#474: Do You Lack The Capital to Trade Well?


Manage episode 342165794 series 2496869
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Do You Lack The Capital to Trade Well? Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #474: Do You Lack The Capital to Trade Well? In this video: 00:23 – Do you lack capital to trade well? 01:20 – Control your heart and your head 01:46 – Learn how to trade first 02:56 – Understanding the markets 03:36 – Going to University 04:05 – Get yourself into Prop firm trading 06:05 – Blueberry Markets 06:38 – The Successful Trader System Is a lack of trading capital one of your biggest problems that you face in order to become a successful trader? If that sounds like you, listen up, I've got some great tips and information to really help you. Hi, everybody. It's Andrew Mitchem here at The Forex Trading Coach with video and podcast number 474. Do you lack capital to trade well? Now, if lack of capital is one of the issues that you have as a trader, I've just got some great tips to help you. Because every day, I get email from people that say, "How much do I need in my trading account in order to give up my job? How much do I need in my trading account to be able to pay for your course? I don't have enough money. If I pay for your course, it's going to drain my existing trading account. I don't have any extra spare cash to put into it. I'm worried that if I start off with five or 10 grand, I don't have anything else to add. I'm worried if I start with too much even, then I'm going to lose money and I'm going to be scared and not want to trade again." So it's all these kind of money-related issues going round in the heads of pretty much everybody out there looking to trade. Control your heart and your head Now, I always say there's two things you need to control in your trading, one is your heart and the other is your head. You need to get both of those two under control. To do that, you need things like a strategy. You need mentorship. You need assistance, support to know what you're doing, low-risk money management, all those type of things. But the problem is if you haven't got enough money to start with, people feel that none of that matters, whereas in reality, it should be the opposite. Learn how to trade first You see, to me, the most important thing right now for you to do is to learn how to trade. Your account size today, how much money you have available of your own personal money to trade within your account right now or even to look at adding to your account is completely and utterly irrelevant. It has almost zero bearing on whether you can learn how to trade properly. You see, you flip it the other way around. You could come to me and go, "Andrew, I've got a million dollars. Send in my account and I'm ready to start trading. I'm a multi multimillionaire. I'm just going to throw a million dollars at it and see what happens." You can guarantee that that person is also going to lose money, lose confidence, and give up trading. So it really doesn't matter if a thousand dollars is a massive amount to you or a million dollars is a tiny amount, does not matter one little bit unless you know how to trade properly. So that's why I say you this, the size of your account, the size of your capital, your wealth, all of that is completely and utterly irrelevant unless you know what you're doing and how to trade. Understanding the markets So it comes down to understanding the market, knowing what to look for, and trading properly. Because you see, a lot of people go, "Andrew, you talk about a half percent risk. I've got a thousand-dollar account. That's $5 I'm risking per trade and I might be making $10, $15. That's not enough to live on." Again, completely and utterly irrelevant. It does not matter today. The thing that you have to learn to do is to learn how to trade properly, consistent with low drawdown and high consistency, high reward to risk trades. If you can do that properly first,

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