Podcast:

#205: Sticking with the Basics is the key to success

In this video:

00:35 – Danger – We all want the instant fix – but be patient

01:15 – Most Forex traders will go through this stage

01:33 – The foundations and basics are crucial

02:35 – Live webinar with clients proved that the basics are so important

04:24 – I post daily trades and hold webinars to enforce the basics

05:09 – Wait for the high quality setups

As with most things, sticking with the basics is absolutely key to your success, and it's no different in Forex Trading. Let's talk about that and more right now.

Hi, Traders. Andrew Mitchem here from The Forex Trading Coach. Today is video and podcast number 205, and I want to talk about getting back to the basics, and how very, very important that is for your long-term success as a Forex Trader.

Danger – We all want the instant fix – but be patient

Now, as people, as Forex Traders, whatever it is we do, we all what that instant fix these days. No one's patient. No one can wait. Everybody wants the answer. In trading, so many people want the get rich quick scheme. It won't happen. Everybody's sort of wanting to pay for an answer.

No one's prepared to work at things, and it's a big, big issue. We all want the shiny object. We want the next thing. We want our quick fix. If it doesn't work, we're onto the next thing. We scrap that. We're on to the next forum, we're onto the next robot, the next indicator, whatever it might be. You know what I mean, don't you? Because, I know you know, because I've been there and done it myself.

Most Forex traders will go through this stage

If you're in that learning stage as a Forex Trader, I can almost be certain that you're doing that or going through that process right now. If you're not, then you're probably going to be. It's a big danger to get into those, so if you haven't reached that stage so far, stop what you're doing right now, listen to this video and podcast. It's really important.

The foundations and basics are crucial

Reasons being whatever we do in life whether it be raising a child, building a family, building a house, flying a helicopter, learning to trade Forex, whatever it is, it's all about the basics and there's so many aspects of life that that is so important in. Another thing that I, personally, do apart from flying is I've been practicing Karate for, oh, probably ten years now I think. Somewhere around about that. Karate is exactly the same. It's all the basics. It's repetition. It's doing these things hundreds and thousands of times so that you get them right and any shortcut, whether it be with your grounding, your footwork. If you don't get that right, like the foundations, the building blocks, everything else falls to pieces. You think about building a house. If you don't get your foundations, you don't get your groundwork, don't get your plans, all those type of things right, the building falls to pieces. Exactly the same is Forex Trading, you have to have those basics

Live webinar with clients proved that the basics are so important

Now with that in mind, the reason why I want to bring that subject up is just yesterday, I held a live two and a half hour trading room webinar with my clients. Clients from all around the world on the webinar. I'm trading on my screens behind me here. People can view my screens, hear me talking about different trades that I'm taking. Now the market was pretty quiet during the session. I had just took two trades, and so in amongst answering questions and answers for people, I showed a lot of trades that people have been posting on my forum site. Now I have a great forum site for my clients that they can go on, and share trades, and look at trade setups, post screenshots, et cetera.