Episode Details

Podcast:

Don’t try to become an overnight Forex millionaire

In this video:
00:25 – 2 parts to this week’s video
00:49 – People think they are going to become an overnight millionaire
02:00 – Too many assumptions
02:42 – Trade like a builder
04:25 – I’m holding 2 live webinars in person with Paul Tillman
05:25 – Register your interest for one of the webinars

Don’t try to become an overnight Forex millionaire. It’s not going to happen. Let’s talk about that and more right now.

Hey, Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 353.

2 parts to this week’s video

Two parts to this video and podcast this week. The first is all about the subject title about making sure that you try not to become an overnight millionaire. The second part is all about two very exciting webinars that I’m going to be holding shortly and I’d like to invite you to attend one or both of those. More about that soon. So let’s go back to the first part.

People think they are going to become an overnight millionaire

A big misconception with people getting into the Forex market is they think they’re going to become overnight millionaires. It is not going to happen. I can promise you that. It will not happen. The downside is, is that when you look online, you see flashy cars and people on beaches, all that type of thing. You’ve seen it everywhere and people get into trading thinking that their results are going to be instantly amazing. And look, I did it myself years ago. I used to go for walks, taking my kids in the pram or the stroller for a walk, just thinking in my head about compounding and multiplying figures and how much I was going to make.

But at that stage I was only on a smaller, like I think a $10,000 live account. But in my head, I was multiplying up this and if I take this crossing over that line and I’m going to make all this money and by the end of the month I’ll have this. You see the problem is that people think they’re going to become massively successful through trading, yet they’ve not even taken a handful of really good successful trades yet.

Too many assumptions

The other problem with that is you’re assuming a straight line. You’re assuming you’re always going to be profitable and most people when they make the assumptions like that, and they’re assuming they’re not taking any money out for living purposes, and also they’re assuming that they are risking far too much. Whereas in reality, you should be risking far less than most people place there on their trades.

The problem is that people with that emotion, when they