#381: Trading in Preparation for Retirement

Trading in Preparation for Retirement

Podcast:

#381: Trading in Preparation for Retirement

In this video:
00:27 – Preparing for retirement
01:23 – The traditional way has disappeared
02:07 – Recent examples
03:47 – Results from a client in Germany
04:39 – What can you do today to prepare for retirement?
05:30 – Contact me at andrew@theforextradingcoach.com

Are you looking to trade the Forex Market as a way to help you through retirement? Let’s talk about that and more right now.

Hey Forex traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 381.

Preparing for retirement

I want to talk about helping people in retirement. And the reason I want to do that is I was amazed at the recent survey that I held recently with a number of people who replied back who are over 50 years old. And it got me thinking about why people want to trade and want to learn how to trade. Now, obviously, the traditional ways of earning money a number of years ago, you potentially could have funds in a saving account or even a retirement account. And obviously, those type of saving accounts have just crashed. Savings accounts, interest rates through banks, and traditional means are just not what they used to be and you cannot rely on them any longer. And the likelihood going forward, at least for the next five plus years, is the interest rates aren’t going to do a lot, regardless of where you live in the world.

The traditional way has disappeared

So, one of the traditional safe ways of having some funds and building up a retirement fund, have now gone. And for a lot of other people who are younger, then obviously property is potentially an option for some people. But as you get 50 and beyond, you either don’t want to take on that kind of debt, you may not be able to take on that kind of debt through the bank rules, or you may be at that stage where maybe you’re 60 or older and you’re thinking, “Well, property and making some money in property in maybe 10 years time isn’t what I need today. I need to make something today.” And that’s where we come back to the Forex Market.

Recent examples

Now, a couple of things I want to talk to you about is that… The first one is last night, I held a live two hour webinar, in fact it went for two and a half hours, with my clients like we hold each week. And on that, I invited a client of mine who’s been trading since 2014, called Michelle, who lives over in New South Wales in Australia. And she came on to the webinar and talked for about half an hour and just gave some amazing information, and I didn’t know it at the time, but Michelle is a retired nurse. I didn’t know her complete background, but she explained why she got into trading, and then she took a break, and then why she got back into it again, and how she’s now trading. But what Michelle’s doing, which was fascinating, is she is a believer of the philosophy that to become an expert at something, you need to do it at least 10,000 times.

And so, Michelle has some back testing software and she’s testing, going through almost like in real time but through back testing my strategy, looking at different candle patterns, plus of course ongoing she’s taking trades in real time. She said she was up to about 6,500 trades now of her 10,000 trade plan. But what it’s doing, it’s allowing her to trade, initially DMO, now live. But when she gets to that 10,000 and she’s consistently profitable and making really good money. She said in her own words, that she will be then happy to then trade live account as her income for retirement, and so that is an exceptionally good thing to do. And if you have a plan, it can be achieved.

Results from a client in Germany

Another thing I wanted to discuss with you, or talk to you about, is an email that I received here last Saturday morning, a client of mine over in Germany. And he said, “Andrew I finished this week very successfully, overall 4% profit on the four hour charts. And on the six, eight and 12 hour charts, I made another 3%. a total of 7% profit in the week.” So he said that having these hard timeframe charts is giving him a lot of trading opportunities. He’s very selective on the ones that he takes though. So you can see that with his result here of 7% in a week. Used to trade a lot of one hour charts and now has upgraded to the higher timeframe charts because of less trading time needed, higher probability charts, high reward to risk, etc.

What can you do today to prepare for retirement?

So blend all that together. What are you going to do? And how, if you’re at that situation where you may be starting to get towards thinking of the next five, next 10 years, or even you’re in retirement right now. What is it that you can do to help yourself learn to trade the Forex Market exactly like see that there from Germany, and Michelle who was on my webinar? What is it that you are going to do today to help start to get you to become profitable as a Forex trader? But to be able to do this by yourself so you can supplement your income, or supplement your retirement, or trade and travel when we’re allowed to travel again after this COVID’s finished, hopefully, or anything like that.

What is it that you’re going to do for that passive income using the Forex Market, but what are you doing about it today? That’s the important thing.

What can you do today to prepare for retirement?

If you need any help at all, with learning a proven, profitable, reliable strategy that doesn’t take very much time to trade per day. It has been traded by thousands of clients throughout 88 countries throughout the world. If you want to know how we do it, just drop me an email, andrew@theforextradingcoach.com. And I’ll see you this time next week with another video and podcast. Bye for now.

 

Episode Title: #381: Trading in Preparation for Retirement

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