<h1>How to Avoid Common Forex Strategy Failures</h1>
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<h3>#577: How to Avoid Common Forex Strategy Failures</h3>
In this video:
00:25 – Failing trading strategies.
01:00 – A lack of trading knowledge.
02:09 – What is the actual price?
03:35 – A signal service website.
04:33 – What makes us different?
05:15 – 16 years of coaching.
06:01 &#8211; 17 minutes Masterclass and Book a Call.
06:21 – Blueberry Markets as a Forex Broker.
07:01 – Comments, Like & Subscribe.
Why is it that so many trading strategies fail to deliver? They look promising and then they fail? Let&#8217;s get into that a more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 577.
Failing trading strategies.
Today I want to talk about failing trading strategies. Why do so many strategies fail? You hear the stats out there like 90-95% of all people lose money when trading. So what is it about that the why? Why this strategy is just not working?
It&#8217;s quite annoying for people. You know, people would put a lot of time and effort into developing trading strategies. They do a lot of backtesting, a lot of research, and inevitably things go wrong when they take it live. So a few reasons.
A lack of trading knowledge.
One of the main reasons is actually a lack of trading common sense and knowledge within the strategy itself. And what I mean by that is a few things. A lot of people just fail to actually understand what is happening in the market right now. Actually, is it a good time to be trading right now based on what you&#8217;re seeing on the charts? And that, of course, can determine by the timeframe chart you&#8217;re trading, the time of day you&#8217;re trading the currency pair or even the market.
If you&#8217;re looking at cryptos or metals indices, etc.. But a lot of people just rely so much on a big mismatch of indicators. And this one crossing over that one and all these results look really cool. The indicators look really flashy and and look how I&#8217;ve done it myself. Years and years ago I did exactly that. I was over optimizing things.
I was making the perfect, you know, curve, results and and everything on paper was looking amazing until I took it live. And time after time after time, the strategy failed and I lost money. And it gets very frustrating because, as mentioned, people spend a lot of time trying to work out a strategy for them, but they fail to look at things like the price, the obvious thing, like what is the price right now?
The amount of times I see people like selling signals and services. And as an example, there&#8217;s a big right number in the way, and they&#8217;re taking it buy trade straight into that round number. Like why would you do that? That just makes no sense to me. But whether that&#8217;s an automated system or that&#8217;s because this line crossed over that line and it says buy now that&#8217;s what they do.
What is the actual price?  
They fail to look at the right hand side and go, that&#8217;s a round number. And oh, let&#8217;s have a look back through history. You wouldn&#8217;t believe it. But every time that round number has been hit in the past multiple currencies, it hits that level and falls away again. So guess what&#8217;s likely to happen right now? It&#8217;s likely to head back up there and drop away again.
And so if you understand candles and you have a strategy that looks at the price and understands what&#8217;s happening in the market, you can look at that and say, I think is a great opportunity for sell trade here.
My longer term might be down. You know, all these things that we look at could be saying a sell trade but a lot of other people were looking at this and they&#8217;re crossing over, something&#8217;s crossing over another line and they&#8217;re just taking it by trade just willy nilly, because this line&#8217;s crossed over that line and that&#8217;s their strategy.
Now, when they developed that strategy, they probably tested it, back tested it, curve fitted it, over optimize it. And it worked beautifully again until they take it live.
A signal service website.
Give you another example. A few weeks ago I was suggested to have a look at a signal service website where there was some really quite good results.
And I was very careful and very particular with the signals that I trialed and I purchased, because I made sure that I chose ones that had very low drawdowns and put a combination together that was very low in its risk. And to be honest, for the first few weeks it was actually going okay. And then guess what? The market changed and a currency pair started to fall.
And it kept buying and buying and buying and 2 or 3 strategies combined all went wrong. And in the end it lost a big chunk of my capital. Luckily I was only on a relatively small account and just demoing. Well, not live money, but, you know, just experimenting with it. But it just lost and it just showed me yet again that you should never really rely on a system that you don&#8217;t know how it&#8217;s traded.
What makes us different?
And that, again, comes back to how we trade and why I believe what we do is so exceptionally good, and how our traders and our clients become so successful because they understand what it is they are doing. They know when to enter the market. They know exactly where to enter and exit. They know why they&#8217;re doing it. They know when to look at the charts.
They know which charts in which trades and which pairs to avoid. When the market is going sideways and there&#8217;s nothing happening. They understand strength and weakness within currencies. They have some support and some help. And you put all that together with a very well proven strategy that we&#8217;ve been teaching now for coming on close on 16 years this year.
16 years of coaching.
Now, if you want proof of longevity against an across market, across different time frames, across trading conditions, that&#8217;s what you need. And again, it comes back to the basics. And we look at price action. We look at the price we look at. Are there more buyers or sellers in the market right now? Which way is the market moving. Has it hit a certain level? Is it likely to bounce there again? Have we got room to our profit target? Have we got protection for our stop loss? Do we have high reward to risk on our trades? Do we have low risk per trade. All these things put together, it&#8217;s like a broken record going round around around again.
I&#8217;ve said it for 577 videos and podcasts right now because it&#8217;s something you&#8217;ve got to get right within your trading because it works.
17 minutes Masterclass and Book a Call.
So if you&#8217;d like to find out more about how we do that, I really encourage you to jump on to my masterclass. If you&#8217;d like to book a call with us to discover for a good fit for each other, I&#8217;ll put a link so you can have a free consultation with myself, one of the team, to just discuss what we do and how we can help you in to see if we&#8217;re a good match for each other.
And lastly, if you&#8217;re out there looking for a very good quality broker, I can highly recommend Blueberry Markets. They have a brilliant array of markets. More and more cryptos as well coming on board right now. I see they&#8217;ve just taken on the Trump USD crypto a few weeks ago. There&#8217;s, there&#8217;s more forex pairs in a more exotic and minor pairs coming on board, more metals, more indices.
Blueberry Markets as a Forex Broker.
There&#8217;s just so many markets that, Blueberry Markets have on their MT5 platform. So I&#8217;ll put a link to them as well. Not only that, they are incredibly good, highly responsive group of people that work there as well. Top, top people. So, I can highly recommend Blueberry Markets.
Comments, Like & Subscribe.
Any questions you have, about this video and future videos and podcasts that you&#8217;d like me to discuss, topics that you&#8217;re struggling with.
Send me an email, Andrew@TheForexTradingCoach.com. If you&#8217;re watching, don&#8217;t forget to like and subscribe or share the video or share the podcast. I see you this time next week. Bye for now.
<h2>Episode Title: #577: How to Avoid Common Forex Strategy Failures</h2>
<hr />
<h4 style="text-align: center;"><a style="color: #008000; text-decoration: underline;" href="https://portal.blueberrymarkets.com/en/sign-up?referralCode=t90r3z11a" target="_blank" rel="noopener">Find out more about Blueberry Markets – Click Here</a></h4>
<h4 style="text-align: center;"><a style="color: #008000; text-decoration: underline;" href="https://theforextradingcoach.com/online_video_coaching_forex_course.html" target="_blank" rel="noopener">Find out more about my Online Video Forex Course</a></h4>
<h4 style="text-align: center;"><a style="color: #008000; text-decoration: underline;" href="https://theforextradingcoach.com/call-application" target="_blank" rel="noopener">Book a Call with Andrew or one of his team now</a></h4>
<h4 style="text-align: center;"><a style="color: #008000; text-decoration: underline;" href="https://theforextradingcoach.com/propfirm-masterclass/" target="_blank" rel="noopener">Click Here to Watch Prop Firm Masterclass</a></h4>

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