Weekly Video

Podcast:

What happens when the going gets tough?

In this weekly video:

00:29 – How do you react when trading gets tough

00:43 – I had a bad start to the week but ended up making +1.5% gain for the week

01:35 – I stuck to my plan and strategy

02:25 – Client makes +14.5% account gain in the last 30 days on a live account

03:22 – Trading your system not your account size

04:55 – Major news events so be careful

05:27 – My 8th Birthday Sale is live this week – register your interest using the link below

06:20 – A Global community of Forex traders – come and join us

What do you do when the going gets tough with your trading? Do you give up, or do you keep going? Let's talk about that and more right now.

Hi, Forex Traders, Andrew Mitchem here, The Forex Trading Coach. This is video and podcast number 224. I want to talk to about what do you do as a person and as a Forex trader when the going gets tough?

How do you react when trading gets tough

Because it's very easy to just throw everything out and go, “It's not working.” Blame the broker. Blame the system. Blame everything when things go tough.

I had a bad start to the week but ended up making +1.5% gain for the week

I'll give you an example, just this week I've had quite an average week with my own personal trading through Monday, Tuesday, and Wednesday. It was like “Oh” … I'm fine, I've been trading like 12 years, but I can see people go that stage, “This is not working” or “Do I start to tweak something.” “Do I change my method.” “Do I add something.” “Do I give up.” What do I do? It wasn't really bad it was just not a great start to the week.

Then, yesterday being Thursday, I had a tremendous day. Great profitable trades and it's made up for all those losses. Got me back to breakeven for the week and now into profit. Right now as I'm talking to you, we're on Friday, and I'm over one and a half percent gained for the week. It's gone from being a really pretty bad week through to a very good week.

I stuck to my plan and strategy

The reason it's done that is because I've stuck to my plan. I've stuck to my strategy. I haven't given up. I haven't thrown my toys out of the cot and gone “Oh, it doesn't work.” The problem is that so many people especially the newer traders do that too quickly.

You have to try and avoid doing that. You've got to control your emotions. Sure no one likes to have losing trades and losing periods of time, but everybody does. You need to be able to accept that and take it and continue because when you‘ve have good periods, as I did yesterday. Yes it's nice to celebrate that and go “Oh wow, didn't I do well.” But it's also about not getting that go to your head either and then doing stupid things on the next few days which go and blow all the good work. It's really important to have that balance.

Client makes +14.5% account gain in the last 30 days on a live account

Another example is a client of mine called Xavier who lives over in America. He posted a message on my forum site for clients, and he said, “Over the last 30 days, he's taken 120 trades in total.” Which is quite a number of trades but he is a very active Forex Trader. 89 of those trades have lost, and 31 of those trades have been profitable. You could look at that and go “That's not particularly high ratio.” A lot of people would say with those 89 losses they might have got fed up or stopped trading. But Xavier has said his up 14 and a half percent account gain, low risk, per trade, but it made 14 and a half percent on the last 30 days of trading. So it's tremendous account gain.