Podcast:

Don’t go blaming the market

In this weekly video:

00:24 – A lot of disgruntled traders out there

01:35 – If you cannot make money – it’s your problem

02:14 – The 80/20 rule – which are you?

02:54 – The hard sell?

03:50 – If you do want to join us – wow!

You shouldn't blame the market if you are an unsuccessful Forex trader. Let's talk about that and more right now.

Hey Forex traders, Andrew Mitchem, here. The Forex Trading Coach video and podcast number 288.

A lot of disgruntled traders out there

Now, I don't know what's happening out there, maybe it's because we're around two-thirds of the way through the year, but there seems to be a lot of disgruntled people out there in the Forex market.

And this past week I've just had no end of emails from non-clients. All asking about the Forex market, how can you make money, or it's impossible to make money or accusing me of selling unrealistic dreams about being a full-time trader. Or just saying that the Forex market's rigged or the brokers are against you. All these kind of things. They're not making money so it's either their ... it seems to be my fault this week. But I'm really not sure what's wrong with some of these thoughts, because it's a real negative and backwards and losing kind of mentality if you're out there. And you're trying to find someone else to blame for your inability to make money as a trader.

But unfortunately, I don't know whether it's a social media thing, but people seem to be really, really good at trying to blame everybody else for their own problems. This is no different actually and I think that we need to be brutally honest about this.

If you cannot make money – it’s your problem

If you can't make money as a trader that's your problem. You can't blame the market, you can't blame me, you can't blame someone else. It's your problem.

 So what are you going to do about it? And that's really what it comes down to, because I kind of, I get these emails quite often, but like I said, right now this time of year, maybe it's the end of August and people realizing that we're only a few months to the end of another year and yet again they've been disappointed with the results. Possibly that's what it is. I'm not sure.

Luckily my own clients are far from that, but it's only non-clients that are writing to me with this.

The 80/20 rule – which are you?

So think about the 80/20 rule, you probably heard about it, it's all over the place. Probably around 80% of the profits are made by 20% of the traders or 80% of the people who don't do anything about not being successful and 20% are the people who go and take action. And rather whingeing they actually do something about it. You got to really sort of think about that and say, "Which side of that do I want to be on?" Am I the person that's going to sit there on Facebook and Twitter and stuff or moan to someone like myself that the markets rigged and they're not making money. Or are you going to be one of the 20% that actually do something about it?

The hard sell?

That's what it comes down to. You see I've been accused by another person this week of putting out the hard sell of this selling my course and things like that. Well, if you want to just think like that and if you want to criticize then go for it, it doesn't bother me. I put a lot of effort into helping people with sort of free webinars, with calculators, with eBooks, etc. A lot of information out there with these weekly videos to try to help people for absolutely nothing. I don't want anything from it, from you for what I put out there at all.

 I take that philosophy of, "Look, if you want to join absolutely great, if you don't absolutely great also," it doesn't bother me. We're doing really well, we've got an amazing group of traders doing very, very well, very successful. And if people don't want to join, don't join. Doesn't bother me. It really doesn't matter.