Podcast:

 

An Important Warning Message Fore New Forex Traders - Plus Jobs News Predictions

In this video:

00:56 Unrealistic goals and expectations

03:49 Don’t expect to make a fortune on day one

05:33 A trade made a full profit in 1½ hours

07:24 Having a successful trading system

I’ve got a warning for new traders. Let me share more information with you right now.

Hi this is Andrew Mitchem here from the Forex Trading Coach, today is Friday the 7th of February and I have a really important message and a warning for all new traders out there. Taking a loss is a part of trading you need to accept. If you can’t take losses then you probably shouldn’t be trading or at least not on a live account anyway. Taking a loss is something that most people really struggle with and they find it hard and of course it’s an unpleasant feeling not it likes to lose money. But you have to accept that it’s the reality and it’s a part of trading especially in your early days of trading.

Don't Expect to make a fortune from day 1

The problem that I find with so many people and I’m talking to new traders mostly here is that they expect to win straight away from day one and it’s completely unrealistic. They have unrealistic goals and expectations in terms of the amount of money they’re going to make and how quickly they’re going to make it. Unfortunately I’m here to tell you that in most cases and most people your goals are unrealistic. It’s a bit harsh and not many people would tell you that but I’ve been trading the markets for over ten years and I’ve seen thousands of people in terms of people in terms of emails and correspondents and people who’ve done my course and I can tell you that most people who come to me before they’ve taken my course they just have such unrealistic expectations.

So I’m here to say, “Learn from your mistakes.” Because I believe that the best way of learning in trading is to make the mistakes that everybody is going to make and I’ve made so many mistakes myself. Make those mistakes but learn from them. Don’t give up but learn from them and accept mistakes and accept losing as part of trading. It’s just real life.

When was the last time that you took up a new hobby and you’re instantly amazing at it? It probably never happened. How many people do you know take up a piano and within a week or a month they’re playing in like a band or they’re playing in an orchestra? It just doesn’t happen. I’ll give you another example, I’m currently learning how to fly a helicopter and aiming to get my private pilot license. Now my instructor just makes flying that helicopter looks so easy. We just travel along and we just turn nicely and we hover nicely. He’s been flying for over 22 years. I’ve been flying for two weeks. I’m all over the place my helicopter is going like this he is forever grabbing the controls off me to trying and get me back to level again before it’s my go again. I’m all over the place and it’s no different to flying a helicopter to learning to play a piano to starting a new job. How many times have you started a new job and you’ve done your new job better than someone who’s been doing that job for 10 or 20 years? It’s just unrealistic to expect that to happen.

How many times do you take up a new career if you have no training for it? You expect to be brilliant at it. It’s unrealistic isn’t it? You can see how all these things go back to trading. People read on the internet that they can make 20, 50% a month and expect to do it. Fine, you can do it but you’re not going to do it on day one and you’re not going to do it treating yourself as a business for low risk and controlled risk. So I really want to point that point over there not to be a downer because I’m alway...