Podcast:

In this video:

00:31   Chapter 14 of my new eBook - The Top 10 Forex Trading Mistakes

02:44   Tips on trading a demo account

05:39   The four big movers for the week

In my new eBook, I talk about the Top Ten Trading Mistakes and I want to talk about some of those same mistakes in this podcast and video right now. Let me share more details with you.

The Top Forex Trading Mistakes

Hi it’s Andrew Mitchem here, the Forex Trading Coach. Today is Friday the 11th of April and my latest chapter, Chapter 14 from my new eBook “From Dairy Farmer to Forex Trader” has been an enormous hit . I’ve had some just amazing feedback from people. So people have really enjoyed the story but Chapter 14 is all about what I believe that the Top 10 Trading Mistakes and I’ve put those in the book because there are mistakes that I’ve made and I’ve learned from and throughout the last five years of being a Forex Coach as well. There are mistakes that I see people constantly making and so the aim as a Forex coach also is to help people overcome those mistakes. Not only of course to trade profitably but if you eliminate a lot of those mistakes and put a good strategy together with it then of course naturally you’re going to iron out those flaws from people’s trading. And so, I’ve mentioned quite a number of those things that you can change and mistakes that you can eliminate already in these videos and podcasts in the past. But I’ve got three more I’d like to talk about right now in this one.

The first one is to always treat your demo account as though it were a live account. That’s a really important point because you see brokers that give you the option to open up a $50,000, or a $100,000 or half a million dollar account. Whereas really how many people go and open up a $100,000 account for your very first live trading account and it doesn’t matter whether you’re a multi-millionaire, the likelihood is you’re not going to open your first live account with $100,000. And so, it’s a quite a deceptive way on behalf of the brokers really to get people lured into a full sense of security and see people not only treat a demo as a bit of a game, a bit of a gambling monopoly money but they also when they do strike it lucky they do tend to make a lot of money on demo and I did exactly the same myself. I was making thousands of dollars per day or tens of thousands of dollars per day at one stage on a demo but when I came to reality you know I was on a ten thousand dollar live account and I was making a few dollars or maybe sort of hundred dollars at the very most per trade. So it’s a bit of a knock as I suppose you could call it when you go live and you’re not going to be making that vast amount of money that you’ve been expecting to.

How To Trade A Demo Account

So the point is, if you think that you’re going to be opening your first live account whether ten thousand dollar account make sure that you open your demo account with $10,000 and trade it exactly the same way. Now of course, emotions aren’t there but you really need to do your best to make sure that your demo account is traded and you treat it the same way as if you were a live account and it just makes transition far easier.

Don't Expect To Make A Fortune on Day 1

The second point that I want to talk about is don’t expect your trading to be outstanding from day one, it’s not going to happen. It doesn’t matter how many courses you’ve taken even if it’s my course. You’re not going to make a lot of money from day one and I’m sorry that’s a bit blunt but it’s the reality because trading takes time and you can have the best system and the best strategy and the best coach but you still need time to develop tha...