Episode Details

Podcast:

Having the Right Mindset to Trade Well

In this video:
00:29 – Controlling your emotions as a trader
01:12 – Made money every year since 2010
02:06 – The problem with a small sample of trades
02:42 – Look at the bigger picture
04:49 – Understanding win rates

Trade psychology is a massive part of trading, and it will make a huge difference to your overall success if you can master it. Let’s talk about that and more right now.

Hey, Forex traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 341.

Controlling your emotions as a trader

I want to talk about a very, very important topic, and it affects probably most all traders. It’s all about trade psychology, and how you can control your emotions, and how what goes on in your head has a massive impact on the overall outcome of your Forex trading journey, whether it’s going to be successful or not.

It comes down to a few things that you can do to help yourself and improve things. You see, unfortunately, as traders, most people expect instant results, winning trades, high win rates. They don’t like losses, they cannot accept losses, and they jump from system to system. Unfortunately, people do this all too often and all too quickly.

Made money every year since 2010

And I even see it here at The Forex Trading Coach. If you did absolutely nothing else, if you joined our course, did nothing else other than copy my daily trade suggestions each day of the week, which was going to take you five minutes once a day at most to do, you’d make money. Absolutely guarantee you’d make money, and how do I say guarantee that? I know that because since 2010, every single year, we have made money on those daily trade suggestions, and so it just shows how big an impact psychology and your mindset is because it doesn’t matter how many graphs I can show people of all these winning trades consistently over time. People still decide to offer a couple of losing trades to give up or to change systems, or it doesn’t work, and it’s a real shame because we’ve proven that.

The problem with a small sample of trades

You see, the problem is if you strike a system and have like a small sample of trades, and you have some winning trades, you think the system is marvellous. You strike that same system and have a small sample of a few losing trades. You may have been seeing all these previous fantastic trade results that someon