A client asked me if I coach forex trading. I politely said no. They asked why not?
I had to give an honest answer.
I don’t have the time to watch screens of data and the probability of the market swinging against me while I have a five minute break are just too great. I also don’t like the leverage that is applied in forex accounts. You can literally be wiped out in a flash.
Don’t get me wrong, I know a lot of wealthy and experienced forex traders. But they are professionals. Not hobbyists. They usually have accumulated years and years of skills and experience and can read trends better than anyone. And they don’t take enormous risks. To them capital protection is the first commandment. They have to come back tomorrow.
Most forex traders I met on my travels are amateurs. They are usually professionals in another life and forex trading was promised to them as the holy grail to financial security. After a few easy wins some arrogance appears in their psyche and they start taking bigger and bigger bets until…..poof! the accumulated profit over the past few months is wiped out by a move they could not see.
I tried my luck at forex in 2008 and although I made some profits I found it required too much work. And you remain vulnerable to the blindside swipes of the forex markets.
Forex trading is as much temperament as it is skill and practice. Sometimes doing something like forex as a hobby is financial suicide. I don’t get why people would want to do it.
The financial trading methods and strategies that I teach are there to prevent you from sitting in front of a screen watching numbers pop up and down. Your financial plan and strategy should be part of your life not your whole existence. My approach has empirical evidence of its success and the methods can be reduced to simple learning blocks that anyone can apply.
Having said that, I don’t just coach anyone. I only coach people who are serious about making a real difference to their financial life. This is not about people having to have a lot of cash to start – I work with clients from all over the world – people with millions and people without millions.
They all have one thing in common.
They are tired of being sold a pipe dream by their advisors. They want regular tangible results and they want proof on regular basis that they are moving in their chosen right direction. Our plan requires monitoring and reporting on a weekly basis because we don’t like surprises.
Do you monitor your portfolio on a weekly basis? What actions do you take when your plan is not working? Hope and pray it turns around? Phone your advisor and be told to “calm down”? Buy more? Sell?
Your actions will determine your outcome. Sometimes we need to have someone next to us that we can call when things go wrong who can objectively help you through the “crisis”.
Be careful who you put next to you in these times. Choose wisely.