Episode Details

The Trading Mistake That Keeps You Broke  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 #632: The Trading Mistake That Keeps You Broke In this video: 00:28 – Too many traders simply over trade. 01:20 – We have so much access to charts. 03:19 – Don’t break your trading strategy and rules. 03:44 – Blueberry Markets as a good broker choice. 04:15 – Bali trading retreat. 05:05 – Don’t force trades. Overtrading can be the absolute killer for many people. And this week's been a perfect example of why you should not do that. I want to discuss that and more with you right now. Hey there traders! Andrew Mitchem here at The Forex Trading Coach. Outside another beautiful day with video and podcast number 632. Too many traders simply over trade. Now overtrading is a problem that so many people have. You know people get into trading and they want look at the charts. They want to be taking positions. They're seeing this indicator jump over that one on this dot appear here. And all these different things that look really, really cool. And they go down to very short time frame charts. And they're so desperate to see trades. And look, I get it. I used to be like that years ago. Don't forget, when I started we were on dial up internet and when 1 gigabyte a month was a huge data plan. And so when I jumped on the computer and finally got the internet to work. You know, if you my age, you'll understand and remember the old sound of the dial up internet. The issue that we had then is that because now I'm now online, the kids are asleep type of thing, and now I've got a bit of time. I'm forcing a trade. We have so much access to charts. And today we almost have the same problem, but a different scenario that we have so much access to everything. And you can just look on your phone or, you know, and you can just jump online at any stage and you're forcing trades to happen. And sometimes the very best thing you can do is not to trade. Now, this particular week has been a terrible week for trading. It's just been like nothing's showing up on the charts. Very few trades I think I've taken 4 trades and it's now Thursday and there's hardly anything happening. It's day after day of scanning through the charts. Just quickly go no, there's nothing there. And so while sometimes that can feel frustrating, you've got to remember that there is no point in taking a trade just for the sake of taking a trade. All you're doing is giving yourself a really good chance of losing, and you're feeding your broker more what I call clicky click fees. You know, more commission fees for entering the trade and it's going against your trading plan that's going against what you know that you should really do. But you feel as a trader, whether you're on a prop firm or you're on an account, you feel that the only way you're going to grow your account is obviously to take trades. But the reality is in these market situations, less really is more. The market's been very volatile, obviously with all the things happening in the world. And that's just getting reflected on the charts with lots of absolute flat, no movement, just day after day after day. And so now of course, there have been some trades and a few trades, but like in general it's been a terrible week for trading. And so as mentioned, just to accept it, it's part of trading next week will probably be absolutely brilliant. And it's just the way it is. So you can't change it. You can't like manipulate the market. You can't do any of these things. You just got to go with what you presented at the time. So the takeaway lesson and the key of this video is that, you know, trading sometimes is not exciting. And that's the reality of it. And you've got to accept that if you're a real trader. Don’t break your trading strategy and rules. Don't over trade, don't