Podcast:

The roller coaster ride when you trade Forex

In this weekly video:

00:25 – The ups and downs of trading Forex

00:55 - 90-95% of traders lose money

01:25 – Why you should seek good quality education

02:30 – An interesting graph describes the traders journey

03:45 – It took me 4 years to become successful but I can short cut that time for you

Want to talk about the swings and cycles involved with what happens to a new forex trader. So let's talk about that and more right now.

Hi, forex traders. Andrew Mitchem here, the Forex Trading Coach with video and podcast #281.

The ups and downs of trading Forex

Now I've had a client of me called Sean from Australia who wrote a post on our client's forum site this week, and it's up behind me here. I'm not sure if you can see it, but it's a graph showing Sean's performance over the last 12 months and his 700 trades taken live since he joined my forex coaching course. The good news is that right now he's in some great profit. He's up almost 70%.

90-95% of traders lose money

Now just taking back a step. Last week I mentioned the commonly known figure and accepted figure that somewhere between 90% to 95% of all forex traders lose money. And why is that? Well, so many people give up too early, they risk too much, they blame someone else, they blame the market, they blame the broker. You know, "It's too hard, it's not working straight away for me"—all those kind of things. And you may well have experienced those same kind of thoughts and emotions yourself.

Why you should seek good quality education

But the good thing is, is when you see good quality education it can definitely assist you and change your trading around. Now I am not saying that by taking my course, and despite it having a five-star rating and helping thousands of traders for more than nine-and-a-half years, it is not a get-rich-quick scheme. It is not some magic pill that Andrew's suddenly gonna give you this magic formula to suddenly change your financial world situation around. It still requires some hard work.

Now why am I telling you this? Because I could go and say, "Take my course and you will suddenly become a multimillionaire." But the thing is, the reason why we're still operating so successfully after nine-plus years is we tell the truth. I'm here recording this at home in my office with my charts behind me here. We are real traders. I'm a fund manager and I have a trade copier service and I'm a forex educator and a trader. And we tell the truth. So that's what I'm gonna tell you. It is still not easy, even if you take my course. And with our help, things can certainly would done.

An interesting graph describes the traders journey

So the graph behind me here that Sean sent and posted on the membership site, on the forum site, it's quite interesting. I'll run you through it if you can't see it. He started off with an absolute hiss and roar. Trades were fantastic and he was making lots of money. I think he was up about 30% after the first, let's say, hundred trades.

He then stalled a little bit, and then he said in his own words that he thought he knew everything. He started adding a bigger risk, bigger position sizes, taking more trades. And guess what. He then gave most of it back again. So his curve started going really well, it stalled a little bit, and then it came back, almost back to break even.

It then stalled a bit longer. Why did it stall? Well, he was then going back to lower risk and working things out, seeking our help. And now over the last couple of hundred trades it's then gone way up past the original peak, and now it's up almost 70% in the first 12 months. On a live account this is.

So it's pretty outstanding, but it's also a good lesson, that things are not as simple as most other people out there will tell you they are.

It took me 4 years to become successful but I can short cut that time for you

I'm here. I'm a realistic trader.