Podcast:

In this video:

00:24    The psychology behind trading

01:48    Understanding what’s happening in the market

03:58    Trading knowledge posted for free at Forex Peace Army

06:07    Setting of rules and a structure for successful trading

07:08    Made 3.7 Reward:Risk on a one hour chart trade

 

Do you have the right mind set to be a successful Forex Trader? 

Do you have the right mind set to be a successful Forex Trader? Let me show more details with you right now.

Hi it’s Andrew Mitchem here the Forex Trading Coach and today I want to talk about having the correct mind set in order to be a successful Forex Trader. You see the whole psychology behind trading is something that’s almost like a bit of a dull subject, it’s not that particularly interesting and it’s the part of any strategy or any course and eBook that people to skip over because you want to get the nitty gritty, you want to get to the actual strategy itself. But I’m here to tell you that there are so many people that I get emails from, phone correspondents, have Skype conversations with or have met in person that really are not the right sort people who should be trading and it’s important for you to understand that you need to have the right mind set in order to be a successful Forex Trader.

I want to share to you some examples of what you do need in order to be a good trader.  It’s not for everybody regardless of how fantastic a market it is and all the lifestyle benefits and the passive income benefits that Forex Trading offers, it really is not for everybody. So you need to be sure that this is the right thing.

Do you have a Passion for trading Forex?

Number one I suppose you also need to have a passion for it. You really need to be excited by Forex Trading what’s going on at the charts here behind me. It’s going to be something that you’re really interested in. When it’s the weekends I can’t trade and I almost upset that I can’t trade. Most people when it gets to weekend you know they’re all fantastic, you know it’s Friday night, no more work for two days. For me it’s the opposite because I love trading. It’s the same at the beginning of the week, you know I’m really buzzing; I’m really excited again because I can get back into trading again.

So you got to be passionate about it and understand what’s happening in the markets and what the charts are telling you and have a real interest in it because that’s number one importance but when it comes to the mind set you got to be consistent  person. You can’t be erratic jumping from different charts, at different charts trading different times of the day, different timeframes. You know there are so many people that will say to me, “Hi Andrew, what would be the benefit of adding an ABC indicator to your system?” I say, “You don’t need to, you know don’t reinvent the wheel.”

So many people find with any strategy that all of a sudden if it doesn’t work for one or two trades or one or two days then they’ll start optimizing it. They’ll then start adding another indicator or another something to that strategy to try and change it because you have to think as an investor. Don’t forget, that good Forex Trading is not a get rich quick scheme, it really isn’t. If that’s your mind set if you think that you’re going to want it double your account every couple of months, don’t trade Forex. Well certainly don’t ask me to help to teach you because I don’t want that sort of person as a client. Because I know the end result is almost certainly failure. Sorry to be blunt but if you’re the sort of person that says “I only got $500 and therefore I need to trade at like three standard lots per trade because I need to make more money” you’re the wrong sort of person. You shouldn’t be doing it.