#604: Why Your Last Trade Doesn’t Matter—Long Term Results Do

Why Your Last Trade Doesn’t Matter—Long Term Results Do  Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass Click Here To Learn How to Gain 1% Daily #603: Why Your Last Trade Doesn’t Matter—Long Term Results Do In this video: 00:33 – Trading is just like any other investment. 01:25 – Control your emotions. 02:00 – Become successful in the long run. 03:00 – Chasing the shiny object problem. 03:28 – Our strategy has long term proof. 05:20 – Keep your risk per trade low. 06:14 – High reward:risk trades. 06:44 – Get on my Forex Masterclass. 06:56 – Book a call to speak with us. 07:01 – Blueberry Markets as a Forex Broker. Today, I'm going to talk about why you should focus on your long term results, rather than worrying about short term individual trades. It's going to massively help you to become a successful trader in the long run. Let's talk about that a more right now. Hey there, Traders! It's Andrew Mitchem here at The Forex Trading Coach with video on podcast number 604. Trading is just like any other investment. Today I want to talk about why I believe you should focus on your long term results. You see, trading is like any other investment. You've got to look at it as a bigger picture. And I find that far too many people get really caught up on, say, the last trade or the last few trades or even the last week's trades. And it creates a danger because, you know, in trading you could have a few lucky trades. You know, you could put some on that. Maybe not particularly. Exactly as your strategy suggests. But you get lucky and they end up winning. And you might have things like seasonal, time adjustments, time of the year when, you know, markets are a little bit flat or really, really good. And you've got to allow for all these things. Control your emotions. Because to me, there's two things you have to control in your trading. Once your heart and the other in your head, those emotions are vital that you can control them properly. And the danger is, if you're focusing on your last few trades, you can get massive buzzes and massive highs. If you've like, done really well and had a few successful trades. Likewise, if you had a couple of losses in a row and things just don't seem to be working out, you can get some real so lows and you're thinking, oh, is this just all doom and gloom and not working? And that is where I see the issue. Become successful in the long run. You see any good trader with good trading skills and a good sound strategy and knowledge will be successful in the long run. And that's where your focus needs to be. Because, you know, no investment is a straight line. Not every day are you going to make money as a trader? Not every week, sometimes. Not every month. And that's part of the overall, you know, part of trading that you have to understand. And that's where the danger of focusing real short term, can create so many issues. And that's why I find that so. And look, I used to do this myself years and years ago. I don't know, luckily, because I worked out what works for me. But years ago, I used to chop and change systems. I used to, add this indicator used to over optimize this, buy this bit of software, automate this, you know strategy, buy the next book, whatever it was, you know, you going on, you know, forum sites and finding the latest, greatest idea. And of course, none of them work. Chasing the shiny object problem. And so that becomes the, the chasing, the shiny object, problem that so many people have. And that's because they're focusing on, well, one, they probably don't have a good strategy and really know what they're doing themselves, but also they're focusing like what's happening right now. Is this a couple of losing trades in a row? Oh, get rid of that system. It's terrible.

Episode Transcript

Speaker 1 (00:00):
Today, I'm going to talk about why you should focus
on your long term results rather than worrying about short
term individual trades. It's going to massively help you to
become a successful trader in the long run. Let's talk
about that and more right now, Hey the traders. Andrew

(00:27):
Mitcham here at the Forest Trading Coach with video and
podcast number six hundred and four. Today, I want to
talk about why I believe you should focus on your
long term results. You see, trading is like any other investment.
You've got to look at it as a bigger picture.
And I find that far too many people get really
caught up on say like the last trade, or the

(00:50):
last few trades, or even the last week's trades, and
it creates a danger because you know, in trading, you
could have a few trades. You know, you could put
some on that are maybe not particularly exactly as your
strategy suggests, but you get lucky and end up winning.

(01:11):
And you might have things like seasonal time adjustments time
of the year when you know markets are a little
bit flat or really really good, and you've got to
allow for all these things. Because to me, there's two
things you have to control in your trading. One's your
heart and the other's your head. Those emotions are vital

(01:33):
that you can control them properly. And the danger is
if you're focusing on your last few trades, you can
get massive buzzes and massive highs if you've done really
well and had a few successful trades. Likewise, if you
had a couple of losses on a row and things
just don't seem to be working out, you can get
some real lows and you're thinking, oh, this is all

(01:54):
doom and gloom and not working. And that is where
I see the issue. You see any good trader with
good trading skills and a good sand strategy and knowledge
will be successful in the long run. And that's where
your focus needs to be because you know, no investment

(02:14):
is a straight line. Not every day are you going
to make money as a trader, Not every week, sometimes
not every month. And that's part of the overall, you know,
part of trading that you have to understand. And that's
where the danger of focusing real short term can create
so many issues. And that's why I find that so
And look, I used to do this myself years and

(02:35):
years ago. I don't know luckily, because I worked out
what works for me. But years ago I used to
chop and change systems. I used to add this indicator.
I used to overoptimize this, buy this bit of software,
automate this, you know strategy, buy the next ebook, whatever
it was. You know, you're going on you know, forum
sites and finding the latest, greatest idea, and of course

(02:58):
none of them work. And so that becomes the chasing
the shiny object problem that so many people have. And
that's because they're focusing on well, one, they probably don't
have a good strategy and really know what they're doing themselves.
But also they're focusing like, what's happening right now? Is
this a couple of losing trades in a row? Oh,

(03:19):
get rid of that system. It's terrible. It doesn't work
onto the next thing. And I suppose that's where we're
fortunate because ever since I started coaching over sixteen years ago,
the strategy remains exactly the same. It's because it's based
on good sound technical analysis, and you know, it works
on all markets or currency pairs, all time frame charts,

(03:42):
and now other markets like the cryptos and indices, commodities,
et cetera on top. And so that is why we
focus on that long term consistency, because you know, you
wouldn't go and buy an investment property and then you
pay whatever you pay for it, let's say half a
million dollars and you're going, oh, my goodness, I've just

(04:05):
had it valued, and like the week after it's like
four ninety and four seventy, then five twenty. You know,
you can't be an investor if that's your kind of
longer term goal and be worried about the price of
that property every week or every month if your longer term,

(04:25):
you know aim is to hold it and then gain
from it. And trading's kind of the same. You know,
you've got to remove the emotions as best you can
from your trading and look at your consistency over time
when you iron out things like seasonal changes and political
events and different things like that that happen that can

(04:46):
make some currencies go completely flat and other currencies go wild.
And you've got to like take the rough and the
smooth and iron out your trading and be consistent over
a longer time period. And that's the focus I think
here that most people unfortunately don't get, and I suppose
in all fairness that comes from time and knowledge and

(05:08):
experience and confidence in your strategy and seeing it work
consistently as well. And you know, we're fortunate that we
have that in our trading. And you know, I think
another thing that I talk about all the time that's
going to massively help you when it comes to emotions
is making sure that every trade that you take has

(05:29):
the same risk percentage of your account. It doesn't matter
what the time frame, what the direction, how big the
stop loss is, how big the profit target is, how
long it's in the market for. If you have low
and controlled and known risk on every single trade that
you take, but also at the same time, your profits
are two three four times your risk, which between that

(05:52):
two and four is when like ninety percent of my
trades would fall into personally, and the way that we
trade and teach with profit targets, et cetera. And if
you have that, then that is part of the key
to success, having low controlled risk, which controls emotions, so
you're not worried if you have a few losing trades.
You know the over all your strategy is sound. Your

(06:14):
profitable trades are several times your risk. So if you
do have let's say an average of a pick a
three to one reward to risk ratio. If you've lost
two trades and then one at a three to one
on the other trade, then you back up to where
you started. But you've got a sixty six percent winning

(06:35):
sorry losing rate just on those three trades, So reward
to risk is massively important. Low controlled risk is also important.
If you like to find out more about how we
do this and how we can help you, I'll put
a link here to my short seventeen minute on demand
master class where you can find out more about how
we trade and teaching can help you. If you'd like

(06:56):
to book a call to talk to myself or one
of the team, up a link here as well for that.
And if you're out there looking for a very good,
high quality broker, I can highly recommend Blueberry Markets. They
offer the Empty four and especially the Empty five platform
which has so many more markets on it FORUXX and
non forescs, and I can highly recommend you consider having

(07:17):
a look at Bluebery Markets. If you're out there looking
for a good broker and a good trusted broker to
put your funds with, and anything else that you need,
please send me an email. Andrew at the Forest Trading
Coach dot com and I'll be glad to make a
weekly video on podcast like this on any topic that
you need help with. So once again, this is Andrew
here at the Forest Trading Coach. I see this time
next week. Happy Trading by Finney