Podcast:

The most important things you need to do in order to be a good Forex trader

In this weekly video:

00:25 – An overview of being a good trader

01:11 - The right attitude and mindset

02:15 – Work out what works for you

03:03 – Patience is key to success

03:45 – Understanding position sizing and reward:risk

04:38 – Be slow, steady and consistent

05:30 – Don’t listen to most of the information online

06:14 – Keep things basic

07:40 -  Contact me if you’d like to take your trading further

I'm going to discuss the most important aspects that makes a successful Forex trader. Really important information, listen up, here we go.

Hey traders, Andrew Mitchem here. The owner of the Forex Trading Coach with video and podcast number 300.

An overview of being a good trader

I thought for the 300th episode, we'd take basically an overview of the most important things that in my opinion you need to have developed in order to become a good trader, to become a successful trader. In no particular order, but really when you think about it, if you're going to be a Forex trader, you've got to enjoy it. There's no point in doing something if you don't enjoy it. Don't just think oh, I've seen this thing online and it's easy money. I can make passive income, I can give up my job because I hate my job. Whatever it is, a lot of people have some very weird and quirky reasons for getting into trading, but the most important thing I think at the very beginning is you have to enjoy it. You've got to have a bit of a passion to want to do it, to get a bit of a buzz out of doing it. Those types of things, so that's really important up front.

The right attitude and mindset

Then you've got to have the right mindset and the right attitude towards it. Now a lot of people come into trading and they blame people, they blame the market, they blame the broker, they blame their coach, they blame everybody but themselves. You can't do that. You can't sort of start throwing hands up in the air and throwing your toys out of the cot if after the first month of trading it's not working for you because the reality is if you have that kind of mental approach, that thought process, then the likelihood is it's not going to work for you, doesn't matter how long you do it. You've got to have that sort of understanding that you're in this as an investment, you're going to get yourself educated, you're going to take your time, do it slowly, and if you do it that way, then things ... You've got a far better chance of making it work for you. That whole mental aspect and approach is really, really important. You can't be like too fiery and just throw everything, blame everybody if things don't go right. It's your problem. Harsh but true.

Next thing is you've got to work at what works for you. Now it might seem a bit obvious to say that but it's got to be ...

Work out what works for you

You have to develop a way of trading that actually suits you, suits your personality, suits other commitments that you have, suits how much or how little you want to trade. Those types of things. Do you want to be a scalper? Well, no harm in being a scalper. I don't personally do it because it doesn't suit me but you can still trade my strategy on five minute charts if you really wanted to, but you've got to work at what works for you in terms of the type of trader that you are. You've got to understand that if you're looking for certain patents, you've got to be consistent with them. If you're looking for strength and weakness, you've got to be consistent with that trading approach. It's really important to get all of that together.

Patience is a big one. We've talked about that recently on these videos and podcasts. Patience is a massive, massive key to being successful. I'll give you a great example.

Patience is key to success Patience is key to success

A client of mine posted on our forum site just this morning an amazing trade on the 12 hou...