Why Your Last Trade Doesn’t Matter—Long Term Results Do



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#604: Why Your Last Trade Doesn’t Matter—Long Term Results Do

In this video:

00:33 – Trading is just like any other investment.

01:25 – Control your emotions.

02:00 – Become successful in the long run.

03:00 – Chasing the shiny object problem.

03:28 – Our strategy has long term proof.

05:20 – Keep your risk per trade low.

06:14 – High reward:risk trades.

06:44 – Get on my Forex Masterclass.

06:56 – Book a call to speak with us.

07:01 – Blueberry Markets as a Forex Broker.

Today, I’m going to talk about why you should focus on your long term results, rather than worrying about short term individual trades. It’s going to massively help you to become a successful trader in the long run. Let’s talk about that a more right now.

Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 604.

Trading is just like any other investment.

Today I want to talk about why I believe you should focus on your long term results. You see, trading is like any other investment. You’ve got to look at it as a bigger picture. And I find that far too many people get really caught up on, say, the last trade or the last few trades or even the last week’s trades.

And it creates a danger because, you know, in trading you could have a few lucky trades. You know, you could put some on that. Maybe not particularly. Exactly as your strategy suggests. But you get lucky and they end up winning. And you might have things like seasonal, time adjustments, time of the year when, you know, markets are a little bit flat or really, really good. And you’ve got to allow for all these things.

Control your emotions.

Because to me, there’s two things you have to control in your trading. Once your heart and the other in your head, those emotions are vital that you can control them properly. And the danger is, if you’re focusing on your last few trades, you can get massive buzzes and massive highs.

If you’ve like, done really well and had a few successful trades. Likewise, if you had a couple of losses in a row and things just don’t seem to be working out, you can get some real so lows and you’re thinking, oh, is this just all doom and gloom and not working? And that is where I see the issue.

Become successful in the long run.

You see any good trader with good trading skills and a good sound strategy and knowledge will be successful in the long run. And that’s where your focus needs to be. Because, you know, no investment is a straight line. Not every day are you going to make money as a trader? Not every week, sometimes. Not every month. And that’s part of the overall, you know, part of trading that you have to understand.

And that’s where the danger of focusing real short term, can create so many issues. And that’s why I find that so. And look, I used to do this myself years and years ago. I don’t know, luckily, because I worked out what works for me. But years ago, I used to chop and change systems. I used to, add this indicator used to over optimize this, buy this bit of software, automate this, you know strategy, buy the next book, whatever it was, you know, you going on, you know, forum sites and finding the latest, greatest idea. And of course, none of them work.

Chasing the shiny object problem.

And so that becomes the, the chasing, the shiny object, problem that so many people have. And that’s because they’re focusing on, well, one, they probably don’t have a good strategy and really know what they’re doing themselves, but also they’re focusing like what’s happening right now. Is this a couple of losing trades in a row?

Oh, get rid of that system. It’s terrible. It doesn’t work. On to the next thing. And I suppose that’s where we’re fortunate because.

Our strategy has long term proof.

Ever since I started coaching over 16 years ago, the strategy remains exactly the same. It’s because it’s based on good sound, technical analysis. And, you know, it works on all markets, all currency pairs, all timeframe charts.

And now other markets like the cryptos and indices, commodities, etc. on top. And so that is why we focus on that long term consistency. Because, you know, you wouldn’t go and buy an investment property and then you pay whatever you pay for it. Let’s say $500,000 and you’re going, oh my goodness, I’ve just had it valued.

And like the week after, it’s like 490 and 470, then 520, you know, you can’t, be an investor if that’s your kind of longer term goal. And be worried about the price of that property every week or every month. If you’re a longer term, you know, aim is to hold it and then gain from it and, and trading’s kind of the same.

You know, you’ve got to remove the emotions as best you can from your trading and look at your consistency over time when you iron out things like seasonal changes and political events and different things like that that happen that can make some currencies go completely flat and other currencies go wild, and you’ve got to like take the rough and the smooth and, and on your trading and be consistent over a longer, time period.

And that’s the focus, I think, here that most people unfortunately don’t get and, and I suppose in all fairness, that comes from time and knowledge and experience and confidence in your strategy and saying it work consistently as well. And, you know, we’re fortunate that we have that in our trading.

Keep your risk per trade low.

And, you know, I think another thing that I talk about all the time that’s going to massively help you, when it comes to emotions, is making sure that every trade that you take has the same risk percentage of your account.

It doesn’t matter what the time frame, what the direction, how big the stop loss is, how big the profit target is, how long it’s in the market for. If you have low and controlled and known risk on every single trade that you take, but also at the same time, your profits are two, three, four times your risk, which between that to enforce where I’m like 90% of my trade should fall into personally and the way that we trade