#353: Don’t try to become an overnight Forex millionaire

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Podcast:

Don’t try to become an overnight Forex millionaire

In this video:

00:25 – 2 parts to this week’s video

00:49 – People think they are going to become an overnight millionaire

02:00 – Too many assumptions

02:42 – Trade like a builder

04:25 – I’m holding 2 live webinars in person with Paul Tillman

05:25 – Register your interest for one of the webinars

Don’t try to become an overnight Forex millionaire. It’s not going to happen. Let’s talk about that and more right now.

Hey, Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 353.

2 parts to this week’s video

Two parts to this video and podcast this week. The first is all about the subject title about making sure that you try not to become an overnight millionaire. The second part is all about two very exciting webinars that I’m going to be holding shortly and I’d like to invite you to attend one or both of those. More about that soon. So let’s go back to the first part.

People think they are going to become an overnight millionaire

A big misconception with people getting into the Forex market is they think they’re going to become overnight millionaires. It is not going to happen. I can promise you that. It will not happen. The downside is, is that when you look online, you see flashy cars and people on beaches, all that type of thing. You’ve seen it everywhere and people get into trading thinking that their results are going to be instantly amazing. And look, I did it myself years ago. I used to go for walks, taking my kids in the pram or the stroller for a walk, just thinking in my head about compounding and multiplying figures and how much I was going to make.

But at that stage I was only on a smaller, like I think a $10,000 live account. But in my head, I was multiplying up this and if I take this crossing over that line and I’m going to make all this money and by the end of the month I’ll have this. You see the problem is that people think they’re going to become massively successful through trading, yet they’ve not even taken a handful of really good successful trades yet.

Too many assumptions

The other problem with that is you’re assuming a straight line. You’re assuming you’re always going to be profitable and most people when they make the assumptions like that, and they’re assuming they’re not taking any money out for living purposes, and also they’re assuming that they are risking far too much. Whereas in reality, you should be risking far less than most people place there on their trades.

The problem is that people with that emotion, when they don’t see that happening in real time, is they get despondent, blame the system, blame the market, blame the broker and you know, give up. You get the picture.

Trade like a builder

So think of it this way. Look at say like being a builder. If you start and you’ve got no building knowledge whatsoever but you want to become a builder, whether you’re young kid leaving school or whatever age you might be, I want to become a builder. So what do you have to do?

Well everybody has to start at the beginning. You may have to do some form of course qualification, a practical course, written course, and then you start as an apprentice. You start with the hammer and the nails and you’re making the teas and the coffees and you’re doing all that basic groundwork to understand the basics of what it is that goes on with on a building site. Then you build up and you might get more responsibility and you start looking at plans and understanding things and making orders for different parts and cutting and joining and working with other industries, like the plumbers, electricians, the concrete guys, all that type of thing, the roofers. It just goes on from there.

Then over time you become like the lead builder, the head man, the foreman calling him what you want. Then eventually you might have your own building company and then start having people staff underneath it. But you get the picture of the layering up.

Now the reality is that if you want to become a good trader, you have to do that. You have to do that ground work, that basics. It’s a harsh but true reality of it because it’s like anything, you have to do that homework and wanting to become or thinking that you’re going to become an overnight instant millionaire from your trading, it’s a ridiculous concept when you think about it, but unfortunately that’s how I did and that’s how most other people think of their trading.

I’m holding 2 live webinars in person with Paul Tillman

So part two of the video and podcast to help you with that. I’m really excited because I’m sure you’re aware that I worked with a few people around the world. Now one of those is called Paul Tillman. Now Paul lives in North Carolina over in America. Now next week, Paul and his family are coming to visit. They’re coming to stay with me here in Nelson for a couple of weeks. We are really excited to have them here. I’ve been to America and done some training with Paul in North Carolina and Washington a couple of years ago. However Paul is coming here purely for a holiday vacation but we’re going to be doing a little bit of trading, you know while I’m showing him around taking him for fly, all those types of things.

Now as part of that, Paul has kindly offered his time and what we are going to be doing is holding two live, one hour webinars, free of charge, no selling whatsoever. Just 100% good solid trading information to help you.

Register your interest for one of the webinars

So what I’ve done is I’ve put together a webpage where you can register for either one or both of those webinars and on that, what I’m asking you to do is type in on that form where you register, your single biggest Forex trading issue or your biggest problem.

What do you most need help with? Because what we want to do is make these two webinars absolute dynamite. We want to make them amazingly full of fantastic, realistic, practical content. You know, I’ve been trading for 16 years. Paul has been trading for 14 years. Take advantage of 30 years of Forex trading knowledge and information of trading and teaching that we can impart to you.

Support is going to be right here. We’re going to be on the screens behind me here. The two of us live together in-person here in Nelson, in New Zealand, talking to you on two live webinars. Take advantage of them. Type in your question. Pick one or both of those webinars, whichever you’d like to get to. One’s going to be in my evening, ones in my morning, so a covering like our bases, wherever you live. If you live in Europe, you’re going to have a morning and evening session. If you live in America, probably an afternoon and a morning session. Wherever you live, the time zones, the countdown clock to will beyond there. Ask us your single biggest or let us help you with your single biggest Forex trading issue because these will be complete.

Like I said, absolute dynamite gold content, no selling whatsoever. There’s no at the end of the webinar, here’s a discounted link. None of that. Purely Forex information. The links will be on this page below this video somewhere. Take advantage of it.

So part one, don’t expect your trading to suddenly become, make you an overnight millionaire.

Part two, we’re here to help with the practical webinars. See you this time next week. Bye for now.