February 4, 2018 • 6 mins
Podcast:
Do you lack the time to trade?
In this weekly video:
00:26 – Most people don’t think they have sufficient time to trade
01:07 – New traders want to watch the charts all day
01:45 – Are you ready to trade or is the market ready?
02:09 – Scared to leave the charts?
02:39 – Less is More
02:58 – Trading examples from Monthly charts and Daily charts
04:00 – You don’t need to be on your computer all day long
04:30 – Look at a new trade only on the completion of a candle
05:05 – Trading must be realistic and enjoyable
Do you find you don't have enough spare time in the day in order to trade the Forex market properly? If that's you, listen up, I've got some really good news.
Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach with video and podcast number 259.
Most people don’t think they have sufficient time to trade
Today's video and podcast is all about having available time in order to trade. You see, most people will find that they don't have sufficient time in the day. I had an email just this morning from a guy called Brian. Brian said to me, "Andrew look, I don't think I'm gonna do your course because I don't have enough time to dedicate to trading. Time I go to work, come home, help the wife, help with the kids, try and do something for me, some sports, leisure, music, there's just not enough hours in the day to then go and sit and watch charts all day."
It's a common problem that so many people have, and you see the problem is that so many people think that they need to be staring at the charts all day. In reality you don't.
New traders want to watch the charts all day
You see, the problem is this, when most people start trading, they want to be looking at the charts all day long. They're looking at every pip of movement, they're looking at every news release, they're adding indicators, they're trying to make this special combination, this nice concoction of magical indicators that's suddenly gonna tell them all these perfect trading signals, to buy here and sell here.
Unfortunately it just does not work like that. Most people then start to go down to shorter timeframe charts because they want to look at five minute charts or 15 minute charts, and they're trying to pick every single movement, every swing, every upward movement, every downward movement.
Are you ready to trade or is the market ready?
When they place trades, they're placing them because they are ready, not the market is ready. It's like, "Well, my clock says I've got an hour to trade, I'm gonna find a trade and I'm gonna find something suitable to trade." So they're forcing themselves to go shorter and shorter timeframes, and just placing a trade for almost like the need to want to place a trade, not because it's the right thing to do at that time.
Scared to leave the charts?
Then, when they place a trade, they're scared to leave the charts because they might miss out on a one or two extra pips on that trade, or it might pull back against them and, "Oh my goodness, what am I gonna do now?" You'd understand what I'm saying because we've all been there, and I've been there myself so I know exactly that's the reality for most new traders.
I can tell you that after 15 years as a full-time Forex trader and a coach, I've kind of seen it all by now, I've been through it all, and I've seen it all, and I've heard it all. I can honestly tell you this.
Less is More
The phrase ‘less is more' is absolutely, perfectly suited to becoming a good Forex trader. What I mean by that is this, the less you trade, the less time you spend looking at your charts, the less you're fiddling with trades, the more you'll make, the better you'll be.
Do you lack the time to trade?
In this weekly video:
00:26 – Most people don’t think they have sufficient time to trade
01:07 – New traders want to watch the charts all day
01:45 – Are you ready to trade or is the market ready?
02:09 – Scared to leave the charts?
02:39 – Less is More
02:58 – Trading examples from Monthly charts and Daily charts
04:00 – You don’t need to be on your computer all day long
04:30 – Look at a new trade only on the completion of a candle
05:05 – Trading must be realistic and enjoyable
Do you find you don't have enough spare time in the day in order to trade the Forex market properly? If that's you, listen up, I've got some really good news.
Hi Forex traders, Andrew Mitchem here, The Forex Trading Coach with video and podcast number 259.
Most people don’t think they have sufficient time to trade
Today's video and podcast is all about having available time in order to trade. You see, most people will find that they don't have sufficient time in the day. I had an email just this morning from a guy called Brian. Brian said to me, "Andrew look, I don't think I'm gonna do your course because I don't have enough time to dedicate to trading. Time I go to work, come home, help the wife, help with the kids, try and do something for me, some sports, leisure, music, there's just not enough hours in the day to then go and sit and watch charts all day."
It's a common problem that so many people have, and you see the problem is that so many people think that they need to be staring at the charts all day. In reality you don't.
New traders want to watch the charts all day
You see, the problem is this, when most people start trading, they want to be looking at the charts all day long. They're looking at every pip of movement, they're looking at every news release, they're adding indicators, they're trying to make this special combination, this nice concoction of magical indicators that's suddenly gonna tell them all these perfect trading signals, to buy here and sell here.
Unfortunately it just does not work like that. Most people then start to go down to shorter timeframe charts because they want to look at five minute charts or 15 minute charts, and they're trying to pick every single movement, every swing, every upward movement, every downward movement.
Are you ready to trade or is the market ready?
When they place trades, they're placing them because they are ready, not the market is ready. It's like, "Well, my clock says I've got an hour to trade, I'm gonna find a trade and I'm gonna find something suitable to trade." So they're forcing themselves to go shorter and shorter timeframes, and just placing a trade for almost like the need to want to place a trade, not because it's the right thing to do at that time.
Scared to leave the charts?
Then, when they place a trade, they're scared to leave the charts because they might miss out on a one or two extra pips on that trade, or it might pull back against them and, "Oh my goodness, what am I gonna do now?" You'd understand what I'm saying because we've all been there, and I've been there myself so I know exactly that's the reality for most new traders.
I can tell you that after 15 years as a full-time Forex trader and a coach, I've kind of seen it all by now, I've been through it all, and I've seen it all, and I've heard it all. I can honestly tell you this.
Less is More
The phrase ‘less is more' is absolutely, perfectly suited to becoming a good Forex trader. What I mean by that is this, the less you trade, the less time you spend looking at your charts, the less you're fiddling with trades, the more you'll make, the better you'll be.
Mark as Played
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