Honestly Speaking: Why I Teach Forex Trading… And Charge For It
Multiple times, I got asked why I started a podcast in the first place and why I, later on, created the DesireToTRADE Academy, a community traders pay to be part of. In other words, why do I teach Forex trading?
“After all, if I were that successful of a trader, why would I be teaching?”, some say. Maybe I should be scared to share my trading techniques…
So in this article, I want to break down the topic of why I teach Forex trading, but I'll have to start exploring a few misconceptions when it comes to teaching to trade. By the end, you should understand the real reasons why I teach as well as more on the power of teaching.
Misconception #1: If You Teach Others, You'll Lose Your Edge
Maybe I should be scared to share my trading techniques. That intrigued me as I received the following message a few days ago:
That made me reflect on the broad picture of trading. Can a trader really lose its edge as he's teaching others to trade?
I don't think so, at least not in the Forex market. We're talking about a market having a turnover that may exceed 4 trillion dollars per day (FxPros.Net). Even if multiple people do the same thing as you're doing, your edge won't disappear.
However, an edge can, and is even likely to disappear over time as Mike Bellafiore said in his interview on the podcast. Markets change and successful traders know that. My strategies aren't set in stone and they may become obsolete with time but I'm totally willing to adapt (that's the key).
Misconception #2: If You Make Money Trading, You Need To Teach For Free
Yeah, that's a great question…If you're making money trading, why would you charge to help others? Aren't you supposed to give everything away for free?
With all the scams in the trading industry and people charging thousands of dollars for things that aren't worth the price, you can certainly get suspicious about coaches who are looking for your money. I get that.
But don't expect everything for free.
The main reason why I charge for the training I provide is that I know how volatile trading income can be.
Don't get me wrong…
It's not that you can't make a living from trading, but trading for a living involves a much higher level of stress.
That's why having multiple streams of income makes life much more comfortable for traders. If you want to learn more, listen to the interview with Moritz Czubatinski.
Of course, you can trade a large account and live below your means. That's the way some traders prefer to go and I totally acknowledge that, but that's not what would fulfill me in life.
The other interesting thing I've found is that you (yes you!) take a course much more seriously when you have to pay for it.
It has been proven that the more you charge for anything, the more people get committed to a training. And I don't want to teach to people who aren't committed.
Think about it…
If you were to tell everyone you know that you were going to figure out how to trade for a living no matter what, the pressure would be pretty high to follow-through, right? That's called accountability and the same happens when people have to put down money for something.
So in short, paying for a course makes you more likely to follow through.
3 Reasons Why I Teach Forex Trading
After going through those misconceptions, I want to share with you the top 3 reasons why I teach Forex trading. Those do not come in order of importance. I just thought about 3 and kept it simple.
Reason #1: I Love To Teach And Feel I Contribute
Usually, a trading day is either good or bad. You can do everything flawlessly and still lose money. That doesn't always feel good, agreed?
But when I get off a call and know I truly helped someone, I can't feel any other way than happy. That's a wonderful feeling.
In fact, a few years ago I went through an exercise of figuring out my personal values. It turns out that impact is really near the top of my list (just below freedom). I just have a strong desire to make an impact on people.
I also figured out in the past years through teaching on several subjects, from English to statistics & economics, that I love to teach. It has always been a way for me to have a positive impact.
Reason #2: Teaching Makes Me Better
In Creating Your Forex Trading Strategy Playbook, I discussed the importance of teaching your plan to someone else if you want to execute it better and make it a habit.
Teaching something will always be, for me, the best way to learn.
Don't get me wrong here… you can't teach Forex trading from day #1.
The way it works is you start slowly accumulating knowledge and then share it with the people around you.
For instance, when I started the Desire To Trade Podcast, I was clueless about everything that surrounded trading other than my own trading strategy. Then, I started interviewing successful traders and began reading books. I even hired a coach!
It took me at least 1 year to assimilate what I learned, but I'm now at the stage of sharing it with the people around me (and you're part of those people!).
Reason #3: I'm Looking To Grow My Trading CapitalMoney isn't the most important thing in life, but it's reasonably close to oxygen on the 'gotta have it' scale. - Zig Ziglar Click To Tweet
It wouldn't be honest saying I teach only for the pleasure it provides me.
As Zig Ziglar said,
“Money isn't the most important thing in life, but it's reasonably close to oxygen on the ‘gotta have it' scale.”
In the end, we all need money to live in this world. There's no other way.
At the time of writing this article, I'm still growing my trading capital and place most of what I earn into that trading account.
While I've been fortunate enough to have people invest in me (i.e. trusting me to trade for them), I still need to do my part. That means growing my personal trading account.
Here's The Deal…
Although I've provided you with those reasons for why I teach Forex trading, I have a clear goal in mind. I come in to teach with the mindset that whatever you invest in anything I offer (the DesireToTRADE Academy for instance) is money you should be able to make back.
I like to believe that I don't provide courses, I provide transformations. That's the ultimate goal with everything surrounding this blog, the podcast, and the Academy.
Any struggles you're facing right now? Anything that resonated with you from this article? Comment below or post in the Facebook group!