The Top 5 Issues Facing Forex Traders

Podcast:

#380: The Top 5 Issues Facing Forex Traders

In this video:

00:26 – Issues that you’ll be facing as a Forex trader

01:22 – The 5 main issues

02:32 – #1 Lacking a working strategy

03:40 – #2 Managing and Avoiding Risk

04:15 – #3 Lack of time to trade

05:00 – #4 Don’t know when or why to enter the market

05:23 – #5 Controlling Emotions

06:25 – Contact me if you’d like a copy of my live webinar recording

Today, I'm going to discuss with you the top five issues facing most Forex traders. It's going to be really interesting. Let's get into it right now.

Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380.

Issues that you’ll be facing as a Forex trader

And I want to talk to you about some issues that you're likely to have as a Forex trader. And the reason I know that is I've held a survey recently from my entire database, had some great replies from people, and I've gone through all of those replies and I've categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I've categorised those in order to try and help you out.

Now, just to let you know, also as a thank you for those people who send through the survey responses, I've given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you'd like to get access to that same webinar replay, just send me an email or reply to [email protected], and I'll send that through to you.

The 5 main issues

So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I'm going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don't know where or what enter the market, and even when they've entered the market, they don't know how to exit the market or where to exit the market. So it's a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we'll cover all of those issues here.

#1 Lacking a working strategy

And number one, the strategy issue. It's the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You've got to look at the price. You got to actually see where the price is right now.

And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy, and I can certainly help you with that, you're away. It's a big part of your problems fixed.

#2 Managing and Avoiding Risk

Number two, managing avoiding risks. Well again, that can be easy once you know what you're doing. Forget about making pips. I only trade with a maximum of 0.