Do You Lack a Clear Trading Strategy?

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#504: Do You Lack a Clear Trading Strategy?

In this video:

00:26 – You know the stats – Most people lose

01:45 – Spreads will affect Sell trades

03:12 – We’re here to help and make this work for you

04:05 – Trades taken on a live webinar 

04:56 – Clients from 103 Countries

05:06 – Profitable trades posted on the Forum site

05:59 – Trade through Blueberry Markets

Most people lack a clear trading strategy and it means they're never going to make money out of the forex market. So let's see how we can help you. Let's talk about that and more right now.

Hey there, Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video on podcast number 504.

You know the stats – Most people lose

Now you've all heard the stats. 90 to 95% of traders out there lose money. And it's a well-known fact. And you can see why it's true. And as you can imagine, I get a huge amount of emails and I have quite a number of calls each week with people out there who are looking for help.

And the same pattern comes through time after time after time. The people are out there trading. They are putting real money into this. They think they can get onto prop firms early. They see it as a way out, maybe financially. But the issue is, is that almost all of the people I speak to have no idea what they're doing.

They don't have a clear strategy. They're swapping and changing systems. They understand the market well enough. They don't understand risk. They don't know how to calculate lot size, they don't know what timeframe charts to look at. They don't know when to trade. They don't really know their strategy in terms of like why they're placing a trade, where to put a stop loss, Why is this a good trade, yes or no?

And then of course, things don't works. They go and try and create something else or go to the next thing that they find on some forum somewhere. And that whole lack of consistency, that lack of understanding in the market.

Spreads will affect Sell trades

Like I do know that if you take sell trades on especially pairs, that spreads widen like the exotic pairs, let's say at the close of a day, a sell trade can get you wiped out for your stop loss because of a massive widening and spread.

But that won't happen on a by trade, you know, do know things like that. Do you know when the close of the day even is do you know how important 5 p.m. New York time is all these types of things. And so do you know how to calculate your risk? You know that Pips are completely irrelevant. Do you know that?

Do you know that in some ways having a very, very high win rate is completely irrelevant, You know, all these type of things. So a lack of understanding is what I'm seeing out there all the time. And it's quite concerning because all people are doing is basically jumping into trading and placing some trades. They might get lucky on a few trades and then of course the inevitable happens and it goes wrong and they lose their money or they jump on a prop firm way too early without knowing what they're doing.

They have not proven to themselves that they could trade on a demo, even let alone a small live personal account. But they're quite happy to go and throw money into a prop firm because they see that is the easy way out. And the danger there is that you become disillusioned. You don't have confidence in yourself. You think systems rigged, you think the brokers rigging it, you know, whatever it might be.

And it all, you know, it all goes wrong. You give up and, you know, you move on to the next thing.

We’re here to help and make this work for you

And we're here to make things different for people. Our aim is to have quality, consistent traders, independent traders.