Podcast:

Do You Enjoy Sitting at Your Computer All Day?

In this video:

00:30 – A traders’ journey and why so many give up

01:19 - Sitting for hours watching charts

01:47 – When I started trading

02:30 – You find it doesn’t work out

03:12 – Our approach to trading: Less is More

03:34 – I’ve traded just the daily and weekly charts this week

04:00 – A lack of knowledge

05:02 – Trading a variety of charts

05:44 – Have a life and trade well

As a Forex trader, do you really enjoy sitting at your computer all day waiting for trading set ups? If you do that's fine. But if you don't and you'd like to know how to change your trading so it's more enjoyable, I have exactly what you need. Listen up, let's get into it.

Hey traders, it's Andrew Mitchem here, the Forex Trading Coach with video and podcast number 325.

A traders’ journey and why so many give up

Now this video is all about how people progress from absolute beginners through to good traders and the reason why so many people tend to give up trading too early, probably. So natural progression is this; you probably have heard about trading, you might have been and done a course maybe it's online, maybe it's in person somewhere, big group of people. You may have known someone that's traded, you've looked on forums. All those type of things, you see an ad online somewhere. Whatever is you get into trading with this huge hype and expectation of it's going to be fun, it's going to be easy and you're going to set out your charts and you're going to see some trades and make some money. That's how it's all going to plan out.

Of course the reality is that doesn't happen, pretty much in all cases actually.

Sitting for hours watching charts

Most people when they start because they have the buzz and the excitement of trading is that they think they're going to have to sit there and they do sit there and make yourself have time to sit there watching charts. The problem is is that when you're sat at your computer that's when you're making a trade happen, like you're almost forcing a trade to happen, you're wanting it to happen, you're waiting for it to happen. So people tend to take trade set ups that are not really that good a quality.

When I started trading

Now back when I started trading, 15 plus years ago, we only had dial up internet. Of course if you were lucky enough to get dial up to actually have a stable connection, and you only had a very small data plan like a gigabyte a month let's say. Which back then was actually really quite good. I did the same. I was looking for trades and kids were in bed, I'm ready, computer's working, internet's working, let's take a trade. What are we going to do? Of course the danger is that the market wasn't ready or there were no set ups. That's what people still do today. But you have the ease of high-speed internet and fibre, and cheap data plans and mobile phones et cetera. So you're wanting to take more and more trades.

You find it doesn’t work out

What actually you find out is that over time that doesn't work. Unfortunately before you find that out, most people actually give up because they're losing too much money, they're blowing their accounts. Or they are just spending so much time that it's not sustainable. Either you get that or they start absolute hiss and roar, go really crazy, and then find that real life continues and jobs and family and whatever it might be and I cannot commit that amount of time to sitting at my charts or I get home from work and the last thing I want to do is then sit down in front of a computer looking at charts. All of that is very understandable. That's why so many people give up.

Our approach to trading: Less is More

Our approach is the complete opposite to that. You'll find that most full time traders and most good traders, whether they be small time retail traders but they've been doing this successfully for a while, the approach is less is more.