Why the Trading Tortoise Always Wins the Race

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#549: Why the Trading Tortoise Always Wins the Race

In this video:
00:29 – We’re halfway through the year.
00:45 – Most people rush into trading too quickly.
01:30 – The Hare and the Tortoise.
02:36 – The rise of Prop firms and the pitfalls.
03:39 – Making mistakes.
04:10 – View my 17 minute Masterclass & book a call with us.
04:30 – Blueberry Markets as a Forex Broker.
04:47 – Comments, Like & Subscribe.

Today, I’m going to talk about why the trading tortoise always wins the race. The slow and steady approach is the way that you are going to become a profitable long term forex trader. Let’s get into that more right now.

Hey there traders is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 549.

We’re halfway through the year.

Middle of winter here in New Zealand in June and we’re already halfway through the year. But on a cracking day like this, I had to get outside to make the video today. One the enjoyments of trading and working from home. So in terms of trading.

Most people rush into trading too quickly.

Obviously everybody wants to be profitable. When people get into trading, they generally want to get into it pretty quick. Bit of a hiss and a roar.

I had an email just last night from someone that said, Hey Andrew, I’m ready to give up on trading. We can go in for three months and it’s just not working. I’m going to close my account. And I wrote back to him and said, Look, my your absolute brand new, complete novice beginner, three months, you know, nothing at three months. And so I explained to him that, you know, if you’re going to take this trading business seriously, you can’t be like all up and down like that.

You can’t be hot and cold like that. It’s, you know, and that’s where it comes back to the title said about, you know, the tortoise wins the race.

The Hare and the Tortoise.   

You remember the story about the hare and the tortoise probably learned it as a kid. You know how you know, everybody wants to be the hare. They all want to run off and get done really quick.

No effort, you know, no background work and trading’s exactly the same. And I say all the time, this guy last night was a classic example. Absolutely classic example. You know, three months. I know it all and it’s not working and it’s the market’s fault. No, it’s your fault. And the reality is that, you know, you do need to take that slow, steady tortoise approach, because if you’re going to do this, like I’ve been doing this 20 years and it took me four years to get anywhere.

So I can promise I understand the frustrations of being a few months into it and it’s not working, but also someone that’s been around for probably longer than anybody else, you know, or listen to or view. I can tell you the approach that’s going to work properly long term. So that would be my advice. The slow, steady approach.

The rise of Prop firms and the pitfalls.

The reason or one of the reasons is that as well, a lot of people want to get into prop firms these days, which is absolutely fantastic. And I’m going to be putting out some information very shortly about how we can help you to get into prop firms. I think for the right person, they’re an absolute fantastic way of making substantial gains from your trading.

But again, if you’re out there being the hare trying to rush into a prop firm after a week, if you’re out there taking like silly risks, trying to pass the prop firm, it’s not going to work. And ultimately the aim of trading is not to lose capital, it’s to preserve funds, whether it’s your own money. And it hurts when it’s your own money, when it goes wrong.

If it’s a prop firm, it’s their money. It’s not your money. They have drawdown rules and limitations for a reason. So respect that and work out how you can make your trading work while keeping within those rules. And that again comes back to the tortoise approach. Very low risk, steady, consistent trading will get you through not only be a good trader, but a profitable prop firm trader. If that’s the route that you want to go down,

Making mistakes.

Making silly mistakes, blaming, you know, the market conditions, all those type of things, you have to accept that different market conditions require to trade differently. When the conditions are good. And if you have a trending system and the market is trending on multiple pairs, take the trades. If the market’s quiet is not really happening, then don’t take the trades.

You know, it comes down to common sense and and trading what the market is presenting you with at the time. So being consistent, you will win. And that’s really how you going to get ahead in your trading. So I hope that helps.

View my 17 minute Masterclass & book a call with us.

If you would like to jump on my 17 minute masterclass, we really shorten the masterclass down. It’s an on demand prerecorded so you can just jump on and watch it when you have 17-20 minutes to to jump on board. I’ll put the link to that.

If you’d like to book a call, like a live call with myself or one of my team up on link to that as well.

Blueberry Markets as a Forex Broker.

And if you’re out there looking for a very good Forex broker, I can highly recommend Blueberry Markets. Their MT5 platform has so many markets great spreads, really good bunch of people. And I’ve been dealing with Blueberry Markets, as have a lot of people. I’ve sent their way for many, many years. So have a look on the links provided as well.

Comments, Like & Subscribe.

Don’t forget to like and subscribe or share the video if you’re watching it. Any topics you’d like me to cover on Future Videos Podcast. Just like this to send me an email, leave a comment or email me Andrew@theforextradingcoach.com and I’ll see you this time next week. Bye for now!

Episode Title: #549: Why the Trading Tortoise Always Wins the Race

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 Watch Prop Firm Masterclass

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