Podcast:

How to be one of the few profitable traders?

In this video:

00:29 – Why so many traders lose money

01:30 – Massive losses from traders

01:45 – You need to be realistic

02:35 – Seek education

03:35 – Trading while on holiday

04:45 – Would you like to follow my trading?

05:45 – Anything could happen

Why is it that so many traders lose so much money? And more importantly, what can you do to ensure you're not one of those people? This is a very, very important subject. So let's get into this and more right now.

Hey, Forex Traders, Andrew Mitchem, here, from the Forrest Trading Coach with video and podcast number 328.

Why so many traders lose money

And I want to talk about why is it so many people lose money? And that, that has been as a result of an e-mail that I received earlier in the week from a company called Darwinex. I don't belong to them, but I'm on their mailing list, and they sent me this. And back in 2015, the accounts that they had with them lost 78% of their value. 2016, almost 51%, 2017, 47%, and last year, 2018, 38%. And so far this year, almost 10%.

So, a massive loss in the cumulative accounts of their clients. Now, as they said, the results are getting better, which is good, and are still huge losses, by the way. But like they also said on here is they encourage, or want to encourage other brokers to publish their account losses. Because like they said, the other brokers, or a lot of the other brokers probably had far worse losses than Darwinex themselves do.

Massive losses from traders

But think of that, that first year, 78% loss on accounts cumulative. And even today, still massive losses. So, that's not good.

You need to be realistic

But you need to be realistic, and I'm here as a real trader to tell you that you need to be realistic. Most people will show you flashy cars and Porsches, and all that type of thing. I don't do that. I'm here trading from home, telling you as it is. And you need to figure out that if you are serious about wanting to become a Forex Trader, as a full-time trader, or just someone that's doing it for enjoyment or a passive income, what is it that you can do differently so that all these other people that can basically put you on the other side to make sure you're one of those few people who are making, not even just breakeven or a little bit of money, but some good, consistent gains? Because ultimately that's why we all do this, isn't it? We're here to become good Forex traders and to make income from it.

So, what can you do about it? Well, there's lots of reasons why those people are losing.

Seek education

But what you can do, is you can seek yourself some education. And I strongly believe that that is a very, very good option. But the problem, then, becomes, is when I look around at other courses that I see online, is that while they're systems or they're strategies, that most of them are not very realistic in terms of being able to trade them all the time.

I've been doing this for over 15 years. And teaching for over 10. And I'm still doing it, and I still love it, and I still get a passion and a buzz out of it, because it's enjoyable and it's something that I can work in with other things that I do. If I would have sat here, looking at these screens, all day, every day, it would drive me mad. And I would have given up years ago, regardless of making money out of it. But, because of the way I trade, and it's longer time frames, it's less chart time, it's more enjoyable, more reliable, I believe that's one of the reasons why it's realistic.

Now, you may have heard, and if you haven't, then I'm going to tell you, and if you have, sorry that I'm going to repeat myself.

Trading while on holiday

But on Monday, probably the day you get this video, Monday the 8th of July, I'm heading overseas for just over three weeks with myself and my family. And we're heading over to the UK and Europe.