#645: The Trading Mistake That Cost Him 5 Prop Firm Accounts

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#645: The Trading Mistake That Cost Him 5 Prop Firm Accounts

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The Trading Mistake That Cost Him 5 Prop Firm Accounts Podcast: 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 Attend my Free Masterclass #645: The Trading Mistake That Cost Him 5 Prop Firm Accounts In this video: 00:26 – Remember hearing about Aesop’s fables? 01:33 – Trading luck on a demo account. 02:40 – Prop firm account failures. 03:42 – When I started trading, I had no idea what I was doing. 04:38 – Trading is harder than you think. 05:13 – Avoid the mistakes and view my Masterclass. 06:04 – Blueberry Markets as a Forex Broker. 06:22 – Questions, Like, share and subscribe. Have you ever confused trading skill with trading luck? I know I used to do it. I’m sure you’ve done it. And I’ve got a great story to share with you. Let’s get into that more right now. Hey there, Trader! Andrew here at The Forex Trading Coach with video and podcast number 645. Remember hearing about Aesop’s fables? Do you remember as a kid you may have heard about Aesop’s Fables? Well, I’ve got a story to tell you today that’s a true story, and it’s about confusing trading skill and trading luck. A number of months ago, I received an email from somebody who was saying, “I don’t need to learn how to trade. I know how to trade, and I don’t need your course because I know how to trade.” And I was thinking, why is this person telling me this? Why are they wasting their time, or my time, telling me this? So I had a little look online at our database, and I saw this person had been on our masterclass. They’d downloaded my book and calculator, they’d been opening emails all the time, and I thought, that’s strange. Why is this person so interested in what we do if they’re so good? And it’s fine if they’re really good. Good on you, go for it. So I wrote back to him and said, “Look, that’s absolutely fine. But keep in touch. If you want to send me some details, I will have a look.” So he sent me his account details. Trading luck on a demo account. Of course, it was a demo account. All I could see was trading luck. I couldn’t see any skill there. Now, of course, I couldn’t tell his strategy and how he was taking the trades, but I could see the results. And yes, there were some very good trades on there in terms of monetary value. But when I looked at the risk and the stop losses and that type of thing, it was a complete fluke. I didn’t quite tell him that in those exact words, but I said, “Look, it looks like your money management and your risk management are not great. They could be improved. We could certainly help you there. Have a look at some of my free videos.” And I left it at that. He wrote back and told me, “Well, I certainly don’t need your help.” So this went around in circles. I was getting a little bit confused. I’m trying to help someone, they didn’t seem to want the help, but they kept writing anyway. I said, “Well, good luck.” And he wrote back and said, “I’m going to be a successful trader trading prop firms.” So I said, “Oh well, again, keep in touch if you really want to, but good luck. Off you go.” Prop firm account failures. Now, just this week I received an email from him saying that he has failed 5 $100,000 prop firm trials. They’ve cost him about $550 USD each, so you can see how much he’s spent. And he’s not made a single penny out of it. It’s no surprise to me because, obviously, to pass a prop firm you’ve got to have low risk and low drawdown. You could see clearly this guy was never going to do that if he continued to trade the same way. So I kind of felt like going back and saying, “Well, I told you so.” I also kind of felt like thinking, “Well, if you’ve just spent 5 lots of $550 USD, for way less than that you could have jumped on our course and be trading the way that we trade, with low risk and following what we do.” I didn’t tell him that, but I kind of felt it, and he’s probably got that feeling himself. So when I think about Aesop’s Fables, it’s like you learn the hard way. A lot of those stories are the same. When I started trading, I had no idea what I was doing. When I started trading, I had no idea what I was doing. Look, I’m not saying I’m immune to this. When I started trading, I did exactly the same. I was trading on a demo account, and I was just randomly putting positions on here, there, and all over the place. Most of the time, no stop losses, just random lot sizes of 1.00 lots because I thought that’s what I should do. I’ve looked at a lot of good trades as well. I distinctly remember showing friends at the time and saying, “I’m going to be a full-time currency trader because look at all these trades I’ve made. I’ve just turned a $100,000 demo account into like half a million dollars in about a month. Look at me.” And I did well. ...

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