possible to make money as a Forex trader

But, it's definitely possible to make money, so let's talk about some reasons how it's possible, and give you some tips and information, and some proof around that. Okay, so for my clients, each day I put out on the membership site daily trading suggestions based off the daily charts. I do that every day at 5:00 PM New York time.

At the beginning of the week I do the same thing based on the weekly charts. Specific trades, why I'm taking the trades, the reasons for the entry, the exits and the specific levels, which is all taught in the course anyway, but it helps people in real time before the market's made a move for the day to see what I'm seeing and why. Now, of course some trades work and some don't. That's just trading, but I'm putting that information out there in advance of the market making its move for the new day. That's the only way you can really learn. There's no good in me saying, “Yesterday I might have done this or I did do that” because that's economists sort of speak.

I'm talking about, “This is what I'm looking at doing right now for the market right now in advance and moving.” That's where you learn from, but also, that's where you can profit from because that's what my clients are doing.

Daily trading suggestions and results

If you did nothing else, then copy my daily trade suggestions once per day … Sometimes there are no trades. Other days there might be one to two trades.