Podcast:

Focus on being a good trader and forget the money

In this video:

00:34 – Why it is important you focus on being a good trader

01:20 - Don’t run before you can walk

01:56 – Learn how to become good and get training

02:22 – Don’t focus on the money

02:55 – How do you learn how to trade well?

03:33 – You must start at the beginning

04:26 – Taking a course can short cut the learning process

05:25 – A large account size does not matter

I'm going to explain today why you need to focus on being a good trader, and don't focus on how much money you're making. Let's explain more right now.

Hi, traders. It's Andrew Mitchem here, from The Forex Trading Coach with video and podcast number 321. A really, really important lesson for you today, especially if you're new to trading.

Why it is important you focus on being a good trader

It's all about why it is so important that you focus on becoming a good trader. I'll explain more about what I mean.

Each day, and it's many times a day, I receive emails from people saying, "Hey, I've heard about Forex. I want to get into it, make some money." "I've lost my job. I'm desperate for money." "I need some passive income." "How much do I need in my trading account because I need to make $1,000 a week?" "How much am I going to make?" "How long is it going to take me so I can make lots of money in trading?" All those type of questions, really, really, really dangerous, dangerous questions.

Don’t run before you can walk

The reason I say they're dangerous is because these kind of questions are from people that are trying to jump the gun. They're trying to run well before they can walk. Unfortunately, and I can say this with honesty with experience because I've seen it so many times over the last 15 years since I've been trading and the last 10 years, especially since I've been coaching is that if you come into trading with that kind of mindset, that type of mentality, unfortunately, the truth is it's not likely to end well.

Learn how to become good and get training

You think about it, you could go into any other profession. You want to become a lawyer or a doctor or a mechanic or a farmer or whatever it might be, you have to get some training, some tuition, and start at the beginning. You have to build those foundation blocks. If you don't have a good foundation, the rest of it is going to crumble, and trading is exactly the same.

Don’t focus on the money

Rather than focusing on how much money you're making or losing, focus on the traits, focus on becoming a good trader, focus on you, your ability to trade, the strategy that you're trading, your mindset. All those type of things are far more important at the beginning of your trading journey than worrying about how much money you're making or you want to make. You see, it's so important that you learn the strategy.

How do you learn how to trade well?

And how to do that when you're starting out because, unfortunately, the Internet is absolutely full, like, you know, of hype, of all these people driving around in flash sports cars, of taking private jets everywhere, sitting on beaches, drinking cocktails with their laptops, all those kind of crazy pictures that you see.

Now, the reality, of course, is far different from that. Yes, you can make some incredible money from trading. I'm not suggesting that you cannot. Absolutely, you can. Once you master it, there's very little that beats it.

You must start at the beginning

However, you need to start at the beginning. We're kind of in this age of mentality where it says instant fix. You want something, it's on your phone, it's on Google. You want to take a picture, you can instantly do it, send it to people, all those type of things. It's kind of made our mentality when it comes to learning something, not that good. Trading is something you have to put the time and the effort in.

How do you go about doing that? Well,