Andrew Mitchem is not your usual Forex expert, he was a professional dairy farmer in New Zealand for several years before he looked for opportunities that would allow him to double up as a provider and a full-time dad to a young son.
It was only around 2003 when Mitchem heard a radio advertisement about a Forex trading course. Today, Mitchem considers taking that course a turning point in his life.
Not only does he have a decades-long successful Forex career but he is also one that has helped new and seasoned traders alike to gain from his trading experience.
Mitchem who runs a series of training courses online for both novice and seasoned traders says most training is not hard even if the person starting out doesn’t have any kind of technical background.
Poorly planned trades, unhelpful e-books, and trading robots that promised to unlock the door to successful trading are a complete no-no for Mitchem’s students. Instead, what every trader need to have are “some common sense, a will to learn, to invest money and time in yourself and learning is a must. Some maths ability is also useful,” he explains to us.
Normally, the courses are taught in-person; one-on-one and in small groups. But now everything has pivoted online. Training remotely means Mitchem can help even more people and keep the cost down for students since travel is not needed. It also means that anyone sitting anywhere on the planet can join his classes. And therefore, trade Forex.
One question that often comes up in his classes is how critical it is to find a good broker. The answer is a no-brainer, he adds. It isn’t just about finding a good strategy or education company but investing in oneself that is key, he feels.
A good broker is vital, he insists. “I get asked this all of the time. Spreads, service and reliability of the funds are important. They must also offer multiple currencies so traders can trade in their own currency, keep spreads consistently low, have great customer service…”
“…I met Dean (Hyde) in person, I had good service from them personally as a trader and excellent customer service that is quick. Since it is not too big, you know who you are dealing with,” he says.
He adds, “You need to find likeminded people to help you, a trading community is important and seeking help from a real trader is important.”
Mitchem emphasizes how important trade psychology is. Being patient is number one, of course. That also means you must not become too emotional and be willing to keep trying and sticking to your plan without being tempted to gamble.
“Be willing to learn and work out what works for you. Being emotional, erratic and wanting to blame the market is common. Not having a plan or sticking to one; revenge trading, chopping and changing systems all the time, chasing the next shiny object can land you in trouble.” In other words, he insists on not getting emotional about trades and develop a strategy that you can trust.
And it isn’t difficult to achieve once the trader has developed a system that works for them, in terms of when to trade and how to go about it. “Principles needed for me are low risk per trade and high reward/ risk trades,” he suggests.
And Mitchem is bullish about Forex trading in a post-pandemic world. He doesn’t believe there is any recession coming and even if there was, he asks, why would a trader want to play safe?
“Surely, you’d want to future proof yourself and learn how to trade well, so recession or not, you are in control of your finances,” adds Mitchem.
So, is it a boon for the trade that more and more people want to work from home? Yes, absolutely, he says. They are realising that relying solely on a traditional job is not a good idea.