Social Media Cannot Teach You to Trade

Podcast:

Signup For my Forex Masterclass

Find out more about Blueberry Markets – Click Here

Find out more about my Online Video Forex Course

#513: Social Media Cannot Teach You to Trade

In this video:

00:30 – Can you learn to trade from Social Media sites? 

00:56 – Why am I at the hangar today?

01:35 – I’ve been flying for 9+ years and still need training 

03:05 – Trader wastes GBP15,000 thanks to Social Media “Experts”  

04:02 – What does Trading Success mean to you?

04:56 – Blueberry Markets

Can you learn to trade properly and profitably and know what you're doing by following forums, social media sites, YouTube, Facebook, all those type of places? I'm going to share with you a really interesting story. Let's get into it right now.

Hey there. Traders! Andrew Mitchem here, the Forex Trading Coach for video and podcast number 513.

Can you learn to trade from Social Media sites? 

So can you learn the trade off social media sites, YouTube videos, all those type of places? Well, I've received an email from someone over in the UK just yesterday and he said to me that he has lost £15,000 trading live trying to learn how to trade by following people on YouTube. So I'm going to cover that one shortly.

Why am I at the hangar today?

Now, you might maybe wondering, why am I talking about this at the hanger here? So if you're watching this, you'll see I've got my helicopter behind me. The reason I want to talk about this and the helicopter is I've just come out of the hangar here. Let me just show you.

I fly from the other side over there and the helicopter you fly from the right hand side. You know, I've just come here and I've just put the dual controls in here on the left hand side. That's because I'm heading up to the snow right now. My instructors give me a call “So look the conditions up. They're really good”

I've never landed myself in snow. I've landed in a little bit, but I'm talking like proper snow.

I’ve been flying for 9+ years and still need training 

And I've been flying this whopping fly helicopters for nine years, this helicopter for over five. It's a great machine. Very, very powerful helicopter. It's even got snow paws on down there so you can land in snow properly. However, I've not done it.

The reason is it's clearly very, very dangerous. You have to know what to do. Like when you land on that snow. Are you going to sink? Are you on rocks? Am I going to get the skids here? Cool on rocks. Am I over a lake? I don't know. So there's a lot of skill. Is it icy? How have fresh the snow has off to the actual approach.

Getting the blades up here, you know, whipping up the snow, creating really bad visibility, white outs, all those type of things. And obviously on mountains anyway, it's a lot more dangerous, you know, windy conditions. So I put duals in here and the two of us are off for a flight. So after nine years, I'm still seeking expert help because I want to go and do something quite, you know, a higher level, more dangerous, more risky.

If I try it myself and look, legally, I can go and do that myself. I have a full license. I own the machine, it's fully insured. Everything else, I can go and do this, but I'm seeking professional help to show me from someone who knows what they're doing, who's done this countless thousands and thousands of times, what to do to do it properly.

Trader wastes GBP15,000 thanks to Social Media “Experts”

Now, you bring this back to the guy who wrote to me yesterday. Not only is he wasted an enormous amount of time and probably lost huge confidence in the market. And clearly, confidence in someone who can teach him because he's tried so many free places on YouTube, he's lost £15,000. That's a huge amount of money.

Now, if I get this wrong, I can assure you I'm going to lose a lot more than £15,000. I could be losing hundreds of thousands of dollars and getting it wrong.