#263: Why do so many fail as a Forex trader?”

Podcast: Why do so many fail as a Forex trader?” In this weekly video: 00:24 – We all want to become a good Forex trader – but most fail 01:11 – How much do you want to succeed? 01:35 – It’s easy to quit 01:50 – Trading success stories 03:10 – What makes these traders successful? 04:40 – It takes real dedication in order to succeed 06:10 – Good Forex coaching is a must What do you need to do in order to become a better Forex trader? Let's talk about that and more right now. Hi traders, Andrew Mitchem here, the owner of The Forex Trading Coach video and podcast number 263. We all want to become a good Forex trader – but most fail You see, almost everybody who starts trading Forex wants to become a good Forex trader. Obvious, right? But very few people actually achieve that so why is that? You have a look online and you'll hear the figures, somewhere people estimate between 90-95% of all people who trade Forex don't actually make money. It's an appalling statistic but I can see that it's quite likely to be very accurate and after trading the markets for close on 15 years now, there's a number of traits that I see when it comes to people who become successful as opposed to people who are not. I've been coaching for almost nine years, so you know, over those years, you kind of get to work out what works and what doesn't. How much do you want to succeed? A lot of it comes down to how much do you really want it and dedication. It's very easy to go, "Oh, Andrew, look, of course I want to be a trader. I'm going to do anything possible. I'll be completely dedicated to being a trader because I want it so much and I hate my job and I want to work from home." It’s easy to quit Whatever the reasons might be and I hear that all the time, but the problem is it's very, very easy to quit. You know, t's very easy to blame the market, blame someone else. "This didn't work. I'm quitting. I'm changing systems." All the rest of it, but let me tell you and share with you a couple stories and these are great examples. Trading success stories Now, these are both from just yesterday. These are both clients, so I had an e-mail here from Emery who lives in Canada and Emery said to me, "I'm at the point where I'm now trading full time quite comfortable. I take trades on the weekly, the daily, the 12 hour, and the 8 hour time frames, and it's been wonderful. Thanks a lot for everything you do. Since becoming a client, my confidence in trading has only increased and since graduating six months ago from a demo to a live account, I've not had a single losing month. I think perhaps maybe only two losing weeks in total." That's from Emery. Again, it just shows what can be achieved. Another post here on my forum site again, just yesterday from Sean who lives in Australia. Sean said, "I took this trade on the US/Canadian dollar last night before going to bed, woke up for a nice profit. Had a two to one reward to risk. Been very selective with my trades lately and only taking A Grade setups, getting only two to three trades a week, but I'm up 6.5% for the month." That's just an amazing achievement. That was for February, 6.5% for February. It just shows what can be achieved. Now the interesting thing is I'm not just plucking out two sort of people. What makes these traders successful? I'm picking out two people who only yesterday told me their results and how they're doing, but not only that. Those two people are very, very dedicated so first of all, they sought some good professional coaching, so that's the first thing. They're dedicated, wanted to invest some money into themselves to become good traders. The second thing is I've got thousands of coaching clients but the second thing is about Emery...