Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them

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#594: Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them

In this video:

00:12 – Andrew and Marc discuss their backgrounds and how they started trading.

08:18 – Become a better trader and have a check list.

15:00 – Trading Gold and Silver.  

20:53 – Trading Bots and brokers widening spreads.

29:30 – Riding a bike is like learning to trade.

34:00 – Marc’s average day and setting up the new trading week.

39:15 – Trading keeps you mentally active.

44:50 – How can you monetise your knowledge.

50:33 – Trading and living where we want to.

Andrew Mitchem:

Alrighty! Hi, everybody! Andrew Mitchem here at The Forex Trading Coach. I'm really excited today to be joined by Marc Walton from Forex Mentor Pro. Good day, Marc! Nice to see you.

Marc Walton:

Good day. How are you.

Andrew and Marc discuss their backgrounds and how they started trading.

Andrew Mitchem:

Very very well thank you. I thought Marc, we'd just, spend half an hour. So I just have a bit of a chat two people been trading. Sounds like similar amount of time, some backgrounds. And, just give people a bit of a insight of what we've done over the years and, and, the pros and cons of what we've done and how we're trading today and the changes we've seen.

Marc Walton:

Yeah. I was just saying just saying your path is very similar to mine. We neither of us came from finance. I actually failed math. So level three times.

Andrew Mitchem:

Right?

Marc Walton:

It's ironic. I also have something called dyspraxia, which I never realized until, like, one of my kids had it. But the only way really affects me is I'm not very. I'm kind of number blind, which is bizarre considering what we do for a living. Yeah, yeah. But yeah. But then again, it's to me it's all about pattern recognition.

Marc Walton:

And so I think the main thing is for folks not to get too stressed with, the math side of things, as long as you can control the risk and, and work a simple calculator for it to get the risk right, then maths is not important. I was saying to you earlier, I left the UK. When I left the UK early 2000.

Marc Walton:

Went to live on a little island off the coast of Africa, the Lanzarote in the Canary Islands, which was which is a beautiful place to live. And, I went to sing and play guitar in a band for five years and, thought I'd semi-retired at 40. And then you realize when you retire, you spend more money than you ever did, because.

Marc Walton:

Right. Well, kids in school did now and then, you've got so much free time. So I started looking at trying to make money online. Stumbled on forex, which 20 years ago there was hardly any of it. We we have the other extreme nowadays, as we know with, with YouTube, where there's millions of people stood next to their mates, Ferrari or whatever in Dubai and, and pitching this and the other and they said that, I mean, I paid $4,000, I think, for a course, 20 years ago and, struggled like everybody else.

Marc Walton:

And, and I did a webinar with the other day with my mentor, Rich, who's a psychologist, and I have the list here of things that went wrong in my trading. And when he put this slide up for the benefit of people in the webinar, it was like, oh crikey, it's me again. So I'll just read a few.

Marc Walton:

It's yeah, I see this. They repeat the same errors over and over again over trading. I've tried to pull the trigger over a leveraging retrench, revenge trading, afraid to lose money. Room by emotions, cook win is short. Let loose his run not disciplined. Jump from system to system. And there's many more. And, I did all of them and, I,