Podcast:

What are your plans to Forex success

In this weekly video:

00:25 – Assessing your trading year so far

01:08 – Most traders don’t really know what they are doing

02:13 – Be careful relying on social media

02:40 – Seeking specialist education and coaching

03:35 – Getting the hours of practical experience under your belt

04:25 – A real strategy that works well

05:27 – What are you going to change?

What are your plans for your Forex trading success? Do you have any? So let's talk about that and more right now.

Hey, traders, Andrew Mitchem here, the owner of The Forex Trading Coach Video and Podcast Number 283.

Assessing your trading year so far

Now, last week I talked about assessing your midyear point, where we're into July. We've gone way past halfway through the year of 2018, and how are your trades going? What is your performance? Are you doing well or not well? The feedback was quite amazing. The overwhelming majority of people wrote to me and said, "Look, I'm just not making anything. It's not working. I'm struggling. How can you help?"

So it got me thinking. And it's like if you're in that situation, what are you doing about that to try and change things? Because obviously, like the phrase goes, kind of, if you don't change things, the results will stay the same. It's really about what are you doing.

Most traders don’t really know what they are doing

The feeling that I had from a lot of the emails that came through were that people, mostly they don't know what they're doing. That seems to be the biggest common mistake. People think they want to get into trading. They suddenly want to become a full-time trader. They don't really have a proven strategy, and so they're trying to sort of make up something, conjure up something from a combination of forums and YouTube videos and all those type of things.

You see, the reality is that trading by yourself, if you don't know what you're doing, can be a real lonely business. You'll sit there sort of reading these latest posts, adding this indicator, chopping and changing things, and it really does become a bit of a mess, to be honest. Most people don't understand money management properly. They don't understand reward-to-risk properly. They don't really know what timeframe or what kind of strategy they want to trade. Who do they go and seek for help and advice? So you can see it's just a big mess there, and I get the feeling that the vast majority of retail Forex traders are in that position.

Be careful relying on social media

Look, I put videos on YouTube, and I make them helpful videos, but unfortunately, with forums and YouTube and other social media, is that the vast majority is full of rubbish really. Think about it this way. If you wanted to become a doctor or a builder or a sports professional, are you really going to learn how to do that by watching some free videos on YouTube?

Seeking specialist education and coaching

It's not likely to happen, is it? So, what do those people do? Well, they seek education. They seek advice and specialist coaching and help to make themselves better.

I'm learning to play squash, and I've mentioned it a few times, I fly a helicopter. When I learned the helicopter flying and now when I'm learning to play squash, yes, there's some useful information online, absolutely there is. I'm not knocking it. There is some very, very useful information, but the reality is you need to get out there and do it practically. I can't learn to become an A-grade squash player by watching it on my computer behind me. I have to be on the court learning how to do things, learning how to hold the racket, address the racket, address the ball, foot placement, all those type of things.

It's the same if you want to be a doctor, builder, whatever it might be. You have to get those practical hours and experience under your belt.

Getting the hours of practical experience under your belt