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#636: The Trading Mistake That’s Costing Beginners Years of Progress

#636: The Trading Mistake That’s Costing Beginners Years of Progress

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The Trading Mistake That’s Costing Beginners Years of Progress 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 #636: The Trading Mistake That’s Costing Beginners Years of Progress In this video: 00:29 – We don’t spend all day looking at charts. 00:40 – Learning how to trade properly. 01:22 – The elephant is too big to eat at once. 02:30 – Little and often is the fastest way to learn. 03:24 – Don’t compare yourself with an experienced trader. 04:17 – You won’t become a full-time trader by next week. 05:22 – Bradley’s video testimonial. 06:12 – Blueberry Markets as a Forex Broker. 07:00 – Find someone to follow. How do you eat an elephant? Well, you eat it in the same way as you learn to trade the forex market. I’m going to share details about how you can eat the elephant and learn to trade properly in this week’s video and podcast. Let’s get into it right now. Andrew Mitchem here, The Forex Trading Coach with video and podcast number 636. We don’t spend all day looking at charts. Outside on another beautiful winter’s day here in Nelson in New Zealand. The beauty of trading, of course, is that you are not sitting looking at your charts all day. Learning how to trade properly. But the issue that people have is that they don’t know how to start. And so I liken learning to trade as the same as the phrase that you may have heard, and that is how do you eat an elephant? You see, the way that you eat an elephant, not that you’re going to, is 1 bite at a time. And learning to trade forex is exactly the same. You know, many people look at trading and they get overwhelmed with the information out there, you know, charts and indicators and news and not understanding risk management, psychology behind trading, all these things. And the mistake that I see so many people out there doing is they try to learn it all at once. The elephant is too big to eat at once. So the issue that you have to come back to when you’re thinking of the elephant is the elephant’s too big. So you can’t do this all in 1 go. You have to understand what it is that you need to do in order to tackle that elephant, or in this case, the forex market. And you see what people end up doing is they jump from 1 strategy to another. They try to master everything straight away and they get information overload. They become frustrated and it just doesn’t work. So going back to the 1 bite at a time, learn things piece by piece. Learn how the market moves. Break things down. Look at the price. You know how many people, how many of you out there watching or listening to this don’t actually look at the price? I bet there’s a lot of you. Understand risk management. Understand what things like support and resistance are. Understand the movement of different times of the day or the different currency pairs, how they react. Do they react to news announcements or not, or how do they correlate between each other? All these type of things break it down to eating or in this case, learning 1 thing at a time. Little and often is the fastest way to learn. Now consistency beats intensity, and what I mean by that is by doing little bits often, you will soon be amazed how you will soon pick up things. You know you can’t go there eating this elephant in just 1 meal. You’re not going to just keep taking 1 mouthful at a time and expect to eat the elephant. Likewise, you can’t just sit there and cram all this information in like just in a few days and expect to become as good as someone that’s been doing this for a long time. And right now, as an example, I’m, you know, trying to get better at singing, trying to get better at learning to play the guitar. So I’m doing regular lessons online, and I’m learning and doing little bits at a time, learning bar chords. So if you’ve ever played a guitar, you know how difficult bar chords are and what they mean on the fretboard. This is exactly the same. Learn a little bit, say 30 minutes a day when you can to learn these parts and things will soon start to come together. Don’t compare yourself with an experienced trader. The other important thing is not to compare what you are doing and what you’re learning with someone that’s been doing this for a long time. You can’t, for example, look at my trading knowledge and experience and expect to be at that level straight away because I’ve been doing this for like 21-plus years every day. And, you know, but when I started, you know, it was all new. When I started, there was nowhere near the help that there is today. So don’t go out there comparing yourself with real traders or what you perceive online with the TikTokers and, you know, the barely-out-of-school type of people that have traded for a week and tell you how good they are. Whichever ones you’re...
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