In this video: 00:31 – Do you lack the time to trade? 01:50 – How to trade without taking up too much time. 02:08 – GBP/HKD W1 chart with a 4.8:1 Reward:Risk. 03:27 – My first ever client trades only Weekly charts. 04:33 – Look at the charts just once a week. 05:18 – It’s all about knowing what to look for. 05:41 – Book a call with us. 06:04 – 30 minutes Masterclass. 06:25 – Blueberry Markets as a Forex Broker. 07:04 – Like, Share and Subscribe
Do you think that you’re too busy to trade? If that’s you, I’ve got a great solution for you. This is something that my very first client from back in 2009 has done since then, whilst running his very successful business. Let’s get into that and more right now.
Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 617.
Do you lack the time to trade?
So a common problem that so many people face is they think they are too busy to trade. And it’s fair enough because you see out there online, you know, examples on various platforms, YouTube, etc. of people looking at charts and looking at 5 minute charts and watching every pip move up and down.
And you look at that and you think, well, realistically, how on earth can I copy that process? Because I’m just too busy. I’ve got, you know, work, businesses, family, hobbies, whatever it might be going on in your life. And there’s no way that you are going to be able to afford that time to sit there, either to want to do it or to be able to do it, to sit there watching charts, ready to take little trades every now and then.
It’s just not realistic. And of course, many people wake up to that fact and they go, well, looks good and maybe in hindsight, but I just realistically cannot dedicate time to doing this. And even if you could, do I really want to sit there just staring at charts, watching 5 minute charts and 15 minute charts, just waiting for that signal to occur?
Probably not, because it’s not realistic and it’s not something you’re going to enjoy and continue to be able to do or want to do long term. So everybody’s got busy lives. I get that.
How to trade without taking up too much time.
So what can you do to still become a good trader, but to not take up all day? And the very simple solution is you can look at the longer time frame charts such as the weekly charts. Now, just this week, right now is the absolute perfect example.
GBP/HKD W1 chart with a 4.8:1 Reward:Risk.
At the beginning of this week, we suggested a buy trade to our clients on the GBP/HKD. Now you go and have a look at your weekly charts for the beginning of this week. Go on to the pound Hong Kong dollar and you’ll see the candle setup that I’m taking now.
Right now as I’m recording this, the trade has not reached a profit target. But it’s very, very close. It’s only like ten pips away right now. If it hits the full profit target, which it’s almost certainly going to do, especially by the time you watch this and listen to this, the trade’s going to make a massive 4.8 to 1 reward to risk.
So if you imagine that at the beginning of this week you saw that trade and you placed, let’s say, a 1% risk on that trade, that’s going to make you an incredible 4.8% gain on your account on the one trade in one week by taking literally, what, ten minutes to scan through the charts, if that, just at the beginning of the week.
If you took a half percent risk, that’s going to make you a 2.4%, not a bad gain in one week from a trade that took you like five or ten seconds to actually place, and then you’ve forgotten about it. No more chart watching. You just put the trade on, put your stop loss on, put your profit target on and let the trade do its thing.
Let the market do its thing. Now that is a solution for you if you’re short on time.
My first ever client trades only Weekly charts.
Now, my very first client, and he was the instigator in starting The Forex Trading Coach because he used to buy trading signals from me. And he said, look, Andrew, would you fly across to Australia to come and teach me? And I spent about four or five days with this guy and his family back in 2009, and that is how I started the coaching.
And he was just thrilled with the system and thrilled with everything I taught him. And to this day, he is still trading. Now this guy owns a number of restaurants, very high end quality restaurants in Noosa in Australia. And he traded back then the weekly charts and to today he continues to trade just the weekly charts because for him he can have a look at his charts once a week early morning Monday morning in Australia.
Or he can, you know, have a few minutes over the weekend because the forex markets are shut of course. And he can have a look through the weekly charts. And by the time the markets open, he can place trades exactly like we’ve just placed on the GBP/HKD.
And for the rest of the week, he’s out there running his restaurants and managing staff and happy customers, etc.
Look at the charts just once a week.
And so that is a very good solution because the weekly charts, of course you need to look just once a week, the quality of the chart trade setups is very, very good. You don’t have to worry about news events or anything like that.
Put the trade on, leave the trade to do its thing. Have a look at the end of the week. Do I leave the trade open over the weekend if it’s still going, or do I close it if it’s not already hit the stop loss or profit target? So a great solution for people who maybe are traveling, who have got to run businesses, just too busy to look at charts.
Once you understand what you’re doing, you can place trades like the GBP/HKD weekly chart trade and end up, let’s say, with a 1% risk and a 4.8% account gain. Try doing that on many other markets and something that’s taking you such a short amount of time.
It’s all about knowing what to look for.
However, the key to all of this is not how little time you’re going to trade. The key is knowing what to look for. And so the only way you’re going to do that is to spend just a little bit of time upfront and learn to dedicate a bit of time to your knowledge and your education so you have the ability to see these type of trades and to take these type of trades.
Book a call with us.
Now two things you can do. One, if you’d like to book a call with either myself or the team, I’m going to put a link to our booking account. We have opened up more available time slots, so it’s available to anybody, anywhere around the world. We can give you a call on your home phone number or mobile and have a chat about how we can help you with the trading or see if we can help you with the trading, if it’s going to be a good fit or not.
30 minutes Masterclass.
And the other thing you can do is have a look at my 30 minute On Demand masterclass, where I explain all about trades exactly like that GBP/HKD. Show you some trades on the charts of what we’re doing, how we trade, using limit orders, all those type of things that we do in keeping risk low per trade, and of course not spending much time on the charts each day.
Blueberry Markets as a Forex Broker.
Now, the other thing you can do and do yourself a favor if you’re out there looking for a good broker, is have a look at Blueberry Markets. They offer the MT4 and especially the MT5 trading platform. So you might find some brokers don’t offer markets like the GBP/HKD. But Blueberry Markets on the MT5 platform do.
And that’s the beauty of it. You can look for the candle pattern and the chart pattern that is showing you the best setup. It doesn’t matter whether you have any interest in the GBP or the HKD. It doesn’t matter if the technical trade setup is there. See the trade. Take the trade. Profit from the trade. Enjoy your trading.
Spend a few minutes once a week on the weekly charts. You’ll find they’re incredibly good. I hope that helps.
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Any questions? Please feel free to reach out. Ask me directly Andrew@TheForexTradingCoach.com
If you’re watching, don’t forget to like and subscribe if you’re on YouTube or other social media platforms. And I hope that helps.
For anybody that wants to look to trade properly and who feels that they don’t have a ton of time to dedicate to their trading on a daily basis, it’s a great solution. It’s profitable, it’s enjoyable. It’s something you can do just once a week and still trade the markets properly. This is Andrew Mitchem here at The Forex Trading Coach.
I’ll see you this time next week. Bye for now.
Episode Title: #617: Too Busy to Trade? Try This Weekly Strategy
In this video: 00:27 – Traders are confused over which time frame chart to trade. 01:25 – New traders give up. 01:42 – This changed my trading around. 02:43 – More time frame charts now available. 03:00 – What do you prefer and what are the market conditions doing? 03:36 – Look at 5pm and 5am EST. 05:42 – Book a time to chat with us. 06:04 – Blueberry Markets as a Forex Broker.
Do you get confused with not knowing which time frame chart to trade, or when to look at your charts for a new trading opportunity? If that’s you, listen up. I’ve got some great solutions for you.
Hey there traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 616.
Traders are confused over which time frame chart to trade.
So today I want to address a common problem that I find that a lot of traders have. And that is they don’t know what time frame chart to trade. And also they don’t know when to look at the charts. And there’s a couple of real easy solutions and answers that I have for you.
See, the issue that a lot of people have is when they start trading, everybody wants to take trades and lots of them because it’s exciting and it’s new. And of course, if you go to like a 15-minute chart or a five or even a one-minute chart, you’re going to see the market moving and you think, “Oh, there are great opportunities here.”
But of course, at that time you’ve got little idea about spreads. And if you take sell trades and the spread widens a bit in levels, it’s going to take you out for a loss quite easily. But everybody kind of goes through it and they think they need to trade like five-minute charts and scalp. And it looks really cool and exciting.
New traders give up.
The issue becomes that you soon realize that either the spread’s taking you out and you’re losing trades all the time, or you’re getting glued to the charts and you become trigger happy, and then you become nervous and you don’t know what you’re doing, and you lose confidence and you give up.
This changed my trading around.
One of the things that changed my trading around some 20 years ago, nearly now, is I went the opposite way after falling for the short time frame trick. I went the opposite way. I went to a daily chart. I took all the indicators and everything off my chart, and I studied the daily charts. I found that the higher time frame charts were more reliable, gave me good information, far less stress, looked at the charts just once a day, news events don’t really affect them, and it’s far more enjoyable and far more rewarding.
Your profitable trades are so much better and it just becomes a better thing to do. And when I made my strategy that I still trade today, I did start on daily charts. And then you can go higher time frames to like weekly and monthly. But also I then discovered that I got shorter time frames, you know, I go into like four hours and one-hour charts potentially, but not so much for me. You can trade it.
More time frame charts now available.
Now, of course, more recently we have the ability to trade charts like 12-hour, 8-hour, 6-hour, 3-hour, and 2-hour. And the logic and strategy that I use works across those time frame charts as well.
More time frame charts now available.
So there are a few things to answer your question about what is the best time frame, because it does depend. The answer is — it depends. It depends on you as an individual as well. What type of personality have you got? The other thing it depends on is the market conditions at the time right now. And for example, some weeks we take lots of 6-hour chart trades and other weeks we take lots of 12-hour chart trades.
In other weeks we take lots of 2-hour chart trades. So it does depend on the currency pair or the market you’re trading and the overall market conditions at that time, because it varies.
Look at 5pm and 5am EST.
So a way to get around that, because otherwise you’re going to be looking at charts all the time — one of the suggestions I have is that if you have the time availability, you look at your charts once or twice a day.
The two times that I think you’re going to find some of the better opportunities would be 5 p.m. New York time. That means at the end of the trading day — so the start of the new trading day. And at that time you can look at the daily charts because obviously a daily chart closes and opens straight away into the next day. So you can analyze the closed daily chart and look at trades then.
At that same time, we also go through and analyze and scan 12-hour, 8-hour, and 6-hour charts. And we post trades for our clients on those three time frames plus the daily charts. So that gives you four different time frame charts all by looking at the charts just at one time in the day.
Now you don’t need to be there at that time because the way that we trade, we use limit orders anyway. So you don’t need to be there bang on 5 p.m. New York time every day. But you can go and look at those closes. And if you have the available time or ability, depending on where you live in the world, 5 a.m. New York time or after is a very good time as well because that means that the 12-hour charts, the 6-hour, the 4, the 3, the 2-hour, and even down to the 1-hour charts all change over at that exact same time.
And again, it’s a time that we personally find we get many good trading opportunities. So as an example, obviously there are two 12-hour changeovers in one day — 5 p.m. and 5 a.m. If you wanted to trade 8-hour charts, there are obviously up to three trading opportunities for you within the day. It doesn’t mean to say you’ve got to trade all three of them, but you could have a look at the close of 8-hour charts or 6-hour charts or 4-hour charts.
So have a look at candle closes and you then therefore know when to look at your charts as well. So I would definitely say have a combination of different time frame charts because it does depend on the market conditions at the time.
Look at 5pm and 5am EST.
If you’d like to book a call with myself or one of the team, we’ve just made available a lot more times for you to book in a call with us. So I’ll put a link here to our booking calendar where you can book in for an absolute no-pressure, no-obligation, free call with myself or one of the team to discuss your trading and see if we can help you.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very good broker that offers all those different time frame charts and multiple markets, especially on the MT5 platform, I’ll put a link here. The Blueberry Markets — absolute top-notch customer service, great people to deal with, great charts, great spreads. Blueberry Markets — have a look at them if you’re out there looking for a good forex broker as well.
So that’s it for this week. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #616: Find the Best Time Frame for Trading
In this video: 00:23 – Don’t sit at your charts all day. 00:41 – Using Bollinger bands. 01:19 – You cannot trade every suitable candle without qualifying it. 02:30 – Why Bollinger bands can help you to trade. 04:00 – Add Bollinger bands when checking for suitable candles. 05:02 – New Forex Masterclass. 05:25 – Book a call with us to chat about your trading. 05:45 – Blueberry Markets as a Forex Broker. 06:21 – Like, Share and Subscribe
Today, I’m going to explain to you why I use Bollinger Bands. They’re a really important part of your trading and can massively help you if you know how to use them right. So let’s talk about that and more right now.
Don’t sit at your charts all day.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach — outside on a glorious day with one of my wife’s horses here. One of the beauties of trading, and the way that we trade, is that you do not need to sit at your charts all the time. You don’t need to be at the computer all the time.
Far from it. In fact, the opposite — less is more with good trading.
Using Bollinger bands.
But the reason I want to talk about Bollinger Bands today is that I had a discussion with somebody yesterday who’s been trading for just a little while — not a client yet, but he was interested in how we trade, how we operate, and in coming on board with us.
I actually met him in town, took my laptop, and had a really good chat with him. He knows that we use candle patterns and candlesticks as one of our primary ways of looking for a trade and understanding what’s happening in the market.
Now, he’s reading Steve Nison’s book about candle patterns — which I probably looked at maybe 20 years ago.
You cannot trade every suitable candle without qualifying it.
And I said to him, the issue that I find is that if you look at candles just by themselves, they don’t really tell you a lot. They can help, but there are too many false candles. You cannot take every outside bar, engulfing bar, pin bar, or hanging man — whatever it is you’re looking at — as a trade. You just can’t do that, because you’re not going to be successful.
What you need to do, as with any trading, is qualify it and make sure it’s in the right part of the chart. I took my laptop and showed him some trades that I had open live — in fact, two of the trades hit their profit targets. They were six-hour trades on XAG/AUD and XAG/EUR, which we posted for our members yesterday.
They actually hit their profit targets live as I was sitting in a café talking with him, which was quite amazing. I said, “Well, you can’t make that type of thing up, can you? It just happened right in front of you.”
Back to the story — I was discussing those trades and others, showing him the reasons why we took them. Yes, it was the candle patterns, but also where they occurred on the chart. We were using support and resistance levels, round numbers, stop-loss protection, and all those types of things.
Why Bollinger bands can help you to trade.
But the other point he wasn’t aware of — and what I want to discuss today — is about the use of Bollinger Bands. Now, I’m not a massive fan of using lots of lagging indicators because, well, they lag. However, I find that Bollinger Bands can really help you put the candle in the right part of the chart.
Of course, you need prior trends and indecision and all those types of things. But if you just look at the setup candles that we look for, and if you’re looking for candles that occur near the upper or lower Bollinger Bands, then what you’re seeing are potential reversal trades.
In other words, if you had a nice uptrend and your bearish candle bounced off the upper Bollinger Band (or near that area), then that could be a very nice reversal trade — looking for the downtrend to start. Likewise, the opposite of that — if you’re in a downtrend and you see a bullish candle bounce off the bottom Bollinger Band, then the market might start to reverse upward.
Likewise, we also use the middle Bollinger Band. That’s a great area for helping to quantify trades that are continuation patterns — and continuation patterns are my personal favorite. It means that the market’s been moving up, then pulls back toward that middle Bollinger Band, you get a bullish candle pattern, and then you’re looking for the market to move upwards again. The opposite applies for bearish continuation patterns.
Add Bollinger bands when checking for suitable candles.
So, go and add Bollinger Bands to your charts and start looking at the candle patterns that we look for. By the way, that book I mentioned probably has hundreds of patterns — but you don’t need that many in forex. I generally find that there are only about four patterns that we look out for when it comes to candle shapes.
If you can classify them as reversals or continuations by having them around the upper, middle, or lower Bollinger Bands, then you’ll eliminate a lot of those trades that just occur when the market is flat and not really in the right part of the chart for either a reversal or continuation.
That definitely helped him — especially when he could see the trades live and see the benefit of having someone to help teach you that. It’s even better when you can follow along trades like those six-hour XAG/AUD and XAG/EUR trades that hit profit right in front of him.
To see those, to understand why you’re taking them, and of course to be profitable as well — that makes all the difference. If you’d like to know more about how we do that and how we can help you — obviously, I met this guy in person, but we’ve got clients in 109 countries, so that’s not going to happen with everyone.
New Forex Masterclass.
The best way to find out about us and how we trade is to jump onto my 30-minute On-Demand Masterclass. You can find a link here on this page.
Book a call with us to chat about your trading.
And if you’d like to book a call to have a chat with myself, you can talk to me or one of the team. You can either email me directly — I reply to all personal emails myself — or, if you’d prefer, have a call with me or the team. I’ll put a link for that as well.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets over in Australia. They’re great people with a lot of market options, especially on their MT5 platform, which I use — as do hundreds, if not thousands, of our clients.
If you’re looking for markets like XAG/AUD or XAG/EUR (not just XAG/USD, for example), you can find those types of markets — and the candle patterns we’re looking for — on the Blueberry MT5 platform. I’ll put a link to them as well.
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Any questions you have, drop me an email or leave a comment here. And now, I’m going to enjoy the rest of the day with Raven here — my wife’s beautiful horse.
Have a great day or night, whenever you’re watching this, and I’ll see you this time next week. Bye for now.
Episode Title: #615: Trade Smarter: Bollinger Bands Made Easy
In this video: 00:34 – Do you belong to a community of traders? 01:04 – Survey results show people need to be part of a community of traders. 01:52 – The TFTC community helps our clients succeed. 02:40 – Most trading forums are a waste of time. 04:00 – We trade just 1 strategy, and all help each other. 06:00 – There is more to the course than the strategy. 06:29 – Free 1 hour live Q&A Webinar. 06:40 – Book a call to talk with us. 06:45 – Blueberry Markets as a Forex Broker. 07:15 – Surround yourself with like-minded people.
Did you know that one aspect of being a really successful trader is to surround yourself with other successful traders — other like-minded people from all around the world who are out there achieving greatness in their trading and in their lives in general? Let’s talk about that really important topic and more right now.
Hey there, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 614.
Do you belong to a community of traders?
Today I want to talk about a topic that does not get discussed very much. It’s a really important topic though, and it can make or break your trading. It’s about being part of a community — surrounding yourself, whether it’s in person or online, with other like-minded people.
People out there who are trading the same way as you. People who are trying to achieve things in their life in general. I think that’s such an important part of trading, and I know that for you that’s also really important.
Survey results show people need to be part of a community of traders.
The reason I know that is that a couple of weeks ago, I sent out a survey to people who are not my clients — people who have written to me over the years asking for help or downloaded e-books, been on webinars, etc., but have not yet joined. One of the questions was all about trading community, and it actually had the highest single response. With one answer, it was an overwhelming majority of people — in fact, 76% of all respondents — who said that being part of a community of traders just like them and other traders from around the world is the thing that they are missing out on, and the thing that they value most. 76% of respondents said, “Yes, that’s very, very important to me.”
The TFTC community helps our clients succeed.
And so it got me thinking, because one of the things that we really pride ourselves on here at The Forex Trading Coach is our community.
There are a number of ways that we do that. We keep in touch with people, and when I think about how people interact and I look at other ways that people interact online, what we do is vastly different.
The trouble is, out there most social media platforms are full of keyboard warriors — quite honestly, idiots at times — the majority probably of people who are out there telling others what they should and shouldn’t do. People are taking advice from others who don’t really know what they’re doing, and they’re all out there with their own agenda — not really trading.
Most trading forums are a waste of time.
The other thing I used to be part of years ago — and I haven’t for a long time now — is other forums. The problem is they often get overtaken by some clown who thinks they’re going to dominate the forum and they know more than everybody else. A discussion gets out of hand, arguing starts, and it’s just ridiculous.
Or someone comes up with a good idea and a strategy, and a few threads later it’s completely changed because someone says, “Oh, we need to add this,” or “I don’t like that,” or “We need to do that.” And it just all implodes — it always does.
What I find is that, in general, on social media, people are lonely. They think they’re part of a group, but they’re not. Trading by yourself, whether it’s at home or on a laptop somewhere, is lonely.
How many people listening to this right now have friends who honestly know what you’re doing as a trader? Do they think you’re gambling? Do they think you’re just throwing your money away?
Do you have a husband, wife, kids, or parents who just think, “Oh, you’re wasting your time looking at charts, doing silly things, and gambling your money”? As a result of that, you don’t have anybody to contact. You don’t have anybody to speak to. Now, that’s what 95% of people do. What we do is massively different.
We trade just 1 strategy, and all help each other.
Our forum site is full of traders from right around the world — 109 countries — all out there trading one system, one strategy, all helping each other. Multiple sets of eyes looking at the charts at the same time, all helping each other to achieve that same goal of being a good, consistent, or great and consistent forex trader.
Of course, we look at other markets as well — not just forex. We’re taking sell positions on cryptos this week, and you would have noticed that a lot of those are coming down. We’ve got buy positions on some of the U.S. indices, and you’d have noticed that they’re going up. And of course we’ve got metals, etc., as well. We’re all out there doing the same thing. We’re all out there helping each other. We’ve got like-minded people right around the world.
As I mentioned, we’re trading one strategy. We don’t have people infighting. We don’t have clans or idiots dominating. It just doesn’t happen. It’s a great way for people to connect with each other, ask questions, and participate in live webinars, where people from around the world can attend, ask us questions about trading, watch us trading, and discuss trades in real time.
That whole community aspect is really important. We have other groups that are geographically focused so that people can get together if they wish to — physically in person. There are all these additional items that we provide, including personal mentorship and tutoring as well. The community that we’ve developed over 16-plus years is massive.
I don’t think you can underestimate how powerful that is. As I mentioned, from the survey I sent to people who are not clients, 76% said it was really important to be part of a community. Obviously, people out there who are not part of a community face issues — loneliness, self-doubt, and having no one to ask.
There is more to the course than the strategy.
When you think about what we offer, it’s not just the strategy. The strategy works — we know it works. It’s been proven for years. It’s the daily information we provide that works. The indicators we have — they work. All of that works. But there’s more to it than that.
The community aspect of being able to talk to someone, ask questions, see what they’re doing in real time, and follow along while you’re learning and training — I cannot underestimate that.
Free 1 hour live Q&A Webinar.
If you’d like to know more, have a look at my webinar. If you’ve not been on it, I’ll put a link to it here.
It’s about 30 minutes long. You can join it at any stage. It’s an on-demand webinar. Have a look at that.
Book a call to talk with us.
If you’d like to book a call to talk to myself or one of the team, I’ll put a link here as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very, very good broker, I can highly recommend Blueberry Markets. Again, when it comes to support and knowing who to contact, they’re fantastic. Great support, great platform on the MetaTrader 5 platform here behind me, with multiple markets — cryptos, indices, metals, commodities, as well as the obvious forex markets. I’ll put a link to Blueberry Markets here as well. So that’s it for this week.
Surround yourself with like-minded people.
Do not underestimate the power of being part of a community and having like-minded people around you.
Whether it’s in trading or in life in general — people who are out there trying to achieve things, keep their bodies healthy, stay fit, look after their families, whatever it is that you do — we’re all trying to do the same thing: better ourselves, better our communities, and help each other. You know where to find us.
Have a look at the webinar or contact us directly if you need some help or would like to come and join us.
This is Andrew Mitchem at The Forex Trading Coach. See you this time next week. Bye for now.
Episode Title: #614: Surround Yourself with Successful Traders
#613: Making Extra Income While on Vacation in New York with Paul Tillman
In this video: 00:26 – Paul Tillman trading from New York on vacation. 00:44 – Account up +1% in 2 days of the week. 01:25 – We can teach you how to trade in just 30 minutes a day. 02:10 – Trade and travel. 02:49 – How to contact us and learn how to trade for yourself.
How would you like to be able to make extra income, extra money, and still go on vacation with your family to sites like New York City? Let’s get into that and more right now.
Hello, this is Paul Tillman with The Forex Trading Coach, and this is video and podcast #613.
Paul Tillman trading from New York on vacation.
I am standing here right in the middle of Times Square in New York, on vacation here. The last time I was with you, I was with Andrew on the top of Grandfather Mountain in the North Carolina mountains, shooting a video and telling everybody how forex can help change their lives.
Account up +1% in 2 days of the week.
So I’m sitting here in New York. I’ve been trading — this is only the second day of the week — where I’ve made more than 1% already, taking trades on XAU/GBP, GBP/JPY, and even BTC/USD. And I’ve done that in just an hour of trading yesterday and 30 minutes of trading this morning.
The key is to make the most of your opportunities — checking the charts at certain times of the day, getting into a daily routine, not getting stuck to your screen all day looking at such short time frame charts. There’s no need for that. You only need to trade 30 minutes to an hour a day to make it create income.
We can teach you how to trade in just 30 minutes a day.
What we can teach you is how to do that. We have a course that goes all the way from A to Z — talking about the very beginnings of forex trading all the way to the end of our strategy. We have live webinars that traders get on every week. We’re looking for live trades, talking about our story with trades and questions.
And then we also have a forum site. The interesting thing about the forum site is that in that 30 minutes a day, outside of that, there was a trade on the USD/MXN just last night on the forum site. I was able to get on the six-hour charts, take a buy trade, woke up this morning ready to tackle New York again, and saw that trade had hit the profit target.
Trade and travel.
So, being here in New York City — seeing a few other professional sporting events, seeing the sights and sounds of Times Square in the capital of the world, as they say — you can do all these things and still trade at the same time. Most of us have families, we have jobs. I’ve got a 12-year-old daughter and an 8-year-old boy who keep me running constantly.
But I can trade around that, and even the job that I have as well outside of trading.
So, we’re headed to go see the sights now around New York City. Going to see our hometown Carolina Hurricanes hockey team tonight before heading back home to Raleigh tomorrow.
How to contact us and learn how to trade for yourself.
If you’re interested in anything that I’ve said about The Forex Trading Coach and having forex change your life, put a comment at the bottom of this video or hit “Contact Us.” Visit our site at TheForexTradingCoach.com.
So we’re off to go see more sights in New York — ice hockey tonight — and we’ll talk to you later. Have a great rest of the week.
Episode Title: #613: Making Extra Income While on Vacation in New York with Paul Tillman
#612: Find Out What’s Blocking Your Trading Growth
In this video: 00:35 – Give me feedback – what’s holding you back? 01:10 – Possible issues preventing you from trading well. 02:07 – Do you want to trade Crypto’s and not FX? 02:42 – I can help you if you first let me know your issues. 03:45 – Blueberry Markets as a Forex Broker. 04:00 – Brand New Forex Masterclass. 04:07 – Comment, Like, Share and Subscribe
What’s holding you back from being a very good and successful and profitable trader? I want to find out more from you, because if you let me know what your issues are, then I can help you to overcome those and to become that type of trader that you’ve always wanted to be. Let’s get into that and more right now.
Hey there Traders! This is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 612.
Give me feedback – what’s holding you back?
So today, something different — I need feedback from you. The reason I want feedback from you is because unless you let me know what your issues are, I can’t either help you or provide content that will help you.
I’m guessing that if you’re watching or listening to this, you’ve either been trading, looking at trading, or tried it in the past and it hasn’t worked — and something is holding you back.
So let me know in the comments below or email me directly at Andrew@TheForexTradingCoach.com what those issues are. It could be more than one. Obviously, is it.
Possible issues preventing you from trading well.
For example, a lack of time? You feel that you’ve got too much going on in your life and you either don’t have enough time to potentially learn to trade or to do the trading itself?
Are you worried about being glued to your charts, looking at screens all day long, and finding that boring or unappealing?
It could be a lack of knowledge. Maybe you feel that you just don’t understand the markets enough to justify putting real money into your trading.
It could be a lack of confidence. There are a lot of people out there who can trade demo and do very well on demo, but they have an issue when it comes to trading live.
That could be an issue. Or maybe you think you’ve got a lack of money, and you’re thinking, “Well, what’s the point in either investing money in education or even into my own trading if I’ve only got $500 in my account? It’s pointless because I’m putting all that time and effort into it for just a few dollars return.” So it could be that.
Do you want to trade Crypto’s and not FX?
It may be that you’re not interested in forex at all — maybe cryptos are your thing. So if you are wanting to learn how to trade cryptos, that’s some feedback you could give me. You might be going, “Andrew, look, forex is old. It’s had its day. It’s not moving. Cryptos are clearly the way of the future, and I want to know how to trade cryptos. I’m not interested in forex, metals, and commodities, and all those other markets.” So potentially, that could be the issue.
It could be a mindset thing. It could be a time thing. It could be a lack-of-knowledge thing. Whatever it is, I’d love you to let me know.
I can help you if you first let me know your issues.
Because after 16 years of being a forex coach and educator, I’ve kind of seen it all. We’ve got clients right around the globe with all different levels of experience, backgrounds, and everything else. So we kind of know what works. But we also want feedback, because in order to keep progressing, helping people, and building the community that we have, we need to know where new issues and new problems are.
Like I said, it could be something as simple as you wanting to learn only to trade cryptos and forex is not your thing. Or it might be that you’re just not interested in learning to trade at all yourself, and all you want is to copy someone — maybe through signals, managed accounts, or prop firms. Whatever it might be, let me know in the comments below.
Because like I said, the more that you let me know, the more I can help you. I’ll put a link to my email address here as well.
Blueberry Markets as a Forex Broker.
And if you’re out there thinking, “Well, I need a good broker and I am looking at trading forex,” then I’ll put the link here to Blueberry Markets. I think they’re a very good broker. They offer the MT4 and especially the MT5 trading platform — so have a look at them.
Brand New Forex Masterclass.
Also, if you have not been on my new 30-minute On-Demand masterclass, I’ll put a link to that as well.
Comment, Like, Share and Subscribe
But most importantly — give me feedback. I’d love to get comments from you.
You’re watching this or listening to this for a reason. Like I said, you’re interested in trading, or you’ve been following me for some time, and clearly something is holding you back.
So what is that? What’s stopping you — either from getting into trading or from making money from your trading? Let me know. The more you let me know, the more I can help you to make this work for you.
This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #612: Find Out What’s Blocking Your Trading Growth
In this video: 00:35 – Trading reversals and continuations. 00:58 – What to look for when trading reversals. 01:23 – Selling the XAG/AUD D1 for 3.5:1 R:R profit. 03:19 – Traded using a Sell limit order. 04:23 – Brand New Forex Masterclass. 05:02 – Free 1 hour live Q&A Webinar. 05:17 – Blueberry Markets as a Forex Broker. 05:58 – Like, Share and Subscribe
I want to talk a little about reversal patterns, and we had a fantastic reversal pattern on a daily trade just this week. They look really good on the charts, and they can be a fantastic way to profit from the markets. So let’s talk about reversals and more right now.
Hey there traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 611.
Trading reversals and continuations.
So I personally trade two different chart patterns. I look for continuation patterns and I look for reversal patterns. Now, if you’ve been following me for any length of time, you will know that I prefer continuation patterns because it means that you’re trading with the dominant trend. But after a pullback or retracement.
What to look for when trading reversals.
However, I also still do look for reversal trades. Now, they can look really very good on your charts, but they do pose slightly more risk because you are trading against a very strong uptrend or downtrend. However, there are a number of things you can do to put more factors in your favor to give yourself a high-probability chance of a successful trade.
Selling the XAG/AUD D1 for 3.5:1 R:R profit.
Now, a great example of that is just this week. On Monday, the 20th of October 2025, we took a sell trade on the daily Silver Australian dollar. So go have a look at the charts — XAG/AUD — on the daily charts, and you will see that Friday’s candle, the completed Friday candle, was an all-time high, but also it closed very strongly back down as a bearish candle and had a number of other things in its favor.
Not only was it an all-time high, but it had a trend line break, it was overbought, there had been recent divergence, and it broke down through the round number of 80 and closed below that level at the end of the week. So on Monday, at the beginning of the week, we suggested and took ourselves a sell trade based off that chart.
Now, if you’ve been following gold and silver against almost everything over the last few weeks and months, you know that they’ve just gone up and up and up. They’re going crazy. And so with anything that does that, there’s always going to be an opportunity for it to get overbought and then pull back. Now, I don’t know — and I don’t particularly care — whether gold and silver, or in this case silver against the Australian dollar, has a massive fall away. It doesn’t really matter for this particular trade. All I’m looking for is a slight pullback based on the candle pattern.
Now, two candles later, we hit our full profit target on this particular trade for a very healthy 3.5 to 1 reward-to-risk. So that means if you risked 1% on the particular trade, you would have made a 3.5% gain on your account, which is pretty amazing considering it took just what — a minute, if that, to place the trade — and two candles later it hit the profit target. So have a look at what actually happened on the chart. Now, we take limit orders.
Traded using a Sell limit order.
So at the beginning of the week, we didn’t just take a market order. We put a sell limit to sell XAG/AUD if the price first pulled back — which it did. It got to exactly our entry level and then turned around as anticipated and went straight to our profit target some two candles later.
That is a great example of a lot of things all adding up together to suggest that that trade was going to work in our favor. When you look at it on a bigger picture, XAG/AUD had been in an enormous uptrend, and it turned over, and we took that opportunity to sell it. As I mentioned, where it goes now, I’m not particularly bothered because I’m out of this particular trade and therefore looking for new opportunities.
It could well pull back and then continue back up again in that overall direction. If that’s the case, that gives us a great buy opportunity, which becomes a continuation pattern. But today we’re talking reversals, and that is a great example of reversal patterns.
If you’d like to find out more about how we trade and how we can teach you and help you to become a successful trader with our help — after all, we’ve been doing this for more than 16 years and have clients in 109 countries — we kind of know what we’re doing, and we know what works and what doesn’t in terms of the strategy and teaching.
Brand New Forex Masterclass.
If you’d like to find out more, click on the link. You’ll find my 30-minute On-Demand masterclass. Set aside 30 minutes, go and watch that — you’re going to learn a lot of information from it.
Also, don’t forget to go back and watch previous videos and podcasts just like this. After all, there are 611 of them for you to dig into and learn from.
Free 1 hour live Q&A Webinar.
If you’d like to book a call to have a chat with either myself or one of the team, I’ll put the link here for that as well. You can have a no-obligation 30-minute chat, and we can help you with your trading and show you what we do and how that could potentially help you.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a very good broker, I can highly recommend Blueberry Markets. I’ll put a link to them here. All these trades that you see behind me here were all taken on Blueberry Markets — in terms of that Silver trade, XAG/AUD. They’ve got Silver and Gold against the Australian, the US, the Euro, the Pound, the Chinese Yuan, the Singapore Dollar, and there are probably others that I’ve missed. So lots and lots of opportunities to be very selective and pick the highest quality chart setups. As technical traders, that’s exactly what we need. So Blueberry Markets — I can highly recommend you consider them if you’re out there looking for a good broker.
That’s it for this week. I hope you’ve enjoyed the session and learned all about reversals.
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Any questions or comments? Please leave them on this page. And don’t forget to like, subscribe, and share this with anybody who is out there looking to become a good trader. I’ll see you this time next week. Bye for now.
Episode Title: #611: Daily Reversal Pattern That Nailed Profit
In this video: 00:33 – “Ask me anything” trading Q&A webinar. 01:19 – Trades were shared, live and closed trades. 01:50 – A lack of trading knowledge. 02:50 – Most people lack a trading plan and strategy. 04:09 – A lack of money management. 05:20 – Invest in your trading education first. 05:49 – Masterclass webinar. 05:54 – Book a call with us. 06:29 – Blueberry Markets as a Forex Broker. 07:00 – Like, Share and Subscribe
If you want to be a successful trader, one of the really important things that you must do is take your time to learn the craft properly. If you do that, the rewards will be huge. So let’s talk about that important topic and more right now.
Hey there Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 610.
“Ask me anything” trading Q&A webinar.
Really important lesson today, and it all comes from a free-to-the-public live one-hour webinar that I held earlier this week. I called it “Ask Me Anything,” and people could come onto that webinar live, in real time, and ask me any trading question at all.
And of course, I had some emailed to me from people that couldn’t attend live. It was a great session — lots and lots of valuable information — and I’m going to put a link to that webinar here on this page somewhere. I really encourage you, if you were not on the session live or if you’ve not yet seen the recording, to go and watch that session, because I help people with all the questions that they have. And with my 20 plus years of knowledge as a full-time forex trader, there’s a lot of valuable content there.
Trades were shared, live and closed trades.
I shared all my open trades live at the time of the webinar, and I explained why I had those trades open and which trades I had. From last week I shared all my trades — positive and negative trades.
You could see that I had a 6.5% gain last week with very low risk per trade and high reward-to-risk — everything that I talk about. You can see that from the previous trades and you can see that on the live open trade. So there’s nothing hidden; everything there for people to see.
A lack of trading knowledge.
Now, one of the parts that I got from the session was I realized that there are so many people out there who all want to be traders, which is fantastic. But the trouble is, I got the impression from a lot of people that there’s a lack of general trading knowledge out there. Maybe that comes about from people hearing about trading and wanting to get into it but not really spending that time upfront to get that real knowledge.
For me, that was quite a concern because it seemed to me that there were a lot of people on that webinar who were just not profitable, and yet they were still trading on live accounts of their own.
A lot of people seem to be trading on prop firms and failing them. That is just a complete and utter waste of your time and money. Because why would you go and invest in something — either your own live funds or a prop firm, or both — when you don’t really know what you’re doing?
Most people lack a trading plan and strategy.
The takeaways I got from that are that, in general, most people seem to either not have a strategy, didn’t really have an actual trading plan, or didn’t know what they were looking for.
So I had questions about what it is that you’re looking for — what makes a trade? What, in my eyes, determines what is a trade and why? They don’t know what pairs to look for, they don’t know what timeframes to look at, and they don’t know what market to look at either. Whether you’re looking at cryptos or metals or forex — I got the question, “What’s the best pair to trade?”
Well, there is no best pair to trade. It depends on what’s happening in the market right now. What’s the best timeframe? Again, it depends on what’s setting up in the market right now. How do you enter a trade? Where do you put your stop loss? Where do you put your profit target?
I feel that a lot of people don’t have a set strategy and know exactly what to do. They don’t know when to look at their charts. Are they looking sort of midway through a candle formation because they happen to be at their computer right at that point?
If you’ve been following me for any length of time, you know that I look at a candle pattern and I only look at the close of a candle, so I know exactly when I need to go and look at my charts.
I know what timeframes to look at and when I look at strength and weakness of currencies, so I know which ones I’m preferring and in which directions.
A lack of money management.
Again, it comes down to money management — that was lacking. People didn’t understand risk. They didn’t understand small controlled risk. They didn’t understand how to calculate the lot size needed for various trades.
Most people didn’t seem to understand that your account denomination — if your account is in U.S. dollars, Canadian, euros, or New Zealand dollars — has a different payout per pip. It also depends on what currency pair you’re trading. I found there was a lack of knowledge about that.
People didn’t understand reward-to-risk either. They were just putting X number of pips as a stop loss and X number of pips as a profit target, regardless of the pair or the current market conditions.
So overall, just a big, big lack of general basic knowledge for people who are trading real money and investing time and money into this. And of course, what’s the likely outcome for those people? Well, they can lose money, they give up, and they blame the market. They say it’s rigged or it’s the broker’s fault. But it’s not — it comes down to you, because you haven’t put that time and effort into it.
Invest in your trading education first.
Why waste money on a prop firm account when you could put that same money into some education and then learn to trade properly going forward? I give information about how I trade with prop firms, copying one account over multiple accounts. There’s a lot of valuable information in that webinar.
So I really encourage you to go and watch it. As I said, there’s a link here — it’s about one hour long — and a huge number of questions were covered across many topics.
Masterclass webinar.
Also, if you’ve got another 30 minutes, I really encourage you to jump on, after you’ve seen that webinar, to my 30-minute masterclass session.
Book a call with us.
If you’d like to book a call to speak to myself or one of the team about how we can help you with your trading — after all, we’ve been doing this for over 16 years. We’ve got clients in 109 countries. We kind of know what we’re doing. We know what works and what doesn’t work. We know how to help people because everyone learns differently — some by watching, listening, reading, doing.
We cover all of that with our trades that we post for people and the way that the course is structured so you can learn it properly, fully understand it, and know exactly what to do and when to do it.
Blueberry Markets as a Forex Broker.
Finally, if you’re out there looking for a really good broker, I can highly recommend you consider Blueberry Markets. They have the MT5 trading platform with a huge number of markets available and very good spreads. Great people, and very quick to get your funds back when you withdraw your profits as well. I’ll put a link to Blueberry Markets here as well.
So don’t forget to watch that one-hour webinar that was made just this week. It was live, in front of a lot of people. I really encourage you to go and watch it — the link’s here — and then have a look at the 30-minute masterclass.
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Any questions you have, please feel free to email me or comment below here, or send me an email directly at Andrew@TheForexTradingCoach.com . I’ll see you this time next week. Bye for now.
Episode Title: #610: Stop Losing — Learn Forex the Right Way
#609: Fundamentals vs Technicals – Which Drives Markets
In this video: 00:28 – Technical or Fundamental trading?. 01:05 – Example this week of why I am a technical trader. 02:40 – Interest rate announcement out of New Zealand. 04:07 – We profited from 5 Daily chart trades. 04:25 – Monthly Sell on the NZD/USD also hit the profit target. 05:44 – Brand New Forex Masterclass. 05:57 – Free 1 hour live Q&A Webinar. 07:06 – Blueberry Markets as a Forex Broker. 07:50 – Like, Share and Subscribe
Which came first? The chicken or the egg? Or in trading terms, fundamentals or technicals? Who’s the winner, and which came first, and which is most important? Let’s talk about that more right now.
Hey traders! It’s Andrew Mitcham here, the owner of The Forex Trading Coach, with video and podcast number 609.
Technical or Fundamental trading?
So today really is the chicken-or-the-egg question. And as traders we look at all the technical charts, or we look at fundamental news events, or some people have a combination of both. Now, I’m certainly a technical trader. I’m going to share with you why I think that is the most important, but also I’m not saying that news is not important. It’s just I think you need to develop, as a person, as a trader, and find out which one is best for you and why. Or maybe the answer is a combination of both. But I’m a technical trader.
Example this week of why I am a technical trader.
Now, here’s a classic example. On Wednesday morning, my time, we were looking at the daily charts at the close of the Tuesday daily candle. And we do this every day, and we’ve done this for the past 16 years. So at the close of a daily candle at 5 p.m. New York time, we analyze the charts and we look at trades based off the daily charts for the new day.
And if you go and look at the close of Tuesday’s daily candle, you would see many New Zealand-related pairs all showing massive NZD weakness. And we identified five trades as specific trades based off the daily charts, based on that NZD weakness. And they were the NZD/USD, NZD/CAD, NZD/CHY, AUD/NZD, and GBP/NZD.
Now, the last two have been Australian and Pound against the New Zealand. They were buys. The first three were sells, all looking for NZD weakness. So that’s the technicals. We saw room to move for the profit target. We saw safety in our stop loss. And for what I look at and what we teach, we had everything setting up there as five excellent, high-quality trades off the daily charts. Now we come back to the chicken and the egg, and we come back to what was actually happening and why.
Interest rate announcement out of New Zealand.
Well, four hours into the new day, out of New Zealand here, we had interest rate announcements, and they were expected to drop the interest rate by a cut of 0.25, or 25 points. That was what Forex Factory and all the news sites were expecting.
However, as a technical trader, I looked at the charts and not only did I see the New Zealand weakening, but I saw massive weakness coming. And for me, when I looked at that news event, I thought, I think this is going to be a bigger cut than expected. Now, whether it is or isn’t doesn’t really matter. It’s more the fact that I could see maybe that 0.25 basis points already probably factored into the market, but the market was showing me a bigger drop was likely to come and therefore a bigger cut than what the economists were expecting.
And that’s exactly what we saw. So when it comes to the fundamentals, we did see a half-percent cut, which is a massive cut from 2.5 down to 2. You know, that’s a big, big cut, and it’s to stimulate the economy and, you know, things like that. So we saw a doubling of the expected cut—expected 25 points, we got 50—
We profited from 5 Daily chart trades.
And we profited from those trades. We put those five trades on; all five were profitable trades. And again, it comes back to why I’m a technical trader, because we could see on the charts this already happening—this likely move already happening.
Monthly Sell on the NZD/USD also hit the profit target.
And you take it one step further, and on the monthly charts we also hit our profit target on our August 2025 monthly chart, which was also a sell on the New Zealand dollar.
US dollar. Now, if you go back and watch my trip where we spent four weeks traveling around America, you would see that at the beginning of August I actually made a video and I said, look, I’m taking a sell trade based on the monthly chart—so, looking at the close of the July 2025 monthly chart.
So beginning of August, we had a sell setting up on the monthly chart, like the biggest time frame that we can trade. So my bias is already buying NZD/USD weakness. Anyway, fast forward through to October: our monthly chart has now hit the profit target, and our daily bias—which was looking at sell positions, or shorting the New Zealand dollar—was in the same direction as the likely news and in the same direction as our bigger-picture technical monthly chart, also on the NZD/USD. So you put the whole lot together, you can see how we analyze the charts, what we’re looking for, and why this works so well once you understand what you’re looking for and how to do this.
Brand New Forex Masterclass.
So if you’d like to find out more about how we do this, I have a brand new 15 minute—sorry, no, it’s a 30 minute—masterclass which you can jump onto. I’ll put the link here. It’s been released about two weeks ago,
Free 1 hour live Q&A Webinar.
and on next week—so probably a day or two after you get to see this video and listen to the podcast—I’m going to be holding a live one-hour webinar where anybody can attend.
There is going to be nothing pre-made. There is nothing to sell or talk about in terms of the course. It’s purely going to be there to help you to come on board live if you can, or ask questions in advance. And it’s going to be an open Q&A—ask me anything about how I trade or trading in general: lot sizing, or whether it should be fundamentals or technicals.
Any question you have, and I can give you my 20 years of full-time trading knowledge and experience, and some suggestions to help you. If you’d like to come on board with that, it’s a one-hour session. I’ll put a link here so you can register as well. You will need to register to jump on that. Hopefully you can get the live.
If not, maybe register and then watch the recording. But any questions you have—any topics you would like me to cover that’s going to help you as a trader—send an email to me or leave a comment here. My email address: Andrew@TheForexTradingCoach.com , or leave a comment somewhere here below.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really, really good broker, I can highly recommend Blueberry Markets. Pretty much anybody around the world, apart from the US and a few other countries, can open accounts with them. I use the MT5 platform. Lots and lots of markets—you know, things like the NZD/CHY we took just yesterday. You know, some brokers don’t offer pairs like that.
So, lots of different currencies, lots of exotics as well now, and cryptos, metals, commodities, indices, etc. Not only that, great people and fast, great service as well. So, Blueberry Markets—I’ll put a link to them as well.
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So that’s it for now. Try to get onto my webinar—the one-hour Q&A session— and also make sure you jump onto that 30-minute on-demand masterclass as well. So, right, the trading—we’re doing well. We’re helping people. I’ve been doing
this for like 16 years now. Check out our reviews also on Forex Peace Army to see how we’re making a difference in the world. And any questions, of course,
Please leave comments below. This is Andrew Mitchem here from The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #609: Fundamentals vs Technicals – Which Drives Markets
#608: Build Confidence & Consistency in Trading with Diana Perkins & Forex Coach Andrew Mitchem
In this video: 00:31 – My trading chat with Diana Perkins. 00:56 – Andrew & Diana trade different markets but share a common philosophy. 04:15 – Risk management and psychology. 05:27 – Removing the hype around trading. 13:15 – Lot size, risk, demo and live trading. 19:14 – Technical trading and News Trading. 22:05 – Trading FX, Metals, Indices, Cryptos and Commodities. 25:15 – Using currency Strength and Weakness. 27:07 – Fitting trading around your lifestyle. 32:05 – Enjoy your trading. 38:20 – Trading via a Prop firm. 39:25 – Knowing that you have the knowledge to trade for yourself. 42:22 – Contact Diana
Andrew Mitchem One of the best ways for you to learn how to trade properly is to listen to conversations between experienced traders. So today I’ve got something really special for you. Just yesterday I had a chat with Diana Perkins from Trading with Diana. We trade different markets, but we both share the same philosophy, and it’s going to help you massively.
Andrew Mitchem Let’s get into that more right now.
My trading chat with Diana Perkins.
Andrew Mitchem Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 608. For 40 minutes you’re going to get absolute gold with my interview with Diana Perkins. Let’s start straight away. Everybody, it’s Andrew Mitchem here at The Forex Trading Coach. Absolutely thrilled today to be joined by Diana Perkins from Trading with Diana. Welcome along, Diana. Nice to see you so much.
Diana Perkins, CPA And thank you for having me.
Andrew & Diana trade different markets but share a common philosophy.
Andrew Mitchem Awesome. Well, look, we got put together because I think someone thought that we would have a great education and insight to help people, because although we do slightly different things, I think our philosophy of trading and helping people is something that will align really well for people watching and listening to this. So maybe first of all, Diana, if you could introduce yourself, who you are and what you do.
Diana Perkins, CPA Absolutely, and I agree with the person who connected us. I’m really excited for this conversation. So, Diana Perkins, I’m the founder of Trading with Diana, which is an educational platform where I teach everyday people how to trade the market with confidence. I do this through workshops, personalized coaching, and newsletters, and it’s honestly the best part of my day.
I spent a good part of my career trading and mentoring and coaching others in the space, and recently launched my own business so I can do this full time.
Andrew Mitchem Awesome, awesome. So, when you coach people, what kind of markets do you generally look at? What do you help them with?
Diana Perkins, CPA Yeah, it’s typically the US equity market and we’re focused on stocks, ETFs, you know, some index funds and, for a small subset—although it’s growing—options trading, which I don’t normally market. But I did used to be a professional options trader. I love it. There’s so much that you can do with stock options. So focus in those areas.
But it’s really all market conditions, which brings up—I actually just spoke with a trader this morning about that—just looking almost, you know, the last nine months in review, but all different market conditions across all different sectors. It’s really a flexible approach. And you’ll hear me say that investing, it’s very individual.
Andrew Mitchem You know, I was reading your background about how you started when you were young with charging—I think it was the interest—some borrowings and things like that, and it was like, that was really cool. I love that whole story. So I’m guessing you’ve been into, like, the financial industry or business for most of your life?
Diana Perkins, CPA Yeah, absolutely. So as long as I can remember, I was a numbers girl. At eight years old, I learned what compound interest was, and when my family found out I had a little bit of, you know, petty cash, they started asking me for money. So I charged interest because that money could have been earning interest in the bank account.
So, yeah, from an early age, I always knew finance was my passion. Throughout my career, you’re right, I spent about 20 years in various roles in the finance industry. But it was really a class I took in college where we had a virtual stock exchange competition. I’m very competitive by nature, and I wanted to win in order to understand what moves the markets.
And so that’s how I learned. I knew this is what I wanted to do, but I wanted to do it on my own terms—if you want. But, so what I did is I got my finance and accounting degree, my CPA, did corporate job, and then ten years in, I went out on my own to learn how to trade stock options and never look back.
Risk management and psychology.
Andrew Mitchem So that’s interesting because I’m guessing with that kind of background, you learned either the hard way or straight away about risk as well, because I find it interesting that, you know, we’re in—especially myself in the forex market predominantly—we’re in this industry where people think risk is like, you know, they have to risk everything, or “I don’t want to do it because it’s too risky.”
I’m guessing that we’re both completely the opposite, and we’re both very conservative and risk-averse in how we trade. And I’m guessing that with your business, it’s the same thing.
Diana Perkins, CPA Yes. I would say that’s an area where we’re probably very similar—where it’s not—but risk management, that’s what keeps you in the market long term. Yeah. Really kind of the sexy side, I think, of trading, which is why I think a lot of trading education or, you know, just when I say that, I say it loosely—like YouTube videos and things that, you know, the masses are looking at—they don’t really hone in on that as much. Like 80% discipline and mental and managing our emotions in trading and sticking to a structure and plan and building that consistency over time.
Removing the hype around trading.
Andrew Mitchem Yeah, and like you brought the word emotion into that. I think that’s such a—I’ve always said to people when they start, there’s two things you’ve got to control. One’s up here and the other’s in here—your head and your heart. Your emotions are such a massive part of trading.
And I see the danger, you know, with YouTube, TikTok, and Instagram—all that type of thing—you know, there’s a little bit of okay information out there. There’s obviously a lot of bad information. People always show you the flashy red Ferraris and the private jets and “look what I did on this trade, I made 50%,” but we both know that behind the scenes, that’s not real.
But unfortunately, a lot of people get, I suppose, caught up in that roller coaster of thinking they’re going to make a fortune straight away. And I noticed on your site—and there’s one thing I also say—you had a section on there “who this is not for,” and I thought that was really interesting and good because we’re both upfront and honest. We’re here to help teach you, but if you want some ridiculous, you know, gain, you’re not going to get it with us.
Diana Perkins, CPA That’s right. That’s absolutely right. And I think a lot of what’s out there—I agree—there are a lot of folks who want to say how, you know, they see that one story, like you said, with the Ferrari, right? “Oh, I want that. How do I get that easily and quickly?” Yes. It’s true—like anything in life—you need to put in the investment upfront, and it’s not even, you know—I mean, some of it, yes, dollar-wise—but the investment of time and your energy to really learn how to do it right.
And I think there’s like this misnomer out there that—and you do need to make that investment—but you don’t need, you know, millions to start. You don’t even need thousands to start. I mean, right. And I have a feeling you and I could get really into this, but right now the markets are more accessible than any time before.
Right. You can open an account in, you know, 15–20 minutes. You can start with dollars. You—you know, you can’t afford a $500 share of Microsoft? You can buy a fraction share on many of these platforms. So it’s so accessible. But you do need to make that investment upfront on education because you don’t want to get whiplash.
And you don’t want to lose money in a trade because you put in the order backwards. You know, you want to do it because maybe you called the market wrong. So, so many learnings—I’m sure you could attest as well, having been, from what, 15 years.
Andrew Mitchem So would it be fair to say that it’s the learning how—like the how to do it—that is the most important thing right now when someone starts, or even if they’ve been doing it for a long time and have failed? It’s the learning properly, the “how to.” Because I say to people, if you do that upfront, forget about the next six months or even the next year. You know, use that time as your learning process—your learning phase.
And if you do that right, then afterwards things will be really good, you know, financially. But do that groundwork—that hard work—upfront. Learn how to do it properly and to a low risk. Learn what sort of person and trader you are, and the results will follow.
Diana Perkins, CPA Yes. And actually that last piece that you just mentioned—learn the type of trader that you are. We all have a different and personal relationship with money. And when it comes to trading—and I talk to a lot of my traders about this—many times they’ll say, “I feel like you’re a life coach in addition to my trading coach,” because back to—you know, because it does involve risk.
So yes—so yes, the “how to” is very important, and I run workshops just on those tactics. But I would argue that trading and being successful in trading long term is probably 80% psychological. So when you just said “it’s the type of trader you are, the type of investor you are, that relationship,” and then determining, okay, how do I want to trade?
What are my goals? You know, how much am I willing to risk? You know, just make sure you have answers to all of those questions before you place your first trade.
Andrew Mitchem Absolutely. And do you encourage people to start on demo accounts, or do you go straight into smaller live accounts? How would someone start with you?
Diana Perkins, CPA Yeah, great question. So I do work with a contingent of aspiring professional traders—options and forex—and every one of them are required to trade on a demo account. So absolutely, yes for those folks.
For my beginner traders who are just dabbling, I do encourage a demo account. If they don’t trade in a demo account, then I always encourage to start small—very small.
Number one rule: don’t trade anything you can’t afford to lose. And then number two: never take the big loss. Right? So there are some that just dabble. Because there is a different—going back to the mindset—it is different in demo versus live.
And then finally, I’ll say probably with my most experienced traders—I mean, I will say I get on coaching sessions and I’m teaching a new option strategy and they’re placing the trade right there live. I say, “Oh, well, why don’t we try that, you know, in demo first when it’s a new strategy?” And this time a new, you know, even position sizing as your account grows?
I had that question recently from a trader—“You know, get your feet wet. You’re trading with a significant amount of capital to you,” right? First of all, get your feet wet first. And then when you feel confident, then go in your live account. So long story short—for the most part yes, although some folks who are just, you know, dabbling in news, sometimes they might try a little bit with live to get their feet wet or to build their confidence.
And then we go in and we talk about all the elements you mentioned before—the real meat of the “how.”
Andrew Mitchem Right now, the way that we teach people—and again, it’s personal because it’s up to each person what they determine risk and amount of money—I personally, for my own trading, I trade at half of 1% of my account risk per trade. If I trade on prop firms where you can trade on other companies’ money for profit share, I’ll go down to a quarter of 1% risk per trade.
And sometimes that’s even split over two trades—two positions. So it’s very, very small amounts because, like you said, it’s the psychological—the mental aspect is so huge. And I think it’s also important that you control that risk so you’re not frightened to take that next trade.
Like if you have a loss, that loss, I think, should be acceptable for you. If you see the position at the time, and it meets your criteria and you take the trade and it goes against you, then you shouldn’t be scared about getting into the next trade because—providing those criteria are right and the market goes against you—well, that’s sometimes what happens.
So I think that real low risk, low drawdown is crucial for people to almost, like, trade mentally. Because I think, unless people really get into it, that whole aspect of live trading and the emotions is so important to get right.
Lot size, risk, demo and live trading.
Diana Perkins, CPA Absolutely. And there’s so much, I feel, to unpack there. And, you know, position size in every trade—typically with traders, we’ll talk about 1 to 2%. But the half percent, quarter percent—you know, the other side of that is how many positions do you have on.
Andrew Mitchem That’s right.
Diana Perkins, CPA Yeah—broader your portfolio risk. So there’s this analogy that I share with my traders, and it hits on just what you’re talking about. You don’t want one loss, you know, mentally, to make you so fearful you don’t want to get back in. Yeah.
And so there is this analogy of ten trades. And the idea is you have a portfolio of trades—and it can be currencies, it can be US stock options, you know, whatever it is—whatever you’re trading. You have ten positions on at a given time, and you go in and you have your—ideally you have your trading plan and position size either to max loss of options or you have a stop loss. You know, so you’re managing your risk in all ten trades.
You do your analysis; you approach it right. The reality, though—going in—start with the mindset: even though maybe you did everything right and followed the system and plan, you’ll probably have at least two to three of those trades come out as a loss. Maybe—and I’ll call it three to five, right—will be, you know, small loss or small gain.
Andrew Mitchem Yes.
Diana Perkins, CPA And the three—ideally more on the upside if you’re playing probabilities and charting—but we’ll just call it two to three winners, right? And you want to make those up because they’re going to pay for your losers. And what I see a lot are traders that want to get out of their winners early because they’re working through—and that’s where that emotional discipline comes in, which I’m sure you could speak to, with your experience.
Andrew Mitchem Yeah, we see exactly the same thing. And that’s why with the strategy that I’ve developed, profitable trades—like a broad range—would be between a 2-to-1 reward-to-risk and about a 4-to-1. So, in other words, if you were risking 1%, you make 2, 3, 4%, depending on the individual trades.
And so I think that’s really important because, as you said, you’re going to have some little losers and then, you know, bigger gains, and you kind of step your way up. When you look at it, it’s not an equity curve as such—it’s more of a—I look at it as like a ladder. You know, little losses, bigger gains; little losses, gains.
And I seem to think that that’s how people progress well. And then we talked about compounding as well before we started. You know, getting people to understand the power of compounding is huge as well. And I think a lot of people—you know, it’s a very simple concept—but I think a lot of people don’t know how powerful it can be, both when you’re making money and also when you’re losing money, because your risk is therefore the same percentage but a smaller monetary value. So, yeah—compounding, time—they’re both very powerful things.
Diana Perkins, CPA Can really—I mean, compounding, that’s how you build wealth. There’s a lot of work for building wealth with confidence. And the first—and this is for folks completely intimidated by the markets—“Where do I start?” And I always start with, “Why even invest?”
Yes, I have a chart for $50,000, and there’s two lines on this chart: $50,000 over 30 years sitting in the S&P 500, and it’s over $800,000 of profit. Sitting in—of course I use the traditional savings on the flip side—and it’s about $8,000 over the same amount of time.
Now, steady returns, which we know—since 1928—random stat, but the S&P has averaged about 9 to 10% per year. But it’s actually interesting: when you look at the average between 8% and 12% annual return, it only happens about 20% of the time.
And so I think a lot of folks see it as really volatile because you tend to remember some of those really down years, or others—really great years that the S&P returned, you know, 25–30% or more. Yeah. I’m with you—compounding really makes all the difference, and that’s how you build wealth. You won’t do that in a traditional savings account.
High-yield savings around 4%—you know, similar concept for maybe emergency fund. But the financial markets—that’s really where it is. The other thing that you mentioned is reward-risk. So 2-to-1 to 4-to-1—excellent. Yeah. So typically we target around 2-to-1, although it is swing trading; it’s shorter term. But you have that key concept: you want to make more on your winners than your losers. So even if batting like a 50–50 win-loss, you’re going to come out ahead.
And that’s really the key to win-based. You know, once in a while, you know, making an earnings play or, you know, non-farm payrolls, or, you know, a Fed—maybe, you know, you might play a certain economic report, corporate earnings. It stops and really try to, you know, get those home runs. But even those also sometimes throw into the 1% risk—like you think, you know, right? Half a percent or 1%—I’ll cut that on those that feel more speculative than what the other 95% of my trading is. So nice.
Technical trading and News Trading.
Andrew Mitchem So we’re technical trade—I’m a technical trader. I look at charts. Yes, I’m aware of, you know, news events. Like you said, the non-farm payrolls or employment change, I think it’s called these days. But all those type of things—we’re aware of them. But I personally trade and teach as a technical trader.
Do you do something similar with candle patterns, and is that how you teach people to look for certain positions?
Diana Perkins, CPA Yep. Yes. So I would say—I think there’s definitely a place for both technical and charting and fundamental analysis. I think they work hand in hand. But primarily I teach—and what I focus on with my students—is technical analysis. And the reason for that is: focus on swing trading, swing timeframe. So anywhere from, well, a few days up to maybe 7 to 8 weeks on the long end.
Most of my traders around 2 to 3 weeks. Most of my strategies—actually no, about 4 or 5 weeks, which is definitely on the longer end. But because of that, momentum trading—technical analysis. However, there’s always a fundamental check before going into any trades. So looking at things like earnings announcements; if I’m not as familiar with the industry or that specific company, you know, looking at its competitive positioning, analyst reports—what are some of the targets—recent earnings.
And I always do a scan on news to understand, okay, what’s more current? Is there M&A activity? Their product lines? What are their competitors doing? So I run through all of that before I put on the trade. But everything up to that point is technical analysis through top-down.
And I would love to hear more about your system and how you do selection as well.
Andrew Mitchem Yeah, sure. So, although we’re called The Forex Trading Coach, over the last number of years we’ve had access on our trading platforms to more markets like the indices. In fact, I took an S&P 500 buy trade yesterday, which was profitable for our clients. But we can trade the indices, the metals, commodities, cryptos, and of course the currencies.
But the way that I trade them—they’re all taken the same way. I’m looking at a chart, and it could be the Euro/US dollar, or it could be the S&P 500, or it could be Bitcoin. And to me, it doesn’t matter what I’m trading. It’s more: does it have the technical setup to move in either a, you know, bullish or bearish direction depending on which way I’m trading.
So—and of course when I started and worked this out into a system—because it took me four years of going around in a circle, you know, losing money, buying different ideas and systems and getting nowhere. And so about 18 years ago things came right; 16 years ago we started coaching.
Trading FX, Metals, Indices, Cryptos and Commodities.
Andrew Mitchem But obviously back then, cryptos didn’t exist. We couldn’t trade metals; we couldn’t trade indices. So what’s been really pleasing is because we’re based on sound technical analysis and looking at candle patterns and where they occur on the chart—have they got room to move to the profit target? We look at round numbers—like, you know, strong levels, price levels. And by the way, I find that so many people fail to look at the price of something they’re buying or selling.
You know, can you have your stop loss protected by a 00 number? Things like that. So we quite heavily look at the actual price. A lot of forex traders just fill their charts with clutter of lines, and it looks like spaghetti on the charts—lines and dots and arrows—and they actually don’t look at the price.
But simple candle patterns and analysis can work, I find, across all markets. We don’t look at news as much as you sound like you do because of the nature of predominantly the markets we’re trading. You know, we’re aware of the main events like an interest rate or employment data, but we don’t specifically— I don’t especially—trade them.
I prefer technical analysis because you could have something affecting the US market, let’s say. What if I’m trading the Euro against the New Zealand dollar? It’s completely irrelevant, well, you know, in most circumstances, what’s happening in the US market. Or if I’m trading the Australian against the yen, what happens out of the UK or Europe—it’s pretty much irrelevant.
So I find that in currency trading, a main news event is only relevant if you’re trading that currency. So the British—if you’re trading the British pound and there’s something out of the UK—obviously that would affect, more likely, what you’re trading. Or you don’t trade until that news event’s finished. But predominantly we’re candle patterns and technical traders.
Diana Perkins, CPA Well, and I love what you said about keeping it simple. I’ve definitely worked with traders and there’s, you know, you know, Fibonacci retracement, and there are all these different indicators. And, you know, price and volume—primary indicators—start there.
And you bring up an interesting point too around pairs trading. So there was a stint about 15 years ago where I did dabble in forex, and I loved the concept of pairs trading so much I actually do apply that to my stock and options trading.
Okay—within a sector I make—you know what, energy is a good sector to do this because it’s—I think, you know. So anyway, basically you look at relative strength, and you have a stock that’s outpacing the S&P—you have a bullish strategy on that particular company stock—and then you want that relative weakness within the same sector. So if there’s a sector rotation, you’re making trades right for one another.
Using currency Strength and Weakness.
Andrew Mitchem So you could use sectors in the way that I use, like, the Euro or the US for strength and weakness because—you know, we’ve got trades setting up very shortly in half an hour. And I was looking today for a sell trade on the Euro/yen; it just happens to be looking like a reasonable trade.
But then I’ve gone again—I’ve looked at the Euro against the US and against the Aussie and the Kiwi and the Canadian—and the Euro is looking really, really strong. So by looking at strength and weakness, it can actually keep you out of losing trades because although this Euro/yen looks like it’s dropping, the Euro is strong against every other currency.
And so I tend to stay away from taking a sell trade on the Euro/yen today because I’m trading against the overall predominant strength of the Euro. And I think when you blend that with your chart analysis and your strength and weakness analysis, it can actually help you to avoid losing trades as well.
Diana Perkins, CPA Yeah. And if we zoom out, it’s a different perspective. And similar to what you were saying before with charting—one of the great things about it, whether you’re trading cryptocurrencies, ETFs, stocks, commodities, currencies—right—it’s transferable or translatable across different asset types.
And I would say the same thing. And I’m actually a little curious about this—so I mentioned swing trading timeframe is my sweet spot. I see with charting, right, you can go to a 15-minute, 30-minute, hourly timeframe and trade on that, or you can buy and hold and go heavy on the fundamental. I would love to hear more about your approach, just in terms of timeframe and how you look at that technical analysis.
Fitting trading around your lifestyle.
Andrew Mitchem Yeah, definitely. So I use a phrase of, “There’s no prizes for trading.” Because everybody thinks they need to be looking at short timeframe charts, and the reality is you don’t—and you should probably do the opposite.
So as an example, tomorrow it’s the 1st of October. And so we’ll be going through the monthly charts for the September close and looking at those on longer timeframe charts for October trades. The beginning of each week we look at weekly charts, and every day we look at the daily charts.
And so that’s the 5 p.m. New York close. And so we make the analysis of where we see trades based off those closes of the daily charts. At the same time, at the 5 p.m. close, we can also go through and look at, like, 12-hour and 8-hour and 6-hour trades. So we look at those shorter timeframes as well because they all close at the same time.
My other personal favorite time to trade is 5 a.m. New York time. No, not great for you. But you don’t have to be there at that exact time. But at that time, the 12-hours change over as well because obviously it’s 5 p.m., 5 a.m.—two lots of 12-hour charts.
And so I find that those are the two best times to trade. If I had to pick—like, you know, someone’s working full-time or traveling, like, we’ve just spent a month traveling around the US—I traded once a day at 5 p.m. And it doesn’t matter whether you put the trade on at 6 or 7 or 8 because we use limit orders. We don’t trade at the market so much.
I use a buy limit. So if I see a bullish pattern, I will take a buy limit to buy below the current price. So in, you know, markets—things move up and down—and it comes back down below my buy limit and then goes up, hopefully, in the anticipated direction. So it means you don’t need to be there at that exact time because you can put the buy limit on, the market pulls back, triggers the trade.
Even if it doesn’t—it just takes off—then you miss the trade. And I think that’s, again, an important thing because we have coaching clients in 109 countries—everybody on different time zones, different works and family and everything else going on in busy lives. But most people should be able to trade, like, 10–15 minutes once a day.
And I think that’s the important thing—you don’t have to be there glued to charts. Because for me, like, trading your time zone—it’s like 2:00 in the morning. I’ve got better things to do at 2:00 in the morning than sit looking at charts.
And, you know, so I think it’s important that people focus on trading less but trading better quality.
Diana Perkins, CPA Yeah. You know, I would say one of the biggest mistakes in trading is that you need—and I always got this question all the time when I was learning trading and first getting into coaching—“Diana, how many screens do I need?” I say, “One screen and a very reliable internet connection.”
But, right—just like you said—through limit orders or even through bracket orders, right—set it and forget it. You have your entry point, which—right—limit order or a limit, and then your sell stop, which—stop-loss. So yeah, it’s advanced order types, but it’s so simple: three legs. If it triggers, you’re in.
If it doesn’t, then it probably wasn’t meant to be because it’s not moving in your direction or it’s not the price that you need to follow the reward-risk. But then once you’re in, you can sit on it. It hits your target—you’re up. Or, you know, it hits your stop loss—your personal loss—and life.
And I think that’s so important. You know, a lot of my traders—they’ll do their analysis on a Sunday, for example. And typically the analysis involves looking at the broad market—so the S&P, Nasdaq, Dow—for equities; sectors—what’s relatively strong, what’s relatively weak. And then essentially a filter of individual stocks—they go on a watchlist. Market opens, you monitor your watchlist. But just like you said—10–15 minutes a day.
The rest—overtrading. I think the statistic, loosely, is, you know, 95% of day traders lose money. And I actually tried the other day—I think it was actually on just, like, the S&P. I had a short-term trade, a day trade, and I was just going to be in it for a few hours.
And I was watching every tick, and I wanted to rip out my hair. It’s just not how I trade; it’s not how I roll. I don’t know why anyone would do that to themselves. Do your analysis up front, know your numbers, know your risk tolerance, know your timeframe, and then place the trade—and let the strategy work.
Enjoy your trading.
Andrew Mitchem It’s quite interesting—we’ve both been in the various markets for a long time, and we both look happy, and we’re smiling and we’re enjoying it. And I’m sure a lot of it is because we figured out that we shouldn’t be just glued to the charts because, you know, I think we both find it enjoyable and we look forward to each week starting because of, almost like, the lack of time that we spend doing it.
I think if you are glued to it—ten hours a day—you just need to do something else. And I think that’s where so many people go wrong. Or they go, “I’ve got a full-time job” or “I’ve got lots of kids, I can’t do it.” And it’s like, yes, you can. I’ve got five kids. You know, I’ve been trading through raising five kids. You can do it. You can travel and do this; you can have a job and do this. And I think that’s where so many people think that’s not possible.
Diana Perkins, CPA It’s so true. I mean, when I started trading about 15–20 years ago, I was working full-time, and it was a very demanding job. And that’s where the bracket orders I was talking about—so many of the traders that I work with now, you know, we meet at odd hours of the day and evening, and it’s all working around those schedules.
And they’re looking for that freedom. And they’re not—they’re not greedy—but they love the flexibility. There’s a passion. I always say, like, when you’re a trader, it’s in your blood. Like no one—even now, my family—“We don’t know what you do.”
Andrew Mitchem You know, I get the same.
Diana Perkins, CPA But you just know. And, you know, I’ve worked with options traders, you know, forex traders—yes, there’s that element of risk and you have to set expectations. If you’ve done it for a while like we have, you know, you’ve taken some punches to the chin. But then you come back up, you learn about risk management, and you find a way to be consistent if you want long term. Because if you have a 50% drawdown, you’re going to have to make 100%…
Andrew Mitchem To get it back again.
Diana Perkins, CPA That’s right.
Andrew Mitchem Yeah, people don’t get that simple number, but it’s so true. Yeah. So, Diana, what’s the—like, there’s a couple questions here. What’s the pain point that people have when they come to you? What’s going wrong, or what do they need to fix when they come to you? And also, I suppose the second question is—with the way the cost of living and inflation is—it doesn’t matter where you live in the world these days. What’s the downside of not doing something like we’re doing? Like, what’s going to be the result in five, ten years if you don’t do anything also?
Diana Perkins, CPA Yeah. So I think both great questions. So the biggest challenges I see—and there’s actually a bit of a spectrum. I work with—I run workshops for those completely intimidated by the market. You know, they don’t even know where to start. So it’s not just “where”—it’s “why do I need to invest?” “I don’t understand the terminology.” And so I run through all of that, and then just the tactics of opening a brokerage account, and then I’ll share some initial investments to start with.
And I have students in those classes who start at zero knowledge of the market. By the end of it, that day they’re opening brokerage accounts—some placing their first trades for the first time in their lives.
So that’s for my newbies. And then my advanced traders and professional traders—so many things, but I’ll say the number one is around discipline. “Hey, can I tell you about this trade? You know, it hit my profit zone, but then it turned over. Should I take my profits early?” I say, “Okay, you can take your profits early—so you can take your losses off early too? Because otherwise your losses are going to cut into those profits.”
And we talk about that discipline in trading. Others will come to me when—and I had this issue when I first started trading, too—I was a bit too conservative. Now, the counter to “you need money to make money,” I was breakeven for a long time. Right? And so for more experienced traders, they either—well, almost all—have drawn down or account to zero. So risk management—I think of that first.
And then the other is they’re sitting at breakeven and they want to break through. So it could be new strategies, looking at their risk management, their strategies, their trading plan, or even exploring new options strategies or timeframes—things like that. It’s so different for each. But yeah—risk management and just getting started—probably two of the biggest ones. And then just that discipline—like, they know what to do, but applying it—very different. I’d say that for the first part of your question.
Andrew Mitchem And the cost of living—doing nothing?
Diana Perkins, CPA Passive income—very expensive right now. I think dealing a bit with the aftermath from Covid—an inflationary environment. But when we look at where we place our money—and there are some folks who might be saying, “I don’t have money to invest. Are you crazy?” But the idea is—whatever it is—even if it’s, you know, $50 a month.
We talked about compounding earlier. Yes—if you keep it in a savings account or checking account—inflation 2–3% per year, typically—you’re losing money. If you have the high-yield savings—again, you’re still just about at par. Putting your money in the stock market over time—that’s, like we talked about before, that’s where you build wealth.
And you start with—let’s start with what you have, where you are. And that’s how I was able to leave corporate. I had—I don’t remember the number now—but I had a set amount each month that I could afford. And I put the savings into the market, and then I checked it, you know, ten years later and I quit my job the first time.
So it’s so important. You don’t need to start with thousands, but you want to start. And I know you have perspective on that as well.
Trading via a Prop firm.
Andrew Mitchem Yeah, it’s the same thing. It’s like, you know, I mentioned earlier, I think it’s important to learn the how to do something. Because in the forex market, you could trade your own money, you potentially could trade someone else’s. But we have prop firms as well. And prop firms allow you to trade other people’s money once you’ve proven that you can do it within drawdown criteria for profit share.
And so that’s been around for maybe five years—tops, really. There’s been quite a lot more companies in the last few years. And a lot of my clients do end up trading through prop firms because, like you said, people go, “Love what you do, want to do it, but I don’t have enough money.”
And it’s like, you can either—like you said—put a small amount in and learn how to do it, or you could go through to a prop firm and work on a profit share. And I think that’s been a real game changer for a lot of our clients as well because you don’t need to have, you know, $100,000 yourself.
And even if you had $100,000, you might want to still trade the prop firm money and, you know, a lot less of your own.
Knowing that you have the knowledge to trade for yourself.
Andrew Mitchem So there’s options out there for people. One of the other things I think is so important—and again, it comes back to that mental aspect—it’s having that comfort and that knowledge that you can do this for yourself.
You know, through learning through you or learning through us. And I think that’s something that is massive. I love that knowledge and that comfort—that almost feel-good of “I don’t have to go and hand my funds over to someone I’m never going to meet or know or know what they’re doing with my money.” I have complete control.
I have the knowledge up here of doing what I want, when I want, and how much I risk or not. You know, that whole control—self-control—I think is massive. You can’t underestimate how important that is.
Diana Perkins, CPA I completely agree. So, especially during Covid—if we go back five years—there was, you know, all over the news, cases about the democratization of trading and the markets. And a lot of folks during that time—right—maybe they lost their jobs or wanted to start something new, or now they’re home. So they go, “What do I do with my time?” And there were so many new entrants to trading as retail traders. Yeah.
And so it’s more accessible than ever before. And one of the things that I’ve learned since starting my business—I’ve actually met a lot of wealth managers, advisors who are picking my brains, and they’ve told me a lot of the younger generation don’t trust advisors, I guess. And so they want to learn themselves.
And so we’ve talked about partnerships, and I’ll sometimes say, you know, it’s empowering—just that education, learning how to do it yourself. You know, when you’re older—tax strategy, retirement strategy, estate—you know, all of that. Maybe you pivot—or maybe you don’t.
But just having—just like you said—just having that knowledge and debunking the myth that trading and the financial markets are just for Wall Street. I don’t see, you know—there’s no Wall Street there for Main Street to open a brokerage account in 20 minutes, start with $10, you know, invest in an index fund, or learn, you know, currency trading through an established program and a system that you can plug into.
And that’s how I—I worked for that firm, the nine-month program, met the partners in Vegas, and then I started working internally and coaching and mentoring their traders. And you just—you have to empower yourself that way, even if nothing else—just the terminology and understanding how it works. Because money is so central to our everyday lives.
Andrew Mitchem Whether we like it or not. It is.
Diana Perkins, CPA Yes. Yeah.
Contact Diana
Andrew Mitchem I have no choice in that one. Diana, how would someone contact you? What’s the best way of getting in touch with you?
Diana Perkins, CPA I can be reached through my website—it’s tradingwithdiana.com. You can schedule a free call, sign up for my free newsletter, and go from there.
Andrew Mitchem Awesome. It’s been so enjoyable chatting with you, and I think that we’ve got so many similarities with what we do and why we do it as well. I think that it’s the why we help and teach as well that’s really important. But thank you so much for your time. I’ll put links here to your website as well, and people can contact you. Thank you very much for your time today, and we’ll keep in touch.
Diana Perkins, CPA Sounds great. Thank you so much for having me on.
Andrew Mitchem Awesome. Thank you.
Episode Title: #608: Build Confidence & Consistency in Trading with Diana Perkins & Forex Coach Andrew Mitchem
In this video: 00:26 – Do you want to know how to trade Cryptos? 00:45 – I want to buy Bitcoin. 01:50 – What’s your local exchange rate against the USD? 02:28 – Trade Crypto using my proven FX strategy. 02:55 – Wait for a pullback first. 03:22 – Trade only the bullish patterns. 03:49 – Trade a different crypto that is a better buy. 04:54 – Check out my new 30 minutes Masterclass. 05:18 – Book a call to talk with us. 05:22 – Blueberry Markets as a Forex Broker. 05:48 – Like, Share and Subscribe
Today, I wanted to share with you how you can invest in the crypto market wisely, using a proven trading strategy. So let’s talk about that and more. Right now.
Hey there, Forex Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 607.
Do you want to know how to trade Cryptos?
So today we’re actually not talking about forex. We’re going to be talking about cryptos. You see this so many people out there jumping on the bandwagon of buying cryptos. And unfortunately most people don’t really know what they’re doing. The trouble is that just buying cryptos or coins because of that whole FOMO, the fear of missing out.
I want to buy Bitcoin.
And a classic example of that is just a few weeks ago, I was talking to a friend of mine and she said, look, Andrew, I’ve gone and bought some Bitcoin. I said, fantastic, but why did you buy a Bitcoin when it was an almost like it’s an all time high. So far it was up close to $124,000 USD.
And you know that so far has been the highest it’s ever got to. And she said oh well, I’ve just got some money through the sale of a property and I thought I’d buy some bitcoin. You know, I don’t want to miss out and I think it’s going to go higher and higher. I said, well, okay, look if you’re willing to hold it for, you know, months, years, it could still well be an okay decision.
But the here’s the issue that I find with so many people is they are not buying a crypto for a particular reason. They buy Bitcoin because they know Bitcoin. And everybody says it’s going to go to 200,000. And so you’re buying it thinking it’s going to go up. Probably not a great way of doing it. And there’s probably other things you can do to make that decision better.
What’s your local exchange rate against the USD?
Now added on top of this, if you don’t live in the US and you’re buying it in equivalent of another currency, like for me and my friend who is New Zealand dollars right now, the New Zealand US dollar rate is really, really terrible for us because the US is strong and then New Zealand is weak. And therefore if you’re buying an equivalent in US dollars, you’ve got a double whammy.
You’ve got the let’s say Bitcoin that almost an all time high. And you’ve got the NZD/USD rate at very low rate. So you’re getting smashed on both sides. It’s costing you a lot of money in your local currency to go and buy already a high value product such as Bitcoin.
Trade Crypto using my proven FX strategy.
Now take this back to how we trade and how we can help you. There’s a few things you can do because we trade cryptos using my proven forex strategy in exactly the same way as we would trade, let’s say the EUR/USD. And what we’re using is technical analysis. And you can apply some very simple basic. Once you know what you’re doing technical analysis to make your crypto decisions better. So let’s stick with our example of buying Bitcoin.
Wait for a pullback first.
Instead of just randomly buying Bitcoin at today’s price. You could instead use some good technical knowledge and wait for a pullback and then a bullish opportunity to go long again and buy it at a lower and better price. Wouldn’t that be a simple and good idea? Why would you not want to buy something at a lower and better price than it is like today, when it potentially could be quite high?
Trade only the bullish patterns.
So you could do that if your long term perspective is Bitcoin is going to be heading up and you see that on longer term charts such as like let’s say monthly charts. You just simply wait for pullbacks and then you could potentially buy again or the other thing you can do is it heads up towards these all time highs or breaks them and starts pulling back.
What’s to say you couldn’t just sell some and wait for it to pull back some profit on those moves, wait for it to pull back and then look for bullish action and then buy again. So that’s bitcoin covered.
Trade a different crypto that is a better buy.
And of course the other thing you could do is avoid Bitcoin altogether. Why don’t you use your skills and your technical knowledge and your chart skills to look at other cryptos, other coins that may be at historical lows and they’ve pulled back from some highs and they’re a great oversold, chart.
And there’s a great opportunity to see them reverse again. And you could be like buying them in the sense, let’s say instead of the hundreds of thousands of dollars like you would with Bitcoin. So don’t just stick to Bitcoin or Ethereum because they’re the ones that everybody knows. Why don’t you look at something that’s pull back. And it might be as an example $0.10 and its historical price is a dollar.
Well if it’s at $0.10 and it rises to $0.20, well, haven’t you done quite well out of that. You know, and you could do these, look at these other charts. You don’t just have to stick to the main ones. And so I would use a combination of those skills. And the beauty is of what we do, it can be traded on any market.
Of course cryptos as we just mentioned and of course forex. But other markets as well. So if you’d like to find out how we do this and how we can help you to invest in cryptos if that’s what you want to do, but with a little bit more skill and probability behind you, rather than just randomly buying something.
Check out my new 30 minutes Masterclass.
So have a look at my new 30 minute on demand masterclass to set 30 minutes aside. Jump onto it. Watch it, and you’re going to learn a lot about how we trade, including on the cryptos, and how you can do exactly the same.
Book a call to talk with us.
If you’d like to book a call with the team or myself, there’s a link here as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good broker to trade the cryptos on, and forex and metals and commodities and indices, I’ll put a link here to Blueberry Markets. Select the MT5 trading platform, and you’ll have a huge array of cryptos available for you to trade as well. And you can use their charts, of course, to make your trading decisions. And to look for those pullbacks or those oversold, cryptos that we’ve just talked about. So I’ll put a link to Blueberry Markets here.
Like, Share and Subscribe
And any questions you have please send me an email Andrew@TheForexTradingCoach.com or leave a comment if you’re watching. And I’ll see you this time next week. Bye for now.
#606: Independent Wealth: Trading for True Freedom
In this video: 00:27 – Independence is awesome. 01:02 – Monetary independence. 02:17 – The good old banking days have gone. 03:00 – Do you fit the narrative? 04:01 – Self-reliance through trading. 05:32 – Brand New Forex Masterclass. 06:15 – New course pricing structure available. 06:57 – Blueberry Markets as a Forex Broker. 07:22 – Like, Share and Subscribe
I’m going to talk today about becoming your own bank and how, through becoming a good trader, you can achieve this for yourself. Let’s get into that more right now.
Hey there, Traders! This is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 606.
Independence is awesome.
Today I want to talk about being independent. I choose to become independent with the way that I live. We grow the vast majority of our own food. We have access to our own meat. We catch our own fish. I’ve got beehives for our own honey, and we like to grow and produce as much food at home as we can because it allows us to be independent.
And alongside that, you’ve got all the obvious health benefits. So that’s a personal choice.
Monetary independence.
Now, when it comes to money, I also personally choose to become as independent as I can. Just last week I was interested in purchasing a rural property with my wife, and I thought, well, let’s go and ask the bank to see if they would help finance it because, you know, money’s relatively cheap.
And if you can get finance at, sort of, 5%, let’s say, and you’re making, let’s say, 5% in a month through your trading, well, you’re better off borrowing from the bank. So we approached the bank to see if they would help us for this property.
I was amazed that one of the first questions I got asked was about my age and my retirement plans. Now, I had zero retirement plans or anything. I’m 52 years old. And it just struck a chord with me. It’s like, wow, these banks, you know, they go through these processes of ticking boxes. Whether it’s AI-induced, I’m not sure.
The good old banking days have gone.
But rather than the good old days when you used to go to a bank manager, they’d go, “Hey, Andrew, what do you need the money for? Oh, I think you can do that. We’ll back you. That’ll work.”
In simplified terms, that’s how it used to be. Today it’s no longer like that. And I just found it really off-putting that the bank’s more interested in my age and my retirement plans—of which I had zero—because I love doing what I’m doing.
I’m only 52. Yet whether the property was a good property or not, how much cash we were going to inject in it, or what the property was going to make as a rental or anything like that didn’t seem to matter.
Do you fit the narrative?
It just basically gave me that reminder of: hey, do you really want to be in the way that things should be done these days? Because it seemed to me that if you don’t fit the narrative and you don’t fit the model, then they’re not so much interested in you. And it again came back to my trading. It’s like: become your own bank.
So if you’re slightly more mature and older, in the 50s and beyond like I am, then you may also find that if you need borrowing for any investment property—or whatever you need it for—things today are a little bit tougher than what they used to be.
If you’re watching this and you’re young, then obviously you’ve got time and experience to come, but you’ve got time on your side. So whichever you are—whether you’re older and heading toward retirement, or not even thinking of retirement, or you’re in your 20s—this applies to everybody.
Self-reliance through trading.
Why don’t you, instead of relying on the way that we’re told we should do things, think differently? Like we do with our food and with our finances—creating your own bank yourself through your trading.
If you know what you’re doing, you can do that through the quality of your trading. But not only that—if you can make consistent gains through your trading on your own account, then of course you’ve got options these days.
You’ve got prop firms. You don’t just need one prop firm account—you can have multiple. You could sell trading signals. You could potentially, depending on legalities, trade for other people. There are multiple ways in which you can put your trading skills to good use. And over time, with compounding, you can become your own self-funding bank. I think that should appeal to many people.
Like I said, if you’re older, you’re going to find the traditional banks maybe a little bit harder to get funds from. If you’re younger, use your youth, your time, and your likely computer skills to give yourself time to learn how to do this properly so that you can, over time, compound and build wealth for yourself—so you don’t have to fit into the norm and the narrative that there seems to be these days.
Brand New Forex Masterclass.
The other thing I’d like you to have a look at is just this week we’ve launched two things. One is our new 30-minute masterclass. Have a look at it. There’s lots of information about how you can trade properly, how you can use small amounts of funds and compound over time to become your own bank. Or, if you want to go down the prop firm track, then there are various options there.
So have a look at our new masterclass. It’s on demand. It’s about 30 minutes long. Set aside 30 minutes. Turn off your phone and everything else, and just sit and watch it. You’re going to get a massive amount of benefit from it. I’ll put a link here for that.
New course pricing structure available.
Also, if you watch that webinar, you will see that we’ve just launched a new pricing structure. The course fee at The Forex Trading Coach has always been a one-off fee, and it’s been like that for over 16 years. But we’ve just changed that to try and help more people come on board with a lower entry fee and then an optional monthly subscription going forward.
I hope that helps a lot of you out there, because I know that funds—whether it’s borrowing like we’ve tried to do, or just cost of living in general—can be tight. So have a look at that masterclass, go through it, and you’ll see the new pricing structure. You’ll gain lots of information from that masterclass itself.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a really good broker, I’ll put a link here to Blueberry Markets. I can highly recommend them. I use them every day. The MT5 platform that they have has a vast number of forex markets plus other non-forex markets like metals, indices, cryptos, commodities, etc. And not only that, they’re a great bunch of people to deal with. So I’ll put a link to Blueberry Markets here as well.
Like, Share and Subscribe
If you’re watching this video on something like YouTube, please don’t forget to like, subscribe, and share so you get notification of future videos. And if you’d like me to discuss any trading topics—or in general, life topics like today—just shoot me an email at Andrew@TheForexTradingCoach.com
or leave a comment down below.
Thanks again. I’ll see you this time next week. Bye for now.
Episode Title: #606: Independent Wealth: Trading for True Freedom
In this video: 00:28 – Avoid using a market order. 01:24 – Learn what a pending order is. 01:58 – You can enter the position and let the market work. 02:48 – Buying at a better price. 03:24 – Helps reduce emotions. 03:39 – NEW Masterclass. 03:52 – New course pricing structure available. 04:15 – Book a call with us. 04:23 – Blueberry Markets as a Forex Broker. 04:43 – Like, share and subscribe.
Today, I want to talk about why I believe that in most cases, entering a market order as a trader is not a great idea. So let’s discuss that topic and more right now.
Hey there, Traders! it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 605.
Avoid using a market order.
And you heard that right. I believe that using a market order for most of your trades is not a great idea. And there’s many reasons for that. One of the reasons, I think, that you should never really enter a market order is because what does the price right now mean?
What does it signify? Most people find that they enter a trade because they happen to be at their computer, and they happen to see a set up, and therefore they just enter straight away using a market order. And the issue I have with that is very rarely do people find that that price has any significance. It probably doesn’t have any price level.
It may not broken through any barriers. And so by entering the market for most people, most of the time it means they’re entering right now because I’m at the computer, I think there’s a trade. I’m going to enter a trade, buy or sell.
Learn what a pending order is.
What I find, though, is that a lot of people do not understand pending orders particularly well. Most people, don’t use them, and a lot of people don’t even know they exist. So you can have what’s called a buy or sell stop or a buy or sell limit.
Now, I am a massive fan of using limit orders, so a buy limit means that you are buying below the current price and the sell limit means you’re taking a sell position if the price goes higher than where it currently is right now.
You can enter the position and let the market work.
The beauty of those trades is it means you do not have to be there when the price gets hit. And when you think about it, if you’re taking a buy trade and the price is at a certain level, and you’re saying, I want to enter this buy trade, but if the price drops first, you getting in at a far better price.
It means that for the when the price takes off and you anticipate it direction back up again, it means that that movement between where the market may be at the when you saw the trade and you’ll buy limit order or the market needs to do is get back to the same market order original price and you’re already into some profit and beyond.
So therefore, what it means is your reward to risk becomes massively greater as well. You could simplify it and think of it this way.
Buying at a better price.
You’re going into a shop and buying something at $100. I could go into that shop and say that when you drop that price later today to $80, I want to buy it. And it’s a very similar thing to that.
So if the shop doesn’t drop its $80, you miss out on the trade. But if they bring that price back to $80 or $75, or you’ve bought the item, you know you get in at a better price and you bought the item at a lower price, then entering straight away in that example at $100.
Helps reduce emotions.
And so that is where you can use limit orders. It takes away the emotion of your trading because you’re not like in the market scrambling now, trying to get your position size and your stop loss and your profit targeting. You can into your buy limit or sell limit and just walk away and let the market do its thing.
NEW Masterclass.
Now, if you’d like to find out about how we do that and why we, heavily promote using limit orders, what I suggest you do is jump on to my short on demand masterclass. You’ll find a link to that here. If you’re interested in coming on board with us and joining us at the Forex Trading Coach, you may have seen recently that we changed the pricing structure. It’s on a bit of a trial basis right now, but if you want to jump in at a massively reduced price, I’ll put a link to the Google Drive document where you’ll see a new lower, entry price and then a small ongoing monthly fee. So how they’ll look out for that?
Book a call with us.
If you’d like to discuss your trading or how we can help you, I’ll put a link that you can call, make it time to book and call myself one of the team.
Blueberry Markets as a Forex Broker.
And if you are looking for a really good forex broker where you can also trade cryptos, metals, commodities, indices, etc.. Have a look at Blueberry Markets and they offer the MT4 and the MT5 trading platform. I’ve been with them personally for many years and I find them excellent. So I’ll put a link to Blueberry Markets as well.
Like, share and subscribe.
If you’re watching on YouTube, don’t forget that. Don’t forget to like and share and subscribe. And if you have any topics you’d like me to discuss on future videos and podcasts, just like this one, send me an email Andrew@TheForexTradingCoach.com or comment below.
I’ll see you this time next week. Bye for now.
Episode Title: #605: The Secret to Better Forex Entries Revealed
#604: Why Your Last Trade Doesn’t Matter—Long Term Results Do
In this video: 00:33 – Trading is just like any other investment. 01:25 – Control your emotions. 02:00 – Become successful in the long run. 03:00 – Chasing the shiny object problem. 03:28 – Our strategy has long term proof. 05:20 – Keep your risk per trade low. 06:14 – High reward:risk trades. 06:44 – Get on my Forex Masterclass. 06:56 – Book a call to speak with us. 07:01 – Blueberry Markets as a Forex Broker.
Today, I’m going to talk about why you should focus on your long term results, rather than worrying about short term individual trades. It’s going to massively help you to become a successful trader in the long run. Let’s talk about that a more right now.
Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 604.
Trading is just like any other investment.
Today I want to talk about why I believe you should focus on your long term results. You see, trading is like any other investment. You’ve got to look at it as a bigger picture. And I find that far too many people get really caught up on, say, the last trade or the last few trades or even the last week’s trades.
And it creates a danger because, you know, in trading you could have a few lucky trades. You know, you could put some on that. Maybe not particularly. Exactly as your strategy suggests. But you get lucky and they end up winning. And you might have things like seasonal, time adjustments, time of the year when, you know, markets are a little bit flat or really, really good. And you’ve got to allow for all these things.
Control your emotions.
Because to me, there’s two things you have to control in your trading. Once your heart and the other in your head, those emotions are vital that you can control them properly. And the danger is, if you’re focusing on your last few trades, you can get massive buzzes and massive highs.
If you’ve like, done really well and had a few successful trades. Likewise, if you had a couple of losses in a row and things just don’t seem to be working out, you can get some real so lows and you’re thinking, oh, is this just all doom and gloom and not working? And that is where I see the issue.
Become successful in the long run.
You see any good trader with good trading skills and a good sound strategy and knowledge will be successful in the long run. And that’s where your focus needs to be. Because, you know, no investment is a straight line. Not every day are you going to make money as a trader? Not every week, sometimes. Not every month. And that’s part of the overall, you know, part of trading that you have to understand.
And that’s where the danger of focusing real short term, can create so many issues. And that’s why I find that so. And look, I used to do this myself years and years ago. I don’t know, luckily, because I worked out what works for me. But years ago, I used to chop and change systems. I used to, add this indicator used to over optimize this, buy this bit of software, automate this, you know strategy, buy the next book, whatever it was, you know, you going on, you know, forum sites and finding the latest, greatest idea. And of course, none of them work.
Chasing the shiny object problem.
And so that becomes the, the chasing, the shiny object, problem that so many people have. And that’s because they’re focusing on, well, one, they probably don’t have a good strategy and really know what they’re doing themselves, but also they’re focusing like what’s happening right now. Is this a couple of losing trades in a row?
Oh, get rid of that system. It’s terrible. It doesn’t work. On to the next thing. And I suppose that’s where we’re fortunate because.
Our strategy has long term proof.
Ever since I started coaching over 16 years ago, the strategy remains exactly the same. It’s because it’s based on good sound, technical analysis. And, you know, it works on all markets, all currency pairs, all timeframe charts.
And now other markets like the cryptos and indices, commodities, etc. on top. And so that is why we focus on that long term consistency. Because, you know, you wouldn’t go and buy an investment property and then you pay whatever you pay for it. Let’s say $500,000 and you’re going, oh my goodness, I’ve just had it valued.
And like the week after, it’s like 490 and 470, then 520, you know, you can’t, be an investor if that’s your kind of longer term goal. And be worried about the price of that property every week or every month. If you’re a longer term, you know, aim is to hold it and then gain from it and, and trading’s kind of the same.
You know, you’ve got to remove the emotions as best you can from your trading and look at your consistency over time when you iron out things like seasonal changes and political events and different things like that that happen that can make some currencies go completely flat and other currencies go wild, and you’ve got to like take the rough and the smooth and, and on your trading and be consistent over a longer, time period.
And that’s the focus, I think, here that most people unfortunately don’t get and, and I suppose in all fairness, that comes from time and knowledge and experience and confidence in your strategy and saying it work consistently as well. And, you know, we’re fortunate that we have that in our trading.
Keep your risk per trade low.
And, you know, I think another thing that I talk about all the time that’s going to massively help you, when it comes to emotions, is making sure that every trade that you take has the same risk percentage of your account.
It doesn’t matter what the time frame, what the direction, how big the stop loss is, how big the profit target is, how long it’s in the market for. If you have low and controlled and known risk on every single trade that you take, but also at the same time, your profits are two, three, four times your risk, which between that to enforce where I’m like 90% of my trade should fall into personally and the way that we trade and teach with profit targets, etc. and if you have that, then that is part of the key to success having low controlled risk, which controls emotions. So you’re not worried if you have a few losing trades. You know that overall your strategies you sound.
High reward:risk trades.
Your profitability trades are several times your risk. So if you do have, let’s say, an average of, a 3 to 1 reward to risk ratio, if you’ve lost two trades and then one out of 3 to 1 on the other trade, then you’re back up to where you started. But you’ve got a 66% winning. So losing, right. Just on those three trades. So reward to risk is massively important. Low controlled risk is also important.
Get on my Forex Masterclass.
If you’d like to find out more about how we do this and how we can help you, I’ll put a link here to my short, 17 minute demand masterclass, where you can find out more about how we trade and teaching can help you.
Book a call to speak with us.
If you’d like to book a call to talk to myself or one of the team. I put a link here as well for that.
And if you’re out there looking for a very good, high quality broker, I can highly recommend Blueberry Markets. They offer the MT4 and especially the MT5 platform, which has so many more markets on it, forex and non forex.
Blueberry Markets as a Forex Broker.
And I can highly recommend you consider having a look at blueberry markets. If you’re out there looking for a good broker and a good trusted broker to put your funds with.
And anything else that you need, please send me an email Andrew@TheForexTradingCoach.com and I’ll be glad to make a weekly video on podcasts like this on any topic that you need help with.
So once again, this is Andrew here at The Forex Trading Coach. I see you this time next week. Happy trading. Bye for now.
Episode Title: #604: Why Your Last Trade Doesn’t Matter—Long Term Results Do
In this video: 00:37 – Is trading Forex a real job? 01:42 – How to being a trader lucky? 02:05 – The realities of becoming a good trader. 03:00 – Good things are hard to achieve. 03:38 – Moving to the other side of the world to live. 04:13 – The commitment of becoming a karate sensei. 04:49 – I learned how to fly a helicopter. 05:33 – Playing the guitar and singing. 05:52 – Time to get off your bum and make a difference. 06:44 – What are you going to do to help yourself? 07:35 – Get on my Forex Masterclass. 07:46 – New course pricing structure available. 07:56 – Blueberry Markets as a Forex Broker.
Do you find that when you tell people that you are a trader or want to become a trader? They don’t think that you have a real job, and they think that you might be a bit lucky because you can work from home or just work on a computer. I want to talk about that because I’ve experienced that a lot myself in the last week. Let’s get into it a more right now.
Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach. A video on podcast number 603.
Is trading Forex a real job?
I want to talk about the human psyche. I find it really interesting. Fascinating. You see, when I started trading some 20 years ago, I had a very young son at the time, and I’d finished being a dairy farmer because of divorce, and people looked at me a little bit strange.
They thought that I was starting this sort of what what was I doing? I meant to be looking after my young son. I didn’t have a real job. I was doing this weird, strange thing called trading on the computer. And I think a lot of people, you know, just looked at me a little bit sideways and thought, this guy’s just lost the plot here.
Why doesn’t he go and get a real job? And then fast forward some, what, 20 plus years later and after just spending the last four weeks in the US on holiday with my wife for her 50th birthday, the amount of comments that I’ve had either in person or online, or email from people to say, you’re so lucky you can do that.
How to being a trader lucky?
And I just find it fascinating, like lucky. How how is like trading lucky? I don’t quite get it, but people just think that because, you know, you’re either sitting at home on a computer or like, we’ve just spent four weeks traveling round on a road trip around the US. They think you’re lucky. And I find it absolutely incredible. And I’m sure if you’ve been trading for any length of time, you probably understand what I mean.
The realities of becoming a good trader.
So I’d like just to sort of set the record straight about what good trading is. If you trade, you know, and if you’re starting to trade or looking to trade, you need to know this. Good trading is not easy. Good trading takes a lot of time investment in yourself, both monetary and time wise.
A lot of frustration, a lot of going round in circles. And it’s not easy because if it was easy, everybody would do it, wouldn’t they? And if it is easy to make lots of money, everybody would be doing it. But the trouble is, most people are just lazy and that’s just the honest truth. You know, hard work, dedication, commitment, effort, those type of things.
Sadly, a lot of people lack, these days. Now, I had a think about this when I was just thinking about putting the video together, and I thought about things that I’ve personally done and, you know, the enjoyable things and how hard they are.
Good things are hard to achieve.
So back when I was a teenager, I was a reasonably good cricket player. Couldn’t bat, but I could bowl pretty reasonably well.
And I played at a, you know, quite a decent level, for my age. Never good enough to become remotely close to become a professional cricket, I thought I was, you know, the next level down and for a little while and pretty good. So when I look back at that, my whole life back then revolved around just playing cricket, talking cricket, eating, sleeping cricket.
That’s all I did. I love cricket, I still love cricket. And the time, the effort, the commitment that went into it was huge.
Moving to the other side of the world to live.
And then fast forward a number of years later, I decided to up and leave England and in my early 20s moved to the other side of the world, the strange place that most people had never heard of called New Zealand.
And you know, again, time commitment, money, effort, to do that and, you know, quite a bit of the unknown. And, you know, people go, oh, you had a crystal ball because New Zealand’s amazing. And you’re up in England of, you know, going to pieces. And it’s like, well, I kind of just had to think about these things and make my own decision and, you know, and do what you feel is right. And so that was interesting.
The commitment of becoming a karate sensei.
And then fast forward a number of years after that, you know, I, got into karate in quite a big way. And again, time, effort, commitment, pain when you’re into that karate at that level. I was teaching people as well. And, all my kids went through karate and, just purely as a voluntary basis, the teaching and, you know, it was just a lot of time and commitment, a lot of travel, a lot of monetary commitment. When you’ve got five kids and, you know, that’s another thing that I got a huge reward out of and loved it.
I learned how to fly a helicopter.
Fast forward a few more years later learning to fly a helicopter. One of the most hardest, potentially dangerous things you can do. But the reward is incredible. You know, we’ve seen parts of New Zealand and flying over places that most people will never, ever get to see in their lives.
And so extraordinary, achievement and places that you get to see and experiences you get out of it. But if someone says, oh, you’re lucky to fly a helicopter, it’s just blows my mind that people can think that stupidly, it’s not lucky. It’s time. It’s commitment, it’s money, it’s investment. It’s, you know, giving up other things to, pursue that excellence of flying a helicopter.
Playing the guitar and singing
And right now, I’m learning to play a guitar. I’m learning to sing something that I’ve never, ever done in my life in 50 years. Those two things. And, you know, I’ve been playing guitar for nearly three years, learning to sing this year, both hard. Take time, commitment, effort. If you know anything musical, you know, what I mean.
Time to get off your bum and make a difference.
And so you bring all this back together and you look at it and people go, oh, you’re so lucky that you can trade and travel. Aren’t you lucky? No, it’s not like a tour. It’s. It’s a decision. To do something is a decision to get off your bum. It’s a decision to invest in yourself and your family and your financial and time and freedom, going forward.
So that’s my little, I suppose, rant for this week, a little bit different, but it’s just, I wanted to bring this up because I think it’s important to talk about these things. You know, we’re not talking about candles and Bollinger bands and things like that today, but it’s another part of trading that’s really important to, to understand and be aware of.
So I think that’s just something that’s, you know, topical and wanted to bring that to your attention.
What are you going to do to help yourself?
So. Well, I suppose my question after all of that is what are you going to do about it yourself? Are you just going to keep surfing through YouTube but you just going to keep, you know, looking online for stuff and just go round and round and circle?
What are you going to make a commitment to invest, in your time yourself, your future and, and jump on board? You know, you know where we are. We’ve been doing this for over 16 years. Clients in 109 countries. I don’t think there’s many forex educators out there that can honestly say that, I don’t know of any.
So, there may maybe 1 or 2, but I actually don’t know of anybody who’s still around now teaching and helping people. Who is in, you know, helping and teaching people back when I started. So that shows our, commitment and effort and daily dedication that we put into making this work for our clients.
Get on my Forex Masterclass.
If you’d like to find out more, I do have a, short 17 minute masterclass that you can jump on to. I’ll put a link to that here. If you’d like to talk to myself or one of the team, I’ll put a link to that as well.
New course pricing structure available.
If you’d like to find out about the new pricing structure that we launched last week. Send me an email, Andrew@TheForexTradingCoach.com. And I think it’d be pleasantly surprised.
Blueberry Markets as a Forex Broker.
And if you’re there looking for a really good forex broker that you can trade forex, metals, commodities, indices, cryptos, have a look at Blueberry Markets and I’ll put a link to them here as well.
So once again this is Andrew Mitcham at The Forex Trading Coach. Enjoying the great outside. And you take care I see you this time next week.
Bye for now.
Episode Title: #603: The Hard Truth About Trading Success
In this video: 00:34 – I’m back home in New Zealand after 4 weeks in the US. 01:07 – TFTC Coaching remained the same. 01:22 – Lessons from trading while on the road – see here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel-updates/ 02:09 – Less is more approach to trading. 03:03 – Trading in 5 minutes a day and set and forget. 04:13 – The power of an amazing trading community. 05:55 – New course pricing structure available. 06:50 – Blueberry Markets as a Forex Broker. 07:30 – Summary of our US road trip.
So I’ve just got home to New Zealand, and I’ve spent the last four weeks trading and traveling around the US on a big road trip with my wife. I’m going to talk to you about what you can learn from my experience, and how it can help you when trading and traveling for yourself. Let’s get into that more right now.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 602.
I’m back home in New Zealand after 4 weeks in the US.
Back in beautiful New Zealand. Back in the winter here. Lovely dark blue sky day. Sunny days. Really great to be home. But we had a great four weeks traveling around the US. I drove on the wrong side of the road for me, and I covered over 4000 miles or 6500km, and we visited ten states.
Now, on that trip, I carried on trading exactly the same as I would have from home. Obviously the time of day slightly different.
TFTC Coaching remained the same.
But everything that I did was exactly the same as I would do from here as far as our coaching is concerned. We still had our live weekly webinars, our live webinars for clients to join in, European session and US session. We still posted our daily trades each day. We still had our form site updated and so everything carried on.
But from a trading perspective, what I gathered from that trip is you don’t have to trade all the time to do really well. And so for me, I took some monthly chart trades. In fact, I’ve still got a New Zealand US dollar sale trade on.
And this week the New Zealand dollar. In fact just yesterday just crashed. And it’s really help that trade. But longer term on the monthly chart we have a sell trade from the beginning of August. Now if you’ve been following me you would have seen that I documented my trades that are taking on the monthly charts, the weekly charts, the daily charts and other time frame charts while I was in the US.
So I’ll put a link here. You can have a look at those 14 videos that I took while I was there. And you can see the trades are taken and the results of them.
Less is more approach to trading.
But it just showed to me that it doesn’t matter whether you want to travel and trade or whether it’s just normal life going on and you’ve got job, family, you know, sports, hobbies, whatever it might be, and you think that you don’t have time to trade, well, it’s just not true.
You do have time to trade. Everybody has 24 hours in the day, but you don’t need to spend so much time as you think, actually doing the trading once you know what you’re doing. And so I looked at the charts at the beginning of each week looking at the monthly charts, and at the beginning of the month, beginning of August, we looked at the monthly charts and took that trade I mentioned on the NZD/USD
And then each day we looked at the daily charts. Now, because that’s 5 p.m. New York time. At the same time, the 12 hour charts, the 8 and the 6 hours closed. And so we scanned those, three other time frame charts as well. And we post those trades on our membership site, for clients to follow and have a look at.
Trading in 5 minutes a day and set and forget.
So if you did nothing else, then just maybe looked once a day at the daily charts and those other three timeframe charts at the same time. You can do that and literally 5-10 minutes a day and take your trades and leave them. The other thing that I find that with, traveling is you do you spend less time looking at charts, which is a good thing.
You don’t need to be glued to your charts all day. And people get stuck into that routine. They kind of feel that they need to be there looking at trades, looking at charts, interfering. You don’t. You can place your trades, leave them and walk away. And that really is the best approach that set and forget approach. It’s far more enjoyable.
It’s less stressful. You just, you know, you’ve got your low controlled risk if you trade the way that we trade and you know, you have high reward to risk trades if you trade the way that we tried. And so you can just leave the trades and walk away. Now the only thing I did is, before the weekends, I just closed out anything that was from daily charts or lower, but weekly charts, monthly charts or any crypto trades, just leave those open, until the following week. And of course, cryptos over the weekend. So that just means that you could just trade, travel, do whatever else you want to do.
The power of an amazing trading community.
Now, another really important factor which you cannot put a value on this. It’s the price of the power of community. Now, we are incredibly proud of what we’ve built over the last 16 plus years. Here at The Forex Trading Coach.
We have an amazing, group of clients from right around the world, all trading the same strategy and all helping each other. And I think that’s very unique in the trading world. And it’s just incredible. Incredibly powerful to see. While I was away, other people stepping up, helping out, taking trades, posting trades, answering questions as well. You know, we were still there to do that, but obviously with traveling, it’s just, you know, a little bit slower to get responses and the ability to talk to other people who are all trading the same strategy, the same method, or they’re taking the same trades, looking at the same charts at the same time, and to discuss things with them, their experiences or trading, whether they, you know, found it easy or hard or they’ve left trading come back or they’re on prop firms or, you know, all these different type of, real life situations that people face when they’re trading and the ability to interact with other people and to view their trades and to discuss things is massively important.
Because otherwise trading is just a real lonely business. You’re kind of sitting there on your computer when your laptop and your by yourself. And so I really, really appreciate our clients and our students that we have on board and our mentors and everybody. They’re all on the same page or helping each other.
New course pricing structure available
So look, the other, news, since I’ve been back is we have completely changed our pricing structure. In the past, we’ve always had one upfront fee, and it’s been like that for the last 16 years. Now I’ve just decided to change things up and, you know, just traveling around, you realize that financially, things are quite tough for people out there. You know, even in America, I was amazed with the price of food and how I used to think food in America was very cheap.
No longer the case, very expensive. Like supermarkets, etc. like that. Eating out. So what I’ve done is I’ve created a document, and on that document you will find a completely different pricing structure, so you can jump on board with us at a vastly reduced fee, and then have an ongoing monthly fee to continue with our daily trades, our webinars, our forum site if you wish to, and you can stop that at any time if you wish to as well. So I’ll put a link to that document, or you can just email me and I’ll send you that document.
Blueberry Markets as a Forex Broker.
And if you are out there looking for a highly recommended broker, I can, I can recommend Blueberry Markets. They’re based in Australia across the water here behind me. And about 3.5 hours that way by plane. And they are a great bunch of people. Very good. Broker. Most people around the world can offer, can open their accounts with them.
Unfortunately, if you’re in the US, you cannot. But Blueberry Markets. I’ve been with them for years. I know them, personally, having met them in person. Speak to them, you know, weekly. Great people. And a good option for you to just to consider if you’re out there looking for a broker. And I’ll put a link to them as well.
Summary of our US road trip.
So that’s it for me. Really glad to be back into New Zealand. Like I said, had a fantastic time when the state seeing some iconic, places, some amazing, barbecue food. Highlights for me would be some of the music we saw in Memphis and Nashville and New Orleans, some of the iconic things like the New Orleans Paddle steamer up the Mississippi, the alligator tours, and of course, spending, some really valuable time with Paul Tillman and his family in the Smoky Mountains.
So, great time to be away. Great. Great. Place to visit, for a road trip and lovely people. And easy to get around and to trade at the same time. And make money while on holiday is the absolute ultimate, isn’t it? So that’s what you can do.
So once again, have a look at the link that I’ve got on here if you’d like to come on board with us at The Forex Trading Coach
And I’ll see this time next week. This is Andrew Mitchem, enjoying the sunshine back in New Zealand. And, we’ll talk soon. Bye for now.
Episode Title: #602: The Freedom of Trading Anywhere, Anytime
#601: Why Quality Trades Beat Quantity in Forex Trading
In this video: 00:36 – Trading from the US while on vacation. 01:00 – July and August can give us tougher trading conditions. 01:58 – Less trades but focus on higher quality trades. 03:00 – Look at a variety of time frame charts. 04:01 – Get onto my 17 minute masterclass. 04:08 – Blueberry Markets as a Forex Broker. 04:11 – Have a chat with us, ask us a question.
Andrew Mitchem As you probably know, if you’ve been trading for any length of time, what time of year you trade can also make a big difference in your trading. Currently, summer here on holiday in the US with Paul Tillman and sometimes the summer conditions are not always the best, but we are heading towards the end of the northern hemisphere summer and, good conditions ahead. So let’s get into more right now.
Andrew Mitchem Hey, traders! Andrew here at The Forex Trading Coach with video on podcast number 601.
Trading from the US while on vacation.
Currently on holiday in the US for vacation. Been here for a few weeks. And currently with Paul Tillman and his family here in North Carolina. Currently at Grandfather Mountain a little bit hard to see behind us. We’re up in the mist at just over 5000ft.
Andrew Mitchem Point of this video though, is that we’re here trading as normal whilst on vacation or on holiday, and we’ve had a couple of really good weeks since I’ve been here.
July and August can give us tougher trading conditions.
And despite that, we are in the kind of the quiet time of year and Paul living here will know more about that. But northern hemisphere summertime, July, August can sometimes be tricky conditions.
Andrew Mitchem But as Paul is going to explain to you, we’re heading out of those conditions and into some good ones between now and Christmas.
Paul Tillman Right? So right now a lot of people are on vacations, holidays, school is out. A lot of good weather. People are out traveling. So the volumes just naturally going to be lower. Not as many people trading. So the conditions are what are it tougher or more sideways price action? Not as much. In terms of defined trends up and down trading conditions are are okay, but they’re not great.
Paul Tillman Definitely see better. Earlier in the year, before the northern hemisphere summer, and we’re coming into, a nice time here in the US fall all the way up to Christmas. We’re trading conditions will be very, very nice. We’ll have much better trends and, much more quality and high probability setups to pick..
Less trades but focus on higher quality trades.
Andrew Mitchem So the important thing is there is that although we’ve had some great trades, we haven’t had a lot of trades. And so it’s more about the quality of the trades that you take. And so each day we go through the daily charts and just yesterday we had two trades on the daily charts at the beginning of this week.
Andrew Mitchem And we also had seven trades on the weekly chart.
Paul Tillman Lots of those.
Andrew Mitchem Yet the week before we had very few on the weeklies. But we did have a few trades for the month of August. So we’re looking on the completion of a candle on the close of a candle, but we’ve been very selective on the trades that we do take because of these conditions.
Andrew Mitchem So it’s really important to remember it’s the quality of the trades that you take. Not so much the quantity. We’ve been really selective on the trades we’ve taken over the last couple of weeks. Just two trades yesterday on the dailies, but seven weekly chart trades and not so many on the shorter time frame charts just because of the nature of the market conditions right now.
Andrew Mitchem But as Paul mentioned, you know, we are turning into that sort of August into September time. Where are you going to get better trading conditions? So more important to, to look at the charts on the close of the candle. But also you’re probably going to find more shorter time frame opportunities as well.
Look at a variety of time frame charts.
Paul Tillman That’s right. The great thing is our strategy works on all the time frames everything. Now we trade as low as 30 minutes or 1 hour all the way up to monthly. So lots of opportunities. You don’t have to try to, you know, do 50 or 60 trades in a week. As Andrew mentioned, it’s all about, quality of the trade more than quantity.
Paul Tillman I was telling, coaching client, the other day that, you know, would you rather make 50 trades and make a couple percent a week or make ten trades in a couple of week? And obviously, the less trading, the better. Go out, do stuff with your family, go live the rest of your life outside of trading. So it’s all about that quality trades and those trading conditions are going to turn right for us here shortly.
Andrew Mitchem Yes. Right. Exactly like right now. We, about 2:15 local time. So we’ve got like, almost another 2.5 hours before we even need to look at our charts today and that, today being a, a Monday here, we’ll be looking at the daily charts. And also we scan through 12 hours, 8 hours and 6 hours at that 5PM New York change of day. So be really selective. Look at the markets and the time frames that are showing the best setup.
Get onto my 17 minute masterclass.
Andrew Mitchem Now, if you haven’t been on our masterclass, you can click on the link here to a short 17 minute on demand masterclass.
Blueberry Markets as a Forex Broker.
Andrew Mitchem If you are looking for a good, high quality broker, I’ll put a link here to Blueberry Markets.
Have a chat with us, ask us a question.
Andrew Mitchem And of course, if you have any comments for myself or Paul or questions or trading topics conversations that you’d like us to talk about on future videos and podcasts just like this one, leave a link below and we’ll be glad to help answer that for you and to enhance your trading.
Andrew Mitchem So once again, this is Andrew Mitchem and Paul Tillman here in North Carolina having a great time on vacation with see in this time next week. Bye for now. Bye for now.
In this video: 00:35 – Joined by Paul Tillman in the US. 00:55 – How Paul joined TFTC as a client and then coach. 01:42 – Paul’s role at TFTC. 02:18 – The TFTC strategy has never changed. 03:34 – Why would a strategy work on just one pair or time frame? 04:13 – Paul’s advice to people who are looking to become a good trader. 05:03 – Join my Masterclass. 05:14 – Blueberry Markets. 05:45 – Paul’s best financial decision.
Andrew Mitchem
The Forex Trading Coaches over 16 years old, and we’ve been providing information for traders right around the world for a long time. And this is video podcast number 600 where I’m in the US with Paul Tillman. So let’s talk about the longevity of what we do and the quality of what we offer and how we can help you to trade successfully.
Andrew Mitchem
Let’s get into that a more right now.
Andrew Mitchem
Hey traders. Andrew here The Forex Trading Coach with video and podcast number 600.
Joined by Paul Tillman in the US.
Andrew Mitchem
I’m joined here in the US in Asheville at Biltmore House with Paul Tillman.
Paul Tillman
Hey everyone. Glad to see here. 600 episode big milestone.
Andrew Mitchem
It is indeed. And one of the things that we like to talk about at The Forex Trading Coach is the consistency of what we offer and the longevity of what we offer.
How Paul joined TFTC as a client and then coach.
Now, Paul, maybe you could just give a bit of an introduction of yourself and how we got to meet each other and work together.
Paul Tillman
Absolutely. So, Paul Tillman, I live here, in North Carolina, and I joined Andrew as a client just over ten years ago. I tried to find red flags from a previous experience, and Andrew didn’t have any, so, I joined in, and after two years, I said, hey, Andrew, I’d love to, help work with you. And, I have that kind of representative of, trading here for the Forex Trading Coach, in the US and, this side of the world.
Paul Tillman
So, it’s been eight and a half years. We’ve been working together. Andrew came along, and visited here in North Carolina about eight years ago to check things out, make sure everything was legit and good. And, it’s been a wonderful, eight years, together.
Paul’s role at TFTC.
Andrew Mitchem
And, Paul, your role in the coaching business and helping people.
Paul Tillman
Sure. So I’m the Director of Coaching here. I help out with, one on one coaching sessions as well as, the webinars. We do a US webinar. Our forum site, our chat room area, daily trade suggestions. Just general coaching help. Trading help. Yes, sort to do a little bit of everything.
Andrew Mitchem
Nice. And one of the things with the 16 years that we’ve been running is that we offer consistency not into only what we do as well, but also the strategy. I think that so.
The TFTC strategy has never changed.
Paul Tillman
That’s right. Yes. So ever since I came one and sort of history that the strategy hasn’t changed. We’ve added things like a U.S webinar, we added our forum site and chat room area, that real community of traders. But nothing’s ever changed. It’s not the next shiny object. Or we do something for six months and then we change it.
Paul Tillman
None of that. It’s the same strategy since the very beginning, and that helps with consistency. And you’re doing the same thing every time, which look at you consistently profitable or retired. Yeah.
Andrew Mitchem
And the only other thing, I suppose we have added, because the nature of the market is there are more time frames available now, especially for traders using MT5 where you get other charts like 2 hours, 3 hours, 6, 8, 12 built in. And of course there’s more markets for a lot of people as well. You know, we now offer or look at metals and, and cryptos and indices and commodities because they are now available to so many more people, which is, pleasing from our point of view, because the strategy, which was of course, a forex strategy works exactly the same.
Paul Tillman
Yeah, it works on every time frame and every market. I mean, all the exotics, cryptos, commodities, ones that Andrew mentioned it all works on all of it. Which is which is great. You don’t have to have one strategy for a certain set and another one for another set, which is just confusing and not worth it. So, it works with everything.
Why would a strategy work on just one pair or time frame?
Andrew Mitchem
It’s. That’s right. And one of the things that I found personally when I started trading, like, well over 20 years ago where people were having strategies that they’d say, this only works on the EUR/USD, on the one hour chart and nothing else. And I couldn’t work out why that was. And so the beauty of this is that it works on all time frames as well as all markets.
Paul Tillman
Yes, you don’t have to worry about it. Just use that strategy, apply it and look at your time frame. Put the trade in and let it go and do its thing.
Andrew Mitchem
That’s right. And so look whether it’s longevity of the strategy, looking for the longevity or the free information that we post each day on the, free daily trade suggestions, these webinars, as we say, or these, podcasts, number 600, we can help people from right around the world.
Paul’s advice to people who are looking to become a good trader.
So as someone who did join as a client in the early days, what of what would be advice that you would suggest to maybe someone watching or listening to this about what to look for.
Paul Tillman
So be a new trader. You avoid a lot of the pitfalls. They say 95% of traders fail. And you know what? I believe it, because of the lack of coaching, the lack of education, the changing strategy that we just mentioned, every so often. So, we are happy and proud to be in that, 5% of traders who do succeed.
Paul Tillman
Yes. It requires a little bit of effort. There’s no get rich quick schemes out there. But, you know, what about efforts, the education and coaching, everything we provide, we give you all the tools to be successful. And we always tell people when they first coming to us, you’ll be we hope to be your last stop in the journey to be consistently profitable.
Join my Masterclass.
Andrew Mitchem
That’s right. So, look, if you’re out there looking, to potentially join us, I’ll put a link here that you can jump on to a masterclass that we hold as a free, short masterclass that teaches you all about how we trade and how we can help you.
Blueberry Markets.
Andrew Mitchem
If you’re out there looking for a broker, you know that we work closely with blueberry markets. For so many people around the world, can use blueberry markets. Unfortunately, not here in the US, but most other countries can. And, Yeah, it’s just awesome working with Paul. Really enjoy our relationship that we have. We talk daily about trades and helping clients and looking forward to another 16 plus years as well. So because it just works, it’s an enjoyable community that we built and it’s just people helping people, which is so good.
Paul’s best financial decision.
Paul Tillman
That’s right. Yes. This financial education coaching decision I’ve made, and it’s been great getting to know Andrew and his wife, our families hanging out together. This is the third time around and, yeah, we’re going to go, enjoy more North Carolina and, did two, trading this week right now solidly.
Andrew Mitchem
In a couple of hours from there.
Paul Tillman
That’s right.
Andrew Mitchem
So, thanks, everybody for watching or listening. Once again, this is Andrew Mitchem, Paul Tillman at The Forex Trading Coach. We’ll see you this time next week. Bye for now!
Episode Title: #600: How to Stay Profitable in Any Market
#599: How to Trade in 5 Minutes a Day While Traveling the U.S
In this video: 00:23 – Trading while on holiday travelling the US. 00:59 – Results from the first 2 weeks. 01:41 – Trading and travelling in Europe too. 02:59 – 30 minutes of trading in the week. 03:10 – Follow long here https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel/ 03:42 – Catching up with Paul Tillman next week.
What’s it like to trade and travel the U.S. at the same time? I’m in Nashville. I’m going to update you with some great results that we’ve had in the last two weeks since we’ve been here. Let’s get into that a more right now.
Trading while on holiday travelling the US.
Hey traders! Andrew Mitchem here at The Forex Trading Coach video in podcast number 599.
I hope you can hear me. All right. With the background noise here. I’m just off Broadway in Nashville in the U.S. we’ve been over here for almost two weeks, and I’ve been documenting my trades that I’ve been taking just once a day for literally five minutes.
And the market’s been fairly quiet both week so far since I’ve been here on Monday, Tuesday, Wednesday. But, sort of Wednesday and Thursday and Friday especially, it’s just really taking off and we’ve had some excellent trades.
Results from the first 2 weeks.
So if you did nothing else and just followed the trades that I took last week, and you had a risk of just half of 1% for trade, you’d have made a 4.4% account gain.
This week so far, and I’m recording this on Wednesday evening here in the U.S. and of course, we’ve still got probably the best trading, conditions to come for the week so far. We’re up 2.5% so far, and that’s just trading daily charts. I’ve taken a two hour trade and, an eight hour trade and a 12 hour trade this week, and that’s it. So very little action happening on the charts. But when we’ve had the trades setting up that we’ve taken off been incredibly good.
Trading and travelling in Europe too.
And so if you’ve been following me for some time, you didn’t know that a number of years ago. I did exactly the same as this on a trip around the UK, in Europe with my family.
This time we’re here in the US, for my wife’s 50th birthday. Just the two of us having an awesome time. I’ve done over 2000 miles so far in two weeks, so it’s a lot of driving as well. You kind of forget how big this place is, but my point being is that it doesn’t matter whether you’re traveling around the US or around Europe or traveling anywhere, it doesn’t really matter.
You could just say, well, I’m going to be at home doing normal things. I could be, you know, doing normal work or family riding things. Whatever it is, it doesn’t matter. The point being is that you can trade and do incredibly well with very low risk per trade, low drawdowns on either your own account or if you prop firms is your thing, whatever it whatever works for you, your normal life can carry on and you can just trade once a day.
Follow what we do. Get to learn how to do that for yourself, and whether you want to do cool things like this, you know whether the place is buzzing. You know it’s early hours of the evening. It’s only 7:00 here local time.
30 minutes of trading in the week
It’s fantastic to be able to travel around the world, literally spend 30 minutes in a week, tops.
Absolutely tops. And have results like that 4.4% last week, 2.5% so far. This week on close trades. But you know, who knows what this end, week might end up with. But what I’m going to do is keep documenting those trades, keep taking them, and you can follow along.
So, there’s a link that you’ll find here where you can look at the videos I’m making sort of four or 5 or 6 videos a week, depending on what’s happening in the market.
And you can follow along with those trades. And see how they progress and do exactly the same for yourself. So have a look at the link bits on here.
Catching up with Paul Tillman next week.
And, I’ll see you this time next week. Where I’m going to catch up with Paul Tillman, for our video on podcast number 600.
So once again, this is Andrew Mitchem. Off to enjoy the night life. I hope you like the shirt by the way. This is the Beatle Shirt. Off to enjoy the nightlife in Nashville with some music and some great barbecue. I’ll see you this time next week. Bye for now.
Episode Title: #599: How to Trade in 5 Minutes a Day While Traveling the U.S
#598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo
In this video: 00:25 – Top trading strategies for passive investors. 05:50 – Why I choose to trade the FX market. 11:47 – The ability to Buy and Sell. 15:03 – How much time do you need to trade daily? 25:00 – Why so many retail traders lose money. 41:40 – Do you want to invest in your trading education?
Patrick Grimes:
Right. This is Patrick Grimes and I’m really excited to be here today with some awesome people to talk about a completely new alternative investing strategy we have not dug into to this level before.
Top trading strategies for passive investors.
Two heavy hitters to talk about it. And that is top currency trading strategies for passive investors, also known as Forex. What is that? How does it work? What are the risks? We’re going to dig into all that today. How to be successful at it. Is it passive, is it not? These are all really cool things, and I’m excited to learn about it along with you. I haven’t done this, and this is one of the passion projects. This is my passion project here. This is our Alternative Investing Mastery series and put on by Passive Investing Mastery and myself.
And why are we doing this? We’re doing this because we want to educate investors to achieve mastery in the art of passive alternative investing strategies. So you keep your life back. You can be passive, but you get into alternatives. You’re just all about the stock market, this is not the right event for you or the right series for you because we’re about non-correlated investments outside of the stock market. Ones that don’t rise and fall together.
Now, we educate here. It’s important for us. I’m on over a hundred podcasts and books. I’ve written articles and forums and others. It’s all on my website. I actually give away a couple of bestselling books for free on our website, if you’re interested. I actually sign them and send them out, help inspire people along their journey. And we have this bi-weekly webinar series, which seems to have turned into a weekly webinar series, always featuring a Blue Ocean approach of different alternative strategies.
Now, we’re doing this because we believe financial security happens through a lot of different allocations into different markets, which can only be achieved into these very unique kind of novel alt strategies. And we want you to get to that point where you have true, not just independence, but security, and the abundance, the financial abundance you need for the causes you care about most. That’s our mission here. We do that through education and through sponsoring best-in-class alternative investments, which you can check it on our website.
The next event, before we go any further, make sure you jump in there, one week from today, Venture Capital for Passive Investors: Syndication Strategies That Works. I don’t do a lot of venture capital. It’s not really my bag, but a lot of people do. And a couple friends of mine that I’m in large, very large real estate deals with that have invested huge and were some partners in some of these deals. Isaac Bennett works for a venture capital firm. I’m in some Masterminds with him. And he is doing real estate and venture capital. Trey Taylor is a family office. He manages his own and all of his relatives, his extended family’s funds, and he also does angel and venture. So we’re going to talk about it. He’s going to be there as well. It’s going to be a fascinating conversation. Known both these guys for some time. And what are the different funding options and venture capital risk rewards? How to leverage syndications? What are angel investments and family office and high growth startups? What are these things that allow you to really build that true resilient portfolio?
So we’ll go through all of that today. But today, currency trading strategies. Really excited about this. So let’s go to our panelists right now. We have Andrew Mitchem. It’s tomorrow for him. He’s in New Zealand right now, so I appreciate you jumping across the pond virtually for us, Andrew.
Andrew Mitchem:
Lovely to be here, Patrick.
Patrick Grimes:
And by the way, Forex is not like real estate. It is global. You’re trading global currencies. So these educators is over 108 countries he’s trading in right now. It doesn’t matter where this expert is, if he’s somewhere on the planet Earth and he’s got something relevant to say for you and America about Forex trading. So he’s a full-time currency trader and investor since 2003, founder of the Forex Trading Coach, providing training to traders in over 108 countries. Pretty awesome. Developed a profitable trading system after initial challenges. I would love to hear more about that. Advocates for the flexibility and freedom offered by currency trading. Really excited to have you here, Andrew.
And on the other side of the Pacific Ocean, where I’m kind of sitting in the middle, is Steven Primo. Primo is the Oracle here I think on the call. Is it okay if I call you that, Primo?
Steven Primo:
That’s fine. Everyone calls me that as well. That’s fine.
Patrick Grimes:
Well, I’m glad, because it made sense. 48 years as of this year, he’s been trading. He has been trading for 48 years, starting in 1977 as a floor reporter on the Pacific Stock Exchange. Former stock exchange specialist for Donaldson, Lufkin & Jenrette, managing markets in over 50 stocks. Co-developer of the PTS Primo Charting Platform focused on trading education. Once again, perfect. Glad to have you here. Featured in Stocks & Commodities magazine, he’s contributor for contributor for TradingMarkets and the FX Street and Trader Expo. His proprietary methods for trading are used in over a hundred countries.
This is a global strategy. Couldn’t ask for a better group of guys. Let’s start with Andrew and then go to Steven, and I’d like to hear why are you excited to be here today educating us on currency trading strategies? Go ahead, Andrew.
Why I choose to trade the FX market.
Andrew Mitchem:
Hey there, Patrick. Hi everybody. I’m here today because I absolutely love trading in Forex market, and it’s just completely changed my life over the last 20 years, and the more that I can help do that to other people, the better. It’s an awesome market to trade.
Patrick Grimes:
And Steven.
Steven Primo:
Hello everyone. Thanks for inviting me today. And similar to what Andrew said, I’ve been trading for 48 years, but roughly about 20 years ago I really wanted to start sharing what I had learned, because you can only go so far if you’re just sitting in a room trading by yourself, but to a point you have to share with other people and that extends your next level of trading. So I started teaching and I’m excited to teach people. It really is a lot. It gives you a lot more satisfaction than just sitting alone in a room trading by yourself.
Patrick Grimes:
All right. So here we go. We’re going to dive into the discussion, but first I want to make sure that we see have a lot of people here participating in the chat. David, Amital, Bill, Kenneth, Anise, thank you so much for already jumping in there and starting to participate. Keep your questions coming. We’re going to have lots of questions during this event, probably 40, 60. We’re going to answer questions as they’re relevant to the current topics that we’re talking about. I may punt on some questions and then towards the end when we reach those topics, weave those into the conversation. If we miss one, that’s our bad, but we’re going to go back through it after the 45-minute mark and go through a very laser-focused Q&A. Do our best to get through all of those questions. But keep them coming. We usually have 40 plus, 60 plus questions, so it’s a very lively discussion. Looking forward to this today.
So without any further ado, let’s jump into the discussion. So, what is currency trading? It’s what we’re going to start out with, and we’re going to break it down in very simple terms. I like to say that so that my grandmother’s knitting circle can understand. So let’s break that jargon down very simply. Andrew, what is currency trading? How does it work?
Andrew Mitchem:
Yeah, Patrick, so to break it down real simply, currency trading, when you trade currencies, you’re actually trading what’s called a pair. So you don’t just trade one stock or one thing, you trade something against something else. So as an example, the Euro/US Dollar. It’s traded as the Euro/US Dollar, as a currency pair. And when we look at it, we can either buy or sell that currency pair. So if the Euro/US Dollar looks like it’s moving up, effectively we’re looking at strength in the euro, weakness in the US dollar. If it looks like the Euro/US is falling, that means we’re effectively looking for selling euro and buying US dollar. So they’re all traded together as currency pairs.
There are eight main currencies that we look at, and that would be the Euro/US Dollar, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Japanese yen, and the British pound. So it makes it really easy because it’s mainly just eight currencies to look at.
Patrick Grimes:
So Yuan, the Chinese Yuan is not on that list.
Andrew Mitchem:
We do have those as well. But for people that are wanting to start this as something new, I would probably focus on those main eight currencies. They’re the most traded. The cost of doing the trading is very small in terms of the spread, the liquidity’s fantastic, and what we do when we start looking at technical trading, it has the highest reliability. Yes, you can trade the Mexican, the Swedish krona and lead on to other currencies and other markets, but I would focus for someone new especially on those main eight currencies.
Patrick Grimes:
Amital is saying, “What is Forex?”
Andrew Mitchem:
Yeah, so Forex is foreign exchange currencies. It’s just short for foreign exchange. It’s basically currency trading, Forex, it’s the same thing.
Patrick Grimes:
We wanted to call it currency trading instead of Forex, so it didn’t sound so foreign. And so it is, yeah, one and the same. Here, Steven, let’s hear your thoughts.
Steven Primo:
Yeah, I ditto exactly everything, the same thing Andrew said. The main thing is that the trading is actually simple, because I’ve noticed from my experience in trading currency pairs is that when they run, when they go in a certain direction, they really go. I mean, these are some of the best trending markets available. And since we feel that the best way to become a consistent trader is to be in sync with the trend, I think there’s a real advantage to trading currency pairs. If you’re able to find out through price behavior what the trend is and get on board, you can really have some nice gains and really have some nice profits.
Patrick Grimes:
So this is interesting to me. So I did some research in advance. About 24%, you talk about the pairs, 24% of the trades are between the euro and the US dollar. That’s fascinating. And I think it said 66% are in those nine most common currencies overall. So the majority of it is in those top currencies. So you’re really talking about trading between, call it nine or 10 different currencies for the majority of it, and then a quarter of that or the majority of that is actually the US dollar and the euro. Is that right?
Andrew Mitchem:
That would be exactly right. And that is exactly what I would focus on for those reasons, given the quality of the trade setups, the cost of doing it. It’s so much better just focusing on that. And the beauty of Forex trading is you don’t need to know about a hundred different companies or anything like that. It’s just eight currencies and what moves them. And as Steven said, the moves that you can get are huge.
The ability to Buy and Sell.
The other beauty is you can of course buy and sell. So you’re not just buying something and kind of hoping it’s moving up. You can make exactly the same return by selling, let’s say the Euro/US Dollar and getting a profitable trade when that market falls as you can when you buy it. You just need to be on the right side of the market.
Steven Primo:
Right. And what we had talked about before in terms of keeping it simple, I think a lot of, especially beginners, can really get overwhelmed deciding what market to trade. The great thing about currency pairs, as we’ve stated, if you stick with those select numbers, those basic ones, it keeps it a lot simpler, especially when you’re learning how to do it. So you’re not going through 5,000 stocks or tons of crypto that you don’t understand where they are, you’re just focusing on this small number. It makes it lot easier to get involved.
Patrick Grimes:
So Anise here, who follows you, said that Primo makes it simple. A great educator. So David’s saying, “Share, baby, share.” So, very excited about that. And we’re hearing a little bit about Mitchem’s humble beginnings in the chat. So you guys have got a great following here, much more exposed to my audience than I originally understood. This is great.
So let’s talk about how active and passive is this, because this is actually a Passive and Alternative Investing Mastery strategy session. A lot of the investors are like myself. I was a hardworking professional, successful at what I did, I was good enough to be able do what I did to be able to make some money to be able to invest. But I’m busy on my day-today. So how do you talk to investors about evaluating the active and passive methods by which you go about investing in this? Why don’t we start with Steven?
Steven Primo:
My opinion is I don’t think everyone or traders should be one or the other. In other words, you shouldn’t be totally active in something involved and just staring at every PIP or tick. You shouldn’t be totally passive either. I teach my students that they should be actually involved and part of the process, because that’s how you’re going to really become consistent. I think no two traders should ever trade alike. Some traders have a larger account. Some are new. Some have been trading 30 years. Everyone has different risk parameters. So that will determine how active you are, how passive you are. Another determination is thinking of what timeframe. If you’re going to be intraday trading, you have to be a lot more actively involved as opposed to someone who’s looking at weekly or monthly bars and you can pretty much set your parameters and then sit back and watch. So it all depends.
The first step I believe that traders and students of mine have to make is you have to determine what type of trader you are. Are you the type that wants 20 trades a day or you want one trade every couple of months? And then you can decide how active or how passive you should be. But I don’t think it should be a hundred percent one side or the other. That’s just my philosophy.
Patrick Grimes:
Andrew, you have a take on that?
How much time do you need to trade daily?
Andrew Mitchem:
Yeah, sure. Look, I completely agree with Steven. The beauty of currency trading is we have the option to look at various timeframe charts. And the way that I believe that we both trade, myself and Steven, is it kind of doesn’t matter what currency pair we’re trading and what time frame chart.
So to talk about how much time you need. I always say to people, once you know what you’re doing, you could quite easily trade in 30 minutes a day, probably less. But also, you could trade on weekly charts or monthly charts like Steven said, and just look at your charts once or twice a week or a month. It depends what you want to do. But I still think you need to have some involvement in what’s happening. You can’t just sort of put something on and then forget about it. I still think while you’re learning, especially, you need to understand how the market works, what you’re looking for in terms of price action and candle patterns. But it certainly isn’t something that you get that perception online that you have to be there at certain times of the day, where you have to sit watching every PIP of movement, like Steven said. A lot of people start like that and they fall into the trap of doing that because people think that you have to trade more to do well. The reality is trading less is better and just having higher quality trade setups.
Patrick Grimes:
So when it comes to passive investing, it’s either you’re just, like you pointed out, you need to be active. So you don’t want to just buy something and forget about it, right? You’re not necessarily going to be a long-term holder when it comes to just a Forex investment is kind of what I’m hearing.
The other way investors can be passive, and I’d love to dig into this a little bit because I know somebody who I rub shoulders with occasionally and they put together a Forex trading strategy. And when I think the Japanese, it was the Japanese bond inverted and that it caused a big challenge for their strategy. Their strategy was a bot, it was the way to make it passive, and they lost some money. They lost some money for two reasons, one was because it was leveraged and two was because it actually traded negatively into kind of a down cycle on the end.
And I guess these algorithmic tradings, the strategies, they kind of account for 70% of the daily trading volume. And daily trading volume is massive. And then there’s a bunch of them that are using these bots and some are using AI bots now. And I’m actually… These people are out there AI trading Bitcoin right now as well. But let’s hear your guys’ thoughts on these algorithmic trading methods, these bots, these ways that people are trying to make these things passive, hear what your thoughts on that.
Steven Primo:
Well, right off the bat, I can tell you I’m totally against it, and it’s only because… I mean, a lot of people think I’m old school because I’ve been trading so long, but as I stated earlier, you have to be a part of the process. I think one of the main reasons why traders fail in any market, currency pair, if you’re an investor or whatever, is when you take yourself out of the game. Now that can be either having a fund where someone does it for you or relying too much on an indicator telling you whether to buy or sell, but you have to be a part of the process. And so I’ve had a number of students I’ve educated before that said, “Well, why don’t you just have algorithmic trading or just something just spits out buys and sells.” It goes against my philosophy where you would not be a part of the process. It’s just something that I’ve learned through the years.
And to tell you the truth, when I left the floor, I was hired to manage money and also to teach systematic trading at a number of firms. And I taught these systems, which were very similar to what’s going on now with AI, but they were all systematic. You just had to put in the numbers and they spit out the buy and sells. And they had fantastic research going back 10, 20 years, 80% wins. It was just unbelievable the different markets. And then when 2008 hit, they all crashed. Everything went down. And what happened to all the research? What happened to all the great 10, 20 years of fantastic numbers? It all goes out the window. So it was because you have to make adjustments. You have to be able to go with the ebb and flow of the market. And that involves what we were talking about. It can’t be just passive. You have to be a part of the process.
Andrew Mitchem:
Yeah, absolutely.
Patrick Grimes:
So you taught algorithmic trading, sorry, but you are no longer a believer in it after the 2008 because you feel like you actually need to be there having that human judgment, seeing something like in 2008 and interfering with the algorithms. Right? Is that what I’m hearing?
Steven Primo:
Exactly. The simplest way I could say is that I’m not even a big football fan, but I know in football, the quarterback can come up in a line of scrimmage and have a play already and everyone knows what the play is, but then he sees that the defense has shifted. It’s different. So he’ll yell out what’s called an audible, telling the rest of the team that we’re kind of changing and editing things a bit because the defense has shifted, so the play won’t be able to run the original way. It’s no different when trading. You see that, wow, you have to be a part of the process because maybe there’s more volatility today. Maybe there’s no volatility today. Maybe your risk is larger. Maybe it’s less. So you’d be able to change ebb and flow with what the market’s showing you.
Patrick Grimes:
We’re addressing some of Bill’s questions here about how do you know what moves around in the currencies. And also Michael, “Is it manual or algorithmic?” It sounds like it’s a little bit of a combination between the two, but you’ve got to be ready to do the audible. The engineer in me really struggles with this, because I was an automation and robotics engineer and I think of things as systems and processes, but having that human audible is necessary and why we don’t have robots everywhere on every manufacturing floor right now. Andrew, let’s hear your thoughts.
Andrew Mitchem:
I couldn’t agree more with what Steven said. Maybe we’re both old school, but I think he’s absolutely right, and I can tell you from a of personal experience that I’ve tried every bit of AI, every trading robot, every algorithm there ever was, bought them, tried to create them, and they just don’t work. I think a lot of people run into that pitfall of they see something that has been back-tested that looks really good in hindsight and it goes live and it just doesn’t work.
I really cannot stress enough from personal experience how much human common sense and seeing something and reacting to it will massively help you not only in your results but also in that actual knowledge that you have of being able to do this for yourself. Whereas even if you had a system that you got from somebody, how do you know when that stops working if you don’t have that knowledge of how the markets work? How do you know when the market’s changed and you need to adjust the parameters? Just buying something, leaving it to run with your money, your hard-earned money sat there, it’s a huge gamble. And I personally, I love the fact that I have the knowledge of what to do, when to do it or when not to do it.
Steven Primo:
That system usually stops working the minute we start trading it. That’s when it usually stops working.
Andrew Mitchem:
Really. And we’ve all done it. So the issue is that people see online and YouTube and other play TikTok and things that all these [inaudible 00:22:07]. Because someone’s generally trying to sell something, and I promise you it doesn’t work.
Steven Primo:
Right.
Patrick Grimes:
Let’s talk about this… Give me a [inaudible 00:22:20]. So it sounds like it’s a lot of book smart, or there’s a book smart component to it, then there’s a street smart component to it, and then there’s the science and technique, and then there’s the art. Are we talking it is the arts the audible, is it 50% art or is it 10% art and 90% algorithm and science and technique here? What do you guys think?
Steven Primo:
Well, for me personally, I put about 25 to 30% rule-based pattern recognition or just looking at price behavior. And it’s rule-based. It’s not systematic. And then I would put basically… Or I should say, I’m sorry, sorry everyone. I mean 70% rule-based. And then 30% I leave for intuition, for experience, for audibles calling, being part of the process. So 70% rule-based and 30% I leave for making my own process and decisions.
Patrick Grimes:
I love how you could answer that question. Andrew, what are your thoughts?
Andrew Mitchem:
If I had to go first, I would’ve said exactly the same. This is quite spooky. Because it’s the way that I suppose that over years, you have trial and error and you figure out what works. And yes, when I see a trade setup, I have rules for my entry and exit levels based on the way that I trade, but there is certainly a little bit of discretion in what I look at on the charts as well. But it’s like anything, it’s like any skill that once you can do it, you can kind of do it. It’s like watching a kid ride a bicycle. It’s very complicated to start with and then when you know how to do it, you just jump on the bicycle and go. And I believe that kind of art form of trading is very, very similar. You have things you have to do and then you have other things that you kind of just get over time.
Patrick Grimes:
The art form of trading, right? And we like to say the mastery in the art of passive alternative investing here. And so there’s an art to it. So let’s dig in a little bit more. What are the actual ways that people would engage? I’d say you’ve got to go learn something, you’ve got to go educate yourself, and then you’ve got to go practice. And again, the education, you’ve got 70% rule-based, you got to practice to get the 30% intuition. You got to be out in the field actually doing this.
Why so many retail traders lose money.
How have you investors learn, how long does it take to actually gain the confidence necessary that you see for them to be successful at this? I mean, I’ve seen some numbers out there. We were Googling around trying to figure out, it says between 72 and 84% of online Forex traders lose money.
Andrew Mitchem:
It’s higher.
Steven Primo:
I was going to say same thing. I think it’s higher.
Patrick Grimes:
And 29% of retail Forex traders achieve capital gains, meaning they actually get a gain. So those are not numbers that I’m typically seeing in real estate investments. So help us understand how do you educate to beat those numbers, to beat those statistics, to get over that book knowledge, rule intake, and then to learn the art for your students to be successful. What’s that process?
Steven Primo:
I’ll let you go, Andrew.
Andrew Mitchem:
Okay, so for me it’s finding a strategy that suits you as an individual person. That’s what it comes down to. And look, it took me four years of going round in circles and buying things and beating my head against a brick wall. I’m not a sort of person that gives up, but I kind of got very close. For me personally, I then realized that the system that I had to trade meant I wasn’t looking at charts all day, and I had to actually have some logic behind it. Because when you start as a new trader, you can get demo accounts, like free virtual money accounts. And the downside is that people get inundated with indicators and all these lines crossing over everywhere and arrows and dots and things. It looks really cool, but the trouble is they fail to look at what’s actually happening in the price and they fail to understand the things that the big players look at, like support and resistance and news events and things like that.
And so for me it’s about someone needs to use the demo account, treat it like it’s real money. The danger is they’re going to start off with a 100,000 demo account and they go, “Fantastic. I’m making all this money,” by just guessing what they’re doing. And of course, when you go live, you’re probably unlikely to go to a hundred grand live account. So I tell people to start with maybe a 10,000 demo. Treat it like it’s real. Make the mistakes that you’re going to have with your risk management going wrong and your lot sizes incorrect and things like that, that everybody will do. But treat it like it’s real and develop a strategy and a system that you understand that you have confidence in, that you trade professionally on a demo account before you even think about going live.
Patrick Grimes:
Is that a year? How long-
Andrew Mitchem:
It could be. It could be. If you’re doing it for yourself with no help, absolutely. Like I said, I took four years. And it’s very tempting to get to those stages where you go, “Oh, this is not working,” so you try to reinvent the wheel again or you buy another indicator or robot, like I just talked about, and you’re kind of very easy to get distracted in today’s world online. So it’s about stripping all that down from… If you’re doing it yourself, if you’re doing it yourself from scratch, it’s about picking the best of different things and working out what’s going to suit you as an individual person.
Patrick Grimes:
Steven, let’s hear your approach. It’s a great answer, Andrew. How do people get in there in this world where the majority of people are losing money? They want to get into this asset class, they know they need to educate themselves not only just on the books and the rules, but they got to build that intuition, they got to get that art of it down to make those audibles. How does somebody just starting out get in there and how long does it take them before they could go live and actually start winning?
Steven Primo:
Well, I believe that that statistic is actually higher. I believe upwards of 85 to 90% of all first-time traders lose money, and when they say lose, it means that they actually lose everything, not just to have a bad month. They give all their little nest egg away. So I remember myself when I first started trading on the floor, I had a terrible time. For the first year and a half, I couldn’t make a dime. And I was lucky to have some mentors who saw what I was doing, and I remember what they said. They said, “Steve, your trading just is far too complicated. You have too many indicators, you’re watching far too many things, you’re in too many systems, everything.” And then they said it’s the easiest thing in the world to over-complicate your trading, but it’s the most difficult thing in the world to simplify it.
But once I started to simplify things, that’s when I started to become consistent little by little. So I think regardless if you’ve been trading 20 years, 30 years, 50 years or a couple of weeks, you have to keep it simple.
Now, having said that, I think you have to find a good mentor or a good teacher, Andrew I think would be perfect. Just listening to him, he’s the type of person I would want to go to if I was trying to learn how to trade Forex. And you want to take everything from them but also get your hands on everything, books, periodicals. And then you have to practice. There isn’t any other profession in the world where you don’t have some form of practice or paper training. Think of an athlete. They have a practice before the game or even they have the sessions before the actual season starts. An actor has rehearsals. It’s the same way with trading.
I liked, in fact, I loved Andrew’s idea of instead of using the $100,000 demo account, which I know everyone does, I’ve done before in the past, you start with a 5 or 10,000. That’s a great idea. Start with that, because that’s closer to reality, what you’ll be doing. And the thing is I tell my students, “Ask me questions. Whatever you want and whenever you want. And when you finally get to the point where you stop asking questions, that’s when you can start actually trading with real capital but keep it as small as possible.” So with some people it’s maybe takes a couple of weeks to get to that point. Other it may take six months or a year. It’s different for everyone.
Patrick Grimes:
This is great. And what’s the payoff? The payoff of actually getting good at this is huge, right? Because people are making money in it. The industry has grown 432% between 2019. That’s huge. Right now in the US alone it’s 1.9 trillion daily average turnover. So there’s a lot of trading going on daily. And I think somebody threw in the chat here that there’s 6 trillion per day overall in Forex. I don’t know that one, but we’re talking like… And then I saw some other numbers that professional Forex traders typically achieve monthly returns ranging in five to 15%. Now is that what you hear? Because those numbers seem mind-blowing. And monthly returns, and that annualized. To be really good at what you… Once you can get at this, you’re a couple of years in, you’ve done this, we’ve gone through, had a mentor, you’ve got good at it. Answering the questions. We got a couple questions from Anise, Robert, Michael. What are these returns? What’s the payoff? What’s the expectations that people should think about for a Forex trading?
Andrew Mitchem:
Well, Patrick, I knew you were probably going to ask that question or somebody was, and you probably can’t see it in front of here on my camera, but I’ve said on here, I’ve written it down just to make sure that I quoted this right, and I said, of course it depends on your risk. How much risk you take depends on your return. But we are massive advocates of incredibly low risk for trade.
But considering that, we would like to suggest that you’re probably, once you know what you’re doing, going to make between 5 and 10% return per month on your account. Just last week we had a 3.6% gain. We’re going to do 3.6 gain in the week, but I’m trading only a quarter of 1% of my account risk for trades. A really, really tiny risk. So a very low drawdowns. Are we going to do 3.6% every single week? No, we’re not. Some weeks will be more, some will be less of course. But I’d very confidently say that once you know what you’re doing, with very low risk for trade, there’s no reason why you can’t make 5 to 10% on average per month.
Patrick Grimes:
So let me just understand. So you said hypothetically you have a hundred grand in your account, you said you’re only trading maybe three grand of it, and then of that three grand, you got a 3% on one year, or what was that? What was the numbers? You’re not trading it all all the time.
Andrew Mitchem:
No, no, no. So if you’re on a $100,000 account and you’re on a 0.25% risk per trade, the most I’m risking is $250 on a trade on a 100,000 account. Very, very tiny. That’s just me personally because I trade on things called prop firms as well. I said to my clients I would never risk more than half of 1%, so a $500 risk on a $100,000 account. Per trade.
Patrick Grimes:
Per trade, and that trade is once a week?
Andrew Mitchem:
So if a trade goes against me, I lose half of 1% of my account size.
Patrick Grimes:
Okay, got it.
Steven Primo:
I have to commend you, Andrew, because I usually am 1%. But wow, a quarter. That’s amazing. That’s great.
Patrick Grimes:
And you’re getting 5 to 10%.
Andrew Mitchem:
Well, I think keeping your drawdowns low is key.
Steven Primo:
I’m sorry?
Andrew Mitchem:
I think keeping your drawdowns low is key in trading in currencies, because there’s two things that, like probably with all the people you deal with, Patrick, is your head and your heart and you have to control, because it’s emotions and it’s money. So I like to say to people, get those two under control. How are you going to do that? Have a strategy that you have confidence in, but also make sure that your losses are very small, but when you have gains they are several times your risk.
Patrick Grimes:
So we’re answering Kenneth’s question here about the returns and the risks and how that is. So you did say, and the audio is a little bit hard for me to hear sometimes, Andrew, so 5 to 10%, is that right? You said? And that was-
Andrew Mitchem:
Between 5 and 10% on that per month.
Patrick Grimes:
Per month. Oh my gosh. So the statistic I saw was monthly 5 to 15 and my mind was blown. You’re actually saying you’re seeing, a seasoned investor, you’re getting 5 to 10, and of course there’s a huge bit of volatility, but you’re also able to mitigate your downside risk to a quarter of a percent. And I just heard Steven say he’s doing 1%. Steven, let’s hear your take on what would people, they’re out there, they’ve been doing this a while, what do you think is reasonable under your tutelage, your guidance after they’ve gotten good at this to be able to achieve in terms of returns?
Steven Primo:
Well see, my take is a little bit different. I don’t feel that you can quantify it by saying this is what you can averagely make, what a student can make after trading for so long or learning. I think everyone’s different. I have some students that have been trading and students of mine for a couple of years and they make phenomenal, and other students in the same courses are basically breaking even, and then there’s others that are making 20 or 30%. Everyone comes in with different parameters. And there’s nothing wrong with that.
I really think what we try to do as traders, we try to make trading into a nine to five job. Like, okay, well if I get this, I’ll make 60 grand a month, or if I take this job and learn this skill, I’ll make a 100,000. Trading is not like that. Trading results are directly proportioned to how much work you put in, what you’re controlling with your risk, what your account is, and how much you use that 30% of intuitive reaction. So I don’t think you can… I always tell my students it’s not the type of thing where you say, “I’m going to make $500 a week.” You can’t do that. Because what happens if one week you don’t make 500? Well then the next week you have to make 1,000 to get back on track. And then if you lose 300 that week, then you’re really in the hole. Then you really dug yourself lower, and mentally, psychologically, you really dug yourself a hole.
So I think the best thing to do, the best thing a trader could do is, once again, practice and learn. And being able to trade another day is the best result you can get. That’s what you want. Because so many traders, that 80, 95% level, wherever, they’re gone. They can’t come back anymore. So you just want to be able to come back again, because that will ensure longevity. And in my opinion, longevity is really success.
Patrick Grimes:
Correct, and we talk about that a lot, capital preservation and keeping your risk low. And what we talk about is if you invest $100 and you lose half, you’ve only got 50 left. It takes a hundred percent return on that to get to break even. But if you lose all of it. It’s an infinite return required to get back to your 100. It’s impossible. It’s asymptotic the more you lose. And so you may be out of the game. That’s what Steven’s talking about. Live to go another day. Don’t risk it all.
That actually brings me back to what I haven’t heard you say, and that’s leverage. One of the things that freaks me out about Forex and Bitcoin trading and everything, the reason why I don’t get involved, because I’m actually a lot about low leverage. 2009 I was highly leveraged on a pre-development and I lost my ass when that market took a swing and it dragged me through the coals for years. I learned a lot about leverage. In Forex, they’ll do sometimes a hundred to one. That means you put $1 in and now you’re trading $100. And that could collapse you much more than your principal. Tell me a little bit about how you guys think about leverage, and these are just these frightening numbers to me, and why I should be a little more comfortable with it, with Forex trading.
Andrew Mitchem:
Because I’m outside the US, you have a lot more restrictions over there with your brokers, but outside the US, you can trade up to 400 to one. I’ve always traded at 100 to one, personally. It makes no difference to me. Leverage is a double-edged sword, of course. It can be your friend or it can kill you, depending on if you don’t know what you’re doing and if your risk is not sensible. But if you keep your risk very low, the leverage isn’t really an issue for me. I’ve never had a… Because I’m only risking a certain percentage per trade, it doesn’t matter what the trade is, what the direction, what the currency is, what the timeframe, what the size of the stop-loss is. To me that becomes irrelevant. I look at patterns and candle patterns, which we could potentially talk about later. So every trade has the same low and known and equal risk.
Patrick Grimes:
Yep. Wow.
Andrew Mitchem:
Because I don’t have lots and lots of trades open, the leverage is never an issue.
Steven Primo:
Once again, we’re on the same length. Because we’ve been trading this long, you start to see what works and what doesn’t and what you should put your attention on and what you shouldn’t. He’s been trading… I think when you get past the twenty-year mark, you start to see what’s of importance and what’s not. And leverage makes absolutely no difference to me because I know I’m only risking 1% of my capital. That’s all I care about. So it doesn’t matter if I have a thousand to one or two to one, if I’m risking 1%, $100 or something, that’s it. That’s all I’m concerned about.
Andrew Mitchem:
One other thing to add to the last question, if I can. You talked about, it kind of brings on from the leverage, you’ve got to trade when the market conditions are right, like anything. Sometimes there’ll be fantastic conditions and you’ll see quite a number of trades. You’ve also got to know when to not use that leverage and don’t kill yourself by doing silly things. If the market’s not showing you the trades, don’t trade. There’s nothing wrong with not trading. Sometimes that’s the best thing to do.
Steven Primo:
It’s true.
Patrick Grimes:
Okay, so we’re getting to that point where we’re actually at the 45-minute mark. Maybe we weaved in about half the questions here. We’ve got about 30 questions to do during the Q&A. Perhaps you can start out, let’s just do a final question of what’s the best advice that you can give an investor that has no idea what Forex trading is, but they’re interested, they’re attracted to it, they want to learn, they want to get involved. What’s the best way to get started in the game? And how do you make sure that you would guide them of saying not losing money and making sure that they’re going to be successful in the long run? Why don’t we go Andrew and then Steven. Then after that, we’re going to have you guys tell everybody how they get ahold of you, reach you, and then we’ll go to the Q&A.
Do you want to invest in your trading education?
Andrew Mitchem:
Okay, so if you’re brand new, you’ve got to make that decision on whether you want to do this alone or whether you want to do this as part of a group. That’s really what it comes down to. Do you want to spend a lot of time developing something? Do you want to potentially pay someone to get something that’s kind of proven? I think having a community is massive. Doing it by yourself, like Steven said at the very beginning, it gets incredibly lonely. No one to bounce ideas off. Try not to get caught up in the whole social media hype. Try to avoid all the flashy indicators that the brokers will have on their platforms. Get on a demo. Make it real. Treat it like it’s real money. Treat it like a business. Your 10 grand account, pretend it’s a million dollar account, just treat it like it’s real.
Yes, you’ll make mistakes, but don’t gamble. If you’ve got a gambling mentality and if you’re focused on how much money you’re going to make or give up your job tomorrow or next week, don’t do it. Learn the system. Learn how to trade properly, learn the theory, the strategy, the method of doing it, and if you do that properly, the money will follow later. It’s just going to take you a bit of time, but it will follow if you take the time to do your homework first.
Steven Primo:
Great answer. I would say in the beginning there’s a lot of soul searching you have to do, especially if you’re a beginner. Because I can’t tell you how many students I’ve had that said, “I want to learn how to day trade. I think it’s amazing. I’ve heard this guy at a party that said he makes a 100,000 a month, he has 10 trades a day and it’s sexy and exciting.”
And then you go there, and I’ve taught them, okay, well, I’ll teach them some day trading strategies, and they can’t pull the trigger or else they just lose money. Because they’re not trading according to their persona.
Or else someone would say, “well, I’m an investor. I’m very tight with my money. I just want to invest.” And then they find it incredibly boring and they can’t just wait every month for one signal.
And the first thing you have to do is find out what type of a trader you are. Would you want to be in front of the market watching it all day long or do you want to just passively look at it once a week or something?
And then once you do that, like Andrew said, get your hands on everything. Look online, but don’t overcomplicate things. Just keep it simple. Paper trade. And the easiest thing I can tell students right now when you’re looking at Forex markets, or any market, doesn’t matter, is to look at a chart of anything. For example, I’m looking at the Euro/Dollar right now, a daily chart of the Euro/Dollar, and apply a 50 period moving average to it. That’s all you have to do. A 50 period moving average. And what we teach our students is when price is above, then that’s when you should have a buyer’s bias. When price is below, you’ll have a seller’s bias. It’s that simple. But that one little step will help you to become a consistent trader.
Now obviously you have to add some structure in the form of a strategy or some pattern or some signal, but just look at any chart you want, any timeframe, and that little technique will help you. It doesn’t cost anything and you can do that right now. For instance, right now the Euro/Dollar is pushing up against its 50 period moving average, which is suggesting it may want to go higher. So this is just something to help you see if you would like to learn how to trade this way. And it’s very simple, doesn’t cost anything, and you can do it right now.
Patrick Grimes:
Okay, so here’s the chance. You have two gurus here, one that’s nicknamed the Oracle. Let’s have you guys both, Andrew and then Steven, tell the audience how they can reach you. What do you have to offer? I think you both train and coach in this strategy. Do you have any free giveaways? Make sure you drop your information in the chat. We now have put up a slide with your contact information, the call to action web address that you gave us to give out. Make sure you screen capture that, take a picture of it, and drop it in the chat. Andrew and then Steven, go ahead.
Andrew Mitchem:
Yep. So I’ve been coaching for 16 years, Patrick. As we mentioned, we’ve got clients right around the world. And I just really encourage people if they have any interest to jump on the Masterclass that I have on there. It’s on demand, so it doesn’t matter where you live in the world. It’s only about 20 minutes long. I’ve got eBooks on my site. I’ve got calculators for risk calculators. But the first thing will be to jump on that Masterclass, have a look at it, see what we do. I share some trades on there, some very basics about trading, how we trade, how we teach. And then it’s up to the individual to decide if this is something that they want to pursue further or not.
Patrick Grimes:
Steven.
Steven Primo:
Okay, people can contact me at ProTraderStrategies.com. You see there underneath my name. That’s my sister site. Every week I give free webinars. I also talk about all the different courses and the different strategies I have. In fact, if you go there, I’m giving a free webinar tomorrow at 10:00 A.M. Pacific Time, and I’ll talk about a strategy, one of the first strategies I learned from my mentors that I continue to use to this day. And I’ll give you a couple of the entry rules to that tomorrow. And you can see, it doesn’t cost anything. You just go to our website and sign up there. And you can find out more about us.
And once again, I’ve been trading for 48 years, if you can believe it, and I’ve seen and traded just about everything imaginable under the sun, and so I know what works in terms of consistency and I know what doesn’t. That’s really all we teach, ways in which to become a consistent trader. We’re not promising the world. We’re not saying you’re going to retire in six months. But we’ll try to make you consistent or help you at least get started in the right direction. My teaching is extremely simple. It’s not complicated. In fact, we make it that way on purpose, so whether you’ve been trading 50 years or a couple of weeks, it makes absolutely no difference. So lots of great information. And as I said, we have a free webinar tomorrow. I’d love to see you there in the class.
Patrick Grimes:
Andrew, Steven, thank you so much. So we’re going to… Before we jump into the Q&A, if you don’t know who I am, it’s Patrick Grimes with Passive Investing Mastery. We not only put out education, but we also have investments. We have an income fund, which provides steady Eddie cash flow, predictable cash flow through notes, fixed income notes. We have 90 day, six month, and one year notes, 7, 8.5, and 10% in a diversified loan pool. It’s a pool of loans to commercial real estate. We also have class A and class B shares. Those give much higher cash flows and varying right along with the profitability of the fund and at 13, 14% since inception. So really strong cash flow. Opportunistic with high interest rates. At a time when the banks are pulling back, we’re able to get great loans on performing assets and profit from that.
Now, if the operator needs or wants out, we also have an acquisitions fund that’s taking advantage of the best commercial real estate buying opportunity of our lives in commercial real estate acquisitions. It’s a great opportunity to just pounce right now. And literally I lost everything in 2009 and 10 and I wasn’t able to win from that, but right now we are winning extraordinarily so from this downturn in commercial real estate. So jump on that.
We also do non-correlated investments outside of real estate. We’ve done energy before, and now we’re doing litigation finance, litigation funding, which is the process of profiting from lending to attorneys who are working under contingency and we get returns derived from the settlements, providing access to justice just like our debt fund provides access to housing for tenants. And so we do completely non-correlated legal industry, unrelated to Forex, real estate, the stock market. Completely uncorrelated to all those. Really strong, steady-state growth of the legal industry. We get to profit from those investments in litigation funding portfolio. So really excited about those.
I also have a book, if you guys want it and give away books. It’s an Amazon number one bestseller, Lessons From Thought Leaders. We’ve got some amazing people, Navy SEALs, Phil Collen, lead guitarist of Def Leppard, actual rock star, NFL, NBA players, investors, entrepreneurs in there. I tell my whole story. I lost it all. The rise and ebbs and flows through my high-tech career. How I built my single-family, struggled, traded it up to a larger multi, diversified, and then founded Passive Investing Mastery. It’s a really cool story. Hopefully it inspires you along your journey. I give it away. You can download the ebook and or you can get a hard copy. I sign it and we send it out. So I hope that that is a give back that we do to try and inspire people along into their alternative investing journey.
Just scan that barcode or go to our website, PassiveInvestingMastery.com/book and make sure you put the name of this series in the note, because we get a lot of random form fills. And unless I know where you came from, I’m not going to sign and send it out. So you should put something in there and we’ll get that to you.
Before we get to the Q&A, the very next event is on Venture Capital for Passive Investors: Syndication Strategies That Work. Two really great colleague friends, experienced guys that I’ve known and liked for some time, Trey Taylor, family office, as well as Isaac Bennett, works for a venture capital firm. And we’ve invested heavy in real estate together. But these guys are also out diversifying into venture capital. We’re going to learn a lot about that. It’s going to be educational for me and you.
But let’s dive into the Q&A. We need to be laser about this because as typically happens, we get way too many questions. I think we have some 50 questions. I think I was able to layer in about half of them, but what I’m going to do is I’m going to go to the top, and I ask that Steven and Andrew, if we could try and just be pretty laser with these and try and get through them so we don’t miss the chance to get all these questions answered as we go. A lot of great shout-outs to people that have been following these two individuals. A lot of really encouraging comments made about what was said. A lot of the traders on here just giving the thumbs up, Amital, Anise. A comment from Anise says, “Currency trading is often referred in futures markets. If I’m not wrong, Forex is referred to spot markets, but it’s essentially Forex Exchange. One currency pitted up against another.” Let’s hear your thoughts on that.
Steven Primo:
I personally… Once again, kind of going back to that leverage. So what? All I’m looking at is price movement. I really am not concerned about a title or what it’s based on. I’m really just looking at price and patterns and specific things in a strategy.
Andrew Mitchem:
Yep, absolutely.
Patrick Grimes:
Go ahead Andrew.
Andrew Mitchem:
Oh, sorry. Absolutely. You’re looking at the spot market, what the price is right now. Is there an opportunity to buy that pair, sell that pair? You could use something, like Steven said, with that 50 EMA. You could use things like strength and weakness. You could look at a monthly chart and that’s moving up. You can look at a daily chart and only look for buy trades. There’s all sorts of things you can do, but essentially we’re looking at the price. Is there an opportunity here or not? Move to the next chart.
Patrick Grimes:
And so with all the rise and fall of these, and it feels a lot like stock market trading to me. And so Kenneth asked the question a while back, “How does currency trading compare to investing in the stock market and in bonds?” Maybe you guys can address that a little bit.
Steven Primo:
I would think the only difference would be how much you’re risking. And remember, you’re in charge of your risk. So that would be the only difference. If there’s a lot of volatility, let’s say, in the stock market but there’s no volatility in the pair that you’re looking at, well then, that would be a difference because you’re probably less risked with the pair. But to me, the only difference is since I’m looking at patterns and different ways in which to view the trend, it’s really all about risk.
Andrew Mitchem:
I’ve never traded the stock market, so a little bit hard for me to answer that one. What I would say is, regardless of where you live in the world, the Forex market’s a twenty-four-hour-a-day market, so it makes it a lot easier. You don’t get big gaps and spikes like you potentially could in stocks. You can buy, you can sell. You don’t need to know a lot about different markets. You can just look at the eight currencies that we mentioned. You potentially, depending on your strategy, can now look at cryptos and indices, metals, commodities. It offers so many options. Once you know how to trade, you can trade.
Patrick Grimes:
Well. The fact that you can limit your risk is certainly appealing over the stock market because in this particular case you’re literally dialing your downside protection. Very interesting. “It sounds like a lot of work,” Donald said. And we talked about in the beginning you got to learn, you got to put in some time to learn the craft. But after while, you’ll be able to do this like a wizard. And the upside’s big. Once you get good on it, once you get over the statistics and over the hump, get properly trained, people do tend to make pretty strong returns.
We already addressed how do you mitigate risk and how we talked about indicators for currencies, Michael and Bill. We talked about algorithms versus manually, Michael. I think I wove all that in there. And there’s questions in here about, “Man, probably I am nearing retirement,” Gaines says, and I’m not really sure he wants to manage these investments, possibly due the learning curve. “Are there other fund managers I can invest with that will do this for me?”
Steven Primo:
I’m sure there are. I don’t know of any because I’m more of an educator. I’m not involved in the fund side, but perhaps Andrew knows more about that than I do.
Andrew Mitchem:
I would say exactly the same. They’re out there. You could look at copier services, you could do all sorts of things like follow what other people do. It depends I think if you want to do this for yourself or not. Yes, you could invest with other people, but I think the issue then comes down to if you want a hundred percent passive, great. If you want to learn a little bit, then you probably want to learn how to do it yourself.
Patrick Grimes:
Right. And there’s another one here about, “Is there a list somewhere where I can go,” from Robert, “and find good or safe brokers to start trading with?”
Steven Primo:
I would pick rather than say… I would pick with someone where they allow you to do it yourself, where you don’t want to pay for someone’s advice. Since educators like Andrew and myself are teaching you what to do, there’s no need to pay for a broker to tell you what to do. So in the beginning, especially, try and keep your commissions or a brokerage commission if there are any, sometimes they’re very minimal, as small as possible, because that also comes and plays into the risk. A of times I include my commission costs, that’s part of my 1%. So even though it’s very minimal, that’s all included. So it’s just another expense that you want to keep down as much as possible.
Andrew Mitchem:
Yeah, there’s heaps of good brokers out there. If the question’s specifically about what brokers are there, then I’ve got a list of brokers I personally used for years myself who I’d recommend. I would say that having a lot of clients in the US and staff member in the US that you are a little bit more limited in the US with which Forex brokers you can select. I can certainly give you a list of two or three that I hear are very good.
Patrick Grimes:
Reach out if you want to hear that. Andrew and Steven perhaps can get you going on that. There’s a comment here from David about Steven being on a cruise ship with that water level rising and falling as he’s talking.
Steven Primo:
Well, the way it’s raining over here in Los Angeles right now, I may be on a cruise ship pretty soon.
Patrick Grimes:
I hope your neighbor’s not chipping away at an ark right now.
Steven Primo:
Yeah.
Patrick Grimes:
So let’s see. We’ve covered a lot of these. “The market can be a beast at times.” That’s true, right? Comment related to investing in the right times. Bill, we talked about algorithms, black swan events a little bit, and we talked about the 2008 and how the algorithms didn’t work out so well. And audibles, I think we covered that. If we didn’t, please place additional questions below. Kenneth asked about how inflation and interest rates impact foreign currencies. What are you going to… And I’ll add to that, how do you see shifts in this new administration affecting foreign currencies?
Steven Primo:
Go ahead, Andrew.
Andrew Mitchem:
For me, it doesn’t really matter any political event, anything like that, and any news event doesn’t matter because I’m only trading what I’m seeing on the charts. So I can have personal thoughts of what’s happening in different currencies, different countries, interest rates, employment figures, all that, but I still look at what’s happening on the chart. And why do I do that? It’s because what’s really happening in the market. The danger is you could see your monthly non-farm employment change figure, and you could go, okay, we’re expecting, pick a figure, 200,000 jobs and it comes out as 250. We could go, wow, it’s fantastic. It’s better than we thought. But last month may have been dropped down. So news trading to me is always tricky. Fundamental trading is tricky. Look at the charts. They tell you what’s really happening.
Steven Primo:
Yeah, I stopped looking at news over four decades ago and I’m living proof that you really don’t need it. I mean, I’m not telling you to not look at it if you feel you need that, but there’s really no need if you know what you’re doing. I’m not getting back to stocks to take away from currency pairs, but a perfect example is that if you looked with that 50 period moving average back in 2008, a weekly chart of the S&P price was below the 50 period moving average for consecutive days. This was in 2007. So just looking at that, that information alone would’ve told you there’s negativity in the market prior to all the fundamental news that came out later on. So the price really tells you many times in advance just to keep it simple. So sure, if you want to look at news, I personally haven’t looked at any news in almost five decades.
Patrick Grimes:
There’s a couple of questions in here. Well, David made a comment that, “After 15 years of trading, one thing I have learned is the most is what not to do.” So there’s other questions in here.
I think we’ve mostly answered about the expertise needed, Michael, to be successful. I think I drilled in. I actually asked that question because of yours. I think we talked about the time and the effort required to be successful. How much people are losing that aren’t successful? 80% people not actually making money when they start out. Really important that you do it the right way, educate yourself.
And then there’s comments in there about it being semi-passive. Once you learn and you’re on board with it, you’re not working night and day at it, but there can be some semi-passive approaches to it, even as an active. Would you agree to that?
Andrew Mitchem:
Yeah, absolutely. As Steven said near the beginning, you could trade once a month, once a week, once a day. It’s up to you. I personally trade no more than 30 minutes as a full-time trader of chart time per day.
Patrick Grimes:
You’re full-time 30 minutes a day, that’s your full time?
Andrew Mitchem:
30 minutes chart time. 15 minutes at 5:00 P.M. New York time and 15 minutes at 5:00 A.M. [inaudible 01:01:02].
Steven Primo:
I think Andrew was the kindred soul here. Because we’re right along the same wavelength. Exact same way I feel about it.
Patrick Grimes:
I’m going to write a note to get some people that disagree about stuff. No, I’m teasing. So what are the factors, I guess, to evaluating… Sorry. Actually this is a better one. So PIPs, why don’t you talk about what PIPs are. And the other one that I wanted to look at, I’ll find it eventually, but why don’t you start out with what PIPs are.
Andrew Mitchem:
Okay, so a PIP is a price index point, I think it’s officially called. So 1 cent of movement has 100 PIPs within it. So it’s a hundredth of 1 cent movement. Now, you don’t need a very big movement in the Forex market to have a lot of gain or loss if you get it wrong. So it’s a hundredth of a cent. The issue is that a lot of people count their success in PIPs. If you have a look online, everybody goes, “I made a hundred PIPs on the trade.” To me that’s irrelevant. I, as mentioned, risk let’s say half of 1%. If I have a three to one reward-to-risk trade, it means I’m risking one part, half of 1%, to make three parts, one and half percent. So for me, regardless of the trade, regardless of its stop-loss in size, its timeframe, how long it’s in the market for, have your low control risk, high rewards of risk trades, and forget PIPs.
Steven Primo:
Yes, the way I define PIPs, it’s just a unit of measurement. That’s all it is. And every market, tradable market, has a unit of measurement. Stocks have 1 cent, futures have different units of measurement, and PIPs are just a unit of measurement in currency pairs.
Patrick Grimes:
A couple of questions I think we’ve already answered, Ferdinand, we talked about leverage. I wove that one in there. We talked about comparison and contrasting this versus other investments, other passive investments, Donald. If there’s any further questions, go ahead and drop it in. Anise is saying thank you so much. “High risk is a killer and suicidal, especially in Forex,” Anise is saying, and I think we all agree with that. Let’s see. So how did COVID impact the strategy?
Steven Primo:
Oh well, I can just speak. If you remember the beginning of COVID, when it went straight down, the market, we had some of the best gains ever because our strategies generate buy and sell signals. So all we’re looking for is just a real strong movement, and the movement was down, and then when the market started to go back up, and even with currency pairs, when you have the volatility, I think it really doesn’t matter. What you’re looking for is really trending volatility, regardless of what market. What you really don’t want is that kind of when the pond just dries up and there’s no movement at all, that’s where you get that whipsaw. And that can happen at any time. You don’t need COVID or anything. That can happen in the summer months. So what you’re really looking for is a really strong trending market regardless of what it is, and then you just jump on board.
Patrick Grimes:
So let’s talk about correlation to stocks. As we talk about a lot of non-correlation, meaning things that don’t rise and fall, what the majority of passive investors have, and then there are ROA, 401(k), or the stock portfolio. Do you see Forex investment returns correlate somewhat to the stock market?
Andrew Mitchem:
I’ll have to let Steven answer that one.
Steven Primo:
Yeah, I personally don’t know. And I don’t look at that either. Once again, I hate to be a broken record, but no, it’s of no interest to me. I teach my students to focus on the one market you’re trading. That’s all. Because as my mentors taught me, said, “Steve, you’re overcomplicating things. You’re looking at too many different indicators and markets all at one time. Just focus on a few things.”
And so, I think when you start to do that, look at different correlations and everything, you start to go down that path, a slippery slope of when you’re making things a little bit too complicated. I know I think differently from other educators, but that’s what I just like to focus on. In fact, I only look at one market at a time. So if I’m trading currency pairs or I’m futures, stocks, that’s all I’m looking at.
Patrick Grimes:
So Donald is saying he’s retired and looking for fixed income. Is there a way to use Forex to get fixed retirement income?
Steven Primo:
Go ahead, Andrew.
Andrew Mitchem:
Fixed retirement income? Does he want to do this for himself?
Patrick Grimes:
It sounds like it.
Andrew Mitchem:
If he wants to do it for himself, then fantastic. Put a bit of time in to learn how to do it properly and you’ll definitely do very well over time. Just depends of who he is. I suppose if he’s retired, he’s got that time to put into the education, the learning. Fantastic. You’re never going to get a straight perfect line. That’s the thing. Market conditions change all the time. When we said that 5 to 10% per month, some months you’ll probably have losing months. It just happens. Some months you might have 20% gain. There’s never a straight line in any equity [inaudible 01:06:12].
Patrick Grimes:
Sounds like the answer is no. You can’t get a fixed income. You can get some income though possibly. So what are the tax implications of gains and losses in Forex trading?
Andrew Mitchem:
Tax implications?
Patrick Grimes:
Yeah, how are they taxed, gains and losses?
Andrew Mitchem:
I’m not an accountant and I would imagine every country would be very different.
Patrick Grimes:
Steven.
Andrew Mitchem:
I can tell you what I personally do.
Steven Primo:
Once again, I’m sorry, I’m sounding like a broken record. It doesn’t matter to me. I don’t even look at that. I just look at if I’m profitable or not. That’s the price of doing business.
Patrick Grimes:
Okay, and-
Steven Primo:
Most of my trading, excuse me, most of my trading is day trading. I know not everyone day trades.
Patrick Grimes:
Let’s see. It sounds like Brad’s talking about an opportunity for compounding gains as your reinvestment. David, “Takes a lot of discipline and persistence.”
“Can I do it with retirement accounts?” I would think, of course, self-directed retirement account. And we can help you out with that, James, if you’re looking to get something allocated into self-directed.
We’ve talked a little bit about correlation, geopolitical events. You guys don’t even watch the news anymore. So Mike, I think we answered that question. What role do central banks play?
Steven Primo:
You’re going to get the same answer.
Andrew Mitchem:
Same answer. Look at the charts.
Steven Primo:
Yeah. This is more along the side of the fundamentals. It’s just… You know, traders, I’m not talking about investors-
Patrick Grimes:
Your indicators don’t involve all that. Your indicators are [inaudible 01:07:56].
Steven Primo:
Yeah. Traders don’t get involved.
Patrick Grimes:
Yeah. Okay. And I just did look up the tax implications and it looks like it can be handled in various different ways depending upon what you’re doing. So probably need to talk to your CPA about that. There’s no easy answer to that one.
I’m going to go through these. There’s some people really hanging in here to the very end. “How does currency trading fit into a passive investor’s broader asset allocation strategy? So what part of my portfolio should be allocated into this?” And so what would you guys say? So if somebody comes along, they’re like, “Hey, I have $5 million. I’m not real sure how much I should start playing in the sandbox of Forex with.” And so maybe I start small, but eventually, what allocation do you think is responsible or the right choice in this? What do you guys, what do you think, Andrew and Steven?
Steven Primo:
Right off the top of my head, I would say 25%, just right off the top of my head, of my account, whatever I had.
Andrew Mitchem:
I’m going to have a different answer to Steven for the first time. And that to me, it doesn’t really matter how much you have because it… It depends if you want to put how much of your own money into it as well. Learn how to do it properly first. But with these things called prop firms around, if you can trade properly, you can use someone else’s money and make a percentage gain on that as well. So you don’t even have to put any money of you own into it.
Patrick Grimes:
Interesting. Yeah. So in our world we like to show the allocations of the wealthy, and Lily, if you look at any of our webinars, we’ll show the Wolf wealth from middle income, high income, ultra wealthy where they have allocations of 10, 20, 30 plus percent real estate, 20 some percent in other alts, and the rest in bonds and stocks. And so, you really need to look at allocations in those kind of pie charts. And you set up a call. And you’re really about pie charting your allocations and understanding what you think the allocations are, what risks do you see in each of those allocations. And do you see those rising and falling? Do you feel like you’re well indexed into non-correlated investments?
But typically, our belief is you need to be on lots of different investments. So foundations in lots of different market fundamentals. So we would never say something like 25. We usually say no more than 5 to 10% in any one strategy. And hopefully within that strategy, you’re diversifying into different kinds of investments within there. Again, it’s about capital preservation and diversification, and that’s my belief.
And again, none of us, I don’t think, are financial advisors, CPAs, or attorneys. So this is not finance, tax, or legal advice. But that’s typically my answer, Lily. Set up a call. Happy to chat more about my own personal strategies.
Gary asked if I have to be a credited investor to invest in Patrick’s funds. And that’s true, yes, you do need to be an accredited investor. 200,000 in income, 300,000 combined with your spouse, or a million dollars in net worth, not including your personal residence, in order to invest in the Passive Investing Mastery affiliate funds.
And we just have a few more. Michael’s asking again, “Is there a way to do it truly passively?” And it sounds like the recommendation is no, you really need to participate to some level from the gentleman here, Michael. And then let’s see, “Just put my name as Session please. Currency trading…” Okay, so Session, again, some great [inaudible 01:11:39].
I think we pretty much got these questions handled. We’re towards the end. “This should be treated as a business. This strategy should be treated as a business if you’re serious about it.” And although we’re saying the full-time trader, these guys are at 30 minutes a day, you do treat it very seriously like a business. I’d probably agree with that. And I think that gets us to the end of this. If we missed your question… Maybe the last question, “Do your research on prop firms if you want to go that route.” Okay, so that was just a comment, but I think we got it all.
Steven, wish we could have seen you, but I understand. No problem.
Steven Primo:
Maybe next time. Maybe next time.
Patrick Grimes:
There are days when I would like to turn off my video all day too. I’m sure the audience have seen enough of my face. They probably wish I did the same. So hopefully we didn’t get anybody seasick with your volume thing going up and down. But really great to have you, Steven. Andrew, amazing job. This was an incredible panel, really rock stars, really strong in these asset classes. Couldn’t be happier with your guys’ answers, your participation.
Everybody here. Don’t forget, one week from today we’re going to talk about Venture Capital for Passive Investors: Syndication Strategies That Work. I have two really solid guys that are going to come in, talk big advice for people who are actually doing this and do it successfully. And so really excited about that. One week from today. Andrew, Steven, you want to say your goodbyes, we’re going to wrap it up now.
Steven Primo:
I just want to say thank you for inviting me and I just want to say it was a pleasure meeting you both, Patrick and Andrew, and I’d love to work with both of you again. It was great.
Andrew Mitchem:
And likewise, thank you so much for inviting me. Nice to have someone from outside the States, different part of the world. And Steven, yeah, it sounds like that we do very, very similar things and think the same, which I suppose like you said, over time you get to work out what works and what doesn’t. So yeah, thank you for being here. Thanks for participating with me. I really enjoyed it and thank you Patrick and all your team.
Patrick Grimes:
All right, the replay will be out in a couple of days and we’ll make sure to pass it to Andrew and Steven, and we’ll look forward to seeing everybody else one week from today right here to learn about venture capital. You guys all have a good evening.
Episode Title: #598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo
In this video: 00:24 – Trading and travelling. 01:06 – Follow me on my 4 weeks road trip around the US. 02:14 – Where you live is irrelevant. 02:46 – Sign up to be notified when I make a new trading video https://theforextradingcoach.com/the-30-minute-forex-trader-us-travel/ 03:26 – My Europe trip from 2019, see here https://theforextradingcoach.com/the-30-minute-forex-trader-updates/ 04:20 – Blueberry Markets as a Forex Broker. 04:39 – Watch my Masterclass. 04:50 – Have a chat with us.
In today’s video, I’m going to talk about how you can trade and travel at the same time and enjoy both. So let’s get into that and more right now.
Hi there. Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 597.
Trading and travelling.
Today I want to talk all about trading and traveling. I’m here in New Zealand still. Although it’s the middle of winter it’s a stunning day. But by the time you get to watch this video, I’m going to be in Texas and we are in the States for several weeks for my wife’s 50th birthday, and we’re doing a tour of the US.
And while I’m in the US, I’m going to be trading and traveling and I’m going to be documenting that process so you can see how easy it is with my strategy to be able to trade while you are traveling, while you’re enjoying a holiday or vacation, or whether it’s just normal life with, you know, everything that happens with work and jobs and kids, hobbies, etc.
Follow me on my 4 weeks road trip around the US.
What I want to show you is whether it is traveling or not, whatever it might be that you want to do, you can trade at the same time and you’re not getting in the way of you’re traveling and you’re trading doesn’t take all day. So that’s what I want to show you. But by the time you get to watch this video, all being well, I will be in Texas. And because today when you see this video will be a Monday, we would have looked through the weekly charts and the daily charts, and it would have taken us 20 minutes that say tops and place the trades, and that’s it for the day.
And then during the week, each day I’ll be looking at the, daily charts again, just at exactly the same as normal. Apart from it’s just a different local start time because I’ll be in the US. It will be in the evening or afternoon time. 5 p.m. New York time is when the daily charts change over.
So for me, normally that’s, the morning of the next day here in New Zealand, but because I’ll be on that time zone or close to that time zone, it’ll be in the afternoon when I’m seeing those trades and placing those trades.
Where you live is irrelevant.
Now, it doesn’t matter where you live in the world, because the way that we trade using my strategy is that we use limit orders.
So you don’t have to be there at 5 p.m. New York time. And again, I’m going to show you that because there will be some days over the next few weeks while I’m in the US, that there’ll be other things happening. I’ll be doing something, I’ll be traveling, whatever it might be, that I cannot be at my computer at 5 p.m..
And it doesn’t matter, because later on that afternoon or evening I can still go and place the trades. And that’s the beauty of the way that we trade using my strategy. So I want to document that.
If you’d like to follow along and be notified of when I’m releasing videos and some will be live, I’m looking at doing a few Facebook Live, a few YouTube live, videos showing me taking the trades and analyzing the charts and of course the results.
So nothing is going to be hidden. It’s all going to be aboveboard. Whether results, you know, favorable or not. We’re going to show you everything that all the trades that I’m taking while away, the reasons why I’m taking them and the outcome and the results. So if you’d like to find out how we do that and you’d like to follow along on that trip while I’m in the US, I’m going to put the link here and that you can sign up to and be notified of when I release those videos.
If you’re out there just looking to see how we do that, and you’d like to see what I’ve done in the past, a number of years ago, when I went over again with my family, took the kids this time. This time were not, I went to the UK and Europe for about a month, and I have a series of videos from several years ago that you can go and view straight away.
I watched the whole lot through when we do exactly the same process. You can see me taking the trades, analyzing the market so you can see them on my membership site, and I can, show you the results of all of those trade. So I’ll put a link to that as well. The UK and Europe trip. But if you’d like to follow along with this particular trip and be notified of when I, take those, trades and take those, I’ll make those videos live. Sign up to the link that you’ll find on this page. And, it’d be great to have you follow along.
Blueberry Markets as a Forex Broker.
If you are out there looking for a good broker, I can highly recommend Blueberry Markets. If you’re in the US, then you cannot trade through blueberry markets. But pretty much everybody else, anywhere else in the world can trade through blueberry markets. And I highly recommend you consider them at least. If you’re out there looking for a broker.
Watch my Masterclass.
If you’d like to, watch my masterclass, it’s a short 17 minute on demand masterclass. I’ll put a link to that here as well. Explained about how we trade, how we teach, and how you can come on board with us.
Have a chat with us.
And if you’d like to, look at joining us, or if you just want to have a call with, one of my team, it won’t be me because I’m be traveling. But if you’d like to have a call with one of my team, all you need to do is look at the link here for booking a call, and you can schedule a time to have a chat with one of the team. As I said, for the next few weeks, it won’t be me.
If you do email me, I’ll still email, back to you, personally while traveling. But, the team will be certainly looking after all the course for the next few weeks while I’m in the US. So looking forward to some more sunshine like this in the US.
I think it’s going to be a little bit hotter. Of course it’s summertime, over there, winter time here in New Zealand. So, use the links and follow along with how we tried to see how easy it is to trade just once, maybe twice a day, and do very well with low risk, high reward to risk trades and to enjoy trading and travel at the same time. So use the link and I’ll see you in the next video. Bye for now.
Episode Title: #597: Trading on Vacation: How to Do It Right
#596: How to Pass Prop Firm Challenges with Andrew Mitchem & Etienne Crete
In this video: 00:05 – Passing a prop firm challenge. 00:19 – Talking prop firm challenges with Etienne Crete. 00:45 – Horror stories from traders starting a prop firm too early. 02:08 – How to start trading on a prop firm account. 03:13 – How to pick a prop firm. 06:10 – How much should you risk per trade. 08:10 – Treat a demo, a live and a prop firm account the same. 10:25 – Have a proven strategy first before getting on a prop firm account. 15:28 – Does the prop firm have the markets you trade available? 17:15 – How to find us and how to join us at The Forex Trading Coach
Passing a prop firm challenge.
Andrew Mitchem If you’re on a $10,000 prop firm, you know, you you’re risking quite tiny amounts, but that’s fine, you know? But just go very, very small because just don’t get stopped out and you’ll eventually, you know, if you’re trading good enough, you’ll eventually get to that profit target.
Talking prop firm challenges with Etienne Crete.
Etienne Crete Sitting down today with Andrew Mitchem. we want to do an episode specifically about prop firms and what it takes to become a funded trader, but also kind of scale things up. And you get to the next level of performance to scale it up to, we can make more money trading with more capital. So Andrew welcome back on the podcast. Continue here.
Etienne Crete Let’s start with this. I actually get people who reach out to you and kind of ask you about prop firms and how they should go about it. What’s your first train of thought into what is the right time to go for prop firm?
Horror stories from traders starting a prop firm too early.
Andrew Mitchem Okay, I find that so many people tell me stories. In that kind of horror stories, they jump in too quick. And I think people aren’t doing it realistically. They jump in because they see it as maybe I don’t have enough money myself. And it’s a it’s a good way of potentially earning funds and, and commissions, etc., but they don’t have any, background into trading properly themselves.
Andrew Mitchem You know, they don’t have a strategy, the confident in them. And they have proven themselves first. And I think that’s the pitfall that too many people jump into.
Etienne Crete Definitely like trying to get capital before you are profitable trader.
Andrew Mitchem Yeah. I mean, I just tell people maybe you look at it and, you know, 6 to 12 months time, be real about this. Yes, look prop firm can be absolutely fantastic once you know what you’re doing. But spend some time upfront to learn the process of trading. Forget how much money you make. Don’t even look at money.
Andrew Mitchem Just understand the process of trading. You know, low risk, etc., low drawdowns, because ultimately that’s the thing. It’s going to get you through a pot firm. And if you don’t understand that hitting that drawdown criteria is what’s going to make you lose your money.
Etienne Crete How do you someone interested in the process? Because a lot of people are going to, of course, focus on the outcome, trying to get the result, how do you get them to, first of all, follow the process? But they kind of have to be interested in then involved in it too.
Andrew Mitchem How to start trading on a prop firm account.
Andrew Mitchem Yeah, it’s a tricky one because everybody wants the results and everybody wants the money. I suppose all I can do is probably a little bit like is keep going on and on and on with the same story, because ultimately that’s the best way you’re going to get a result. You know, you almost got beaten into people was like, please don’t waste your time away or waste your money, focus on the process of knowing how to trade or just make sure you’re consistently profitable. I do suggest to people that when they start, use a demo, you know, for a reason, be profitable on that. Go on to a small live account. Be consistently profitable on that, then maybe a slightly bigger live account, and use all those like that experience and those emotions that you’re going to have.
Andrew Mitchem And get that right first before going on to a prop fund, because otherwise you’re just spending $500 and wasting you money.
Etienne Crete In terms of platform, there’s a lot of choice. Are there? You can think, of course, so many different names is one that’s been around for a longer time, some that are newer and more competitive or kind of nicer offerings. How do you actually get to pick the prop firm and then maybe have some thoughts on this?
How to pick a prop firm.
Andrew Mitchem But yeah, no, it’s I suppose you want to look at potentially, you know, a company’s been around for a long time. That’s always, I suppose, a good starting point. But the other one is I like, personally, I like prop firms that have slightly bigger drawdown allowances and, the some of those that I personally use that have two stages of a challenge before you go to live money, a lot of them would have like a 10% profit target and maybe like a 5% drawdown.
Andrew Mitchem I think that’s it’s a little bit of a tight criteria for a lot of people. Whereas I’m now using prop firms that have a maybe like a 10% profit, 10% drawdown. And then you go on to another stage where you have to maybe make like a 5% profit again, within a 10% drawdown. And then you go to real money.
Andrew Mitchem So yes, it might take longer, but having that bigger drawdown just allows a little bit more wiggle room for you as a trader. And I also think it’s really important that people don’t have a prop firm that has a time restriction. I, I really would avoid that. When you see these prop firms that say, you’ve got to do this, you know, 10% within 30 days.
Andrew Mitchem And then realistically that might only be, say, 20, 20 trading days, you know, then the market conditions aren’t good every day. So, you know, they almost forced you to gamble. So, I would have something that doesn’t force you on a time restriction to get to your profit target. And also something allows a slightly bigger drawdown.
Etienne Crete I think the, the time roll is mostly gone for a lot of performers. Most don’t offer this and most don’t have this anymore as a rule, because people are really tired of it. I think the rule that now is kind of simplify for people is the, the trailing drawdown. So the more you profit, even a few trades are open, but not close yet.
Etienne Crete That counts as your highest like profit level, your highest watermark. Then the jobs calculate from there. So you could have a trade that runs like really fast and comes back and then that hits to your drawdown level.
Andrew Mitchem Yes. So I suppose a lot of that then comes back to, as I mentioned, to try and have a prop firm that has a little bit bigger drawdown. To give you that flexibility, but also don’t rush to pass it. And probably, you know, the way that obviously everybody fails on a prop firm is they hit the drawdown and get stopped out or, you know, they get closed.
Andrew Mitchem So making sure that your risk for trade is very, very low, I think is crucial as well. You know. Yes it may. Let’s say you’re doing on your own normal account. It might take you a month, but let’s say half that risk again and it might take you two months. It’s like, well really it shouldn’t matter. Just pass the thing within the drawdown is the is the most important point, not how long it takes you.
How much should you risk per trade.
Etienne Crete How do you calculate the risk for a trade that you should go with? Is it the specific number that you always follow, or is there some math behind it? Or what do you tell people to focus on?
Andrew Mitchem For me, I’m just talking purely me personally. I mean, what people do is entirely up to them. Of course, I personally risk only a quarter of 1% of my account on a trade, and if I split that position into two, which quite often I do, you know, like if I’m taking a buy trade, I’ll take a market order and a buy limit just the way that I trade.
Andrew Mitchem I’ll have like an eighth of 1% of my risk on each of those two positions. So in other words, if both positions got stopped at, I lose only a quarter of 1%. So, you know, you need effectively four whole trades to go wrong to lose 1%. You know, so yes, it will take me longer to get to the profit target because naturally my gains will be smaller as a percentage.
Andrew Mitchem But the chances of me being stopped out and blowing that I can really quite like small.
Etienne Crete And then I’ll let people have this issue of they say, oh, well, of course you can do this because they have a big account. But what about guys who have the small account they trade? Well, maybe $10,000 might be able to take all the trades with 0.25%. How would they go about it?
Andrew Mitchem They can still do that. I mean, if you’re on a prop firm, you know, with a I mean, most people that I so speak to are slightly higher amounts on a prop then, but yeah, like, I suppose if you’re on a $10,000 prop firm, you know, you, you’re risking quite tiny amounts, but that’s fine. You know, 1% is $100, so you’re risking $25 per trade on a $10,000 account.
Andrew Mitchem It’s still the same risk percentage. I mean, I think if you went down to 10,000, you might have a little bit more difficulty with real, accurate position sizing. But just go very, very small because just don’t get stopped out and you’ll eventually, you know, if you’re trading good enough, you’ll eventually get to that profit target.
Treat a demo, a live and a prop firm account the same.
Etienne Crete One of the beliefs people have is that the way you pass the valuation is different from the way you should trade the account. Once you fund it, like they try to pass more aggressively to kind of get the income faster. And if they fail, then we get to buy a new one. When they get funded, they they go a bit slower, a bit, more like, structured. Do you agree with that? And you kind of truth, everything the same and just follow the same stuff all the time?
Andrew Mitchem I’m treated exactly the same. I mean, that’s to me, that’s how I would do it. And I see why people do that. But I don’t think you should. One of the things I’ve always tried to do with prop firms is not even really look at trading. I don’t trade the prop firm as such. I, I personally, put my prop firm onto a virtual server with a bit of trade copier software, and I just focus on trading my own live account, because if I can trade that one, you know, on it, because the head and the heart are two things that play with people’s mind, aren’t they?
Andrew Mitchem When they get real money, you know, it’s emotions. So why do I want to see like multiple hundred, $250,000 accounts behind the scenes? Because it’s nice to play with what your brain. To me, it’s easier to focus on your live account or, you know, even the demo, but let’s say your own personal account and get that one trading in the right direction properly, and then have those same trades mirrored behind the scenes.
Andrew Mitchem I just think that’s so much easier because if I have, let’s say, five prop firms, I’m not wanting to go into every single one and calculate the risk and the lot size. And it’s like, oh, now what a close part of the position. Okay, I go in five times. That’s just a pain. Focus on one account trader properly and have it copy behind the scenes.
Etienne Crete That’s a good point. Yeah. You know, if you look at the account, I feel like a lot of people have pressure from the fact that they’re funded with the fact that they pass and then they can lose a capital. If you don’t think you want to just trade the same account, then that definitely makes a lot of sense.
Andrew Mitchem Absolutely. To take the emotion out of the as best you can. Because realistically, if you’re on a 100,000 live money, you know, not many people are used to doing that with their own accounts. So it can really start to play with you with your head. So, just focus on your normal account. Get that right. Just do nothing different.
Have a proven strategy first before getting on a prop firm account.
Etienne Crete Let’s go to some of the common mistakes people make with prop firms. What do you see as the main ones that people make when they go for a prop firm?
Andrew Mitchem Yeah, I think it’s not they’re not choosing the right one. But it’s a it’s about not having this strategy sorted first. I think that’s the biggest issue is that honestly, is that jumping in too early onto a prop firm when as a person and as a trader, you’re probably not ready. So I would just say to people, just give themselves a realistic chance of getting it right, because you’ve got to have confidence, full confidence in your ability to trade that strategy before you go into it.
Andrew Mitchem Because like you said, you might just fluke him, get through your your demo account or, you know, but when it comes to real, you start self doubting. So I just think, yeah, it’s a getting that confidence in yourself, your strategy, your ability to do this properly over a period of time and then consider it.
Etienne Crete Have you fail any prop firm accounts before?
Andrew Mitchem Yeah I did in the early days. Yeah I did, and I ended up, taking a few trades that were too big a risk and, and they got stopped out. So I learned from that, you know, pretty early on that just go lower and lower risk.
Etienne Crete It’s interesting because I love people see prop firm as like, a thing you pay and then you should get the account. And sometimes, like in trading, you can never really predict whether a trade will work out to or not. So it’s good to take a step back and accept you could lose an account, you could be funded and lose it and just have to kind of get the consistency and get back to it to, get new account possibly. But yeah, it’s about the reason.
Andrew Mitchem It’s when I probably, you know, was risking, a little bit, I mean, only very, very low amount of risk. But I had multiple trades open. And like you said, they take that I didn’t hit the stop loss level. But with the open trades and the amount of open trades, it did it. And I suddenly looked at it one day knowing I was pretty safe.
Andrew Mitchem And I go, oh, that’s. So they’ve closed my account and I wasn’t aware of that rule. So that’s another thing to be aware of. So that’s why I reduced the trades, reduce the risk per trades. And ever since then I’ve been fine.
Etienne Crete What do you think profits are going I think there’s been a lot of feedback for years. Has been some profits closing down because they had maybe bad practices, some of the ones opening up, of course, a lot of these new ones, it kind of always tried to lower the price and then always kind of try to make the rules match each other.
Etienne Crete Also what do you think that’s going what do you think it’s going to become in the future of these platforms?
Andrew Mitchem Is it tricky. And I suppose that, you know, I’m now personally using those ones that have been around for quite some time and I’m using ones that are associated with good brokers behind the scenes who I trade with anyway and know. So those are my kind of criteria when selecting a prop firm. You know, I know who they’re using as a broker.
Andrew Mitchem I know the brokers are good. I know that that big. I know that there’s no issues with, being able to take a trade. And I think that’s probably the key where it’s going. Well, you’re right, like, I mean, we went through a stage, what, a couple of years ago when a whole heap of them appeared and then disappeared.
Andrew Mitchem There was a few issues a few years ago when some of them couldn’t trade MetaTrader. Then they could, then they couldn’t. I think that sorted a lot of them out. Yeah. At the moment I personally don’t look at new ones. I’m not really kind of aware of who’s out there. I’ve got my ones who I like, and I’m kind of sticking with them and and I think leading on from that is that when you do find one who you like and you like the roles and you pay, it’s a good, etc., then what’s to stop you not opening more accounts, you know, rather than going searching for another, prop phone company,
Andrew Mitchem you know, you could like as an example, I’ve got a client, one of my clients in Singapore, who each week opens a new prop firm account, he says, constantly opening new accounts. And so he, you know, some of them might get stopped and some of them will be hitting profit, like now. And, you know, and just with market conditions, you never know what’s going to happen.
Andrew Mitchem So he’s constantly going through a valuation passing evaluation, maybe failing a valuation passing and just keeping lots of them going. And, you know, that’s, his aim is to get up to $1 million, pretty quickly on live accounts. And, and it’s like, get on him. But rather than having $1 million one account and, you know, I’m blowing it, why not have lots of smaller accounts constantly being opened and you accumulated, you know, totals a million or possibly more.
Andrew Mitchem I think that’s another really good way of trading because you kind of then if you do have a bad week or so, you’re kind of not like losing everything in one go.
Etienne Crete I think it’s a good point, but you definitely got to diversify with different prop firms too. I just wouldn’t trust one prop firm by itself. It surely there might be around. They might have some glitches, some issues with technology or something that will make it tough to trade. And having these other accounts can be definitely useful.
Does the prop firm have the markets you trade available?
Andrew Mitchem Yeah, and also making sure that the prop firm that you choose, has the markets that you trade, you know, if you like as a forex trader. Yes. I now look at metals and cryptos and commodities etc. like that. So I want to make sure that prop firm offers those. There’s no good me in my real trading saying taking maybe 20% of my trades is non forex pairs.
Andrew Mitchem And then I go to a prop firm or oh, they don’t offer bitcoin or they don’t offer XAU/AUD or anything like that. You know which of some of my, you know, favored pairs for example. So I think it’s really important that you find a prop firm that offers what you like. Also as an example, if you were trading, say, monthly charts or weekly charts and you might want to leave those trades open over the weekend in your real day to day trading, does that prop firm allow you to keep trades open every weekend?
Andrew Mitchem You know, so all these extra little things that are determined by your own criteria, your trading strategy, making sure they align with their rules.
Etienne Crete Give a preference for actual prop firms platforms or sometimes prop firms that are offered by brokers.
Andrew Mitchem Yeah, there’s two that I’m mostly using. I mean, I can name them if you want. So I like The5ers. I’ve used them. I think, you know, they’ve been really, really good. And, blueberry funded is another, you know, the blueberry markets, they’re relatively new, but, you know, I know the guys at Blueberry Markets as the broker.
Andrew Mitchem Yeah. Pretty. Well, and I think that they’re good. And so by having their kind of backing, with a prop firm’s good, there’s a number of other prop firms that are using EightCap, and they seem very good as well. So I think it’s important that you get that backing of a decent broker behind the scenes.
How to find us and how to join us at The Forex Trading Coach
Etienne Crete There of people can reach out to you, they want to learn from you or kind of ask you questions after this. This podcast.
Andrew Mitchem Yeah, sure. So my website’s the TheForexTradingCoach.com, and, we’ve been running for 16 years this year, so, very prior to that and, you know, probably one of the longest companies out there, and we’ve got clients right around the world and, and one of the things that we do is we specifically like to focus on that low risk, but high reward, high risk trades, because that, to me is one of those keys and the secrets to getting through a prop firm.
Etienne Crete Definitely for the thing below the in the decision will give can take you out there to there. Hopefully they can learn from you. See what you’re doing. You put a log yourself on on YouTube and on your podcast as well. And I appreciate you for what you’re doing there for me. So thank you, Andrew. Appreciate. And hopefully people can, connect with you and, Yeah. Talk to yo soon.
Andrew Mitchem Brilliant! Thanks for your time again. Appreciate it.
Episode Title: #596: How to Pass Prop Firm Challenges with Andrew Mitchem & Etienne Crete
#595: Join Me as I Trade in 30 Minutes a Day While Exploring the US
In this video: 00:30 – I’m heading to the US 00:59 – Trading and travelling – Join me. 02:05 – Catching up with Paul Tillman. 02:20 – 20-30 minutes chart time each day. 03:05 – Trading and enjoying life. 03:23 – Get onto my 17 minutes masterclass. 03:37 – Have a chat with us. 03:45 – Blueberry Markets as a Forex Broker.
Would you like to be able to travel and trade at the same time, and make money while you’re on holiday? If that’s something you’d be interested in, listen up. I’ve got a great podcast and video for you. Let’s get into it right now.
Hey there, Traders! It’s Andrew Mitchem here at the Forex Trading Coach video on podcast number 595.
I’m heading to the US
Just a few months ago, my wife celebrated her 50th birthday. And so, to celebrate that we are off in a short time to the US and we’re going to be traveling around the US looking to have a great time. Lots of experiences. Meet some great people. While we’re there though, I’m going to be trading while some traveling while some on holiday. I’m going to be trading exactly the same as I do at home here in my home office in New Zealand.
Trading and travelling – Join me.
And during that time I’m going to be taking some videos, maybe doing some live feeds and showing you the trades that we’re taking and the results of those trades. So if you’d like to follow along while I’m doing that, then I’d love to share that journey and experience with you.
We’re flying in and out of Houston, and so being in Texas, I have to go and experience, some Texan barbecue. I’ve been there before, but this time it’s with my wife. It’s going to be, just the two of us traveling around having a great time. So I’m big into my barbecue. Want to see how they do it correctly and the right way of doing it in Texas.
And as you may know, I’m now heavily into my music with, guitar playing and that starting to sing. So Memphis and Nashville, we’ve got to go there and experience what those, two great places have to offer. After all, we’re going there for my wife’s birthday, and she’s into horses. So we’re going up to Kentucky to, have a look around a few horse studs, and she farms up that way.
Catching up with Paul Tillman.
And then we’re back to North Carolina to catch up with Paul, who works with me and his family. And, we’re going to do some traveling with him, and then we’ll make our way back down via New Orleans and back to Houston. So that’s going to be our trip.
20-30 minutes chart time each day.
And as mentioned, I’m going to be trading exactly the same. You’ll be taking trades exactly the same. And probably 20-30 minutes max chart time of day. Enjoy the rest of the day. Trade travel. Make money whilst on holiday. And so the beauty of that is with the laptop of course. Take my phone for a hotspot. That’s all I need. So I’ve done it before. And you may have in the past seen when I’ve done similar things.
Traveling around Europe and the UK and India and America in the past. And so we’ve done this many times and it just shows how you can quite easily trade and travel well. If you’re not traveling. That doesn’t matter.
Trading and enjoying life.
It shows how you can trade and carry on with normal things in life, whether it be work or family or hobbies, whatever it is, and just fitting around your trading around what you do.
So follow along. That journey was over there in the US enjoying some, Northern hemisphere sunshine. And if you’d like to find out how we trade right.
Get onto my 17 minutes masterclass.
Now, you can, click on the link here to attend my masterclass. It’s on demand. Just click on it and it’s about 20 minutes long. This watch it and follow along and enjoy it.
Have a chat with us.
If you’d like to come on board and join our trading community. All you need to do is click on the link and book a call to see where the right fit for each other.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very, very good broker with lots of different time frame charts, lots of markets, very fast withdrawal times, and the best customer service you’ll find. Click on the link to experience the fantastic Blueberry markets as a forex broker.
So that’s it for now. And, look forward to talking to you this time next week. Bye for now.
Episode Title: #595: Join Me as I Trade in 30 Minutes a Day While Exploring the US
#594: Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them
In this video: 00:12 – Andrew and Marc discuss their backgrounds and how they started trading. 08:18 – Become a better trader and have a check list. 15:00 – Trading Gold and Silver. 20:53 – Trading Bots and brokers widening spreads. 29:30 – Riding a bike is like learning to trade. 34:00 – Marc’s average day and setting up the new trading week. 39:15 – Trading keeps you mentally active. 44:50 – How can you monetise your knowledge. 50:33 – Trading and living where we want to.
Andrew Mitchem: Alrighty! Hi, everybody! Andrew Mitchem here at The Forex Trading Coach. I’m really excited today to be joined by Marc Walton from Forex Mentor Pro. Good day, Marc! Nice to see you.
Marc Walton: Good day. How are you.
Andrew and Marc discuss their backgrounds and how they started trading.
Andrew Mitchem: Very very well thank you. I thought Marc, we’d just, spend half an hour. So I just have a bit of a chat two people been trading. Sounds like similar amount of time, some backgrounds. And, just give people a bit of a insight of what we’ve done over the years and, and, the pros and cons of what we’ve done and how we’re trading today and the changes we’ve seen.
Marc Walton: Yeah. I was just saying just saying your path is very similar to mine. We neither of us came from finance. I actually failed math. So level three times.
Andrew Mitchem: Right?
Marc Walton: It’s ironic. I also have something called dyspraxia, which I never realized until, like, one of my kids had it. But the only way really affects me is I’m not very. I’m kind of number blind, which is bizarre considering what we do for a living. Yeah, yeah. But yeah. But then again, it’s to me it’s all about pattern recognition.
Marc Walton: And so I think the main thing is for folks not to get too stressed with, the math side of things, as long as you can control the risk and, and work a simple calculator for it to get the risk right, then maths is not important. I was saying to you earlier, I left the UK. When I left the UK early 2000.
Marc Walton: Went to live on a little island off the coast of Africa, the Lanzarote in the Canary Islands, which was which is a beautiful place to live. And, I went to sing and play guitar in a band for five years and, thought I’d semi-retired at 40. And then you realize when you retire, you spend more money than you ever did, because.
Marc Walton: Right. Well, kids in school did now and then, you’ve got so much free time. So I started looking at trying to make money online. Stumbled on forex, which 20 years ago there was hardly any of it. We we have the other extreme nowadays, as we know with, with YouTube, where there’s millions of people stood next to their mates, Ferrari or whatever in Dubai and, and pitching this and the other and they said that, I mean, I paid $4,000, I think, for a course, 20 years ago and, struggled like everybody else.
Marc Walton: And, and I did a webinar with the other day with my mentor, Rich, who’s a psychologist, and I have the list here of things that went wrong in my trading. And when he put this slide up for the benefit of people in the webinar, it was like, oh crikey, it’s me again. So I’ll just read a few.
Marc Walton: It’s yeah, I see this. They repeat the same errors over and over again over trading. I’ve tried to pull the trigger over a leveraging retrench, revenge trading, afraid to lose money. Room by emotions, cook win is short. Let loose his run not disciplined. Jump from system to system. And there’s many more. And, I did all of them and, I, I know from your background with farming and things, you probably. I’m guessing, did the same thing. Is that your reason for getting involved? Andrew Mitchem: Yeah. Trading. So, I got into trading, actually, as a result of having a young child at the time and going through divorce, it was. It was forced on me. So I was dairy farming and, which I was when my family had been dairy farming through England moved to New Zealand, you know, it was nearly 30 years ago.
Andrew Mitchem: I had the dream. Well, I eventually did some work, you know, different companies actually bought a farm and it kind of all then imploded. It all went wrong. And and it was like, what do I do now?
Marc Walton: Yeah.
Andrew Mitchem: And I was looking after my son. Not full time, but fairly close at times. And yeah, I can’t go and be a rep for a company. I can’t go and work on another farm. What do I do that allows me to work from home and look after him? And I’m like yourself. Back in those days, it was unheard of to from a bloke from home by yourself.
Andrew Mitchem: It was unheard of to do anything on the internet, pretty much because it was dial up. Still, you know, one gigabyte a month was like this May. Well, I remember when I went to ten and everybody was blown away. I got a dial up space. But and so I stumbled and I paid 5,000 NZD and went up to Auckland and did a weekend course up there.
Andrew Mitchem: And although when I look at it, it wasn’t great, I can’t knock it because it got me into trading and it gave me the the buzz of this whole new world that I didn’t know existed.
Marc Walton: Yeah, yeah. Well, for me it was a necessity as well because I say we we semi-retired or sort of semi-retired and we were just burning through money. I budgeted that, let’s say we were going to spend 25, 30 grand a year. I think the first year we’re there, we went through 50 and it was okay, need to do something about this.
Marc Walton: And it was born out of necessity. It’s very similar to you because if if I hadn’t been able to get forex to work, I would have ended up having to go back to the UK with my tail between my legs. Because the only, the only work in, Spain, Canary Islands for a foreigner would be in a bar.
Marc Walton: Yes. And, my wife said if you ever buy a music bar, I will shoot you. So, so thankfully, I didn’t do that and I got into forex. And the other thing is, I employed people all my life until that point, and I really didn’t want to go through the hassle of employing people over again, which is great. This is why this is so good.
Andrew Mitchem: That’s right. So when you started in like what? Kind of like, how long did it take you to. I’m guessing you did like me. You people, ideas, systems, e-books, robots, backtesting, everything under the sun. And then suddenly something clicked to make it go from losing money to working the.
Marc Walton: The course that I bought actually wasn’t bad at all. It was. It’s very similar to what I do now. In many ways. It was all about support and resistance and it it was huge. It was using a lot of EMA’s and I only use a few now, but in general it was support and resistance. The issue I had was it looked too easy.
Andrew Mitchem: But You know, I’m a smart fellow. This is not difficult. I can do this. I actually believe most people can do this. But the problem that screwed me up was my head. And, I say I went through all the issues I’ve just mentioned revenge trading, etc., etc. but the biggest thing for me was that I would go through a period of time where I would win and then I could lose it all.
Marc Walton: And you know, the last time I got to the point of quitting was I went five months consistently making money 3 to 5% a month on a big account. This is okay. Slow and steady wins the race. And I lost most of the five months profits in a week. So for me, the periods between meltdown got bigger. But the same result was that I took I took a few months off, to basically let it all settle in my brain.
Marc Walton: And thankfully I found the retired trader to teach me because if I hadn’t, I would have been. I don’t think I would have ever made it. And then, for me, discipline has always been an issue. And I think when you come the background I had before I got I’d left the UK, I had frozen food company and so I had to cry, loss, cry a lot of stuff.
Marc Walton: And you come under lots of rules. But we also supplied the Prison service with food, so we were highly regulated. And then when it got to trading, suddenly I’ve got the cash. There we go, you know.
Andrew Mitchem: Do what you like.
Marc Walton: Yeah. And it’s ironic because within a year of meeting Rich and him ironing out the issues and half the issue with the psychology is making yourself self aware. And then the other the other part is the discipline. And, he introduced me to a fund in the, in the US. It wouldn’t be allowed nowadays, but I was training remotely from Lanzarote for a fund in New York.
Marc Walton: And they basically give you a book, This thick of rules. And if you break the rules, you’re out. Right. So before you take a trade, every time you thinking, you go through the checklist, you make sure everything you’ve got, everything is spot on. And I say to people nowadays, always use a checklist. Yes, I tell folks to look for five reasons.
Become a better trader and have a check list.
Marc Walton: If you don’t have five reasons to compromise, walk away. And so having a checklist and having somebody looking over your shoulder made me a better trader. And I worked for them for three years. Then in 2008, I started doing it for myself and doing it for my own clients. And the bad habits started creeping back in. Right.
Marc Walton: Which is when I started posting on Twitter in the early days, Twitter in the early days wasn’t the war zone it is now. And, people were genuinely helping each other. And I was just saying, oh, you know, I’m going to shorten your account today here for these reasons. And people ask me to teach them as well.
Marc Walton: Okay. And that was good because otherwise, because I’d got to the point where I was only placing a few trades a day, and now I’m placing maybe one of the day. I had a lot of free time on my hands. I have free time on my hands. I’m dangerous. And even today, last year, about six months ago, we had, quite a lot of new folks in, in Mentor Pro and they wanted to trade more actively.
Marc Walton: So I traded, they traded for a week. And at the end of the week I had brought that. Well, I think I took eight trades. And at three of them I shouldn’t have taken because they broke my rules. And I got up twice in the middle of the night because of news. And by the end of the week, I think I’d lost half a percent.
Marc Walton: And I had spent 20 hours in from the screens and got and all the old things come flooding back. So I think the other thing people need to be aware of is you’ve got to be every day. You’ve got to be able to stick to the rules, because otherwise you’d be screwed. And success is as harmful as it is.
Marc Walton: Not knowing what you’re doing is, you know.
Andrew Mitchem: That’s a really interesting point because, as you know, I fly a helicopter privately and the checklist is needed. And yes, you’re right, and you have to go through a checklist. It doesn’t matter how, even if you’re like a pro doing it daily, that still goes through a checklist. Yeah. Is that one time you don’t go through that checklist and you miss something like, you know, obviously trading can damage you. Flying can do a bigger damage.
Andrew Mitchem: But similar thing, you know, you’re either going to yeah. You know, you’re going to over cook an engine when you start or you should have checked something that you didn’t. Yeah. Preflight in flight, whatever it might be. So yeah. Like, I’m I’m with you. The checklist is so important, and it’s. I find that really an interesting story.
Andrew Mitchem: How you, with all your experience and still drift back? Oh, yeah. I mean, against those rules, if you had them set out.
Marc Walton: Yeah, and I will again, I said earlier, you’ve got to be able to introspectively look at yourself and see what you’re doing. And my, my, my mentor, I’ve said it with me. You know, if you don’t fail at least seven out of ten in health and psychology and in general, failing when you get don’t. Right. And that’s when you’re day trading.
Marc Walton: So, I don’t do that every day, but and in truth, I don’t keep a journal every day, but if you’re new until you’ve been doing this for years, you need to keep a journal is. We would both agree, I’m sure.
Andrew Mitchem: Absolutely. So you mentioned new people. So someone new, they’ve you know, like you said, they’ve been kind of conned into the YouTube and Bryson Lamborghini stuff. What would your suggestions be for someone new looking at trading about? Where do they start? What kind of things should they look for or avoid? What forms? Maybe any like technical should be fundamental.
Andrew Mitchem: What should they look for?
Marc Walton: I traded, I say I traded stocks in the 90s. In those days we worked off new sheets and you had to ring the broker. So it wasn’t like we know now, and I used to think technical analysis was tosh. It just it was nonsense. And then when I, when I learned to trade from this DVD series.
Marc Walton: So now, crikey, this works, this one, this fib level works and this works and this will actually. And so that that was good for me. And then I traded really for the fund until 2008, 2009. Just technically, yes. And then when the financial crash came along and suddenly it was the what the heck moment I started to pay attention to fundamentals.
Marc Walton: So nowadays I am 70% technical when it comes to trading forex and I am 30% filter it with fundamental rules. And so I have a bias fundamentally. So I kind of say to people, look, if you’re trading the New Zealand dollar, for example, what do you know about New Zealand. And they will go, I think they’ve got cows.
Marc Walton: Yeah. Okay. Well it’s actually a good clue. But what do they do and who do they sell it to. And, and one of the big concerns obviously in your neck of the woods is the Chinese. If the Chinese move into Taiwan, your economy and Australia’s economy is going to be in the deep doo doo. So I use a mixture of both when when it comes to crypto and when it comes to stocks, I’m 70% fundamental and 30% technical because the the crypto I unlike you, I don’t trade crypto.
Marc Walton: Although having talked about that a little earlier, I’m going to have a look at it now. But I basically bought and hold right. But I bought crypto that they had to be faster, smarter, cheaper, revolutionizing the sector. And being used. And and did really well because I got in 2019, I started to understand crypto. February 2020 I bought my first Bitcoin at eight grand.
Marc Walton: Crashed to 4000 the following month with Covid, but then recovered. By I mean, by the following January it was up at 50 odd. So it was a really good time to be in. Yes. What I did as well with that is I’d learned the lesson when I traded stocks in the 90s. It was it was very similar to what’s going on in crypto now.
Marc Walton: In 1995 96. They when they when it started to boom, everything went top. It was easy and I was naive at the time. I didn’t I didn’t take my profit. I didn’t get out in time and lost again. Lost a lot of it with crypto this time. What I said to folks is, look, if it goes from eight grand to 20, take the stake out.
Marc Walton: If it goes up to 30, take some profit out. And then we started to buy more on the dips. So when the crash came in the April, the 21, I still hung on to everything I had was bought and paid for and I’d made a profit. And so trying to to kind of use the same skillset I am nowadays, I’m involved in crypto.
Trading Gold and Silver
Marc Walton: I started buying gold in 2022 because it was obvious after all the the money printing from Covid that there was going to be an inflation issue. Yes. So I caught that at the right time and that’s fundamentals. And then I use the technicals to get in and and same with silver. So I have more silver than gold.
Marc Walton: And that’s technically because in 2012 silver was up at $49.
Andrew Mitchem: That’s brilliant!
Marc Walton: But yeah technically it’s got the room. So I think the more you know about how the financial world works, how everything’s into interrelated. Yes, I look I look every day at the Dec Seed I look at the U.S. stock markets, I look at gold, I look at crypto, I look at forex. I’m trying to work on the day. I’m database where the big money’s going. Yeah. And and if it’s not in forex, that’s fine. I’ll leave it. I’ll go off. And if this is where the money is, this is where I will go for the day. And I don’t spend a lot of time with that.
Andrew Mitchem: No. That’s brilliant. Thank you. That’s fascinating what you said about silver. I had conversations with people back then when it just almost reached 50, didn’t it? Didn’t quite get to 50, but it was very close. And when it started, you know, pulling back and I said to people, well, you know, it was $20, let’s say I said, well, for crypto, I’m sorry for silver to go from 20 to 40.
Andrew Mitchem: Obviously it doubles. We are. It’s not needing a new high. Yeah. This is like I’m talking physical silver. Yeah, yeah. Whereas gold at the time was whatever it was, you know, 2000 and whatever the figure was for it to double was a massive move. And to make a brand new high by quite some margin. And so I was thought from a, you know, with silver, with its electrical capacity, its medical ability, you know, in every electric we have, but most of it’s thrown away because it costs more to extract it than it does to.
Andrew Mitchem: Yeah, yeah, it’s a so I looked at all those things and I thought physical sale was definitely the way to go. Yeah. I found really interesting that you went and said that exact same reason.
Marc Walton: Yeah, yeah. And nowadays with, solar panels, electric cars, there’s a new car. I can’t remember which manufacturer. There’s one of the Japanese manufacturers supposedly bringing a new electric car out that will do 900. I’m not sure if it’s kilometers or miles range on a smaller battery.
Andrew Mitchem: Right.
Marc Walton: So they reckon that they reckon that behalf about of silver in each engine.
Andrew Mitchem: Yeah. You know, so.
Marc Walton: The thing is gold is a is a the safe, the ultimate safe haven, as we know, where the silver is being used. And they say technically it should. So I was buying silver at $16 and $18, and I was buy. It’s like buying gold again at 1800. Yeah, but like you say, gold technically four times rejected around 2000.
Marc Walton: It was just typical double top, double top, double double top. But what pushed it through was the situation in the Middle East. So again, the fundamental side of it well this time could be different. So I say and I think as well as we get older to, to be able to go into different markets and use the same skills that keeps you mentally alert.
Marc Walton: I, I’m studying I’m studying options at the moment. And because of course, the, the issue when you buy a physical asset, whether it be a stock, or you buy a forex trade, the problem is always is the stops. Whereas if we could use an option creatively I’m kind of thinking about that. So always, always trying to think of new ways of doing things.
Marc Walton: Otherwise you would just about them.
Andrew Mitchem: And I think that was one of the nice things that we, we chatted about before we started this is that, you know, when I look at your website, Forex Mentor Pro. Me, The Forex Trading Coach, but we’ve both diverted into other, other markets. Yes, as they become available to us. Still, I still love the forex market, but like you say that at times it’s been a little bit boring in the last few years it hasn’t been quite as good as it was if you go back years ago.
Andrew Mitchem: I mean, I remember the early days when I started and getting up in the middle of the night here to trade the non-farm payrolls. You know, the general employment now is not there. Yeah. Well, in the early days, for me it was just magic because it used to jump 3 or 400 pips within, you know, like a few seconds, you know, and you put a straddle trade in and whichever the buy stop or the sell stop got filled, you frantically went and deleted the other one and and pressed exit on the other one.
Andrew Mitchem: And you go, oh, it’s made 10%. Not having a clue what you did, but you could do those things back then. Yeah. Whereas, you know, I personally then realized that trading, fundamentals wasn’t for me after, they know, lined up on all those things.
Marc Walton: Well, it’s like London, wasn’t it? We’ve all had the London breakout. Yeah, that really was the classic time where it was 2014-15 is when it stopped working. But we were looking at the pound was doing 150 pips daily range. Yeah. In the Asian session it would go to sleep. So you just had one cancels. The little does at London.
Andrew Mitchem: Which one broke at first you went with it.
Marc Walton: Yeah. And you could literally make a week’s money in in an hour a day. That was the the classic time. But of course for those joining us now there’s, there are still opportunities. Yes. Hundreds. Yeah I never use robots. The thing to me with robot, if you if you’ve got manual intervention. Yes. But otherwise a robot is programed to if we’re in an uptrend, it’s programed to buy and it’s not able to see, well, hang on a minute.
Marc Walton: There are lots of clues here that this is maybe going to change with today. With that, aren’t we? We just had a bit of a big pullback in stocks. Dollar index can’t decide whether the dollar is going to go up or down. Where an a robot will just keep doing what it’s told. So I, I’ve never had any success with them.
Trading Bots and brokers widening spreads.
Marc Walton: And then the only robot to my knowledge that that did well in historically was FAP turbo.
Andrew Mitchem: Oh, really got into that one too.
Marc Walton: Yeah, it was a terrible name. FAP turbo. And, I spoke to the guy that created it, what this thing was doing in the Asian session. They set it up so that it would just take a pip, from a slight movement that went on. And then they I talked to the guy who created it, and he was telling me that they sold too many of them.
Marc Walton: They sold 50,000. And so the brokers were getting stung every day, reverse engineered it. So when this move happened, suddenly the brokers widened the spread.
Andrew Mitchem: Yeah.
Marc Walton: And I had that issue because the other thing I had years ago was I had a gap trading strategy. The market opened and I say I had it, I, it was a Swedish guy I work with called Gosta forget his surname now. They created this EA and it was brilliant. What it would do is it would scan all the pairs at the market open, and it would scan the gaps visibly.
Marc Walton: The spread. And so and then it would calculate, it would place up to six trades after 90s. So it sounds a bit technical, but basically this thing was a surefire winner. And we were making a lot of money. We were we were only allowing, clients to put an extra 50 grand in total in each week because we were hitting the liquidity levels.
Marc Walton: Anyway, the brokers killed it because they reverse engineered what we did, and then they just played with the spreads and that killed it throughout. So and so that’s actually another interesting thing for folks. Don’t convince yourself if you found something that you think is revolutionary and you’ve found the Holy Grail, and we’ve all found it at times is try it on a on a live account and try it on a reasonable sized live account.
Marc Walton: Because years ago I, the guy came to me and he was making 400% a month with this EA wanted me to sign an NDA before he would let me see it and explain. And I just said, who is it with an IT name? The broker, an English broker. And I said, what size account? Thousand dollar account.
Marc Walton: Let’s stick it, stick it on a 50 and then come back. Never came back. Because the bloke, the brokers a lot of the brokers will play with you if you if you stick your head above the parapet. In my experience, I mean, if you find a decent broker, we have decent a couple of decent brokers.
Marc Walton: Now, I know you were saying you’ve worked with the same one for years. If you find a decent one, stick with them.
Andrew Mitchem: Absolutely. That’s a good case. Yeah. So someone listening to this, that’s been trading for a number of years and they’re just, you know, getting frustrated, blaming everybody but themselves. You know, it’s the market’s fast. The dogs fault. Any suggestions from your experience and what they could look at doing.
Marc Walton: The solution for me was to, to stop being so tight and pay somebody to teach me. I mean, I wasted two and a half years trying to do it myself. And as we get older, you realize the time is far more important than the money. Yeah. And the money that I lost was greater than what I paid.
Marc Walton: If you if you want to do it yourself, then you have to have rules and structure. I mean, I say to people, look, the first thing you should do is have a business life plan. What are you trying to achieve and how are you going to get there and set yourself some measurable goals. And if and then, then you need to trade in rules.
Marc Walton: But from the life plan point of view, you want to be within three months. I want to be reasonably consistent, probably, and most importantly, controlling the drawdown. I want within six months to get on a funded account at these these funded accounts. Now, this is another thing. When these first came out, they were just a Ponzi. I, I was approached by a firm 3 or 4 years ago, and they were supplying some of the real big companies and they sold it to me.
Marc Walton: It’s look, it’s 30 grand to cost for me. And you make your money back in two months. Everybody loses. It’s a great it’s a great business model. It’s okay. Yeah, well, I have a bit of an issue with that. Not for me. Not for me, thank you very much. And so the way that these things were set up were deliberately to trip people up.
Marc Walton: There’s so many rules and regulations that hardly anybody got through. But the biggest earning company at that time was it, which was bringing in 140 grand a month in revenue. And the rules were so tricky. They’ve got to make 10% in a month. Very small drawdown, minimum number of trades. You can’t trade on a Tuesday without your your shirt like rolled up a it was all designed and then the few that got through of course they were getting paid this 80% commission out of this huge amount of money come in in the front end.
Marc Walton: Yes. But then about a year or so ago, I say they started to clean their act up. And also I could see the educational benefit for it because now you’ve got the same rules as I had in 2005 working for a fund if you break the rules. Yeah. Out. Yeah. So I would suggest to anybody who’s learning now how to do it is forget the boys on on YouTube.
Marc Walton: You know, if something’s too good to be true. It is. Believe me, we’ve both been there and done that and spent the money and got the badge. Learn to do it. Old school. You’ve got to be realistic in your expectations. You should focus on trying to do it on a bigger account. So if you can make 3 to 5% a month on $1,000, it’s just everybody gets bored.
Marc Walton: And then they they ramp up the risk and then they lose it all. But if you could do that on a 100,000 account now it starts to get interesting. If you can do it on a seven figure account, you can make a lot of money for not doing the right. You’re not doing any more work. That’s right. And for me that was the solution.
Marc Walton: But with these funded accounts, if you can pay education, it it’s a great tool because it gives you the discipline. And ultimately for me and most of the people I’ve taught over the years, it’s the lack of discipline that kills them. I said before, I think, I think anybody can do this. I mean, in theory, in principle it’s not that hard, but it’s this is this that screws up.
Andrew Mitchem: Well. You’ve picked on one of the two things I’ve always pointed to people. And I said, one’s up here, hit the other than here. It’s your head and heart, isn’t it? You’ve got to control those two because, yeah, it’s real money. It’s great when you profit. It’s horrible when you lose. Yeah. And then the self-doubt starts. All the silliness starts.
Andrew Mitchem: If you look.
Marc Walton: Yeah. I wrote an article years ago saying when boring is great, you get to the boring. If you get to the boring level and you don’t get high when you win and you get low and you lose, you know you’re on your way. Good training is boring. Yeah. And for me, that that’s the the place to be. I don’t get excited with it.
Marc Walton: Crypto did get exciting because it was making so much money in such a short space, but this time, because I’ve been through it with the bitcoin boom. This time I took the stake and took the profit, and that’s the way I do it now. So yeah. But it is all about structure, discipline, rules and and and I mean, your website similar to ours is that we don’t pitch.
Marc Walton: You’re going to get rich quick. And I don’t know what you find, but most of the people come to us are on the way out the door. They’ve tried everything.
Andrew Mitchem: They’re frustrated. Yeah, yeah.
Marc Walton: Yeah. And they kind of realize that. All the best. Yes. This bloke or this bloke actually sounded the legit. Yeah. And so again, the thing is, if you’re going to go to a, an educator or a course or whatever, then dig deep, you know, get googling, look for reviews, you know, you’ll always find the occasional bad one because so it’s like with brokers.
Marc Walton: Brokers is the typical one. Brokers pay people to write bad reviews for other brokers, so you never know who’s the right, who’s a good broker until you actually put your money with them. And this the same with mentoring and know you’ll get people occasionally that they’ve lost and they’ve lost because of their own shortcomings. But then blame the guy that the paid the money to correct.
Marc Walton: So again, you know, we are all responsible for our own actions and dates. Do the research, do this properly. And I say, you know, this is a profession. Yes, it is a profession. You’re not from a financial background. They say, I couldn’t even pass basic maths at school. But managed to make a decent living out of this, because and again, I think it’s safe for me, it’s just repeatable patterns.
Riding a bike is like learning to trade.
Andrew Mitchem: Patterns are correct. Yeah. Yeah, absolutely. Looking at, I use the, description on, some webinars for people. I said, do you remember when you’re a kid and you jumped on a bicycle for the first time and there was stuff going on everywhere, and it was all complicated. And they, you know, when you get older, you can just do it.
Andrew Mitchem: I said, training’s a little bit like that. But also, you know, you, me coming from England originally would have learned the green. Was it the green cross code? I think the, you know, how do you remember that. Yeah. And it was look left right and left again. And I say to people do that on your charts because so many people, they want this moving average in this day.
Andrew Mitchem: And something else I said, you’re cluttering your charts with stark rubbish. Yeah. Look at the charts. Look at the right hand side. Look at what the prices. Yeah. There’s so many people, they start buying it, like you said, with silver, you know, they’ll buy it like 49, 90. And it’s like well it’s going to hit it isn’t it.
Andrew Mitchem: Look. Yeah. Look back on the other side. Oh last time it bounced there. Guess what it’s likely to do again. Look left and look right. And people don’t do that. I find so often.
Marc Walton: I think that the thing I mean the market is down help. But the thing is that when you look after the event, it looks so easy. And that’s what’s so frustrating about this. And so people, people tend to concentrate on this bit. And the main thing is look left, left. Let’s see what happened before. And then the other thing is people don’t realize what’s going on.
Marc Walton: If gold was coming up to 2000 for the third or fourth time, well, think of what’s going on. The people who bought it at a 20 1800s. And again, twitchy because they’re thinking looking left. Last time it got up here, it dropped. And then the next time, well, now it’s done it two times for crying out loud. Just think probability.
Marc Walton: If it’s twice the likelihood it’s going to do it again is greater than not. So at least get your stake out. And if you’re confident it’s going to push through. And again it needs a catalyst to push through. And I say the last time when gold got through, we did get up to 2070 and rejected. But when he actually went through it was something it kicked off in the Middle East or Ukraine, I can’t remember it was one or the other and it went, but so it went for a fundamental reason.
Marc Walton: I think now personally, that I think gold will continue to go up. I think we’ll be profit taking it 3000. But I think that the financial mess that we were in, is, is going to implode at some point. But having said that, I felt that the last two years. But the other thing, something for people to take away from this is have a look at gold and silver mining stocks, because last year and gold and silver often are very poor investments.
Marc Walton: The the gold bubbles will be permanently by gold. By gold. You know, you don’t always make money in gold. Gold from 2009 to 2012 was great. The S&P took five years to recover after the crash. Gold recovered within a year and it went from seven or 800 to 19 something. Then for 2012 it went down well. The S&P is going up.
Marc Walton: And so from 2012 to 2018 it was a poor investment. Not only did it come down in value, you have to pay to store it and ensure it. So if you can catch it at the right time, it’s great. So we call gold and silver from 2022. Last year alone, I think gold was up 30%, silver was up 40%.
Marc Walton: My best silver miner was up 260%. Wow. So the thinking is and this is because of fundamentals with me, that the stock at the time was x k I think it’s never silver. It came down to the Covid lows. And again I’ve got all the charts set up and all the stocks and everything for Covid lows after the crash.
Marc Walton: This is where it stopped ultimately. But if gold and silver is going up and a mine is digging it out of the ground, and they’ve got all the infrastructure and all the equipment and all the men, then the value of what’s in the ground is discounted at the moment.
Marc Walton: So have a look at mining stocks. But last year we, we, we caught a lot of stocks that more than doubled that were mining stocks. Right. So it’s something for you to have a look at. And yeah. It’s just a way of getting leverage without using leverage.
Andrew Mitchem: Yeah. Great information. Perfect. So you’re looking into all these things. You’re still predominantly the euphoric side a technical trader. Let me yeah.
Marc’s average day and setting up the new trading week.
Andrew Mitchem: What’s your average day look like now.
Marc Walton: I don’t do much I mainly work on a weekend. So on a Sunday when the markets are closed. And again, I find this is the best time to study because nothing’s moving. So you’re not tempted to get involved?
Andrew Mitchem: No emotion.
Marc Walton: So there’s no emotion. It’s just purely a maths. Well, at maths comp pattern exercise I look at maybe 20 odd pairs and I am looking first on the weekly chart and I’m just looking, well hey, is it going up, down or sideways? Yeah. If it’s going up I want to buy it is going down. I want to sell in the full range trading.
Marc Walton: We’ll look at it in a different way. And I’m looking for a sweet spot that will draw my eye. It might be an EMA. It might be a major point, a previous resistance, a trend line or whatever. And so that’s okay. That’s interesting. And then I will go down to the daily to look for multiple reasons. So I need five reasons for a trade.
Marc Walton: So I’ve written them down because I would forget. So I have the 255 EMA and I have them on the chart on the daily. I also have the where, the weekly and the monthly. I want to know where the big levels are. Fibonacci trend lines, horizontal support, resistance, whole numbers, double tops, double bottoms, Mac D risk reward ratio.
Marc Walton: Because if it doesn’t give me at least twice the risk, I don’t touch it. Candlestick patterns occasionally and correlation. And so it’s a very systematic approach. So now I will I will go and look at something and think, well it looked really interesting on the weekly but the risk rewards pull or whatever. And then I’ll go to the next one.
Marc Walton: So that one I forget. And if I look at stuff on a weekly not interested, forget, forget, forget. And the goal is to find half a dozen a great trades if possible in a week, and an A-grade ticks all the boxes. And then the final thing is I go have a look at the news to see what could come out that could screw with it.
Marc Walton: And like for me, the A2 days, usually Tuesday morning in the middle of the night. So if I see a good a good set of portfolios Sunday night, I will often wait until the big news comes out right?
Andrew Mitchem: Yeah. So I started off and had their employment or their interest rate news on a Tuesday afternoon. Our time.
Marc Walton: Yeah, yeah. So for us it’s the middle of the night. That’s right. And I might wait too long. Do that once. And then on the daily basis I spend about an hour. And I said early I look at the Dax, I look at S&P, I look at gold, silver. I look at stocks, I look crypto and a I’m trying to find what’s generally going on because ultimately, you know, where’s the big money going.
Marc Walton: Yeah. And the big money prior to Covid it was a lot easier fundamentally because all it was this was interest rates inflation and growth. They every piece of red flag news relates to those three things. And at the time all the central banks were trying to get inflation up to 2%. Well, it did a good job there.
Marc Walton: And then inflation, things got out of hand. And growth growth really is ridiculous because when you think about how much money was pumped into economies with Covid, you went to the UK this summer. I went to the UK this summer. Gone. I couldn’t believe the price of things.
Andrew Mitchem: Gone through the roof. Hadn’t I absolutely.
Marc Walton: Gone through there? And yet the government out of inflation is now at 3%. Rubbish. The reason why inflation is at 3% is all the government workers pay rises are linked to the inflation. And so a lot of the fundamental stuff’s gone out the window. But I have a bias at the minute. I have a bias negative and a negative NZD.
Marc Walton: Yeah, a euro and the pound. So I am just waiting. I actually called the pound yesterday from three weeks ago, but I caught it within a few pips.
Andrew Mitchem: Yes.
Marc Walton: And I don’t wait. So I will just wait. And and if ultimately I look at forex and it’s just chaotic and something else looks more interesting, I’ll go do that. I just want to make money. I just want to make money right here to not explode.
Andrew Mitchem: No, and that’s right. And that’s what, I think that, you know, we talked about earlier is that with the ability over the last handful of years for us both to be able to look at other markets, those metals, as indices, those commodities. I said to you, it I took your trade yesterday on aluminum. Yesterday I’ve taken a trade on the Hong Kong 50.
Andrew Mitchem: And when the sugar market opens in America in a few hours time, I’ll be doing the same, providing there’s no massive gap. If you’d have. We’d had this chat five years ago and you said, yeah, you could do Hong Kong 50 sugar now a million. I would have no idea. Yeah, but what they look like on a chart.
Marc Walton: It’s the same with same with crypto in 20-2021. Bitcoin. Bitcoin went up. Pull back up followed. But I did it five times. And it pulled back into a couple of EMAs and said levels in the trend line. It was easy. It really was easy. And the other thing I mean, as we’re getting older, my oldest client is 85 years old and he still a it’s still a shop as, as as ever.
Marc Walton: But he joined me 15 years ago on a lifetime member. So yes, financially made no money whatever. Yep. Yep.
Andrew Mitchem: I’ve I’ve got many of them from years ago. Yeah.
Marc Walton: Yeah. But I had a good chat with in recently from north of England and he said part of the reason he’s doing it was to keep mentally active.
Trading keeps you mentally active.
Marc Walton: Yeah. Yeah. And that’s, that’s the same thing for me. This is a mental challenge. It’s I don’t get highs and lows, wins and losses. But I do enjoy the mental side of it.
Marc Walton: And I think as people are coming to retirement, so many people don’t have a big enough pension. So a they’ve got a financial need to make money. But the other thing is the need to do something.
Andrew Mitchem: To do something with it, you know? Mind.
Marc Walton: My my father works in a factory all his life. And the average life span 30, 40 years ago in the UK was 69. So people retired at 65. And they were then blessed that. Yeah, now the average age spans 82, 83. And you know, if you’ve got your marbles and you’re healthy, then that’s you make the most of it.
Andrew Mitchem: You don’t want to be 82, 83 or 70 2 or 62 and and just sit blubbing watching clips and which is what so many people do, unfortunately.
Marc Walton: Yeah. I don’t know about you, my average client. I don’t take many private clients nowadays because I’m trying to focus on all the things. But my average private client pre-COVID was 50 plus. Married kids have left home, gone to school, gone to university or left home, going to work, own business or middle management. Starting to panic about retirement.
Marc Walton: Yeah. And both in terms of finance because most people haven’t got enough pension. And then the other thing was to do something mentally keep them safe. Ironically, since Covid, I then got a lot of younger ones. Yeah. Who kind of said, hey, I don’t want to go work for this firm for the next 30, 40 years. But yeah, but prior to that, it was older people.
Marc Walton: And I say from a mental point of view and a monetary point of view, you can’t beat it. You know, I used to have 20 odd stuff working for my 20 odd subcontractors. I used to have hair and, stress to hell. And I would never employ anybody ever again. Yes, people now that work with me, I have people I’ve trained and they work with me, but they’re all self self-employed.
Marc Walton: Yes. And all to ultimately, if people don’t perform anymore, I have to say I’m sorry. You have to go. Yeah, but I have one guy who’s been with me for 15 years. So to be able to do something to to do it from home, to live wherever you want, to not have any, any staff. It’s the best business in the world.
Marc Walton: It really is. Yeah. If you can do it. So it’s a profession. Learn to do it properly and stick to the roots.
Andrew Mitchem: Well, I think one thing that I hope that people take from this is the amount of time it took us both. Yeah. Okay. It took me four years of going around in circles. And as I said at the time, my son at the time was very young. And you start getting those stats and people say, really? Should you go and get yourself a proper job?
Andrew Mitchem: And, you know, you got your son to look after and those mental I just feel for people that get there because we’ve been there. Yes. For sure. And also as you mentioned there, there’s more younger people. And of course, everybody thinks that the answers I and as we’ve said that, you know, even if you use some form of robot of I if you really want to go for it, but you still need that human common sense to understand how it works or create it yourself, it’s not good buying something because you don’t know when it’s going to start working.
Andrew Mitchem: But there’s so much to be said for that mental ability to go, I can do this. I can make three, five, 10% a month, and I can choose to go to a prop firm or whichever way you want. And I think that ability to do that and have that decision making is it keeps you an interest of what’s happening in the world as well.
Andrew Mitchem: Yeah, it’s otherwise it’s kind of lonely our business isn’t that. Yeah.
Marc Walton: Yeah, it definitely does.
Andrew Mitchem: Interesting. We all comment about why you started teaching and mine was the same. I won a signal, competition in 2006 or 7 or something when the early days of PayPal and subscriptions and somebody said to me, rather than me buying the signals, would you teach me how to trade? And that’s how it all started. Yeah. And I’m probably like yourself, I love the community aspect of helping like minded people who want to help themselves.
Andrew Mitchem: Yeah, the whole time you get someone that just goes, I want everything and I don’t want to do anything. That’s. Yeah, go somewhere else. Yeah. Let’s go to YouTube. Yeah.
Marc Walton: Well, I say to people, you know, it’s quite funny because people would book me for a call and they think they’re interviewing me, and I’m actually interviewing them because and I would say to people, look, I am not here to pull you along. I am here to lead you and you need to do the work. And ultimately, you have to accept the fact you just might not be any good at this.
Andrew Mitchem: Yeah, we’re all just too lazy for it. Potentially. Yeah.
Marc Walton: Well, yeah. Yeah, I’ve had it in the past with people that I’m the money over and then they don’t do the work and it’s like, what are you doing? You know, it’s almost as I well, I’ve ended the money over now. And it’s like now there’s a serious amount of work to do with it. So and if you’re not ready to do it, then go do something else.
Marc Walton: Right. It’s because it’s draining for us as a coach and it’s a waste of money for them. But the other thing, what I try to do with people, it’s is a lot. Look, a create multiple streams of income. Do not just rely on forex trading because there are periods of time when it’s really easy. There are other times when it’s really challenging.
Marc Walton: Yes. And the other thing you know, and I know if you get into a drawdown situation and it’s so depressing and stressful because every day you wake up in a negative trying to get back and as we know, anybody’s ever been in debt, it’s twice as hard to get back to zero as it is to get to 10,000 profit.n And so the stress and everything.
How can you monetise your knowledge.
Marc Walton: So I said to people, right, well, what’s your current skillset? What could you do? You know, if you came to me as a dairy farmer, well, how could you monetize your knowledge teaching or the dairy farmers? Or is there something that you’ve done in the power helicopter? Could you teach people to think of multiple streams of income, and then you’re not just reliant on one?
Marc Walton: And the point now, for me these days, I don’t just want to teach people how to trade forex, I want to teach them how all financial markets work if they want to go down that journey. But I also want to try to say to them, look, you know, I was fortunate. I was one of the few with a 40 year old with four kids and a good business that said, you know what?
Marc Walton: I don’t want to do this anymore. It’s depressing me. We’re off to go live on an island somewhere. Everybody that knew me would like to run in a book in be back in three months. It’ll be back. Yeah, yeah, yeah. And to do that with four kids and all the commitment and that you’ve got is, is a big leap of faith.
Marc Walton: But I was fortunate we bought some houses for income, so we did plummet. But but so the point is, is this thinking about how can you monetize your current skills as well as doing this? Yes. I mean, ultimately, if you’re any good at this, you can teach other people to do that. If you like teaching, if you don’t like teaching and you don’t like people, then don’t do that.
Marc Walton: You know, you might prefer something that’s not involved, but but try to learn a skill or try to use this current skill that you’ve got to be able to monetize it. And even if you only earn a few hundred dollars from this a week and a few hundred from that and a few hundred from that, if that, to me, that’s that’s the thing.
Marc Walton: It’s a whole life thing now. All right. Is. Yeah. So that that would be my thing.
Andrew Mitchem: Now that’s awesome because I mean, you can one it’s taking the pressure off the knee to have to make money from trading and to when you get good at trading, you can use that additional income to add to your trading if you wish to. And yeah, compound it from there. Yeah. And and I mean I.
Marc Walton: Sorry I interrupted.
Andrew Mitchem: Oh no, no I was just gonna say I think an important thing for people of all levels, especially new people, is to forget the money to start with. Yes, it’s learning the how to do the trading, I think is really important. Because if you do the how to bit, the money will follow. But I sort of describe it like someone you get a painter to paint your wall.
Andrew Mitchem: Well, the finishing touch looks nice, but it’s all the work that they’ve done and the sanding and the prep and the sculpting and everything else behind the scenes that you don’t see that makes the finishing yes look good. And this is the same with learning how to trade.
Marc Walton: Yeah, absolutely.
Andrew Mitchem: Yeah. I’m just going to show you again how I got off.
Marc Walton: I forgot what I was going to say. Let’s save it for another time.
Andrew Mitchem: Nah. Fair enough. So, so, if someone’s like, wanting to contact you, how do they. Yeah. Have you. We’ve got process.
Marc Walton: We have a website forexmentorpro.com. I also have another one which is yourinvestingfuture.com, which is to do with, stocks and crypto and things. And, and again, thank you for inviting me. Not many folks normally you don’t normally get people who it but potentially, competitors talking to each other. But it’s good to have a chat with somebody that’s been down very similar route.
Marc Walton: Yes. The good news for people is that we’ve been there and done it. We’ve made all the mistakes that anybody can make and more. And we’ve also seen it with so many people as well as so I the main thing is try to avoid the bias on YouTube. Yeah. If it looks too good to be true, it is.
Marc Walton: And as I said earlier, this is a profession and you need to learn how to do this in a professional way. And if you don’t, I mean, I’ll, leave you with the story of, a guy I was I was doing a live training session, a webinar, and, I was telling him about a guy that came to me ten years ago, and he said he started off trading and he doubled his account.
Marc Walton: And so he then doubled his account again. So then he quit his job and doubled his account again and, started taking family money in to try it. And I knew what the punchline was going to be. He lost it all anyway. There was a guy in the room from Australia, and, he’d had financial issues. I found out I spoke to him afterwards and he wrote in the chat box.
Marc Walton: He’d gone from 0 or $1000 to 75,000 in 4 months. Real money. And again, I knew the punch. I said to him, I think you’ve typed in wrong. Did he mean 7500? He said, no, 75,000. So this guy was struggling financially. He was working 16 hours a day scalping forex, and he’d managed to go from 1000 to 70 5000 in 3 months.
Marc Walton: And he lost it all in the night. And he unlike the original guy I was talking about that just got lucky. They were on the biggest flukes, streak that anybody could ever be on. And so the point and I said this earlier, the overconfidence thinking that you’ve cracked it is is the most dangerous time because I spent two and a half years and I wanted to make $2,000 a week, was my target 20 years ago.
Marc Walton: And the first weekend I made it, I finally I was all weekend. I was on a high. I’ve tracked oh no, no oh yes yes. By the Wednesday I’d give given £1,500, but yeah.
Andrew Mitchem: So risk management.
Marc Walton: Yeah. Trading is this trading is boring.
Andrew Mitchem: And risk management.
Marc Walton: And discipline and structure and stick to the rules.
Trading and living where we want to.
Andrew Mitchem: Well that’s a good spot to leave it because, I think we’ve both had a great journey. Both of us. Yeah. And journey, but a really good one, which you wouldn’t change for all the world.
Marc Walton: No, no, no, it’s given me the chance to live in beautiful parts of the world. I guess in Portugal now, the choice have been able to do what you want to do is, is also, as we said, we’re both from the UK. We both seen the state of it. Now, I certainly would never I will I would never have gone back anyway.
Marc Walton: But you look at it now and it’s it’s very depressing. So yes, to be able to live in the sun and then.
Andrew Mitchem: Go to New Zealand or to not too bad place to live rather.
Marc Walton: Now they’re very nice, very nice. Anyway, pleasure to meet you.
Andrew Mitchem: So thank you, Marc. Lovely to, have you on here. And, yeah, I’ll put a link to your site and, and our site, and, people can contact either of us and, ask for the questions of nature. But thank you very much for being here. Really enjoyable. And thanks for your time.
Marc Walton: Welcome. Thank you very much.
Episode Title: #594: Andrew Mitchem and Marc Walton: Top 5 Forex Mistakes & How to Avoid Them
In this video: 00:27 – We don’t only trade the Forex market. 01:06 – More metals now available. 01:25 – We trade Indices, Commodities and Cryptos. 01:56 – More trading opportunities for high quality patterns. 03:14 – Trades I have open right now on non-FX markets. 03:50 – All trades have equal and low risk. 05:23 – Get onto my 17 minutes masterclass. 05:44 – Have a chat with us. 06:15 – Blueberry Markets as a Forex Broker.
Today, I want to explain to you why we don’t only trade the forex market. We look at other markets as well. So let’s talk about that more right now.
Hey there, Forex Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 593.
We don’t only trade the Forex market.
Now being called The Forex Trading Coach you would assume that we trade only the forex market. Well we used to. And that’s because years ago all that was available to us were forex pairs.
And like the GBP/USD and USD/JPY, USD/CHF, etc. the main pairs. And then over time more and more pairs. What were called exotics or minor pairs got added. Things like NZD/CAD and then other pairs got added as times gone on, like ZAR/JPY, things like that, some more and more have been added. And then years ago they introduced a couple of metals and we could trade gold and silver against the US.
More metals now available.
And then more recently we’ve got access to more metal markets. So example Gold and Silver against the Pound and against the Uen and against the Chinese Yuan and different crosses like that, but also more metals such as, Palladium and Platinum and Copper.
We trade Indices, Commodities and Cryptos.
We can trade indices like the Nasdaq and different American markets and different Canadian and Swiss franc markets, Yen markets.
We can trade, things like commodities. We can trade coffees and Cocoas. We can trade cryptos, Bitcoins and Ethereums, etc.. So the beauty of trading today on a platform such as MetaTrader 5 is that you have access to so many more markets.
More trading opportunities for high quality patterns.
And you could think of that and go, well that’s just going to create more work. Andrew. No, not at all. What it does is it gives you the opportunity once you know what you’re looking for, and once you have a strategy that you can scan through the markets really quick, it’s giving you more and more opportunity to look for the pattern on a higher quality chart.
So for example, years ago you might have said, well, this trade on the GBP/USD, it’s okay. It doesn’t quite fit my criteria but it’s okay. And you might have taken that trade. Rightly or wrongly. Whereas now you’ve got the opportunity to scan through more and more markets. And so the way that we trade I don’t particularly care what I trade. It’s the pattern that I’m looking for. It’s where has that candle formation appeared within the chart.
Has it got room to move to? The profit target has the stop loss got protection? All these type of things that we look for. And so if I’m trading the pattern, I’m giving myself a very high probability chance of success, because I’m looking for only the highest quality patterns, regardless of the market or direction. So simply because I live in New Zealand, it doesn’t mean I have to trade New Zealand dollar pairs more, or I have to trade the EUR/USD because it’s the biggest traded forex pair. Not at all.
Trades I have open right now on non-FX markets.
As an example, I’ve got a a monthly chart trade on Cafaro, which is one of the coffee markets on the commodities. I’ve got two weekly chart trades open right now on Dogecoin and Solana. I’ve got a daily chart trade that I’m taking later today on UK Cocoa. I’ve just placed behind me here two 12 hour chart trades on UK oil and US oil.
And so by identifying those high quality set ups, I can give myself just a great chance of having a successful trade.
All trades have equal and low risk.
Now every trade that I take, regardless of the market, they whether it’s a forex pair, what the pair is, the direction, the time frame of the chart, stop loss of the trade. None of that matters in terms of each one of my trades has low and equal risk.
So the trade on today’s UK cocoa would have the same risk as the trade on the monthly, coffee. Or if I’m taking a four hour chart trade later today on the EUR/USD, it has the same equal risk. And likewise they have the same reward to risk. And so therefore the actual market that I tracked, the direction, the time frame chart that I’m looking at is less and less relevant.
It’s more for me about having the quality of pattern. So therefore by giving us more markets to trade and on MT5 more built in time frame charts such as 12 hour, an 8 hour and 6 hour, etc., it’s just giving us just higher, higher quality, trade setups without that feel that you must go, well, not quite really where I want it, but I’ve got nothing else to trade today.
Therefore I’m going to take it. We don’t have to do that. We can be very picky, very selective with our criteria and only hand select the best, best quality. It’s like having, I, I’m like a good winemaker, you know, we’re getting optimal conditions on everything that we do to give us the best chance of a quality outcome and quality product.
Get onto my 17 minutes masterclass.
So if you’d like to find out how we do that and how we can help you to identify these same setups on the markets that we’re looking at with our help. So you can follow along seeing what we’re doing, why you’re learning so you can earn, why you learn. Have a look. First of all, on my short free OnDemand masterclass.
Have a chat with us.
If you’d like to bypass that and and seriously consider joining us. You can skip through that if you want to attend it. But if you’d like to book a call, with either myself or one of my team to see if we’re a good fit, what you can do is click on the link that I put on here to book a time to have a chat with us, and we go through some questions to see if you’re right for us. We’re right for you. You can do that. And, no obligation call there to do that. And help, see if we can help you with your trading.
Blueberry Markets as a Forex Broker.
And lastly, if you’re out there looking for a good broker who offers all these markets on all these time frame charts, I personally, trade with Blueberry Markets. I do have accounts with other brokers as well, but predominantly with Blueberry Markets.
Their MT5 platform, offers so many markets, so many different time frame charts and the best customer service you will find. And if you’d like to, have a chat with them, have a look at the link on here as well. So once again this is Andrew Mitchem here at The Forex Trading Coach trading lots of different markets looking for high quality trades and having fun whilst doing it.
Hope it helps. I see you this time next week. Bye for now.
Episode Title: #593: Why I Trade Coffee, Cocoa, and Crypto Too
#592: Two Traders Talk Prop Firm Trading, Mindset and Lifestyle
In this video: 00:25 – Andrew Mitchem and Rimantas Petrauskas talk trading. 01:05 – Rimantas’s background and how he got into trading and coding. 05:12 – Andrew’s background and how he started trading. 06:50 – How Rimantas discovered trading. 14:15 – Andrew’s style of trading. 20:40 – Breakthroughs for Rimantas. 29:39 – The dangers of algorithm trading. 36:12 – Controlling your emotions. 43:45 – Prop firm trading. 51:49 – How much do you really want to be a good trader? 58:39 – Andrew’s and Rimantas lifestyle outside of trading. 01:05:20 – Controlling your risk as a trader. 01:10:05 – Summary and contacting Rimantas https://www.mt4copier.com/
Hi everybody. It’s Andrew Mitchem here at the Forex Trading Coach. I’m, really pleased to be joined today by Rimantas Petrauskas, who’s over in Lithuania. Rimantas lovely to see you. Nice. Nice to be there. Thanks Andrew for having me here. Awesome! Look, I think we’ll be really cool if we can give everybody the next half an hour or so, depending on how long we spend.
Andrew Mitchem and Rimantas Petrauskas talk trading
Just talking a little bit about us, how we got into trading difficulties are trading, breakthrough secrets. That we found, you know, things that we’re looking at doing into the future. Some pitfalls that people may have, you know, the common issues that people fall into. And then to show everybody a little bit about us as people and what we do with, you know, friends, family, hobbies, etc. would be really cool.
If we can do that because, I think we’ve both got a very similar kind of story, different different topics and different hobbies, but kind of similar in a way on different sides of the planet.
Rimantas’s background and how he got into trading and coding.
So, yeah. Tell us about yourself. Where are you based? And, and you know, family background, etc.. Yeah. So I just mute the phone. It’s just buzzing there. So I am from Lithuania. Yes. A small country in Europe. A lot of people don’t even heard about it. Like when I travel to US or somewhere, somewhere further from from Europe.
A lot of people though, you know, like, where is it? You know, and I’m like, oh, it’s next to Poland, this small country, you know. So we have to do some background story about Lithuania. So yeah, I’m born and raised here all my life. I love living there. Lifestyle, taxes low, you know, all that stuff. And you can pretty much travel anywhere you want, especially with the freedom that you are on business.
And, and trading can give you. Yeah. So that’s what I love about it. And, yeah, my story began, I would always say 15, 16 years ago, you know, you know the saying, well, there’s this, famous saying, they say, you get you get you get two lives, like the first one when you’re born and the second one when you realize that there is not, you know, the time is not unlimited.
Yeah. So that’s when you start living. So I remember in like 2009, I went through a lot of transformations. I lost 30kg. I started exercising and started eating healthy. Started learning, you know, developing myself basically got into self-development, reading a lot of books, courses, starting flying to seminars, all that stuff, basically. So there’s been going on ever since, you know.
So I always improve myself year after year after year. So I created my own business, got into trading, and it just never stops, you know, and I believe that it’s one of the most important things for everybody. It’s like, especially those who who feel stuck, you know, those people who feel stuck. There is a reason why you’re stuck.
And the only way to get unstuck and move forward is to get yourself better. Every day. There is this, Japanese thing called Kaizen. It’s like getting better every day by just one step, one person. Right? You know, one thing a day. Yeah. One thing. And and we’ll we’ll have the same 24 hours, which, you know, eight of those eight of those will go to sleeping and other things.
And your work and like, you know, but everybody of us can find one or a few hours a day that you can work on yourself or your dream or whatever the that’s, you know, or getting unstuck. So I remember when I started doing that, I just couldn’t stop, you know? So so now whatever a new day comes, I know I have a limited amount of hours basically, so I always want to improve myself in one year or another, you know?
So that’s pretty much what’s been going on. And I love seeing in the past years and looking how much I’ve improved, comparing myself to who I was before, you know, it’s like you’re not trying to compare yourself with others because you are on your own path, on your own pace, improving, you know, so that’s an important part. Yeah.
Yeah. So my life lately is like work, travel and trying to enjoy life because that’s all we we need. Yeah. Thank you. Right. Enjoy it. That’s what we’re here for. Yes.
Andrew’s background and how he started trading.
And that’s that’s fascinating. If I compare what you’ve just said to me on a slightly different timescale, but sort of similar, you know, New Zealand’s the same way we say to people, you know, other parts of, in other parts of the world, I’m from New Zealand.
And they go, oh, that’s nice. Does that, you know, near Australia or is that in Australia? And I go, no, it’s like a, it’s a three and a half, four hour flight away. It’s a long, long way away. But people think we’re Australia. And the same thing, you know, we’re 5 million people. I think you’re about 2.5 million people.
You know, we’re both very small but very nice places. And, it’s quite interesting that we both have a similar kind of, you know, love of our countries. But also we find that when we go overseas, almost nobody knows about our countries. Yeah, we find that, I got into I used to be dairy farming. I suspect you probably might have known that.
And, I got into trading through getting divorced. You know, and it was. I had a young son at the time who’s about three, and it’s like, what am I going to do? So I started doing the same as you. I went to a lot of those, self-development conferences and, you know, to see a lot of people got into Robert Kiyosaki, “Rich dad, Poor dad” understanding a lot of those kind of motivational financial, you know, books as well.
And I found that really good. And that’s how I kind of stumbled into trading. It’s how did you find when you got into trading, how did you find back then when it wasn’t known particularly well, how did you find people treated you?
How Rimantas discovered trading.
Did they think you were a little bit a bit odd or a bit lazy or something for doing it?
The there’s a funny story of how I discovered trading in the first place. So I was on a 9 to 5 job back then. I remember it was 2007, 2008, sometime around that. And, I was just browsing online looking for ways for additional income. You know, I remember I found this, this software website or whatever, and I can’t remember the name exactly, but it was something called, like Forex Killer or something of that kind.
You know, there’s a lot of fact turbos and those type of things back then. Yeah. And it looked like, you know, all very suspicious and stuff, but I don’t know why, but it caught my attention because, like, I back then, I was like, I don’t know what forex is, but but whatever this is, this is, it’s it’s killing it.
You know, it’s like you can win like cheats, hacks and stuff like that, you know? And this got my attention. So I got him to start getting to know more and more about it. And I thought, okay, like, it seems I’m going to be a millionaire by next month. You know, that’s why I’m going to do that. Yeah.
So obviously as soon I realized that’s not going to happen that fast. It’s not as simple as it is. You know, especially with that scale or whatever software back in the days. But but this is what got me into, you know, and, I’m a programmer. I’ve been a programmer since I was 12. Yes. I’ve always loved computers, you know, write code and stuff and tell computer what it should be doing.
So it’s easier for me or whatever. So, I was very fast to create some indicators, trading bots for MetaTrader 4 back in the day. And and that’s where it all started, you know. So so eventually it’s not that I become a trader, you know, at that time, but I became a software developer for traders. I just started creating apps for others.
Like I went on the forums, read what people are looking for, I just message them, you know, and they who can create this and that app. And I’m like, yeah, I can do it. And then I remember my first $200 that I’ve earned, like this guy from US, send me 200 bucks to create an indicator. And back at the day, 200 bucks was like, have to multiply by two, two and a half to convert to Lithuanian currency that we had at the time that we have euro.
But back in the time we had let us. So that is pretty a lot of money, you know, and, and I’m like, okay, if I do this like five, six times a month, I’m pretty much making my, my salary, you know. Yeah. So I started starting doing more of that, just coding for others in the evenings. And soon after a few months, I started replacing my 9 to 5.
It kind of kind of on my job, I would be working on the indicate, you know. Yeah. So nice. And soon, like after a year or two, I started making 2 or 3 times my salary from creating software because traders need that stuff, you know. Yeah. So, I wanted to leave my 9 to 5 job, so my boss kind of knew about it, and he invited me in for for a talk and he said, listen, so you other guy who we can find somebody to replace that fast, you know.
Right. I was, I was working at the local internet service provider company, right in one of the small towns. And I was looking after 12 servers like Linux, Unix stuff, you know, all that text things. And in that, in that small town, there were not many people can do that, you know. So it took him probably couple of years to actually find somebody to replace me.
So he just said to me like, okay, you go do your own stuff, whatever you need. We’re just leave the same, you know, same salary, same everything. You just do remote work, whatever we need. And I just did that. I worked remotely for them. Yes. So I just, you know, still collecting my salary. There was not much work I had to do for them.
At the time, I just started my own business, sort of, you know, when it was more like freelancing. But later, after a few years, sometimes around 2014, 15, when I, when I went to my first, seminar to us, it was Brendan Burchard. Oh, yeah. Yeah. Awesome. Yeah, he’s he’s fascinating, all that stuff. Cool. So he, you know, I wrote my first book after that seminar, I remember, you know, self-published on Amazon.
And it got to number four in the forex category. So, so all that stuff like it was really exciting times I remember. So I started my, my kind of, selling tools. On a subscription basis basically. And I was a software. So all my life I was first a software developer basically. That’s my business. You know, I know I always was very transparent about it, you know.
Yeah. Because I come from a background of a programmer and that’s great that all the tools of over the years I’ve learned like what traders want, what they need, you know, and that’s that’s where it went. So over the years I had my success and failures in trading. You know, I would occasionally I would go in and out and all that, you know.
But lately all this problem thing going on, I just saw like a really great opportunity. It’s like previously with not much capital, you couldn’t do much. You know, it’s it’s like if you have your like five, ten grand, there is not much you can, you can do in trading. Basically. That’s how I saw it, you know. Yeah. Now when you can get funded to these really bigger accounts, that’s where I’m after, you know.
So I started to be more serious about trading, started build my software around what’s, what’s I need the most. You know, it’s like I flipped the switch basically previously. Yeah. Create whatever traders are asking, whatever they need, you know, but now is like, okay, I think this thing will get me ahead. You know, I think that new feature will give me edge, you know?
So I started doing that. And there are a lot of traders that just follow with me, you know, with, with the software, with this new features and all that thing. So awesome. I believe, like, you know, that there is this saying, like all, all roads lead to Rome, you know. Yes. So that is like, there are there are a lot of ways to do the same thing and everybody of us find around.
So I feel like I find my own way of doing that stuff. Yeah. Just the way you have your own and other people write their own. So though.
Andrew’s style of trading.
Because I imagine the way we trade is probably quite different. Yeah, I, I do know that and Yeah, I would love to hear more about your style actually. Yeah. Okay.
Definitely. So, what I found is that when I started trading, which is now about 22 years ago, roughly, I also did a, like I did a course, I went up to Auckland, I did a course I spent quite a bit of money went up there, went on look back at it a few years later, the course was terrible, but I can’t I can’t knock it though, because it got me into trading a little bit like that robot was terrible, but got you into trading and it got me into the idea, so I can never really knock it, although, you know, it wasn’t great.
And I then started buying signals from people, and I then started like, you bought the robots and, MetaTrader, I think it was MetaTrader 3 even back then, and then four and then trading View and all these different platforms. And I really got into that. I always struggled with making it work in real time. I really did struggle.
And after a while I kind of thought, and this took four years, of developing my own ideas and it not work. And I suddenly thought, you know what? You’ve got to you got to make this work. And and I’m quite, I suppose, focused and determined on something. I think I can do. Despite everybody else telling you, you need to get a real job and it’s not working, and you need to, you know, start thinking seriously about going to work.
Yeah. And that’s. Which is why I asked you that question. Because I got that quite a lot from people. And, you know, back in the day, the internet was, you know, dial up. And then one gig was like a huge monthly plan, you know? Oh, yeah, things obviously vastly different today. So I ended up stripping everything off my charts, like, everything.
And I went back to thinking, actually, let’s look at the right hand side and looked at the price, because I figured out that all these lines and dots and arrows and bits all over my chart, I was actually not focused on what the price was doing. And then I started to learn about candles, and not so much a group of patterns, but individual candles and what they meant and then is like, oh, but this one, looks the same as this one.
One works and one doesn’t. Why is that? And so I was realizing, like round numbers, which I use like 00 levels and 50 levels, like you’re buying into round number and it drops, whereas the next one clears a round number two carries on. So that’s where the price came into things. And then I started understanding Fibonacci levels and retracements and extensions.
And I suppose I then built my own, system that, through trial and error of what I’ve learned, had learned up to then, kind of started to work for me, and I found it was consistently working. And the other thing that you remember back then, everybody was talking about their success or failure in terms of pips, and everybody always taught pips, and I could never, for the life of me, understand why a pip was important.
Because, you know, back then, like, US non-farm payrolls, as it was called back then, you know, the monthly employment news, it would move like, you know, three, four, 500 pips in like two seconds. Yeah. And I thought, hang on a minute, but you’re making like 500 pips then. And on a really good trade, you might be making 20, 30 pips.
It has no relevance. So I started to try and look at money management and really understand working for working at a percentage risk and a percentage game. And that was a big breakthrough as well to try and understand that. So anyway, you know, put all that together and I developed something that I could really see and understand.
I then started to enter some competitions back in the early days of subscriptions, and I think it was called FX Auto from memory. About 2006 or 2007 or something like that. Anyway, I ended up, winning this competition, and that’s where it kind of all snowballed from there. And people wrote to me and go, like, I want to subscribe to your signals.
And then other people said, look, I love what you’re doing, but rather than buying this, I want you to teach me how you do it. And so I got a guy over in Australia, in Noosa in Australia who’s still a client to this day. Back in around 2008 nine. And, he said, I’ll pay you to fly to Australia for a week and teach me, come and spend a week with my family and teach me how to do it.
And so I rapidly put this course together, took it down to the local printers, got it printed and laminated in color and made it look nice in the folder, and flew over there and taught him. And, that’s kind of how it all started, completely by accident. And I thought, this is quite cool. People are paying you to teach.
But more importantly, what I got out of it is it started to build a community of people. And and as you would know, and anybody watching or listening to this would know, one of the hottest things in trading, I think, is it’s quite a lonely business, you know, it’s full of, a lot of like scams and dodgy people.
But also, I think from a trader’s point of view, it’s potentially quite lonely. And so I really enjoyed, getting to know people in person. And then I got asked by a broker to do some training up in Auckland and not go to Auckland here in New Zealand and teach people and it kind of then sort of built ten people and then became 100 people and then, you know, 500 people.
And it became really kind of personal to build that community of people were all trading the same idea and helping each other. And I think that’s kind of, an undervalued part of trading as an, as an educator. I think that’s something that’s really important for people to get to be able to talk and communicate. I’ve. So that was, that was my kind of story and background.
That’s quite. I’m sorry. In story. Andrew. Yeah. Yeah. It’s it’s and it sounds really familiar for me. It is. Yeah. I think we have remarkably similar backgrounds and slightly different stories, but similar kind of how it worked.
Breakthroughs for Rimantas.
What would you say was like a secret or a breakthrough for you with either your trading or your programing? That kind of made you go from sort of okay as a trader to like, yeah, I’ve got this.
It would be difficult to, to pick one thing probably, you know, I would, I would say probably a few things. That got me, you know, to that breakthrough. Right. One of them, one of them was definitely the, the thing you were talking about. Pips and percentages. Yeah. You know, it’s, and to me, there is even more like, as a programmer, I had to do pips some points.
Yes. You know, I remember, like, back in the days, there was, there was like a four digit number for the EUR/USD and two digit number for the, for European Pairs. Yeah. And then they added an extra number at the end. And then, you know, all those pips became like, you know, fractional, like you can do, like 5.6 pips, you know, so, so for software developers, I remember there were a lot of people coming in sending me there, all the indicators and EAs and that like convert them to be compatible with that new digit style.
But yes, that was a lot of work as I was doing so, so all this confusing part and, and as fun as it is, like on the this year, I’m kind of converted to my software from not using pips, but just using points because it’s just easier to people. And a lot of people, especially newcomers, into trading.
They don’t even understand why there’s like Pip and points and like what was happening there, you know. Yes. So yeah, so when I started looking at that stuff, percentages. That was one of the things, another thing that got me as well was looking into the stop loss size, not as a, as in pips, not to have it as fixed size, but to use something dynamic, you know, so usually traders use like, oh previous vainglorious swing high something like that.
So we either use that or we use ATR indicator. Yeah. So, and the multiplier of that, this kind of works, you know, quite well, and lately I started looking at like to try the parabolic SDR. Yes. Because it’s this nicely below or in the above, it kind of it’s kind of the same as swing lower swing guy basically, you know.
Yes. So yeah, that was the thing. And and I would say the, the biggest one for me was all the backtesting and just going by, you know, from, from data driven perspective. Right. On the trading. So the way I look at it, pretty much every trading strategy, if it’s not like very discretionary, you know, so it can be coded into an algorithm that can go in history and test to see how it would have performed in the past.
Right. And while there are a lot of people who, you know, say a lot of things about how back test is nonsense and whatever, I always go back to saying, like, listen, so many great traders for decades, probably even centuries have been using paper trading. They just call it paper trade, you know? So they would just like print the charts and they would like, go on paper and look like, you know, what we can do to make this and that.
So it’s just literally what we’re doing, like backtesting. So that’s the core of my software. But but the thing I learned, it’s like if you go in YouTube, there are so many videos, oh, watch me back. Does this strategy 100 times and it’s like 95% win rate. Whatever. When you look, look at the videos, somehow there is now no 9 to 5.
It was just a clickbait. But you see how that guy’s doing backtest manually. He just goes on on trading view and draws, you know, entries and stuff. And I’m like, what the hell are you doing? You know, just go that stuff. Yeah. So so the way I tried, you know, I started doing like, I would take a very simple idea, like a pin bar or a bullish bearish engulfing.
Like we had a lot of candlesticks, like we have probably like 12 plus different candlestick strategies inside the software, you know. Yeah. So we’d take we would take that and move back test back to like 50 or 100 trades to have some statistical significance. And then we will look okay. So if we use like pin bar so we buy and sell and we use this size of stop loss and you know 2 or 3 times take profit based on ATR for example, how would it look like?
Yes. This tells you like instantly it draws everything on the chart so you don’t have to draw it. It shows like very transparent, like every trade it found. And it tells you the stats. And if and if it shows negative, obviously you would not want to trade that strategy, you know. So then you play around and change the numbers, play you know, stop size and things like that.
And once you and once I got to the stage where I say, okay, this is nonsense, like you cannot sit there and just play changing the numbers because there are so many variations, like, it’s just not possible. You know, even though if I would do that, then it would take me ages. Yes. And I can do it fast.
Now just input numbers, click and I instantly get the answer. But it’s still there are so much to try. So then I made the software to do what I call optimization right? Or or now I just started calling strategies canning or discovery basically because that’s what it is actually. So it would scan like 5, 6, 8000 variations with different stops and and different sizes for the volume pin bar, you know, all that stuff and it’s will after after scanning 8000 variations, we say, look, this is the best one in terms of return or return to drawdown ratio or, you know, things like that.
And then you can get the CSV file, which is like a big one with a thousand variations, but you can easily filter all things out and, and you see a, you know, a dozen of strategies that look with awesome numbers, then you can go and implement that, you know, so you’re kind of trading now, something that worked recently for the past six months, for example.
Yeah. So you know that this is bingo. And like we can we can’t know if this will sustain and go on like this in the future. This definitely doesn’t it doesn’t guarantee it. But at least we’re doing something that’s just worked recently. You know, not ten years ago, not five years ago, but but like recently, right now, over the recent months, you know, so I think that’s important.
I always use this analogy that that sounds kind of really cool. It’s like when you go to buy a used car, you know, you want to ask questions, you want to look under the hood. You know, it’s like you want to see the car maintenance history, which is like backtest, you know, all those things. So you go, you don’t go and buy just like blindly, you know?
So that’s pretty much what we’re doing with the strategies. And we always monitor and closely look at the metrics. And if certain metrics change in a certain way, we just stop the strategy. And then we either we optimize it or we just go with another one because right. Like I understand that a lot of these strategies are just short lived.
You know, give it a few weeks, a few months and then just stop working basically. Right, for that period of time, as I see it, like Mark has shifted, things change. So that strategy might be a wonderful again in a few months time, maybe later, but not right now. So just pause it and go with another one. Yeah.
So I realize that’s that’s quite a, a different trading style from a lot of people that I see around, you know, especially with those who are using discretionary trading because in my world, everything is like systematic trading, like you can put everything into the algorithm, you know.
The dangers of algorithm trading.
So one of the things that I see with algorithm trading is you still have to, you know, people see it as, as an easy way out. I’m not saying you, but, you know, other people see this as, you know, AI expert advisors, whatever. It is an easy way. Absolutely. Yeah. A lot of a lot of people still understand trading in order to understand either one how to write it or if you buy one, how do you use it properly and when to use it and what to use it on.
I think people see that there were there was interesting realization even for me. I remember because you get so stuck in all that systematic things, you know, and you do realize that it’s not something you just put on the chart and it just makes you money. You know, it’s not that there will never, ever be a software available to everybody who just does that.
You know, I don’t know why people think they can pay 100 or even 5000 whatever for some. Like if, if that robot makes money for not doing anything, you know, people would not be selling it and that and probably people would be killing for it. Probably Wall Street will kill you. Take it away and you know it’s it’s a bit of conspiracy theory.
Yeah. But probably that’s that’s how the world works. Yeah, yeah, yeah, it seems to me, you know, you find the cure to cancer and you know, some things will happen for sure.
Yeah. You won’t, you won’t be telling too many people. Yeah, yeah, yeah. So that’s the thing, you know. So, so what we have is not like you put it on the chart and just make money.
You know, you always have to look after it. And and I remember this was very nice realization for myself. Last year when I was speaking with Alex Ong. I don’t know if you heard about the guy, you know, it’s like he’s my dear friend. I met him last year or so. So. And, and I remember when he introduced me and my software to guest, people because he’s trading a lot of candlestick patterns as well, you know.
Right. He said, okay, listen, guys, once once you go and look for strategies, you know, with the scanner, just do it this way. You pick a direction. How you as a human kind of decide what the direction you should be looking strategies for. And I remember one example he gave me was like okay we’ll look at the dollar yen.
So for the past year or two or whatever he said I can’t remember exactly. But for the past some time it’s only longs now, you know. So just try switching it to buy only you know, and just look for a strategy that on the buy. And I’m like, okay, let me try this. And I try and and the results on the backtest was like 4 to 5 times better than, you know, looking both directions.
Yes. And I’m like, oh sure. That’s that’s how you have to, you know. So since then I started looking for ways to, to make this more systematic thing. But but you can never but you can never, you know, take out what’s in human brain. That’s I can’t tell you the thing isn’t a thing. So if you don’t see, it’s always it’s always you as a trader that has to make these decisions.
You know, what are you what strategies you’re looking for and what where why this bear right now? Why not call? Why Nasdaq now? You know, it’s like. And when you do that you also have to realize we also have obviously like the automation stuff. You know all these strategies that I create. We have the automation module and then just trading then I don’t have to be there, but I have to be there to look, you know, after them.
So if they’re making, let’s say, three, five trades a week, a strategy. Yes. So obviously for me it’s enough like, you know, half an hour a day or even 15 sometimes just glance at the charts, see all the numbers, find we have one trade running. Okay. And you just leave it like 30s basically, you know, it’s next day, you come back and you look again.
You see, okay. We had like two stops. Numbers is not looking quite good. You know, I have to put some work to find maybe new strategy. Yeah. If all things go well, it’s making money, you know, taking trades and it’s going in your favor. You just do nothing. You just just look, you know, and and go live your life and leave it.
Yeah. So. Yeah. Yeah. So it’s always the trader has has to do some of these decisions. Yes. There is a really nice analogy there that I always tell about about bots, not just trading bots. Anybody like a lot of people can relate to having a vacuum cleaner robot at home, you know. Yeah, yeah. It’s like pretty wide, world wide.
Like, people know what it is. You know, you just have this vacuum cleaner, you go to work, you come back, you know, your floor is clean. Yeah, but if you have a dog or a cat and if it makes a little doo doo on the floor, the robots will spread it out everywhere, you know? So I always say, like, robots are stupid.
Yeah. All of this, you know. Yes. With AI. Yeah. Yes. They getting more advanced and more smart and a lot of lot. You know, all that stuff, but in a lot of areas. And I still believe that trading is one of them. Yeah. It’s just it’s just guessing and if it’s and if it’s guessing based on some backtest and history data, and you know, the numbers and the win rate and stuff like that, if it can do that, I would say, okay, it’s smart to some degree now, you know, because that’s what we’re doing as humans and looking at these numbers and, and making decisions, you know.
So as AI can write and create videos now and, and images, you know, it’s pretty much advanced. Yes. Trading like you just you just guessed and you either guess on on data or you just guess blindly. So a lot of of what we see online now, oh, this trading bar just made me rich. La la la. You know, whatever they’re selling, they just want your commissions, you know?
Yeah. For trades you will make and those will be pretty much random. That’s that’s pretty much what’s going on.
Controlling your emotions.
Do you find this and this might lead nicely into what we do outside of trading. I find that the knowledge up here because I say to people, there’s two things you need to control and trading once you head and once you heart.
Because trading is emotion. It you know, it’s emotion. You can’t ever get away from that. Even if it’s a prop firm and it’s not your money, it’s still emotion. So, do you find, though, that having that knowledge of trading up here, regardless of whether you use bots or manual trade, it’s so crucial that you have that ability to look at a chart or look at a robot and understand what’s happening as a trader, because otherwise, and I have this discussion with somebody I know who’s a fund manager, not anything to do with trading, you know, not forex, shared funds and retirements and pensions and things.
And and I say to them, that’s great, I could hand you all this money, go do what you want with it. But I don’t actually get anything out of that up here. I don’t have any knowledge. I have nothing to share or to handle the kids, or I don’t feel good about it because what I love about trading is having that ability to look at a chart and make a decision, whether it’s right or wrong in hindsight.
And, you know, in the end, I mean, is we have no hindsight, you know, in real time, make a decision. And if I get that right and I get that trade exactly what I look for it to do based on all these reasons, ABC, that’s a massive like thing for me. That feels really good to have that knowledge and information.
I always say that mindset is one of the first things that people have to master. Yes. When you go into trading, yes. And it’s even if you go trading with with bots, you know, it’s like it doesn’t matter if it’s automated bad. No, it doesn’t matter. Like when you go to trading, I think mindset it comes first like you have to have a strong mindset that actually I’m writing a book on this now I can finish where editing it now.
And you know, so I I’m really looking forward to release it this summer. I’ll let me know when it’s finished. Of course, of course. So I saw that a lot of people come in, they try 1 or 2 things and, you know, for a few days, for a few weeks. And they just quit. And then they call it B.S. and, you know, I’m like, no, it’s not like if you go to the gym three times and you didn’t loss weight (where’s your outcome?), you know, even you would be laughing at yourself.
Yeah. It’s like because you are expecting to lose weight from three times you come to, you know, then people would go, start playing basketball like, oh, I want to go into basketball. And after three matches, three times you tried playing basketball. If you couldn’t do it or you played poorly, you know, it’s your first three times, you wouldn’t say, oh, basketball is not for me.
It’s like, this is B.S. like basketball is a scam. You know? Yeah. Yes. And there was there was an interesting story. I remember I was lying in Miami Beach last year and, I had my day off, and I’m looking at this guy. He was like, probably in his 60s or 70. You know, you just came in probably some looked like rich guy in his retirement, you know, and he took this, he did like a kitesurfing, you know, where you’re surfing the kite.
And it was kind of this the, the, the new one, not the kite on the long string, but you have your kite and in your arms, you know. Yes, yes. He tried, he tried that for like, I don’t know, half an hour. He didn’t catch any waves or anything like it was. He was struggling like you can clearly see it’s he was in early stages trying to, you know, to learn it.
And so he did his practice for like half an hour or so. Probably got tired, you know, pack his bag and then just left. You know, I’m like looking at this and and thinking, okay, so he came here like he didn’t catch any waves. No fun. You know my problem if somebody saw other people might be even laughing at you.
But I’m like, you can’t laugh at him. Like he’s trying to learn something, you know? And he definitely realizes that you will need a lot of hours until he can do this, you know, really well, like catch the waves and stuff. So why the hell when people come in trading, they expect after a week or so, or a few videos or just one course, no matter how good it is, you know, it’s like just become professional and start making a lot of money.
Yeah. You know, nobody expects that in any other field. Yes. And I always use a sports as an example because everybody can relate to that. You know, it’s like you cannot expect to become a professional basketball player in a month. Yes. You know, it just doesn’t happen. You can get the basics and all that stuff, but then you need a lot of practice and practice and practice, you know, and always say even I’m a student right now and I’m always learning New Scotland.
Absolutely don’t always like, yeah, you have to do that all the time. And you, you will never be perfect because whenever you feel like, oh, I’m perfect with whatever, Mark has changed now and you have to learn now new stuff, you know. Right. Slow. But once you in the bum. Yeah. There was no Trump before with his crazy terrorists, you know, and his like there’s always something new going on that.
And that’s what’s good about the market isn’t it. It’s changing. We have to change with it. And add things remove things. Yeah. And a lot of that comes from mindset. You. So always before you start trading any strategy just ask yourself. So and it’s very easy when you look at the backtest you know. So if you see a backtest shows you that you know, back in time in the last six months, we see that there were five consecutive losses in a row, strategy like producing really nice numbers.
But there was at some point five consecutive losses. So when five consecutive losses happens again for you. Yes. And for some strange law, it probably will happen now when you just started. Yeah. Yeah. So what are you going to do. Like how will you work with that. You know, and if you have risk too much per trade you will be in trouble.
And probably by, you know, just risk 3% on the trade and by, by loss number three, you will quit and call it B.S. you know, it doesn’t work. But yeah, but if you risk half percent or quarter of a percent by loss number five, you will say, okay, five is normal for this type of strategy. If we get 1 or 2 more, then I kind of invalidated and okay, I’ll get back to the drawing board.
But after that five, there is much big chance the strategy will just recover and go on, you know, so the that’s the thing and all that is in your mindset right.
Prop firm trading.
And I think we would you see we earlier we touched on prop firms and we didn’t really talk too much more about it. But obviously it’s a it’s a big thing right now.
I mean, from my point of view as an educator, it’s a massive thing. And I’m sure your point of view, it is because, it helps people the, the issue I have is that people will come to me and go, look, I want to join your course. I like what you do. You’ve been around for years. Good reviews, all the rest of it.
But I can’t afford it. Or, I’ve got a life course. I can’t justify it the wife, you know, to someone like that. Yeah. And and I’ve always said, look, I fully get that, and I respect that, understand it. But I’m teaching you how to do something. Whether you’ve got $5000 or $5 million, I don’t know.
And it doesn’t really worry me. I’m still teaching you the same thing. And a prop firm is obviously opened up. That ability for someone who doesn’t, or either have funds or want to put their own into it, obviously trade significant funds. The issue, of course, is like we’ve just touched with everything going on up here, is that people see it as a quick fix, and they see it as an easy way to give up their job, which they hate, or something like that, because they see it as a way of making money without doing that homework and spending six months, 12 months on demo small, live account to trade properly first. And I see that all the time, and I’m sure that you must see that as well.
I believe this opened up a big opportunity for people, as you said. Yes, all the Prop Firms, but I do as well understand that, it’s a lot of people see it as a quick fix. Yes. You know, I just kind of confirming what you said, but at the same time, especially last year, around February, we saw a lot of firms go bankrupt, you know?
Yeah, they disappeared. Yeah, disappeared. So we started, you know, hearing the stories about this prop firm a scam, that prop firm a scam. Then then we were like, I’m in some groups on Facebook, and I see newbies trading, trading and sharing their, you know, experience with prop firms and pretty much every week, at least one post will be something like, oh, this prop firm doesn’t pay.
It’s a scam, you know? So and all that is this funny thing to me is like how all this works. You know, I was like previous low this prop firms they’ve been there for like ages. Yeah. It’s but now they starting being available to retail traders, you know like as I say like people who are in the 9 to 5 job at McDonald’s and now they can trade with a prop firm, you know, so but these people doesn’t have the right mindset to look at it.
So they will look at it that prop firm. Oh they didn’t pay me. Yeah. They didn’t pay you because you breached your drawdown limits. You know, you refused to believe that. Then you rather go online and spread nonsense and bad word about it instead of actually taking a look at it, understanding that you’ve made a mistake that you could not do and prop firms doesn’t want you as a trader, you know more.
You open ten trades of the same kind. They luckily hit the profit target just because of luck and they don’t pay you. And now you’re mad, you know, because that’s not what they’re looking for. They want to filter out good traders. Yes. And and they always give this like, like, really nice. How to say that analogy.
Yeah. Yes. Looking for that number. If you can bear with me for a second. Yeah. It’s like, Q where is it? Give me a second. World record run? So there is this, there’s this analogy that I give. So, so basically there’s a world record to run one mile. You know, I’m a runner. So that’s why it’s fascinating to me. So. So there is a guy in the world, I can’t pronounce his name. Elgar. Something. So he, he holds a world record for fastest mile.
He runs. Right, you know, and it was like three minutes, 43 seconds. So three minutes, 43 seconds to run a mile. There’s one guy in the earth who can do that. Now imagine if Prof firms would put a drawdown limit. Like look at an analogy and they would say you have to run a mile in 3:43. Yes.
How many people can actually pass this challenge and get right that the only one on the one person is what you know? Now imagine if they say, oh, you can run a mile in 30 minutes, 29, 30 minutes. You know, everybody would be, you know, yes. But can you then further sustain that running and do it? Well, yeah, of course not.
You know, if you if you can run a mile in 29 minutes like you’re like the most unfit, it’s person like you probably, you know, so so instead prop firm said okay, what if we look for people that can run a mile, let’s say in in seven minutes, you know, and it will be a challenge even for me. You know, I was like five, six, seven minutes, let’s say that range, you know, so if you can run a mile and in six minutes, there’s probably very few people in your town that can actually do that.
They can do that properly. Yeah. And consistently. Yeah. So that’s what firms are looking for. Good traders that can demonstrate consistently that they can make money. They don’t need to make huge amounts. They don’t need to double accounts. They don’t need to make consistently 10% of remind because it’s not a salary. It doesn’t work that way, you know.
So when people come to trading and how much money can I make with your software? It’s like there are so many questions now before I can answer this, how to be like, yeah, how suppose I know? Well, I don’t know, what’s your capital? I don’t, you know, there’s so many things, right. I just can answer that question. And it’s like, oh, you’re a scammer.
You don’t know. You know. Yeah. So people are very fast. Yeah. And when you give people a realistic number, a low realistic number, they tell you it’s rubbish and I can do bigger somewhere else. Yeah. Yeah. I was saying like yeah you can, you can do like half percent a month and it’s like, oh I don’t want that.
You know, I want to go somewhere else. Yeah. That’s right. You know. So that’s the thing. So the way I look at problem firms, they’re looking for really good runners. So they seek, you know, and there are only few in your town. Will you be one of them? And imagine how much time it would take you to train to actually run that mile that fast.
Yes. You know, so imagine now how much time it will take you and how much effort you have to put in to become a trader worth passing the challenge and trading with a prop firm. Right. And all these rules that they have, all these drawdown limits and everything there are here. So they could filter out all these like gamblers and, and you know, these kind of people basically because they want good runners.
Absolutely. And and I think that that’s such a great analogy. I’ve not heard the running one.
How much do you really want to be a good trader?
From a personal point of view, you know, there’s a number of things that I’ve learned over the years that I found difficult, but I wanted to do and I think wanting to do it is half the battle. And that’s the the issue I see with prop firms, people say they want to pass a prop firm, but it’s like, do you want to do that groundwork that homework and really want to do it?
As an example, I’ve been playing the guitar for the last three years. I’ve just started to learn to sing this year. I really want to do. I practiced half an hour, an hour every single day. I’ve got my guitar microphone just sat right here next to me, you know, because I want to do it properly. I get good tuition.
So, 12 years ago, I learned to fly a helicopter. You know, and same thing, obviously with that, if if you can’t, it’s one of those things that not many people can do because it’s so difficult and you have to put a huge amount of hours and it’s not just flying it, it’s all the other stuff. It’s the footwork, the law, the how your body works, the maps, the clouds, the you know, the navigation, the mechanics of it all that goes into it before you even, you know, saw the turbine or a piston engine.
There’s so much more to it. And that hundreds and hundreds of hours that go into something like that. And once you pass your license, you’re then starting to learn, and trading’s the same, isn’t it? Like we said earlier, we’re constantly learning, constantly developing and adapting. And I think I have that fear that we’re trading because online, it’s made to look so easy that most people fail to understand that this whether it’s, again, whether it’s manual trading or whether it’s automated trading, so much time and dedication and that desire to want to do it is missing from so many people.
They see a quick fix, a well, I get the email, I’ve got $500, but I want to quit my job and make $5,000 a week as I. How do you how on earth do you think that’s going to ever happen? Yeah, I know I’ve heard people when they quit the job and it’s like, what are you going to do next?
Oh, I will gonna learn this forex thing, you know. Yeah. And they call it forex thing because it’s just very new to them, you know. That’s right. It’s like it’s some work. Yeah. Yeah.
So let’s move on to lifestyles because we probably can’t close on an hour. Both of us have lifestyles that we’ve created that probably a number of years ago we didn’t have.
And trading in both of our, cases has helped. And we work around our trading. And I think we both love life and do things because we’re motivated hard workers. Let’s, everybody know, you know, about your running and your what, what’s developed in your life out of that family, etc.. Yeah. I will begin with, with saying how I admire you learning to sing and the guitar and everything.
Yeah, I love it. Thank you. I remember when I was in high school, I really dreamed about becoming a singer. And even roads songs back then probably have like ten, 10 or 12 songs written, like. Yeah, and but I never was a good singer. I tried to be, but I didn’t put enough effort into that. Yeah. And I quit it when I started, you know, working college and all that things.
I stopped it and, and always look at this as a good example of what you just set, you know, it’s like you really have to want it, you know, probably didn’t want that enough. You know, I think that’s right. Yeah. So, yeah, the lifestyle, I built something for myself that always wanted a lifestyle like this, and, and I’m still building it, you know?
Yes. So I always wanted to travel the world, and I always wanted to be the guy with a laptop who can go anywhere and just do it, do the work, you know? So that’s what I’m doing. So I’m pretty much traveling almost every month, right? It’s like last month. I just got back from Greece, you know, April, I was in Miami.
March didn’t travel anywhere. February. I was in California, Arizona, Utah. You know, like travel, travel there a bit. Very nice. So, yeah. So this month, like the Salem going to Switzerland for, for, like for five, five day, I love it, I love hiking in the mountains and stuff like that, you know? So, so that’s, that’s the lifestyle book for myself because there are so many places in the world where I would like to travel and experience it and see different cultures and, and be in different mountains, do different runs and, you know, and, and if you have just like two weeks of vacation every year, which most people,
that’s what they have, it’s pretty much very difficult to do that. And I was that guy before, you know, and I would get my two weeks off vacation and I would usually go somewhere where you want to just relax because that’s all we have like two locations to relax. You know? So basically now I’m building it this way that I could work in travel.
And my trading and myself, the business allows me to do that. So that’s, that’s really nice. Apart from that I see myself just pretty much doing sports running. I really love hiking and doing hiking outside of the country is the best, best hikes you can find. You know, Europe and pretty much everywhere where you see the mountains.
Have you been to New Zealand? No, I haven’t, I have gone and I and I still see it in the window. Yeah, I can imagine. And I still remember you invitation. So I’m still here, but I’m building myself there is that I really need to, to go that far, you know. But, yeah, I, I really need to plan for it, actually.
So, you know, it’s like being in Europe. It’s it’s easy. You we have everything there, and it’s just like 2 or 3 hours away. Yes. So it’s like a no brainer to book a flight for like 5 or 7 days to go somewhere, you know, in the mountains.
Andrew’s and Rimantas lifestyle outside of trading.
Well, I’m just looking at the map behind me. I don’t know if you can see it by maybe the right way. New Zealand’s not even on that map. It’s, Oh, yeah. Yeah. I was, when we were talking earlier, I was going, I can see where you are up there, but where am I? I’m not even on their. A Trader from New Zealand. Doesn’t even show. It’s not even on there. Yeah, that’s that’s not. We have some lovely mountains and, some great outdoor ramps or as we call them here, tramping or hiking.
Yeah. So, you’d be very welcome to come over here. So what’s the hiking done for you? Like, obviously, we both love the outdoors. We’re on 11 acres here. We grow as much food as we can of our own. I’ve got my chickens. And, you know, we try to grow everything, cook our own food. From the health point of view and the enjoyment and the fitness point of view, grounding, being outside these glasses, like I said earlier, I don’t need them.
They’re not glasses. They’re for blue light for screens and things. So all those type of things, the health things. I’m a bit older than you. You know, to me become really, really important because obviously stood looking at a chart or a screen or like you in coding. We’ve got to have that balance and that blend between getting outside, getting in the day, getting green, running, flying, whatever.
It might be really important, isn’t it. Yeah it is. And when when you look at, the way I look at hiking and all my trail runs, you know, like, I love running long distances. Not that I do that very often. Yes. You know, but I would try to escape at least once a year somewhere where I can do one of my crazy runs.
What? I would say something like 50km and more, you know, aggressive when you, when you, when you run in one go. And we, we’ve done some pretty, interesting runs with, with my, with my friend. You know how one crazy friend that can run for, like, his record is 100 miles in one go? You know, he’s that crazy.
Yeah. What would roughly with that take to do? Like length of time? Roughly how long would that be? I think it took him like 20, 26 hours maybe. I can’t remember exactly. But journeys. Yeah. Yeah. And and they did that in a they did that in Finland during the time where there’s always a day. Yeah I know you know that.
Yeah. So they did that. I think they slept for like half an hour maybe or something. Yeah. It was nuts like you said. Like never ever. But you know, if you wanted to try hit summit, take it off the list. Yeah. So I’m not crazy like him yet, but. But I will always find myself challenging for, you know, for these things.
So the the craziest run we did with him was that we run across Lithuania from top to bottom. That was 500km. And we did that in nine days. So that was pretty much like there were days like 50 to 70km we would be running, you know, pretty much all day. You run and you get some rest, you run again.
And this. That’s why me that’s why I a helicopter, I just fly. But all this like, imagine again like. Yeah, you need, like, strong legs and, you know, all the endurance and know that you also need this. Yeah yeah yeah mindset. That’s like because a lot of times the mind will tell you stop now it’s enough. Yes. But actually it’s just, you know, you just lying to you.
You can go way further than that. Yeah. That, you know and and I believe that’s an important part for me, building that mindset to be stronger and stronger because we need a strong mindset in trading as well. Right. And in life in general, you know, so obviously there are many ways to improve your mindset and but that’s one way of how I’m doing it.
You know, it’s I did karate for about ten years or ten, maybe a bit more, and put all my kids through it and some of the great things that you do when you’re absolutely, completely shattered the grading to get your belt, when you start getting into the high grades and when you’re in a sensei teacher level, they know you can do it.
They know you’re good enough, otherwise they wouldn’t put you through for the grading. What they want to see is how much. And you go through that pain. How much do you really, really want it? Rather than going, oh, I’m giving up this too hot. You know, and like you said, if you’re doing these, you know, tournaments or, you know, better exercises, whatever it might be, and they go just stick out a stick and you take your head and your mind off somewhere else, and then all of a sudden you’ve done another hundred of them or push up.
So whatever it might be that you thought 100 ago, I was completely dead. And I can’t do this, so you can do it. Like you said, it’s up here. How much do you want to get through that thing? Take yourself somewhere else in the mind
And assist them in trading. Like whatever. You get stuck because you just lost, you know, I don’t know, five, seven trades in a row or whatever.
Just just think about it like this mindset thing. If you have strong mindset enough you will not quit it. You know it’s okay to pause. It’s okay to call it a failure today. You can get back tomorrow or the day after, you know, and look at it with fresh new look and just don’t get too emotional, you know.
So you need a strong mindset in that because there will be bad days, bad months. And you know, so that’s the thing. If somebody buys a car, they would probably never expect to not have a scratch on the car that somebody will bump with the doors, or even they get into small accidents somewhere and scratch your car or whatever.
Like it would be silly to not expect it, you know, because it just happens every day. So if you go into trading and you expect to to never have a losing week or losing month, you know, that’s just like it doesn’t sound right. Yeah. So there will be this thing. So you have to you have to build your mindset the right way to, to be able to live through that basically.
Yeah. Not quite too soon. Absolutely. That’s fascinating.
Controlling your risk as a trader.
And and like this I think from a practical point of view and summarizing that one of the things I always stress, especially when people are on prop firms, is make sure your risk is very, very low per trade. I think that’s huge because like you said, you can have several trades all getting stopped out in a row it’s not going to wipe you out.
It also means that if you have trades that are high reward to risk within a couple of trades, you back to break even, then back into positive territory. And it’s having that confidence in that strategy and that system and getting that money management right that will become key that I believe, to a trading a trader’s success. It’s like the whole thing that we’re talking about, whether it’s running or karate or whatever it is, they all blend in.
They’re all the same, aren’t they? Trading another one of those things? Imagine if you if you try to run a mile and break a record, you know, even your personal record. Let’s say this like, I don’t know, let’s say five, seven, seven minutes out and you’re trying to break a personal record. So imagine how many times you’ll have to do it and actually train hard to to break your personal record.
Yes. Every time you try it and you fail, just think of it like, a lost trade, you know? Yeah, we just lost the trade. You just lost it, you know? And you might try ten times. You might try 15 times, but eventually will break it, you know, no personal record. And then when you look at it this way, you realize if you if you risk small enough on every trade that it allows you to survive, I don’t know, it’s like 20 trades like, yes.
In a row. Yeah. You’re still in the game. You know, from that kind of perspective. When you look at it, it doesn’t hurt you emotionally too much. If you if you hit a stop loss again and again. If I always say like if, if you just hit a stop loss and it hurts you emotionally or even physically, you know, so it means you were risking too much on that trade.
Otherwise it wouldn’t like doesn’t matter like I yeah, I was given an example the other day and it says like, okay, so you want to get in the proper trading, just go and buy an account 90 bucks like FDM or whatever. Like $90. Yeah. The small is like ten, ten K and people would be like, oh, I’m not very I don’t know this.
I don’t know that. I’m like, yeah, that’s that’s like people imagine when they start running. They don’t know nothing about running other than like there were running ideas. There were kids, you know, so you know how to place trades. You click buy and sell. Yeah. And I’m like, yeah. So that’s pretty much the same as as a kid knowing how to run you just you just run, you know.
So if you want to start running and training for a marathon now so what do you do? Like you just buy your running shoes for longer distances and you go running. Maybe you will run two kilometers, maybe five, I don’t know, but you just start and you run and then you will fail to run a marathon for probably a thousand times until we actually can do it.
Because the first run will be 1 or 2km. You will suck, it will be slow, you know? But that’s the thing. So you buy your first challenge account and you go try and and it will be very not perfect. You will blow it, you will make mistakes, you will look, but you will get yourself in the game and you will start trading, you know, go to non.
Yeah. But then you apply that one knowledge to risk very small amount and you can start playing with something like $25 a trade. Yes. So you just so you basically in like in reality you, you’re risking your line to box in reality that you actually paid for the, you know, and inside the prop account you are risking 25, which is not actually even real money, you know.
So how can this hurt you? Yeah. So if you are failing, trade off the trade and this hurts you because you are failing, not because of the amount it means you are getting too emotional. You need a stronger mindset, you know, so you have to do something about it now. So you have to improve and look at this.
And but that’s what gets you stubborn and go out there and look for solutions and improve yourself and learn more and more. So I believe that’s probably one of the best ways to get into the field, isn’t it? Absolutely. You just you just start knowing that you are not perfect and knowing that the first few tries will not be good, you know?
Right. But but as a you start you accumulating knowledge. Yes.
Summary and contacting Rimantas https://www.mt4copier.com/
Hey Rimantas. I think we should probably call it a day that we’ve been going for. We said maybe half an hour. I think we’re probably about an hour and 15 or 20. We could talk for hours, I have heard. How can people find you? How can people contact you?
Obviously I can put a link here somewhere as well, but what’s the best way for people to get hold of you? I we have multiple websites, but probably the two most popular. That’s the, fxmagnetic.com. Yes. Or MT4copier.com Yes. That’s awesome. Thank you.
Hey look, Anything you want to add or. We’ve we’ve covered a fair bit, obviously.
I would say like we’ve probably covered we’ve covered a lot. Yeah. We could go for another hour and a half and do another one one day. And, I just want it’s an absolute pleasure to, to finally get, you know, face to face with you. We need to do it in person one day. I really, really enjoy that.
And, thank you so much for your time today fascinating insights into your thoughts and mindset and everything that you do. Congratulations on everything that you’ve achieved in the industry.
Thanks, Andrew. Thanks, Andrew, Thanks for having me there, for thanks for the invitation and for everything you do for traders as well.
Awesome. Take care. Have a great day over there.
You too.
Episode Title: #592: Two Traders Talk Prop Firm Trading, Mindset and Lifestyle
#591: Why Smart Traders Let the Market Come to Them
In this video: 00:32 – Why does the trade always go against you? 01:22 – Why do you enter the trade where you do? 02:32 – I use limit orders to enter a trade. 04:22 – Entering the market for a reason. 04:50 – Get onto my 17 minute masterclass. 05:18 – Blueberry Markets as a Forex Broker.
Do you feel that as soon as you enter a trade, the market goes completely against you? You’ve entered a buy trade. What happens? The market drops. Well, if you do. I’ve got a great solution for you to help you with that problem. So let’s find out about that a more right now.
Hey there, Traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 591.
Why does the trade always go against you?
An issue that I find so many people feel that they have is they see a trade. They place a trade. Let’s say they place a buy trade on the EUR/USD and they’re expecting the market obviously to move up. Well, what happens when market moves down.
And they feel that as soon as they get into that buy trade the market’s changed direction. It falls against them. And they take a loss on the trade. And they feel frustration because it’s almost like the market knew I was ready to place a buy trade. And it waited for me to place that buy trade. And then it fell.
Why does that happen? Complete and utter frustration. And people feel it all the time. And they have done for years and years. And I know when I started trading, I used to feel exactly the same. So there’s a few things here to help you with.
Why do you enter the trade where you do?
When you place that buy trade, for example, why do you place that buy trade at the time you do? Do you place that buy trade? For a technical reason, let’s say if you’re a technical trader, do you place it at a just above a round number or just above a previous support level or a resistance level from a while ago now becomes a new support level, a swing low that may have been at that level already, or it’s the daily pivot point.
Or why do you place that trade? Do you have anything else to back the reason for entering that trade right now, other than “I’m ready, I’ve seen a set up, I’m placing buy”. Because if all you’re doing is placing by for some random reason, then why would the market suddenly go in your direction? Because quite often you might be finding that the market will keep falling back to that support level or something which is below your entry price. Don’t forget that most people place a trade because they happen to be ready, and that’s not how you should trade.
I use limit orders to enter a trade.
For me in most of my trading, I’m mainly use what are called limit orders. So as a buy trade, for example, I’m entering below the current price and I enter the trades for a reason at that price for a reason.
So I’m not expecting just to randomly go buy sell, buy sell because I happen to be ready. What you should be doing is looking. Let’s say you’re talking about this same buy trade. And let’s say that the market’s been moving up really nicely and it pulls back rather than just buying randomly, more likely near the top of the market.
Wait for it to retrace and then into your buy trade. So when you think about this logically, with a buy trade, a buy limit order, I’m buying below the current price. So naturally I’m expecting the market to move in waves up and down, which it does naturally anyway. It’s just by using that buy limit order. I’m not sitting there waiting for it to keep coming back and back and back and back and back and now I’m going to press buy.
I’m not doing that. I’m seeing the trade set up and I’m saying I’m taking a buy trade here. If or when the price pulls back to this level first, and then I’m entering the buy order or the buy limit does that for me because I place that with my broker. And I’m, I’m then expecting to enter that buy trade and then the market to move back up again.
The great thing is that with the buy limit order, I’m not sitting there waiting for that price to come back and then having to manually enter the trade. I enter the buy limit order, place the trade. If it gets filled, it does great. And if it doesn’t, it doesn’t.
Entering the market for a reason.
And by doing that, I’m entering for a reason. I’m not just randomly saying I’m taking a buy now. The market’s gone against me. Why does it always do that? Grumble, groan which most people tend to do. You need to be placing as a technical trader. You need to be placing these levels, your entry and your exit levels, and of course, your stop loss safety level for a technical reason. Don’t just randomly do it. If you’d like to find out more about how we can help you to overcome that frustration of feeling that the market’s going against you all the time.
Because don’t forget, I’ve been doing this for over 20 years and we’ve been teaching for over 16 years. So we’ve seen it all. We know what works and what doesn’t work.
Get onto my 17 minute masterclass.
And if you’d like to find out a little bit more about how we operate and we how we can help, you have a look at my on demand masterclass.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a top quality broker, I can highly recommend that you take a look at and suggest and consider Blueberry Markets. They’re a great broker. Most people around the world can trade through them. There’s a few countries that can’t, and that’s unfortunately the way with licensing, etc., but the vast majority of you out there can trade or have the option to consider Blueberry Markets.
I use their MT5 platform. I’ve used it for years. A huge amount of markets, massive amounts of different time frame charts. And when I say markets, I mean forex and non forex markets and you won’t find better service. Us at The Forex Trading Coach, our service is pretty good. We aim to be like exceptionally good. Blueberry Markets would be on a par with what we do to help our clients with timeliness and efficient and good answers, and looking after people.
That’s what we’re about. That’s what they’re about. That’s why, not only are they a good broker, but that’s why I recommend them over, like all the other brokers out there. Yes, there are a lot of very good brokers, and I work with lots of good brokers. But Blueberry, overall, I think they’re hard to beat. Have a look at them. I’ll put a link here as well.
So this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #591: Why Smart Traders Let the Market Come to Them
#590: What Every Struggling Trader Needs to Hear Today
In this video: 00:25 – What is holding you back from being a successful trader? 00:52 – Examples of common frustrations. 01:31 – Email me andrew@theforextradingcoach.com 02:47 – We want people to be successful traders. 03:24 – Get onto my 17 minute masterclass. 03:33 – Blueberry Markets as a Forex Broker. 04:09 – Contact me https://theforextradingcoach.com/learn_to_trade_forex/
What’s holding you back from being a fantastic and successful trader? Let’s talk about that a more right now
Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 590.
What is holding you back from being a successful trader?
So I’d like to find out from you what’s holding you back. The reason I wanted to do this is because I want to help you. We’re already, like, into June. The year is disappearing fast. So rather than the usual videos and podcasts where I’m giving you information, I thought I’d change this around and ask you to provide me with information like what is it that is holding you back?
Examples of common frustrations.
It might be a number of things. It’s probably not just one thing, but to give you an example. It could be that you just don’t know what you’re doing. You’ve got confusion. You’ve got analysis paralysis. You might not think you have enough money to start trading or enough time to start trading. Or you might think you live in the wrong part of the world. On the wrong time zone or too many kids. So you’re working too many hours, or your strategy doesn’t work, or you’re on forums all the time trying new things and nothing seems to work, or you think it’s time to start blaming the market, or your broker, or you’re not sure what markets to trade. There could be a variety of things.
Email me andrew@theforextradingcoach.com
But what I’d love you to do in order for me to help you, I’d love you to send me. Send me an email. And my personal email address is Andrew@TheForexTradingCoach.com. I’ll put a link to that somewhere on this page. If you’re watching or if you’re listening, you can just write that down and email me directly. But I’d love to get some feedback from you of what are the main things.
As I’ve mentioned, it’s probably not just one thing. Give me a list of reasons that’s holding you back with us that you feel is holding you back from being profitable. What is it that I can provide content with to help you to become successful?
Obviously you can’t change the market. So if your issue is the market is not doing anything, which is probably not very true, but let’s say that was your issue. I can’t help you. We’ve had the market is, of course, but everything else or pretty much everything else. I can probably with my 20 plus years of experience and my 4000 plus people of clients who I’ve helped to trade. I can give you some fairly good, information back to help you the best that I can.
We want people to be successful traders.
And that’s what I do as a coach. I want to see people being successful. That’s the whole reason I do. What I do is the whole reason why there’s 590 videos here. Let’s try and get a community of people from right around the world of all ages and, and backgrounds and levels experience and different jobs and careers and everything else.
But let’s get everybody who wants to trade, who wants to put some time and effort into their trading. Let’s get people successful. Because that’s, after all, is why we do what we do. So send me an email, give me feedback and information, and I’d love to be able to help you that,
Get onto my 17 minute masterclass.
If you’d like to jump on my masterclass, which is only a 20 minute long masterclass, it’s really informative, gives you information about how we trade and teach and what we do. I’ll put a link to that.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a good broker and a broker that is a good, honest, reliable broker that’s been around for quite a number of years now, they offer the MetaTrader 4 and especially the MetaTrader 5 platform, brilliant customer service. Very fast to, get funds back to you when you withdraw funds, a massive amount of markets on their MT5 platform. Have a look at Blueberry Markets. I’ve been with them for years. I’ve sent hundreds, if not thousands of people through to them. And every time all I get is good feedback.
So don’t forget to email me. Send me an email. Andrew @TheForexTradingCoach.com. And I’d love to be able to help you to turn your trading around for the rest of this year and beyond.
Hope that helps. Bye for now.
Episode Title: #590:What Every Struggling Trader Needs to Hear Today
#589: How Trading the Candle Close Can Improve Your Results
In this video: 00:32 – When should you look at the charts? 01:05 – When we look for a new trade at The Forex Trading Coach. 02:21 – Only look for a trade at the close of a candle. 04:09 – Multiple time frame charts change over at the same time. 04:50 – Reduce the amount of chart time. 05:34 – Get onto my 17 minute masterclass or book a call with us. 05:58 – Blueberry Markets as a Forex Broker. 06:29 – Like, share and subscribe to receive notification of more trading videos.
Did you know that if you only look at your charts at the close of a candle, it’s going to massively improve your trading performance and also massively reduce the amount of time that you spend looking at the charts. So let’s talk about that very important topic and more right now.
Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video on podcast number 589.
When should you look at the charts?
So a lot of people struggle when it comes to knowing when they should be looking at their charts and what time of day that should be, what time frame charts to look at, what pairs, what markets, etc.. Is it the European session, the London session?
You know, the Asian session, the US session. What is it? And they get very, very confused with all that happening. And they really don’t know when to look at charts. So as a result of that they tend to spend far too much time looking at the charts, waiting for this pip to move up and down, or that line to cross over that line or a dot to appear because it doesn’t work.
When we look for a new trade at The Forex Trading Coach.
So what can you do to simplify things? Well, very easy really, the way that we tried here at the Forex Trading Coach and the way that I’ve traded now for over 20 years is I only look for a potential new trade upon the close of a candle. So, you know when the candle closes, because the market opens each new day at 5 p.m. New York time.
So if you were trading, let’s say, four hour charts, you know that at 5 p.m. New York time, the new day starts. So you know that four hours later from then, which will be 9 p.m. New York time, the four hour charts will change over. And therefore, you know, if you add four more hours to that becomes 1:00 Am, 5:00 Am, etc.
How easy it is to know when the four hour charts change over. Now, obviously in a day this is one day the candle and you know when it changes. Obviously within the 24 hour time period there are two 12 hour charts. Guess what? There are 5 p.m. and 5 a.m. New York time. You know, there are three eight hour charts. There are four six hour charts. There are six four hour charts. Very, very easy to do this. .
Only look for a trade at the close of a candle.
And so if you look at the close of a candle, a number of things happen from a simplistic point of view. You know when to go and look at your charts. What does that do for you as a trader? Well, it gives you a little bit of time.
You can look five minutes prior and you can scan through the charts, and you know that when they change over, if there are any suitable trade set ups, when they change over, the candle closes, nothing else moves. You can make your decision quite easily. It takes a lot of emotion out of trading because you’re not. They’re scared about moving, you know, missing every moving pip up and down.
You’re not there watching this line cross over that line. And of course they keep moving. And so when the candle closes, nothing else around it, whatever indicator you’re using or horizontal level, nothing changes from that point onwards. So it makes it very easy to see. Has this bounced off this level? Has it closed below this round number? Has it bounced off a previous high of you selling all these type of things?
Has it had a trend line break? All the different things you might look at on indicators even they’re set. They are not constantly moving. So not only do you know when to go and look at your charts, you can get a bit of a heads up for a few minutes prior. You can make your decision. It removes a lot of the emotion out of your trading because you’re not there, scared that things are changing, or I took this trade because this line crossed that one.
And like a couple minutes later, they cross back again and it’s like, oh, well, that was a shame because when I took the trade, it was looking good. Now it’s not looking good. None of that will happen if you trade on the close of a completed candle. You know when to look. You know what to look for. You can look in advance. Everything set. It’s so much easier.
Multiple time frame charts change over at the same time.
The other thing is, of course, is that different time frame charts can change over at the same time. Give you an example if you are looking at the 5 p.m. New York close of day, the new day starts at that same time. The 12 hour charts change over as to the eight hour charts, as to the six hour to the four hour.
When it comes to 12 hours later, it gets to 5 a.m. New York time. The 12 hours, of course, change over again, as do the six hours and the four and the three and the two. So you’ve got an one hour chart. So of course each hour you’ve got multiple options of trading, multiple time frame charts at that same time.
Reduce the amount of chart time.
And so when you think about that, you can massively narrow the amount of time, the short cut, the time that you are spending looking your charts. And you could trade once a day, twice a day and do very well looking at multiple charts, multiple timeframes, multiple markets, it makes life so much easier. You’re not sitting there panicking and that you’re going to miss a trade because, you know, this line’s crossed over that line.
Forget that it does not work. Look for a close of candles to make the decision. Then if you want to add more to that, you can do. What we do is use limit order. So you’re taking away even more of a motion because you’ve got time, to place the trades. You don’t have to be there at the exact time that the chart changes over.
Get onto my 17 minute masterclass or book a call with us.
So if you’re interested to know how you can do this to trade full time in 30 minutes or less per day, what I suggest you should do is jump on my very short on demand masterclass or book a call. I’ll put a link to both of those, around this video on this page somewhere so you can book a call to have a chat with us so you can watch that masterclass to see how we do it and decide if this is right for you.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a good broker to place your funds with and to trade through, I can highly recommend Blueberry Markets. They of course offer the MT4 and MT5 platform multiple time frame charts on MT5, all built in, a large array of markets. So you can be really selective on what trades you’re taking based on the highest probability setups. And that’s the beauty of trading through some of like Blueberry Markets. We got lots of choice in terms of time frames and lots of choice in terms of markets to trade.
Like, share and subscribe to receive notification of more trading videos.
So I hope that helps. And don’t forget to like and subscribe. We’ll share this around and any questions you have you’d like me to discuss on future videos and podcasts, just like this one.
Send me an email personally to Andrew@TheForexTradingCoach.com. I see you this time next week for more trading tips and information. Bye for now.
Episode Title: #589: How Trading the Candle Close Can Improve Your Results
In this video: 00:25 – Can you trade using only AI? 01:22 – You are brave to trust AI to trade your money. 02:02 – Are you too lazy to trade? 03:20 – The knowledge and ability to trade for yourself. 04:34 – Knowing how to trade first. 05:09 – Get onto my 17 minute masterclass. 05:28 – Blueberry Markets as a Forex Broker. 05:40 – Have a chat with us. 05:57 – Like, share and subscribe to receive notification of more trading videos.
Can you trade using only AI? It’s a question I’ve been asked this week. I want to give you my opinion on that, so let’s get into that a more right now.
Hey, this is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 588.
Can you trade using only AI?
I received an email just this week from somebody saying I’d like to trade using only AI, and I’d like to pass a prop firm using AI trading system through only using AI. Can I do that? How do I do it?
Well, you see, the obvious issue here is that is this person doing it because they want to save some time? Are they lazy? Do they not understand trading? Or maybe they do understand trading? You see, there’s a lot of variables out there when it comes to AI because of course it’s all around us and what we really like it or probably don’t like it, depending on your point of view.
It’s here to stay. But from a trading point of view, both from a personal point of view, mentally, a trading point of view is AI all it’s cracked up to be, and can you use it purely as your only way of trading?
You are brave to trust AI to trade your money.
Well, first of all, I would say you’ve got to be pretty brave if you’re going to be allowing your own personal capital. Let’s say, to be traded purely by AI. You’ve got to be quite brave. Let’s say you know something about trading. Okay. So you’re going to create an AI system. How did you go about it? What are the rules and the obvious upsides of expert advisors or trading bots or AI whatever you want to call it is it takes emotion out of trading. That’s the obvious upside. You know, it works 24 hours a day. I get all that. You know, it’s there’s a lot of, obvious upsides to it.
Are you too lazy to trade?
But the problem is, is if you are doing it simply because you can’t be bothered or you’re lazy or you think you’re too busy to trade, well, do you have enough knowledge about trading to know what it is that you’re creating?
How do you know what rules to create? How do you know when it’s working or when it’s not working? Sure, you can go, well, it’s making me money or it’s not okay, so let’s say it’s making you some money. What happens when it stops making you money? Is that the bot that suddenly or AI that suddenly changing? Or is that the conditions in the market?
How do you know about testing this back? Testing it live for testing. If you don’t put time and effort into it, you see people I believe think that AI is going to be this magic shortcut to being lazy, not putting time, effort, or knowledge into it. I can see that the upside to AI is going to work for someone who is prepared to work hard, who does understand trading, who does know what they’re looking for, and it’s just using it as an aid to maybe place the trades for them and manage trades for them, or they’re looking for new ideas.
Those type of people will probably do okay from AI. The person out there that just, thinks that can magically make them a multi-millionaire next week because they really can’t be bothered to learn how to trade. I don’t think you’re going to do well, and I don’t think it’s going to end well, or it’s the right way for you to go.
The knowledge and ability to trade for yourself.
You see the other point that as a manual trader, I think that’s so underestimated. It’s up here. It’s that ability for you as a person to have that knowledge, that reward that, that, ability to see something on a chart, to make a decision with your brain and your common sense and your information, your knowledge, your eye, and to be profitable and to be right, and the immense amount of satisfaction that you have, knowing that you can do this.
You see, if you put all your eggs in the AI basket and it suddenly stops working, then what would you do? How would you know it stop working? Apart from losing you a lot of money. But how do you fix that if you don’t understand trading? So I think it’s really important that you have to understand trading. Have a background, knowledge, information, whether you then decide to actually place the trades manually or place the trades automatically or create your own bots, AI. I would strongly suggest that if you don’t know how to trade manually, by yourself, then you should do that first. Regardless of where your end goal or destination might be.
Knowing how to trade first.
So you have to know how to trade mentally. It’s massive to know that you can control your financial future by having that decision that influence on what you do when you do it, how much risk you’re taking, what trades you’re taking, what markets you’re trading, what time frames you’re trading, all those type of things massive when you can do it properly.
Believe me, it’s just an amazing feeling. It’s a little bit like me learning to sing now or learning to play the guitar or when I was learning to fly, learning to, you know, to practice karate, all these things, they all are massively rewarding once you put the effort in upfront.
Get onto my 17 minute masterclass.
And so if you’d like to find out how we trade and how we can help you to trade and be successful as a trader, by the way, we trade noble in 30 minutes chat time a day, so you don’t have to be sitting there glue to your charts. Click on the link to watch. My short masterclass is on demand so you can watch it when it works for you.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a top quality broker, I can highly recommend Blueberry Markets. I’ll put a link to Blueberry markets there as well. Multiple markets, multiple time frame charts on their MT5 platform especially. And if you’d like to book a call to have a chat with one of us to find out if we’re a good fit and if we can help you to become a good trader.
Have a chat with us.
I’ll put a link here so you can, book up a time to, to have a chat with us and to see if we can help you becoming a profitable trader.
Like, share and subscribe to receive notification of more trading videos.
So that’s it for this week. This is Andrew Mitchem here at The Forex Trading Coach. Don’t forget to like and subscribe or share this around if you’re watching.
And I’ll see this time next week. Bye for now.
Episode Title: #588: What You MUST Know Before Using AI in Forex
#587: How This One Forex Strategy Stood the Test of Time
In this video: 00:32 – 16 years of coaching Forex traders from all around the World 01:18 – A proven trading strategy 01:55 – I won a global signal service competition 02:50 – How I started The Forex Trading Coach 04:30 – Clients in 108 Countries and a global trading team 05:56 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ 07:37 – Blueberry Markets as a Forex Broker 08:04 – Thank you for being part of the journey
We turned 16 years old here at The Forex Trading Coach this week. It’s something we’re immensely proud of, and I like to share our journey with you and to see how we can help you to become a successful forex trader. Let’s get into that a more right now. Like.
Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 587.
16 years of coaching Forex traders from all around the World
So that’s right we turned 16 years old this week here at the Forex Trading Coach. Something that we are immensely proud of. And it’s a huge achievement when you consider the overall opinion of the forex market. And when I look back to when I started coaching back in 2009, and you look to see who’s still out there today, helping people, either coaching or brokers, whatever it is related to the forex market, who are actively working today and we’re active back then, there’s not many of us out there.
So our longevity and what we do, our credibility, I think, just absolute testament to the hard work that goes into doing what we’re doing.
A proven trading strategy
And also the quality of the trading strategy to have, you know, something that back then was working really well. And let’s continue to and today and 2025 continues to work just as well on even more time frames and even more markets that we now have available to trade for us.
So it’s it’s absolutely, brilliant that the strategy work, it works so well and has helped so many thousands of people from right around the world over those last 16 years. In fact, we have clients in 108 countries.
I won a global signal service competition
Now, jump back a few years prior to that, back in about 2006, 2007, I entered a signal service competition where they tracked, people, selling signals for about six months or a year.
I think it was. And my strategy won. So out of hundreds if not thousands of people selling signals or sending signals to this company back then, I won and it was a great achievement. I was very proud of doing that. And that then led on to The Forex Trading Coach starting almost by accident. I was contacted by a number of people who were buying my signals and they said, look, I see you’ve won this competition.
It’s great that we’re making money from the signals that you’re emailing us once a day, but I’d really like to know how to do this for myself. And that was the general overall kind of, you know, feedback that I was getting from people.
How I started The Forex Trading Coach
So I jumped on the plane back 16 years ago, flew across to Noosa in Australia. Gorgeous place. Stayed with a family there for about 4 or 5 nights, and I taught the guy how I trade my strategy, and it was really good and fascinating to get that information across to someone sitting side by side with them. Now to this day, I’m not going to mention the guy’s name. He is on my website, but to this day he still trades and he trades because he’s a very busy person and owns a chain of restaurants and he’s a professional chef.
He still trades longer time frame charts, weekly monthly charts. To this day, using my strategy. And that’s something I’m immensely proud of as well because, you know, it’s proven to have worked so well for people that they continue to be successful after all these years. And what happened then is when I got back, from Noosa in Australia, I then, contacted some of those other people who had messaged me and said, look, I’ve just put together the course, it’s been really successful.
The guy’s happy with it. Would you like me to come and teach you? So I then did a bit of a round the world trip, and I flew across from New Zealand here to Malaysia, then to Sri Lanka, spent about 4 or 5 days there. Absolutely loved it. And then went up to Spain, France, the UK and then flew back home.
And so that was the, the beginning of The Forex Trading Coach by helping these individual people who were prepared to have me fly around the world and to teach them individually, sitting beside them how I trade and how they can trade the same way. So that was the beginning.
Clients in 108 Countries and a global trading team
And of course, over the last 16 years, things have evolved in the internet. It’s got better and membership sites, and it’s just meant that we can offer what we do to so many more people at such a low price, and the quality and everything that we offer has got more and more, and with technology, the price that’s been able to come lower and lower. So it’s actually a win-win for everybody.
We’re helping more and more people. And over those, you know, that time more people have helped me and come on board. And we’ve got Paul over in the US who helps, teach people in the US and Canada. And on that time zone, we’ve got Mikalai in the UK who helps with European time zone. We’ve got Ryo over in Singapore and we’ve got Mhel in the Philippines now.
Paul and Ryo and Mikalai all have been successful and are successful. All, clients of the course who have then done so well that I’ve offered them roles within the company to help teach other people and to help monitor the forum site and to take webinars, etc. because we’re now, you know, not just New Zealand based, we’re a global company and we it doesn’t matter where I live or where you live, we cater for people right around the world.
And that’s the, the beauty of technology. And the amazing thing with the community of traders that we have built from right around the world, all trading the same one strategy. So, where this leads from today onwards for you.
If you’re new to trading, this is a great opportunity to learn the right way. First time, if you’ve been trading for some time and it’s just not working, and you’re pulling your hair and you’re frustrated and you think, oh, of giving up or just give it one more, go have a look at the course because as mentioned, has got so much proof and longevity behind it.
That you really should, do justice to yourself if you’ve been trading and struggling for a while to give it a go, because, you know, this is a great opportunity to finally, put all that time and effort, money that you’ve put into learning, probably unlearn most of that. I think most of it’s probably not good.
And learn the way that we trade properly. So you can take your trading forward. Now, if you are out there looking at coming on board with this, this is going to be the perfect opportunity for you. This week because on Wednesday, the 7th of May could be Tuesday the sixth. If you live in Europe or the US. Start time, we’re holding our 16th birthday sale.
There’s a link here. I really encourage you to click on that link, have a look through the page and register your interest. And when that thank you page, then counts down on the on the count time countdown time to zero. The live page will then appear. Now the sale is going to give you the opportunity to join us at the lowest price.
It’s ever been in 16 years. And the price will be going up hour by hour. So make sure you find the start time in your local start time and your local time zone. I should say find the start time in the time that where you live, making sure you have that right. Jump in, set your alarm if you need to, but getting near the beginning because that first hour the price is going to be the lowest ever.
Blueberry Markets as a Forex Broker
And finally, if you’re out there looking for a top quality, very high quality broker who we’ve done a lot of work with here at the Forex Trading Coach over the years, it’s Blueberry Markets, I can highly recommend them. They are absolutely fantastic, a great broker to deal with, great people. Great platform, great prices, great markets that they offer. I’ll put a link here to Blueberry Markets as well. They’re considering a top quality broker.
Thank you for being part of the journey
So once again thank you for being part of the journey. Whether you’ve been watching videos like this or listening to podcasts, whether you’ve been on free webinars, downloaded my calculator, e-book, whatever it might be, if you’re actually a client already, thank you for being part of the team and the community.
And if you are looking at joining us, joining us, click on the link to find out about this week’s sale. Because there’s going to be no better time to take your trading forward to that next level.
This is Andrew Mitchem here at The Forex Training Coach. Looking forward to 16 more years. I’ll see you soon. Bye for now.
Episode Title: #587: How This One Forex Strategy Stood the Test of Time
#586: How to Trade Monthly Charts for Massive Reward:Risk Trades
In this video: 00:25 – I’m too busy – how can I trade? 01:24 – How long does a Monthly trade remain in the market? 02:02 – When to trade Monthly charts? 03:40 – 1to 5 trades show on most months. 05:00 – Register for our 16th birthday sale – click here https://theforextradingcoach.com/16th-birthday-sale/ 06:41 – Blueberry Markets as a Forex Broker. 07:25 – Like, share and subscribe to receive notification of more trading videos.
Do you want to know how you can successfully trade just once a month off the monthly charts? Let’s talk about that and more right now.
Hey, traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 586.
I’m too busy – how can I trade?
So I get questions from people that say, look, I’m not interested in trading, you know, all the time staring at charts all the time. What can I do? Well, for me, and it’s there for start to consider the higher time frame charts.
And the best example of that where you only need to look at your charts just once a month, will be trading off the monthly charts. Now, the beauty of the monthly charts is they contain so much information because obviously each chart, each candle contains one month’s worth of information of price action. And the other great thing about that, because there’s so much information that they tend to be one of the most reliable chart setups.
And you have to be aware that because they are monthly charts, you will find that trades will take potentially slightly longer to work out. But just think of it as a candle or a bar.
How long does a Monthly trade remain in the market?
In other words, if you were trading on, let’s say, a four hour chart, you might expect they trade to last in the market maybe one, two, three, four bars. And therefore when you’re trading on a monthly chart, it’s no different. So you have to be willing to leave trades in and let the market and the price action do its thing. But the great thing about trading monthly charts is all you need to do is look at your charts just once a month, and that’s on the last day or the completed day of the month. So, for example, for this month, we have, the 1st of May coming up on Thursday of this week.
When to trade Monthly charts?
So on Thursday, the 1st of May, the Wednesday candle, which is the 30th of April, would have close. And therefore we can then when all those, candles close at, 5 p.m., New York time, when the candle is closed, the next month will open, which is the 1st of May.
And at that point, we can go and make our analysis on all of the closed and completed April charts. So we can go through the charts and scan through all the different markets. I scan personally through all the forex markets, the metals, the commodities, the indices, the cryptos. And I scan through all of them and it takes like ten minutes tops, to go through them all on the monthly charts and just to scan through, look at what setting up what has room to move for, potential for a new buy trade or a new sell trade for that month.
Now, because the, price action within a monthly chart is so much bigger, the way that I trade it just means that we get massive reward tourists. And depending on the actual trade itself, we’ll get reward to risk some about 3 to 1 minimum through to about 6, 7, sometimes 8 to 1 reward to risk off those monthly charts.
Now, the issue is that some people will look at a monthly chart and they go, oh, I can’t trade it because the stoploss is too big. That’s not actually the case. What you have to do is reduce your lot size, and you can, in most cases, depending on your account size. Of course, trade very accurately with, accurate risk and position sizing on those bigger time frame charts.
And so depending on the month, yeah, I’ll get some months. There’ll be 1 or 2 trades on the monthly chart. Sometimes there’ll be 5 or 6 trades. It just depends on what’s happening at the time. But the monthly charts are just a great way to have some trades running in the background. You see them once a month. You put the trades on just once a month and let them, you know, do their own thing.
Now, the way that I personally trade is I split my positions up into two, positions. I take one part of my risk at the market order, and so I want to jump straight in at the market, because the danger is if, let’s say the market’s moving up and you get a good strong candle close in April. In May, may just continue straight up.
And so I take a part of my position at the market order, but I also take another part of my position at a buy limit order. So that means if the price retraces first or at some stage within that month, it then fills me at a buy limit order, which is a lot lower than when the candle opens.
So I’m looking for, first of all, the price to retrace. Come lower, get my buy order filled, and then move up into the anticipated direction. When you see that happen, your reward to risk becomes really large on those particular type of trades.
So if you’d like to find out how you can trade just once a month, or on weekly charts once a week, or on daily charts just once a day, and you’d like to know how to take your trading to the next level with low risk per trade.
Doesn’t matter what the stoploss is, or the market or the size of the candle, it’s completely irrelevant the way that we trade is identical across all time frame charts of what we’re looking for in terms of candle patterns, so it’s just one trading strategy that makes it very easy to scan through your charts. So on your monthly charts, as mentioned, once a week, put the trades on, leave them alone.
If you’d like to find out how to do this, your timing is absolutely perfect. Because, next week, on Wednesday the 7th of May, we are turning 16 years old here at the Forex Trading Coach. And to celebrate that, I’m offering a massive discount on our five star rated coaching course that’s been running for now, 16 years.
And it’s going to be offered to you, at the lowest price it’s ever been in those 16 years. So if you’re serious about trading and taking your trading to the next level register, I’ll put a link here so you can find out how to register for that sale and make sure that you are on my site next week, Wednesday the 7th of May.
That may be Tuesday the 6th of May, depending on where you live, especially if you’re in the UK, Europe, US, Canada, etc. and it’s going to be a 24 hour time sale, but it’s going to go up, by $53 every, every hour. So the first hour of the price is going to be the lowest ever in 16 years.
And then each hour it’s going to go up and up. So make sure that you register, find that specific details about when it starts and how you can take advantage of that and learn how to trade properly.
If you’re out there looking for a really, really good broker, high quality broker that you can trade monthly charts and all other time frame charts across multiple markets.
Blueberry Markets as a Forex Broker.
And by the way, they just keep adding more and more markets all the time. I highly recommend you take a look at Blueberry Markets they are a fantastic bunch of people. Great. Great. You know, service, the customer service you cannot speak highly enough of. It’s absolutely exceptional. Great broker. Really good. You know, platform in terms of Metatrader 5/4, but a massive array of markets across different time frame charts. Check out Blueberry Markets. I’ll put a link to them here as well. And don’t forget to check out our 16th Birthday Sale which just next week. I’ll put a link to that so you can register for that.
Like, share and subscribe to receive notification of more trading videos.
If you’re watching, don’t forget to like and subscribe or share the video if you’re listening. I hope you’ve enjoyed the session and I will see you this time next week. Bye for now.
Episode Title: #586: How to Trade Monthly Charts for Massive Reward:Risk Trades
#585: How to Trade Market Crashes Caused by Tariff News
In this video: 00:30 – Tariffs in the news. 00:55 – Technical trading allows us to trade long and short. 02:10 – Market rises earlier this year and then falls. 03:18 – Watch the charts and remove emotion. 03:59 – 20 minutes Masterclass and book a call with us. 04:28 – Blueberry Markets as a Forex Broker.
You’ve probably heard over the last couple of weeks that tariffs have been in the news. Let’s talk about tariffs and trading and how as a trader we can bypass that news and profit whether the market’s moving up or down. Let’s talk about that a more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 585.
Tariffs in the news.
So unless you’ve been living under a rock, you probably have heard about tariffs in the news over the last few weeks and how the markets have been all over the place. And, you know, there’s a lot of, people grumpy about what’s happening, and the mainstream media are doing their best to stir it up because, you know, of who’s doing it. Just typical mainstream media.
Technical trading allows us to trade long and short.
The great thing is, though, as a trader, as a technical trader, where the market’s moving up and down and whether it’s tariffs or somebody is saying something or something’s happening, it doesn’t really matter.
You see, the press have been winding up the moves that Trump’s, had a result of because of his tariff speech, as market crashes.
And that’s just, again, mainstream media trying to make big news out of something. And trying to discredit someone, whereas what’s actually happening is all that’s happened. Yes, the market, moves so big and yes, they fell away. But as a technical trader, I can look at my charts on most of the like the Dow Jones and the S&P 500 and the and the UK Footsie in different markets like that around the world.
And see that all that’s happened is the prices come down to a technical level of where the markets were towards the end of last year, towards the end of 2024.
So from a technical trader’s point of view, there’s nothing extravagant that has happened. Although you wouldn’t, believe that from watching mainstream media news.
Market rises earlier this year and then falls.
And the prices has gone up through, you know, December, January, February, March. And it’s just come back. Yes. It’s happened quickly. Yes. It was a big move, but it’s just come back to support technical levels. And now the price is moving back up as I’m recording this right now. The interesting thing is that yet again, mainstream media, nobody talks about the benefits of, oil prices dropping, you know. Yeah, that’s crashed.
But again, they tended for some reason, wonder why I keep very quiet on those sort of things. So they’re very selective and what they want you to listen and believe. But as a trader, the advantage is if the market’s moving down well, there’s just opportunities for us to take sell trades on some of those markets. And now that the market started to move back up again there’s opportunities.
Guess what. For us to take buy trades on those markets. So again you got to be very careful. The vast majority of people unfortunately don’t understand that the vast majority of people believe what the mainstream media say, and it’s all doom and gloom. Whereas in reality, if you know what you’re doing, it’s not at all.
Watch the charts and remove emotion.
So as a trader, as someone that looks at the charts and doesn’t get emotional about trading on who’s saying what and how it happened and what happened. You can learn to profit from moves in either direction. Really important that there’s a trader. You’re looking at the charts and you’re you’re looking at what’s actually happening, not what, you know, certain media outlets are making you believe. So it’s just shows the difference between people who are actually trading and people who just believe everything that, you know, is in the newspaper. So it’s very it’s really quite not, not, not a big deal at all. And it opens up lots of great opportunities for us.
20 minutes Masterclass and book a call with us.
If you’d like to know how we do this, I suggest that you jump on one of my masterclasses. They’re free, but, 20 minute long masterclass on demand. You choose when you jump on. Just spend 20 minutes, have a look at, how we trade forex markets, but other markets as well. Cryptos, indices, metals, commodities, etc. like that in exactly the same way.
If you’d like to book a call, have a chat with us then, please do so I’ll put the link so you can book, call and, chat to myself, one of the team.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a top quality forex broker who offers other markets like the indices that you can trade Footsie, Nasdaq, S&P, etc., Dow Jones, all those markets. I will put a link to Blueberry Markets their MT5 platform offers all those markets and many more, for you to be able to trade and to take advantage of these market movements.
There won’t be a weekly video and podcast next week due to, the Easter break. So I’ll be back the week after that. I’ll talk to you then. Bye for now.
Episode Title: #585: How to Trade Bigger Time Frames with a Small Account
#584: How to Trade Bigger Time Frames with a Small Account
In this video: 00:34 – Do you have a small trading account? 01:17 – Understanding risk and your lot size correctly. 03:58 – Profit targets are all relative to the movement in the market. 05:34 – Use my free MT4/MT5 Lot Size Calculator Script. 05:45 – 17 minutes Masterclass and Book a Call. 06:02 – Blueberry Markets as a Forex Broker. 06:45 – Comments, Like & Subscribe.
Do you often find that with the small trading account, you have difficulty placing trades on charts like daily or weekly or monthly charts that need a bigger stop loss size, and therefore we cannot take the trades. If that’s you. Listen up, I’ve got some great tips and information to share with you. Let’s get into it right now.
Hey there, Traders! Andrew here, the Forex Trading Coach with video and podcast number 584.
Do you have a small trading account?
So I want to talk about people with small trading accounts because a lot of the times I hear people say to me, look, I can’t take those longer time frame charts. I can’t take trades on a daily chart or weekly chart. So monthly charts, because I don’t have a big enough account size to allow for a big stop loss.
And unfortunately, it’s a bit of a common misconception that people think they cannot trade on those higher time frame charts, which, by the way, are quite often some of the better trades to take because of the quality of the trades. And the people think they cannot trade them because they require too big a stop loss, and their account is not big enough to allow for that.
Understanding risk and your lot size correctly.
So the issue actually comes down to understanding risk and understanding how to calculate your stop loss correctly. Because most people don’t do that. A lot of people say, I’m just going to put on 0.1 lots or 1.0 lots or 0.5, whatever it might be. They just put the same lot size on every trade. And if you do that, the problem is, is either, you know, one that when it gets stopped out the, stop loss amount, it’s going to be way too much.
And so therefore it could argue lots of smaller gains. And that again comes down to not understanding how to calculate your losses correctly. Now to help you out I’m going to put a link here which you’ll find to my free lot size calculator. You can download my MT4 or MT5 lot size calculator. It’s a script. Put it on your charts and you’ll use it all the time and it will massively help you.
But the issue becomes, let’s say, you have a monthly chart trade. It requires looking to make up some numbers at 200 pips, stop loss and someone goes, oh, I can’t take it because my account is not big enough. You probably can. You know, you might end up needing, let’s say, a 0.01 lot size, but you can still take the trade.
And the reason it needs to be a bigger stop loss is because it’s all relative to the candle size in the market movement at the time. Now you take that down to a, let’s say, a one hour chart trade, where obviously the movement is a lot smaller and the stop loss needs to be a lot tighter. It might again, for ease of numbers, let’s say it has a ten pips.
Sorry, at 20 pips. Stop loss. The monthly chart has 200 pips. Stop loss. The, our chart has a 20 pips. Stop loss. All it means is on your one hour chart, you could probably going to be trading with ten times the, the lot size. The risk is still the same. So you’re not trading at ten times the risk.
The risk in terms of the percentage of your account remains the same. It’s just the lot size might be 0.1. Lots on your one hour chart, whereas on your monthly chart it might be 0.01 lots. It says this a ten times, increase in the size of the position because the stop loss again, assuming it’s the same pair and your account size remains much the same.
A lot of assumptions. But just to give you a generalization, you stop loss becomes, you know, ten times smaller. Therefore your, your lot size becomes ten times bigger. The risk is still the same. And that’s how you can trade, according to any time frame chart and any stop loss size. So use my lot size calculator. It will massively help you because if you’re not taking trades on longer timeframe charts and you think it’s due to your small account size, you’re really missing out on really good opportunities.
Profit targets are all relative to the movement in the market.
Now, when it comes to profits on those trades, again, we trade according to candle size. The market movement at the time, and it’s all relative. So again, to use some very basic numbers, let’s say on your monthly chart trade your profit target it was 600 pips. And that’s three times 200, obviously. It’s not 600 pips just because it’s three times.
I’m giving you some basic numbers here, but let’s say on your one hour chart, it was a 60 pip profit target with a 20 pip stop loss. You see how the both trades have the same risk in terms of percentage, and both have the same reward to risk. They both have a 3 to 1 reward. The risk. Now for a 60 pip movement on a one hour chart, with 20 pips stop loss, that’s giving you plenty of room to move.
Likewise, on a monthly chart where you’re going to need even more room to move, but you’re going to get bigger movements up and, you know, against you and in your direction, your 600 pips stop for you. 200 pips. Stop. Sorry. A 600 pip profit for your 200 pip stop is still a 3 to 1 reward to risk trade.
So you see how it’s all relative. And let’s say one trade works and the other doesn’t. It doesn’t matter which way round it is, the trade that loses is going to lose, let’s say 1% on your account and the other one that makes is going to make a 3% account gain, net 2%, even though you’ve won one of the trades and lost one of the trades.
So it’s really important that you understand risk to reward and it also is important to allow you to take trades on these bigger time frame charts with the bigger stop losses, that you understand your lot size calculation correctly, so that every trade has low, equal, controlled and known risk.
Use my free MT4/MT5 Lot Size Calculator Script.
So as mentioned, there will be a link here somewhere that you can find my to download my MT4 or MT5 lot size calculator script. It’s really important to do that.
17 minutes Masterclass and Book a Call.
So if you’d like to find out more about how we trade and how we can help you, click on the link here that you’ll find for my 17 minute On Demand masterclass. If you like a book, a call to have a chat with one of us about how we trade and how we can help you, I’ll put a link to that as well.
And if you’re out there looking for a very, very good broker, who offer the MT4 and the MT5 platform with a massive array of different markets, especially on MT5 and of course, more built in time frame charts on MT5. Great bunch of people. Very great, you know, excellent spreads, great customer service. Accounts in multiple currencies and denominations.
Blueberry Markets as a Forex Broker.
Click on the link here to find out more about, Blueberry Markets. I’ve been with them for a long, long time, as have thousands of people. I’ve sent to them. And the feedback is always the same. Always so good about how good they are to trade with and how good they are to deal with as well. So have a look at Blueberry Markets if you’re out there looking for a good broker.
Comments, Like & Subscribe.
So this is Andrew Mitchem, The Forex Trading Coach. Don’t forget to like and subscribe if you’re watching on social media or YouTube or share the video around or the podcast around any questions you have, please email me and I will personally answer them. Andrew@TheForexTradingCoach.com see this time next week. Bye for now.
Episode Title: #584: How to Trade Bigger Time Frames with a Small Account
#583: Why Most Traders Fail Prop Firm Challenges and How to Succeed
In this video: 00:26 – Advantages and disadvantages of trading on a prop firm. 01:05 – People jump in too soon and then fail. 02:02 – Prop firm challenge example. 03:44 – Large gains for a small investment. 04:25 – Use a VPS and copier software. 05:24 – A free and LIVE webinar for passing a prop firm challenge. 06:16 – 17 minutes Masterclass and book a call with us. 06:27 – Blueberry Markets as a Forex Broker.
So you want to know how to pass a prop foam challenge and to make money by making commissions via prop firm. Let’s talk about that a more right now.
Hey there, traders! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 583.
Advantages and disadvantages of trading on a prop firm.
Today is about passing prop firm challenges, the pitfalls and the advantages of trading via a prop firm. Now, if you don’t know, all approximates, go and have a look online. If you do know what one is. Then you’ll know that they’re not always as easy to pass as you might think.
They look really good, and for a lot of people, they look to be a fantastic way of making some very, very good, substantial profits from trading. But with that, needing your own funds and that is the obvious advantage of them. But there are a number of things you have to be careful of.
People jump in too soon and then fail.
One of the most common issues that I see is that people jump into a prop firm way too soon. They should don’t know how to trade, and they just think they’re going to pay $500 to get $100,000 account. Pass a few demo challenges onto real money, make a fortune. The reality is that for most people, that’s not going to happen. And it comes back to, as I’ve mentioned, that they jump too soon. So for me, it’s really important that you look at a prop firm maybe as something maybe like 6 to 12 months from now.
So it’s a profitable first, get yourself profitable and have confidence in strategy and understand it on a demo account. Then a small live account and then maybe a larger live account. And at that point, with consistency and with the meeting, the rules of a prop firm. You can then go and successfully pass the challenge.
Now this printed out some, a prop firm challenge here. This happens to be from, blueberry funded. And they have one and two step processes. I actually really like the two stage process. The two step process. I’ll tell you what, because you have to prove yourself twice on a demo account before you go to live money. And what I like about it is because you have to prove yourself twice, and you will probably take a little bit longer to pass the demo, challenge or challenges.
Prop firm challenge example.
As a result of that, you get given a larger drawdown amount. And to me, probably the most, well, the biggest reason why people don’t pass prop firm challenges is because they get stopped at and they reached the drawdown criteria, and that means that they’re risking too much and they’re having too many losing trades, etc.. What I like with this idea is that you need to make a, a 10% gain, but also they allow you up to a 10% drawdown.
So there’s a lot more flexible in there. And so by going through a two stage process, having that bigger drawdown, ability, when you get on to the real account, things become a lot easier. You think about it, if you have the ability to have, let’s say, a 10% drawdown as opposed to maybe a 5 or 6% drawdown when it comes to real trading and real money.
It just gives you a lot more flexibility. So don’t just pick like the quickest solution or the cheapest solution. Pick one that’s going to suit you. And don’t be in a race to pass the demo challenge to get on to real money.
Large gains for a small investment.
When it comes to real money, if you think about things just in very basic terms, let’s say cost $500 to have a $100,000 account and you pass the demo challenges and then on the real money of 100,000, you have to get to, let’s say, 10%, and obviously it’s $10,000 or an 80/20 profit share means that you potentially could be on a an $8,000 profit every time you reach the, the next stage of their criteria.
So if your $500 investment sure might take you a little bit longer to get to the real money. But then when you’re off and rolling with that bigger drawdown criteria, you’re making some good amounts.
Use a VPS and copier software.
Don’t forget also, you don’t have to stick to one challenge or one broker or, you know, one prop firm. You can have multiple going. And what you could do and what I suggest you consider, if that’s the case, is you use a virtual server and a bit of copy service, to copy between accounts. So you just focus on your one, personal smaller account, knowing that the trades are being copied behind the scenes automatically according to the size of the account that you traded, and everything becomes automated.
It’s far easier for you to trade and focus on your one account. Let’s say $10,000 person live account. Knowing that the trades have been copied, then calculating your entry in your exit and your risk. Lot size, etc. on multiple accounts of various sizes. So focus on your one account, knowing that behind the scenes that get copied automatically for you.
A free and LIVE webinar for passing a prop firm challenge.
If you’d like to know more about how we can help you to pass a prop firm challenge, this, Thursday morning, my time, New Zealand time at 8:00 in the morning. I’m holding a free webinar, live webinar for the public who are interested in passing prop firm challenges. So if you’re in Europe/US, that’s going to be on your Wednesday afternoon, evening time, depending on where you live.
I’m going to put a link here. It’s this week. It’s the for me it’s the 3rd of April. Thursday 3rd of April. So it’s going to be your Wednesday afternoon and evening or early hours of Thursday, depending on where you live in the world.
Register so you can find out how we can help you to pass a prop firm challenge successfully, and to really elevate your trading and take it to another level and to gain substantial returns from your trading.
17 minutes Masterclass and book a call with us.
It all comes back to knowing how to trade that. So make sure you jump onto that webinar. Or if you’ve not been on to my, 17 minute on Demand masterclass, have a look at that. I’ll put a link to that as well.
If you’d like to jump on a call and have a chat with us to see how we can help you with your trading. I’ll put a link to that.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets. As mentioned, they also have Blueberry Funded, which is their prop firm. As well. But Blueberry Markets as a broker, fantastic brokerage. Lots and lots of different markets both Forex and Non-Forex, especially on the MT5 platform.
I’ll put a link to them as well. If you need any help with anything trading related send me an email Andrew@TheForexTradingCoach.com. Be glad to help. Bye for now.
Episode Title: #583: Why Most Traders Fail Prop Firm Challenges and How to Succeed
In this video: 00:24 – What trading Indicators should you use? 01:31 – Most Indicators don’t work. 01:52 – You must look at the price. 02:23 – Horizontal levels and Candles are good indicators. 04:50 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:19 – Book a Call and speak with us. 05:35 – 17 minutes Masterclass.
What is the best trading indicator that you can use on your charts as a trader? Let’s talk about that more right now.
Hi there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 582.
What trading Indicators should you use?
Today I want to talk and discuss indicators. As a trader, if you open any charting package, whether it’s MetaTrader like I’ve got the Me here or Trading view, whatever it is that you use, you will find that trading package, that charting package absolutely full of various indicators.
They can be dots and lines and arrows and triangles and all sorts of different things on your charts. And I’ll tell you what, they look amazing, don’t they? They look so good, especially if you’re a new trader and everybody falls for it. I know I did this like 20 years ago. I had this moving average crossing over that one and a swing low here and a MACD there, and I looked absolutely beautiful, and I knew that I was going to become a multi-millionaire in no time at all, because as soon as this line crossed that line there, and this dot showed there and below it and all those things, it was going to be a brilliant, simple, easy trade. Said reality is, none of that is true. That is the truth.
Most Indicators don’t work.
The reality is that almost all indicators that you see on a standard charting package, they lag time, they tell you what’s already happened, they can’t help you, most of them with what’s likely to happen or any sensible trading decisions. Sure, there are some that can be used as a bit of an age once you know what you’re doing.
You must look at the price.
But in general, most people get completely caught up because they don’t look at the obvious thing. And that’s the right hand side of the chart, and they do not look at the price. If you don’t look at the price and you rely on dots and arrows and lines, etc., you’re going to get spaghetti on your charts and you’re not seeing what’s really happening. You’re not seeing the true psychology behind what’s happening. What’s really happening are the buyers are the sellers.
Has it bounced at that level before all those type of things? You’re completely ignoring because you’re failing to look at the price?
Horizontal levels and Candles are good indicators.
I much prefer a number of indicators. Horizontal levels are absolutely fantastic. Why? Because they never move. A horizontal level that you see is the same as what I see at the same time. You know, again, the price, whether it be the daily pivot point, support and resistance level, swing high swing lows, those things never change.
And so by having those on your chart, it’s giving you something that’s an absolute that’s actually happened. If the price pulls back to a round number and that happens to be a previous swing low and it bounces at that level, well, quite likely, then you’re going to get that support level holding and the price is likely to move up.
So then I add another, indicator of a sort and that’s candle, patterns and understanding candles themselves. What they’re telling me are they exhaustion candles. Are they indecision candles. Are they confirmation of a change in direction? Are they confirmation of a continuation pattern or a reversal pattern? All these type of things are really important for you to understand, as a trader.
And you can only really make that decision about a candle upon the close of a candle, because then it becomes again, like a horizontal line. It set is an absolute and it’s never going to change. There are a few extra little indicators that I do like, to help me give a likely, change in direction such as divergence.
I think that is a very, powerful, way of looking at using an indicator. Can help with reversal and continuation patterns if you have it set up right. You cannot just take every divergence signal and go, here’s a buy or sell again, you still need to include those round numbers, those support and resistance levels and the candle patterns as well.
But you can start to see now when you put some common sense, and some real trading knowledge into it, how very simple indicators like that will work and do work and be proven to work as opposed to and lines and arrows and things on your standard trading package, which just will give you lots of headaches. In reality, as a trader.
And so that would be my suggestion. You find some, someone that understands how to trade properly. Someone has a proven system in the strategy, and you join and follow that.
Blueberry Markets as a Forex Broker offering a 50% credit bonus.
Now, if you’re out there, looking for a very good broker right now until the end of March, Blueberry Markets have a fantastic 50% credit bonus. There are a few terms and conditions about which countries can apply and maximum bonus, etc.. I’m going to put a link to that if you’re interested. Have a look at it doesn’t matter whether you’ve not traded with them or if you have an existing account. They’re doing that on both. Just through The Forex Trading Coach only. So make sure you take advantage of that if that’s something you want to do.
Book a Call and speak with us.
If you would like to book, call to speak to myself or one of my team to find out how we can help you to decipher indicators and what works and what doesn’t. I’ll put a link so you can book up a free 30 minute call with us and see if we can help you with the trading.
17 minutes Masterclass.
And if you have not been on my masterclass, I’ll put a link to that as well. Jump on that. It’s only a very short on demand masterclass, gives you heaps of free information and will massively help you with your trading.
So this is Andrew Mitchem here at The Forex Trading Coach. I see this time next week. Bye for that.
Episode Title: #582: How to Avoid Useless Forex Indicators
#581: How to Choose the Best Forex Pairs for Trading
In this video: 00:22 – Forex pairs – what to choose? 01:37 – The best pair to trade is …….. 02:00 – Assessing Strength and Weakness. 03:13 – Fine tuning to pick the best setup available. 04:25 – 17 minutes Masterclass. 04:33 – Blueberry Markets as a Forex Broker offering a 50% credit bonus. 05:05 – Book a Call and speak with us.
As a forex trader, what are the best forex pairs that you can look at trading? Let’s talk about that a more. Right now.
Hey traders, Andrew here at The Forex Trading Coach with video and podcast number 581.
Forex pairs – what to choose?
What to talk about forex pairs as a trader you have a lot of pairs available and a lot of people, especially when they start. I get very confused with the different currency pairs. You standard main pairs you get you exotics, you get your minors, and more and more pairs now are available to us as traders.
So really the question is what is the best pair to trade? Well, a lot of people think you need to trade just the euro US dollar or just the US yen because their spreads are tight. And in the case of the EUR/USD, it tends to have the most movement or not some movement, but the most volume traded on it, per day in general.
And then other people look at pairs like the GBP/JPY because it moves a lot and they think they need to trade that. And then people look at pairs like the EUR/CHF, which doesn’t move a lot, and they think they can’t trade it. So that becomes a lot of confusion out there. Do you need, like the most liquid pair, the tighter spread. Do you need one that moves a lot? Do you need one that doesn’t move at all?
The best pair to trade is ……..
And so my answer is it depends. And I know I say that to a few things because it’s true. I don’t just trade the NZD/USD or against the JPY because I live in New Zealand. You shouldn’t do that either.
You shouldn’t have an emotional tie to a currency pair. What you should do is look through all the currency pairs. And the reason I say that there’s a few reasons.
Assessing Strength and Weakness.
Number one, you can assess strength and weakness very well. If you do that. As an example, rather than just looking at the EUR/USD, why don’t you look at also the EUR/JPY, the EUR/GBP, the EUR/AUD, EUR/NZD, EUR/CAD and make a full assessment.
So if for example you can do that and you see let’s say all of those pairs were moving up, that’s going to give you a fairly good indication that the Euro is very, very strong. But if you didn’t do that and you looked at just the EUR/USD and is moving up, you don’t know whether the strength in the Euro or whether that movement of the EUR/USD heading up is, is just because the US is extremely weak right now.
So you might be taking a by trade on the EUR/USD thinking the strength in the Euro, whereas it may just be the US weakness that’s pushing it up. And the Euro against other pairs may actually be dropping. So you’re not doing yourself any favors there. So to assess multiple currency pairs is going to be your best option.
Fine tuning to pick the best setup available.
The other thing that gives you is let’s say you see really good buy trades on the EUR/USD, the EUR/CAD, the EUR/AUD, the EUR/NZD, the EUR/CHF. Let’s say they’re all showing some fairly good setups at the same time. And by the way, I only trade on the close of a candle. Let’s say you see that what you really then should do is fine tune those setups and maybe pick 1 or 2 of the very best ones setups that give you a high probability chance of a success for trade setups that have round numbers in their favor.
On a buy trade that doesn’t need to break a previous swing high, things like that. So you can be really, really critical of setups and fine tuned to make sure that when you take your trades and there’s multiple trade showing at the same time, you can be selective and choose the highest quality trades. So that’s why I say you should be looking at multiple currency pairs.
And it’s very easy to do once you know what you’re doing. Once you understand candle patterns, you can very easy scans through multiple pairs very, very quickly on the close of a candle and identify the best quality setups.
17 minutes Masterclass.
If you like to know how we do that and how we can help you to do the same, have a look at my short on demand masterclass. There’s a link here,
Blueberry Markets as a Forex Broker offering a 50% credit bonus.
And if you’re out there looking for a fantastic broker right now, Blueberry Markets are offering a 50% credit bonus. There’s some terms and conditions countries like the US and Australia cannot, sign up for it unfortunately. But have a look at the link that I’m putting on here. If you, are interested in opening an account with blueberry markets or increasing your current account, size with blueberry markets, you’re going to the end of March to take advantage of their offer.
Again. I’ll put a link here, check that out for yourself and see the terms and conditions, etc.
Book a Call and speak with us.
if you’d like to book a call with us, I’m going to put a link here so you can, book a free consultation call with us to discuss about your trading and how we can help you to become a better trader again.
Have a look at that link here. This is Andrew Mitchem at The Forex Trading Coach. I see you this time next week. Bye for now.
Episode Title: #581: How to Choose the Best Forex Pairs for Trading
#580: What’s More Important: Win Rate or Risk-Reward?
In this video:
00:23 – What should your win rate be? 01:03 – Controlling your emotions. 01:23 – An example of a 90% winning system trader. 03:01 – A high reward:risk is more important. 04:47 – Summary of what’s important to be a profitable trader. 05:24 – 17 minutes Masterclass and Book a Call. 05:47 – Blueberry Markets as a Forex Broker. 06:03 – Comments, Like & Subscribe.
What percentage win rate do you need to be a successful and profitable trader? Let’s get into that and more right now.
Hey there, Trades! Andrew Mitchem here at The Forex Trading Coach. Video on podcast number 580.
What should your win rate be?
Want talk all about a winning percentage level rate. What should it be? and what do you need that to be in order to be a profitable trader. Now the answer is quite interesting. And it may not be quite what you’re expecting me to say.
You see, if I ask most people out there, what should your percentage win rate paid? They’ll go, oh, it needs to be 80%, 90% in order to be profitable. Then it’s not actually true. There’s more to it than just the win rate. Yes, sure. The win rate is very important. And yes, it’s more than just how many winning trades you get.
Controlling your emotions.
It’s the whole mental approach to trading. There’s two things in trading you need to control. Like I’ve said, one’s ahead, one’s your heart. You’ve got to control your emotions. And so obviously having more winning trades, more profitable trades is a good thing psychologically, emotionally it helps you trading. Of course it does gives you confidence. Everybody wants to see winning trades.
An example of a 90% winning system trader.
But here’s a scenario, I had someone many years ago, and you may have heard me talk about this in the past, who came to me with and this was a real situation, by the way, came to me with a 90% winning system. So every ten trades, they had nine profitable trades, one loss. You’d think, especially if you’re relatively new to trading.
Wow, what an amazing system. I want to know how they did it. The issue is, is that person was losing money. And you think about it. How does that happen? Well, it’s quite simple. What they were doing is having small wins and a big loss. And to put it in very simple, basic terms, let’s, let’s talk pips.
You know, I don’t like pips. And I don’t believe in pips as a way of identifying profit. But let’s make it simple. And let’s say that they had nine trades in a row making an average of ten pips profit. So therefore they made 90 pips. You could think of it as like percentages. And they had one loss out of those ten trades that lost let’s say 100 pips.
So now the minus ten pips. If they were making 1% all the time and they lost 10%. Yeah. Same thing. You know, they’re negative, but the win rate’s really good, which is what you all want. And I’m here to say, well, maybe it’s not quite as important as you think. So for me, there’s more important factors.
A high reward:risk is more important.
And a good strategy to me should always have a high reward to risk. And that’s more important. And let’s do some very quick numbers again. Let’s imagine we still have ten trades. And let’s imagine instead of being a 90% winning system we’re only a 50%. So we’re losing half the trades. We take one and every two trades we take will now lose. Okay. In this scenario. Now let’s say we have a 3 to 1 reward to risk trade.
So that means on every single trader take I have a stop loss. Let’s call it 1%. And I have a profit targets. Let’s say it’s three times. Now of course in reality it’s not always going to be exactly that. But let’s for example, assume like some basic numbers. So three times my risk is my reward. So I have five trades five trades lose 1% each 5% loss five trades win 3 to 1.
They make 3% each 15%. So I’ve lost 5%, made 15%. Obviously it becomes a net gain. Positive 10%. But I’ve lost 50% of my trades. And you go well how can you lose half your trades and still be profitable? Well, I’ve shown you. So you take that scenario further and you can see like at 40%, 30%. And you know, you work out the numbers and the mathematical and, you know, numbers there and the stats, and you realize that you don’t have to have a 90% win rate.
It’s more important to have the quality trades and the high reward to risk than it is simply to aim for maximum wins.
Summary of what’s important to be a profitable trader.
So I hope that helps explain that scenario. I think it’s really important that you you understand that because it will massively, potentially change it or help you with your trading, but change the way you’re thinking of trading and get right to looking for high quality trades that are going to more likely give you high reward to risk.
Have your low controlled risk on every single trade. High profitable trades. Think of it as stepping. You have like, little losses, big gains, little losses, big gains like that. That’s how you become successful and profitable. Far more so than worrying just about you win rate.
If you’d like to find out more about that and you’ve not been on my masterclass yet, click on the link that you’ll find probably below this video or on this page.
17 minutes Masterclass and Book a Call.
It takes you through to a 17 minute free on demand, webinar masterclass and I’ll explain about what we do, how we trade, how we teach, how we can help you. If you’d like to book a call. You’ll find the link also here.
Blueberry Markets as a Forex Broker.
And if they’re looking for a high quality forex broker, I can highly recommend Blueberry Markets. I’ll put a link to them here as well. They offer not just the forex market but other markets like indices, metals, commodities, cryptos as well. Great bunch of people, high quality service and highly recommend them.
So if you have any questions that you’d like me to answer or any topics you like me to discuss on future videos and podcasts like this, send me an email or drop a comment.
Comments, Like & Subscribe.
Don’t forget to like and subscribe! I’ll see this time next week. This is Andrew Mitchem here from The Forex Trading Coach. Happy trading. Bye for now.
Episode Title: #580: What’s More Important: Win Rate or Risk-Reward?
#579: What Every Trader Needs to Know About Broker Time Settings
In this video: 00:28 – What time do your charts start the new trading day? 01:56 – 5:00 P.M. EST New York time is when the charts open for the new day. 02:50 – Does your broker have a “Sunday candle”? 03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ 04:32 – 17 minutes Masterclass and Book a Call. 05:03 – Comments, Like & Subscribe.
Is your Forex Broker’s Trading Platform set to the right time zone? If it’s not, it could be causing you many unnecessary losses. Let’s find out about that and more right now.
Hey there, Traders! It’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579.
What time do your charts start the new trading day?
You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It’s really important that you get this right, because maybe there’s a lot of people out there that just don’t understand it and don’t understand understand the importance of getting it correct.
So it doesn’t matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That’s Eastern Standard Time. So again, it doesn’t matter where you live. Doesn’t matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day.
And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that’s the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that’s going to change is what that converts to in your local time zone.
So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it’s still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter.
5:00 P.M. EST New York time is when the charts open for the new day.
But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you’ll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time.
And if you’re seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you’ll know in your local time zone what time that is. You’ll know that’s the start of the day. You’ll also figure out that that converts to 5:00 PM New York time. Perfect. You’re good to go.
Does your broker have a “Sunday candle”?
The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts.
So if you’re using light indicators or support and resistance levels whenever you’re using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic. Everything’s good. The issue, though is if you’re broke, it doesn’t do that.
And it has this small candle at the beginning of the week and it’s representing effectively one day. But it’s not because it might only be a handful of hours. Generally, the market doesn’t move much at the very beginning of the week, and so all your indicators, your levels, etc. will be completely incorrect and distorted. So you had to be very careful with that.
So have a look at brokers that I use and I suggest especially like a broker like Blueberry Markets. They always open their new day on the forex market. It doesn’t matter what time of year. It’s always 5:00 pm, New York time, Eastern Standard Time. Very important that you get that right. And it will massively help you because everything then is set correctly with the forex market.
So I’ll put a link to Blueberry Markets if you’re interested in checking them out and having a look at them. I think they’re very good broker. Been using them for years, as have like thousands of other people who have sent to them.
17 minutes Masterclass and Book a Call.
If you’re interested in finding out more about trading and how we can help you, or figuring out any issues that you have and how we can, fix those for you, if you’d like to book a call with myself or one of the team, click on the link that I’ve put on here to book a call with us. Set a time, and, we can have a chat to see how we can help you with any issues that you currently have.
If you have not been on my masterclass, it’s a free, very short On-Demand session. I’ll put a link to that as well. If you’ve not been on it, I highly recommend you spend 20 minutes and go through that and have a look.
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This is Andrew Mitchem, The Forex Trading Coach. I see you this time next week. Bye for now.
Episode Title: #579: What Every Trader Needs to Know About Broker Time Settings
00:33 – What you must do in order to succeed as a Forex trader. 00:46 – #1 You must have confidence in your trading strategy. 02:00 – #2 Forget Pips and understand Percentages. 03:50 – #3 High Reward:Risk trades. 05:35 – #4 Don’t let trading control your life. 06:40 – #5 Belong to a trading community. 07:52 – 17 minutes Masterclass and Book a Call. 08:52 – Blueberry Markets as a Forex Broker. 09:14 – Comments, Like & Subscribe.
Today, I’m going to discuss the five things that you must have as part of your trading plan in order to be a successful, independent and profitable forex trader. Really important this. Let’s get into the more right now.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 578.
What you must do in order to succeed as a Forex trader.
That’s right today I’m going to give you my five top points that you must have in order to become a successful trader, but a profitable trader and also an independent and knowledgeable trader. So let’s get into it.
#1 You must have confidence in your trading strategy.
Now the first point is you must have full and utter confidence in your trading strategy. You must know exactly what to do when to do it. You must have proof in your strategy that it’s been proven across different markets, across different time frame charts, across a large amount of length of time that you’ve traded that on demo and small live accounts before taking it a little bit more serious on a bigger candle problem.
But you have to have that strategy. Why? Well, otherwise you’re going to doubt yourself. Aren’t you? Going to see something and you go, I’m not quite sure what to do here or you start gambling or you leave a trade because you’ve had a few losing trades. And of course, that’s the one that would have won. And you do all these silly things and you break the rules, you break your plan and it all comes down to having no confidence or a lack of confidence in what you are doing as a trader yourself and or your trading strategy.
It’s because it’s not proven, because you’re not really 100% committed and confident with it. And so to have a trading strategy, you’re fully on board with is the most important thing as part of being a successful and independent trader.
#2 Forget Pips and understand Percentages.
The second point is you must understand risk. Forget pips, do not count your success or your failure on pips is just madness.
Luckily, over the last number of years, more and more people have figured that out. But when I started, everybody talked in pips and I’m talking 20 years ago now. But luckily today people understand percentages of risk. Now, for me, it’s vitally important that you have low and controlled risk on every single one of your trades and it’s equal.
So what that does is one, it gives you peace of mind that knowing that if a trade goes against you and we all have trades, it get stopped in you. No it’s perfect. It’s a part of trading. You got to accept it. But if a trade goes against us that’s fine. Providing that the set up that we took at the time look good and you can have some fantastic looking trade setups.
And sometimes the market goes against you. Something happens, news announcement, somebody says something, whatever it is and the trade just goes wrong, that’s that’s life. Okay? But if the trade goes against you, you have to know that you lose a set low and pre known amount as a percentage of your trading account. Therefore it doesn’t matter if you’re trading $1,000, $10,000, $100,000, $1 million, it doesn’t matter.
It’s still the same percentage risk. It also means that it doesn’t matter whether I’m trading a monthly chart or a 15 minute time frame chart. For me, my trades all have the same risk. So as an example, it’s that 15 minute chart trade was the profit or the monthly chart lost all the other way around. It doesn’t really matter.
I know how much I’m losing as a percentage of my account on either of those two trades. They have equal and low and known risk.
#3 High Reward:Risk trades.
The third point you have to have leading on from that is high reward to risk trades. You’re never going to make money if you have trades that make less than you risk. It’s just hardly going to happen because you’re winning percentage needs to be absolutely perfect.
It’s hardly going to happen. So a lot of the times I see people at their. One they’re trading on two shorter time friend chart, and it means that they have a real struggle to gain a high reward to risk from their trades. You see the high the time frame chart in general, the higher the reward to risk you can get out of the trade in general, not all the time, but that would be a pretty general thing to suggest.
And so if you are trading, let’s say 2 hours, 4 hours, 6, 8, 12, daily, weekly, monthly, you’re going to get yourself a lot, lot better reward to risk as you get higher and higher timeframes. Then if you’re trading, say, hour charts or 15 minute or 5 minute or anything like that. And so having high reward to risk is crucial because it means you can have, let’s say, two losing trades, one winning trades, a net gain.
You’re still making a large amount of gain again in a percentage terms. So a little bit like the reward to risk. It doesn’t matter what the time frame or how big the stop loss is in terms of pips. You’re providing that your gain is multiple times your risk. Your profitable trades will have, let’s say, high 5% risk, maybe one and a half to 2.5% gain for a half percent risk.
That’s what I mean by reward to risk. So you have to have that in your favor. Just little small losses, big gains, little small losses, big gains. That’s how you’re going to achieve great results as a trader.
#4 Don’t let trading control your life.
The fourth point is you must be realistic about your trading. Does your strategy and the way you need to trade it to be successful? Does it work in like properly with what else are you doing with your family with, you know, sport, music, you know, kids travel, work, you know, whatever it is that you do, hobbies, you have to be realistic about this. And so I think it’s really important that you look at, for me, my strategy, I only look at a trade on the completion of a candle.
So that’s a daily chart. I just need to look once a day. If it’s a 12 hour chart, I just need to look twice a day. See what I mean? 8 hour chart three times a day. I don’t only look once a day on those because of times of day. It has to be realistic for where you live.
Doesn’t matter that I live in New Zealand, you may live somewhere else. Doesn’t matter that the market opens in New York. Forget that we can all trade like the longer timeframe charts. That also leads on to one other point that I haven’t put on here. But for me, the importance of high reward to risk means trading in limit orders as well. I’ve made another video about that that you can find.
#5 Belong to a trading community.
And lastly, point number five, this is not an absolute must have, but I think it’s vitally important for people, especially if you’re newer to trading and it’s about having support. It’s about having a network of people, someone to talk to, someone to bounce ideas off, someone to ask questions to, a community of like minded good traders all at this trading the same strategy.
And that’s why we come into things that The Forex Trading Coach, our community, our forum site, our daily trades that we post each day, our live weekly webinars, the communication between clients and ourselves and everybody helping each other out with the same trading strategy is vital. I quite often will see someone post a trade on my forum site.
Now I wasn’t even looking at the time. That’s a great trade. Thank you very much. Last week, for example, I had a plus 3.6% gain for the week and I only risked a quarter of 1% on each one of those trades because they get copied through the prop firms. So having that community that supports like minded people trading the same strategy is massively important and you cannot underestimate that importance out there.
So if you’d like to find out more about how we operate, how we trade, how we teach, how we can help you. We doing this as I said, nearly 16 years of teaching, I personally been trading 20 years. And look, it just works. Nothing’s changed in that time. In terms of the strategy. That’s a really important point.
That comes back to number one. I’ve got such confidence in my trading strategy that I just know what to look for, and that’s what our clients do as well. We’ve got clients doing very well, making great income, passive income, prop firm income, passing challenges.
17 minutes Masterclass and Book a Call.
Have a look at my masterclass. I’ll put a link to that here. If you’d like to book a call to have a chat with one of us, please do that. Make sure the right fit for each other. Before you look at any commitment on board, we want the right people on board with us that are going to be successful. You know, thinkers, people that are going to put some effort in, people that are going to make this work because that’s how we operate, and that’s what we expect from our clients. In order for them to have the highest chance and probability of success. And that’s why we do so well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a good broker, have a look at Blueberry Markets. They’re a fantastic bunch of people. They’re over in Australia, but they can take clients with pretty much anywhere in the world apart from a few countries, US (United States of America), of course, being one of them.
But most of the people, you can trade through Blueberry Markets. They’ve got a massive amount of markets on their MT5 platform. Have a look at them. I’ll put a link to them as well.
Comments, Like & Subscribe.
Thanks for watching and listening. If you have the ability somewhere to watch or like, subscribe. Share this to other people who you think will be interested in learning how to trade properly.
Any questions? Send me an email. Andrew@TheForexTradingCoach.com I see this time next week for more trading tips and information. Bye for now.
Episode Title: #578: Top 5 Forex Trading Mistakes to Avoid
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 – 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’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’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’re seeing on the charts? And that, of course, can determine by the timeframe chart you’re trading, the time of day you’re trading the currency pair or even the market.
If you’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’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’s a big right number in the way, and they’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’s an automated system or that’s because this line crossed over that line and it says buy now that’s what they do.
What is the actual price?
They fail to look at the right hand side and go, that’s a round number. And oh, let’s have a look back through history. You wouldn’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’s likely to happen right now? It’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’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’re crossing over, something’s crossing over another line and they’re just taking it by trade just willy nilly, because this line’s crossed over that line and that’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’t know how it’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’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’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’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’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’s like a broken record going round around around again.
I’ve said it for 577 videos and podcasts right now because it’s something you’ve got to get right within your trading because it works.
17 minutes Masterclass and Book a Call.
So if you’d like to find out more about how we do that, I really encourage you to jump on to my masterclass. If you’d like to book a call with us to discover for a good fit for each other, I’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’re a good match for each other.
And lastly, if you’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’ve just taken on the Trump USD crypto a few weeks ago. There’s, there’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’s just so many markets that, Blueberry Markets have on their MT5 platform. So I’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.
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Any questions you have, about this video and future videos and podcasts that you’d like me to discuss, topics that you’re struggling with.
Send me an email, Andrew@TheForexTradingCoach.com. If you’re watching, don’t forget to like and subscribe or share the video or share the podcast. I see you this time next week. Bye for now.
Episode Title: #577: How to Avoid Common Forex Strategy Failures
#576: How Indecision Candles Can Boost Your Trading Performance
In this video: 00:31 – What are Indecision candles and how do you use them? 01:11 – Examples of using an Indecision candle. 03:21 – Your trading edge. 03:57 – 17 minutes Masterclass and Book a Call. 04:48 – Blueberry Markets as a Forex Broker. 05:36 – Comments, Like & Subscribe. 05:45 – Improving your trading performance.
Today I’m going to talk about indecision candles, how to trade them, how you can use them, how you can take advantage of them, and how they will likely improve your trading performance. Let’s get into that a more right now.
Hi Traders! This is Andrew Mitchem here at The Forex Trading Coach for a video on podcast number 576.
What are Indecision candles and how do you use them?
Outside again today, another stunning New Zealand summertime day. I want to talk today about indecision candles. They are candles that open and close at pretty much the same price. There are candles that are small so they can be called or look like a hanging man candle or a pin bar or doji, depending on where they show within the charts.
Now, do we trade them just by themselves? Absolutely not. You always need to have some form of confirmation candle after the indecision candle to give you the trade entry. However, they can be what I call an early warning system, and that can be really important to your overall trading success. I’ll give you a few examples.
Examples of using an Indecision candle.
Let’s say that you saw a big uptrend, and then the uptrend suddenly stalled and a indecision candle formed. It could be a hanging man pattern let’s say. That’s giving us the clue after the uptrend. That is some stage during that hanging man. That the sellers were in control and had started to push the market down. Now by the close of the candle the buyers had pushed it back up again. But it tells us that there are sellers out there within the market. And so the beauty of that is it gives you a clue of what could be coming.
Now the other important thing is to see that indecision candle bounce at a certain level. It could be a round number. It could be a previous high some form of resistance level to give you a clue that it’s actually happening for a reason.
We don’t still take a trade. We then need to wait for the next candle to form a bearish confirmation candle, and that then gives us the confirmation to go short. So a great way of saying well potentially there’s a trade coming here. Now I’ve seen confirmation. Now I get in the trade as a reversal. Same thing with a continuation trade as well.
The other scenario could be that would help you is let’s say you were in a trade. Let’s say you in that same uptrend and you’re not quite at your profit target. And you see an indecision candle. Well that’s giving you again the same early warning signal to say potentially our uptrend could be coming to an end. You may not see the reversal signal come next and the trend might continue back up again.
Still hasn’t got your profit target. Let’s say there’s another indecision candle that something to tell me that may be this uptrend not going to continue. So that potentially then could be your clue to get out of the trade either completely or partially or maybe move your stop loss, whatever it is that you do as a trade management tool to ensure that when the trade does turn around, let’s say, and it starts dropping, that you don’t lose out on that trade and your winning trade ends up turning around to, let’s say, a complete loss. That’s just what you don’t want is what you need to do everything to avoid.
Your trading edge.
And so to me, looking at charts and seeing what actually the meaning is behind a candle is where you have an edge. You’re trying to figure out what’s happening in the market. Are the buyers in charge or the seller’s in charge? Is there that indecision?
And then the change in direction has that happened at a previous swing high or a bounce level, a resistance level, the pivot point, whatever it might be. So understanding what candles mean, the patterns, the shapes where they’re occurring on the chart can give you a massive edge, as a trader. And that’s one of the things that we do here at The Forex Trading Couch.
17 minutes Masterclass and Book a Call.
So if you’d like to find out how we do that, and if you’ve not been on my 17 minute on Demand masterclass, I’ll put a link to that so you can find out all about how we trade and teach and how we can help you.
If you would like to come on board and join us. So let me know and I can send you details about, what we offer. By the way, we’ve been doing this nearly 16 years, so we kind of know what we’re doing by now. And it’s well and truly proven across all markets and all market conditions.
If you’d like to book a call with us first to have a chat to see if we are the right fit for you. If looking at, you know, have everything that you need, to help you as a successful trader, I’ll put a link that you can, jump on to our booking calendar and, and book up a call to have a chat with us to see, you know, if we’re the right fit for each other. I think that’s also important as well. From both sides.
Blueberry Markets as a Forex Broker.
And lastly, if you’re out there looking for a top quality broker, I’m going to put a link here to Blueberry Markets. They’re based in Australia. They’re fantastic. You know, just people that, service, everything about blueberry markets is absolutely top quality. I’ve known them for years and years since they started.
I’ve been over there seeing their offices. Lots of lots of my clients and known clients that have joined with Blueberry markets. Upon my recommendation. And without fail, they’re always, always good. Top quality communications. So if you and they’re looking for a top quality broker, I look at their MT5 platform, they also have MT4. But, I’ll put a link to them and you can decide if it’s a broker that, suits, your criteria as well. And I think you’ll find that they’re a good option. That’s it for this week.
Comments, Like & Subscribe.
And don’t forget to like and subscribe. If you’re watching and if you’re listening on the podcast, sorry, but you miss out on this beautiful blue day here, and.
Improving your trading performance.
But, you know, it’s part of trading you you’ve got to understand what’s happening on the charts. The indecision candles can be a big help. And, to massively improve your overall trading performance.
And if you have any questions you would like me to discuss on future videos and podcast, just like this one, send me an email, Andrew@TheForexTradingCoach.com. I’ll be glad to make a video to help you out on any topics that you’re struggling with and, this is Andrew Mitchem here at The Forex Trading Coach.
I see you this time next week. Bye for now.
Episode Title: #576: How Indecision Candles Can Boost Your Trading Performance
#575: How to Trade Forex in Under 30 Minutes A Day
In this video: 00:24 – Trading in 30 minutes or less per day. 01:20 – New traders think they need to be taking trades all of the time. 02:30 – Less is more. 03:18 – My 2 preferred trading times. 04:18 – We use limit orders to place trades. 05:00 – Some clients just trade once a week. 05:40 – 17 minutes Masterclass and Book a Call. 06:11 – Blueberry Markets as a Forex Broker. 06:32 – Enjoy your trading. 07:31 – Comments, Like & Subscribe.
How do you trade in less than 30 minutes a day? Is it possible and is it realistic? Let’s talk about that a more right now.
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 575.
Trading in 30 minutes or less per day.
I quite often get asked the question, look Andrew, you say that you trade in 30 minutes or less per day. How do you realistically do that and can you do that as a new trader? You see you know, the answer is yes, you can.
Of course. That’s why we say so. But the problem that I find is so many new people to trading and look I did the same, you know, myself 20 plus years ago. The issue that people have is they feel that they should be looking at, taking trades all the time. And as a result of that, the fun, the excitement, the, you know, the movement, is often seen on the very short timeframe charts such as, like one minute charts, five minute charts, 15 minute charts, and people feel that they need to be looking at those because that’s how they accumulate, trades and pips. People still mistakenly count their success in pips, which of course is completely the wrong thing to do.
New traders think they need to be taking trades all of the time.
And so when people start out, they think that they need to take lots of little trades. The realization comes when you realize that you’re just not making money from that. One the cost of the spread just gets in the way pretty much on almost every trade you take on the forex market and, you know, just eats into any profit.
Reward to risk is very hard to achieve or a good reward to risk. And also just realistically, you tend to find that a lot of people will sit down. They see a trade, or they think they see a trade because they’re ready. And so they’re taking far too many trades there, forcing trades because they’re sitting that.
And the other realization is that it’s actually not very enjoyable when you’re spending so much time looking at the charts, flicking through charts, getting very stressed when trades are open because you’re watching, like, small moves up and down, you know, going into profit, then you trade goes against you. Oh my goodness, I need to close it early and you start doing all these sort of crazy, rash, things without, you know, decisions without really a lot of thought or planning behind it.
Less is more.
So for me, the answer is less is more. I’ve been a fan of longer time frame charts. Now, it doesn’t mean to say I don’t look short a time frame. When I hold webinars for my clients, I look at one hour charts, etc. two hours, sometimes 30 minutes, but not very often. But 90% of my trading is done on the longer timeframe charts of like, six hour, eight hour, 12 hour, daily, weekly, monthly.
And you’ll find that those are a lot more enjoyable, are a lot more, reliability within the candles as well, within the charts. Reward risk is easier. Spread becomes you know, almost insignificant on so many of those pairs when you’re on a daily, weekly and monthly timeframe charts. So that becomes better, becomes more reliable.
My 2 preferred trading times.
Now, when you know when to look at your charts. Now, my two preferred times, this is purely my preferred times because of where I live and time of day, etc.. 5 p.m. New York time is the best time of day to start looking at your charts. Now, you don’t have to be there at that time, but that’s when the daily chart changes over. And at that same time, you can look at, no, at the beginning of the week, you can look at weekly charts, beginning of the month, look at monthly each day, look at daily charts.
And then at that same time each day, you can go through and look at 12 hour, eight hour, six hour charts. And that’s what I mean in terms of like 30 minutes a day. You can scan through those full time frames really easily in 10-15 minutes, like very easily. And so my other time frame that I try to look at is 5 a.m., New York time.
And at that time I scan through the 12 hour, the six hour, sometimes the four hour and the two hour charts and just literally scan through in ten minutes again and see if there’s any suitable trade set ups using my strategy.
We use limit orders to place trades
And if you think, well, I can’t trade those times, it doesn’t matter, because the way that we trade is we use limit orders anyway. And as an example, if you’re in, let’s say, Europe and you say, well, the 5:00 pm New York time close is my night time, I can’t trade then that’s fine. Look at placing those trades in your morning time. Sometimes you’ll miss out on a few trades if the market takes off in the Asian session. But most of the time you won’t.
And you’ll find that, you know, most of the action, of course, will start into the European session, US session. So you can trade those, those daily charts pretty much, wherever you live in the world. Very, very easily. You don’t have to be there at exactly 5 p.m. New York time.
Some clients just trade once a week.
So, I have clients also who, you know, very busy people who trade just once a week on the weekly charts. If you wanted to, let’s say, trade a few times a week, I would, pretty much pick a Tuesday, Wednesday, Thursday. Monday is always a bit quiet or can often be a bit quiet out of the week. Not a lot happening until, like, the European, Asian, European and US sessions kick off. And I would probably skip a Friday as well and focus on 2 or 3 days in the middle of the week.
You’re going to get your best chance of success and good market movements. So that’s how you can trade like, just 15, 30 minutes a day, a few days a week. And you’ll do very, very well once you know what you’re doing.
17 minutes Masterclass and Book a Call.
If you’d like to find out how we can help you to do this and how we do this ourselves, I’ll put a link here to my masterclass. It’s a free on demand session. Jump on it and have a look through it. it’s only 17 minutes. And just to get an understanding of how we trade and what we do,
If you’ve been on that and you’d like to book a call with one of us, you can do that as well. We’ll, we’ll open up a, a booking calendar where you can book a time to have a chat with us about what we do and if we’re a good fit for each other. And if we can help you.
Blueberry Markets as a Forex Broker.
And lastly, if you’re out there looking for a high quality broker, I can highly recommend Blueberry Markets. They have the MT4 and MT5 platform they base over in Australia, but they can take clients pretty much anywhere around the world apart from the US. But anybody else? You know, I have a look at, blueberry markets. And again, I’ll put a link to them here as well.
Enjoy your trading.
So, that’s it. It’s really important that you enjoy trading, do things like this, you know, outside summertime here in New Zealand this time of year, of course, southern hemisphere. Go and do things that are enjoyable and then, you know, you’ll really enjoy your trading as well.
You can’t have you trading been a bind that, you know, you glued to your charts, you glued to your computer. It’s just not fun. Less is more high quality trades, less of them. You’ll just do so much better. And again, that’s why we do what we do and why we enjoy doing what we do. And it’s why it works for so many, you know, thousands of people right around the world because you can still, you know, have family life, job, travel, whatever it is that you do and trade at the same time.
It’s not saying you need to sit there for x number of hours every single day, glued your charts, because let’s face it, that’s not fun. It’s not profitable either. So those two things are very important to get right. Of course.
Comments, Like & Subscribe.
So that’s it for this week. I hope you enjoyed the session. Don’t forget to like and subscribe. And, any questions you have, please come through to me. I’ll, see this time next week. This is Andrew Mitcham here at The Forex Trading Coach. Join this beautiful sunshine here in New Zealand in summertime. And I also enjoy trading and, take my trades this morning. And that’s it. Until later tonight. My time. See you next week. Bye for now.
Episode Title: #575: How to Trade Forex in Under 30 Minutes A Day
#574: What to Do When Timeframes Disagree in Forex
In this video: 00:31 – Confusion on the charts. 01:13 – The longer time frame charts are generally more reliable. 01:44 – How I’d approach this scenario. 04:03 – High Reward:Risk trading. 05:20 – 17 minutes Masterclass and Book a Call. 05:44 – Blueberry Markets as a Forex Broker. 06:07 – Comments, Like & Subscribe.
What do you do when you see this scenario happening on your charts? You’re looking at the same pair, but on two different time frame charts, and you’re seeing two signals but in opposite directions. It’s a common issue. We have a simple solution for you. Let’s talk about that and more right back.
Hey there. Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video on podcast number 574.
Confusion on the charts.
A common scenario that causes a lot of issues. You’re on the EUR/USD. You’re on the daily time frame and you see a fantastic buy trade setting up. And you’re thinking fantastic. Let’s take a trade on this. Moving the market upwards in a bullish buy direction.
With the euro looking strong us looking weak. The issue is that you just taken that trade and you then scan through different time frame charts. And at the same time you’re seeing on the one hour chart the EUR/USD falling and it causes confusion. What do you do in that scenario? Do you take both positions? Do you take neither?
You get confused. Do you get stopped out on both? What should you do.
The longer time frame charts are generally more reliable.
So, simple solution for you is this. In general, the longer time frame charts are more accurate. In general, they should be more reliable. They offer in general, high reward to risk trades, and they are better to take because they have more data contained in within them.
And you can allow for fluctuations in market movements because you stop losses is likely to be bigger. But of course your profit target is going to be bigger. Your reward to risk is still similar, but probably better to your one hour time frame chart.
How I’d approach this scenario.
And so what I like to do is I would certainly be taking that buy trade on the daily time frame, because that’s where my bread and butter trading comes from.
However, the way that we trade is that we don’t just say we’re taking it buy trade on that daily time frame. We look for retracements within the market, so unexpecting at some stage within that day. For the EUR/USD to fall. And that could be the exact scenario that you’re seeing at that time. But on the shorter timeframe chart where we see our sell opportunity on the one hour chart.
So on the daily timeframe, yes. Overall, I’m expecting within the next day or so for the market to move up. But I’m realistic and I’m expecting that potentially we should see a pullback or a retracement first. So when you go to your shorter time frame chart, it’s like you one, two, three, four hour charts. You may well see a sell trade and see the market pull back.
Now two scenarios there. You could look at that and go well longer time. I’m seeing the market moving up. I’m ignoring that shorter time frame sell opportunity. Or you can say, well I can see that sell opportunity because it’s on a short timeframe. Realistically my stop loss or my profit target a lot smaller. Again, the ratios are very similar, but there are lots more in terms of size.
So what you can do is take that sell trade at the same time, and you can profit from that small pullback on the shorter timeframe chart, whether it’s one, two, 3 or 4 hour chart let’s say. You can profit on that sell trade at the same time as that moves down, you’re probably going to find on your daily chart your limit order buy limit orders probably being filled by now.
And you take that sell trade on the short timeframe chart. You hit profit on that and then at the same time, bigger picture, your limit order gets filled on your daily chart, and then the market changes and moves up into your anticipated direction. That’s a fantastic scenario. When you see that happen, because you’ve got the same pair, two different trades in opposite directions, both becoming profitable.
And that’s the key to understanding what’s happening in the market and knowing when to enter, where to put your stop losses and your profit targets to ensure that both trades become profitable and you get good rewards to risk out of both trades.
High Reward:Risk trading.
Now let’s say one was profitable and the other wasn’t. With the way that we trade, let’s say we have a 3 to 1 reward to risk on our trades.
And let’s say it doesn’t really matter which one works and which one doesn’t. But let’s say the one hour chart worked and the daily didn’t. Let’s say on our one hour chart, we make a 3 to 1 reward to risk on our daily, we lose our, set risk of, let’s say, half of 1%. So we make 1.5%.
We lose half percent. If the scenarios have changed and our one hour short timeframe chart gets stopped, that we lose half percent. But our daily bigger picture by trade works and hits the profit target. We make 1.5% or 3 to 1, so we’re still net positive even with a 50% win rate. Of course, the ideal scenario sell trade works.
We make a 1.5% gain the buy trade on the daily works, we make another 1.5% gain. Fantastic results. 3% from two trades on the same market at the same time in opposite directions. And that’s what often happens when you have a strategy in place with reward to risk that you know and understand, and a strategy that is proven across all timeframe charts or markets and over such a long period of time. And that’s what we can help you with.
17 minutes Masterclass and Book a Call.
If you’d like to know more. Have a look at my free masterclass. If you have been on that already and you’d like to book a call with us, then you can do that as well. And I’ll put a link to both of those on this video and podcast page here, so you can follow along and jump on to the masterclass, or book a call and have a chat to see if we’re a good fit and say if what we do is something that’s going to work for you.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a very good broker, I can highly recommend Blueberry Markets. They are fantastic broker. I’ve been with them for years and years, as have hundreds if not thousands of our clients and other people who I suggest have a look at blueberry markets, good people, good spreads, lots of markets available, and more and more markets coming on board now, especially on their MT5 platform. And I can highly recommend them.
Comments, Like & Subscribe.
If you have any questions or topics you’d like me to discuss as we head into this year, to help you with your trading in 2025 and beyond this, send me an email or leave a comment here, and I’ll be glad to help you and to discuss topics that you’re having issues with to help make you a successful trader.
This is Andrew Mitchem at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #574: What to Do When Timeframes Disagree in Forex
In this video: 00:29 – Setting your trading goals for 2025. 01:12 – What are you going to do to become successful this year? 02:40 – Trading in less than 30 minutes a day. 03:17 – When to look at the charts and what time frame charts to trade. 03:44 – Trading on large prop firms. 04:42 – Investing in yourself up front. 05:25 – Our 16th year of coaching. 05:45 – 17 minutes Masterclass and Book a Call. 06:00 – Blueberry Markets as a Forex Broker. 06:15 – Comments, Like & Subscribe
How are you going to ensure that 2025 becomes a fantastic trading year for you? What are you going to do to make that happen? Let’s discuss that and more right now.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 573.
Setting your trading goals for 2025.
First video on podcast for 2025. So the obvious thing that everybody talks about at the beginning of the year is New Years Resolutions, setting goals, all those type of things. Now I’m kind of going to talk about that, but I also want to make it realistic.
You see, I’ve sent out an email just yesterday talking about why people quit their New Year’s resolutions, and already by mid January, most people are given up on diets and gyms and all these things they said they were going to do. So it’s no good discussing that. Because realistically, some of those things are just not going to be achievable and you’ve probably already given up by now. So I’m a realistic, I like practical, realistic things, achievable goals.
What are you going to do to become successful this year?
So what is it that you are going to do to make sure that this year becomes a great trading year for you? What have you got written down? What have you set in place? What did you discuss with other people to ensure that with your trading, do you have the knowledge, the experience, the strategy, the support, to know what you’re doing?
Do you know, realistically, when you can trade, practically, when you can trade, how is it going to fit in with what you do, your lifestyle, your family commitments, sporting, music, work, whatever it is that you have going on in your life? So that’s how we get to the end of this year. You can look back and go, yeah, look, I pretty much stuck to my trading plan because I set realistic expectations at the beginning of the year when I can trade what markets I’m going to trade, what timeframes I’m going to look at, what type of patterns or in news events.
If you’re a fundamental trader, what am I trading to make it real? What’s my risk going to be? How many trades would I have open maximum at any one time. What am I realistic? Drawdown expectations. My profit expectations? Am I going to invest in myself? Am I going to invest in education? Have I already done that? If I’ve done that, have I actually followed through with that information and learned it properly?
Or I just sort of glossed over it last year, not really giving it a good shot. All those things you need to decide for yourself, but make it real.
Trading in less than 30 minutes a day.
That’s why I say that we can trade in 30 minutes or less per day, because it’s something that’s realistically achievable, it’s enjoyable and it can be achieved by anybody. Doesn’t matter where they live in the world or what their other commitments are.
You can trade once a day at 5 p.m. New York time. You don’t even need to be there, by the way. We’ve got clients in 108 countries. Of course, not everybody can be on at that time. So that’s why we use limit orders as well. We make it real. We make it, something that is achievable to everybody.
So if you’d like to find out more about how we can do that, I can help you with that as well.
When to look at the charts and what time frame charts to trade.
But the other thing you need to know is when are you going to look at a chart, you know, and what risk it’s taking. All these things need to come into your plan. Are you on a demo account?
Have you been profitable on a demo account? Are you want to live or you want a mixture? Have you proven yourself on a small live account? And maybe your next goal is a prop firm. And with the prop then are you realistic about how you’re going to achieve results on that? Now to give you some examples.
Trading on large prop firms.
Now we’ve got people who are looking at trading $1 million prop firm accounts this year and beyond. You’ll notice that some prop firm companies offer up to $2 million. But let’s say for, you know, number, it takes two months for our clients to pass that $1 million prop firm account and make 10% on that account. Now, obviously, 10% on $1 million is $100,000. They’re on an 80/20 profit share, let’s say. That means $80,000 for them when they make that 10% gain on that prop for $1 million account.
Now, if you’re sitting there every two, three, sometimes one month with a 10% gain and making $80,000 per time, do you think that they going to worry that they spent $2,000 with me a few years ago and learned my strategy and system, and have turned up to webinars and forums and watched daily trades and videos, etc.
Investing in yourself up front.
So they put in a bit of effort and time and monetary commitment. At the beginning. And now they could be potentially earning, you know, $80,000 every few months. So you’ve got to look at that as well and go, wow, that’s a great return. Of course, it is an absolute no brainer. Why wouldn’t you do it? But also you got to realize that for a few months, years, some of those people have just earned small amounts of money or just demo money.
Another reaping the rewards. So you’ve got to be realistic about what stage of the process and the journey you are at. But it all comes back to the very basics of understanding money management, a good strategy, and some support and help around you. Now that’s where we can help.
Our 16th year of coaching.
Of course. We are entering our 16th year at The Forex Trading Coach. I don’t believe there’s hardly anybody around today who was around back then in the educational field. So the strategy is not changed. The people on board have not changed. Everything remains, constant because it works.
17 minutes Masterclass and Book a Call.
And if you’d like to find out more about how we trade and teach and can help you, have a look at my free on-demand masterclass.
If you’ve been on that and you’d like to know more, and you’d like to potentially look at joining us, let me know and I can send you some more details.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a good, broker to trade through, I can highly recommend Blueberry Markets. And I’ll put a link to them as well.
Comments, Like & Subscribe
So have yourself a great 2025. Make sure you do commit to some realistic goals and expectations. If you need help with that, contact me Andrew@TheForexTradingCoach.com. Be glad to help you. I see this time next week. Bye for now.
Episode Title: #573: What Every Trader Needs to Succeed in 2025
In this video: 00:29 – How to trade professionally if you have a small trading account? 01:06 – Dangers of gambling instead of trading. 02:05 – Understanding correct money management and having a strategy. 04:15 – You now have the skills to be able to trade. 05:18 – Trading on a Prop Firm account. 06:13 – Final video and podcast for 2024. 06:51 – My 17 minutes Masterclass. 07:07 – Book a Call with us. 07:13 – Blueberry Markets as a Forex Broker. 07:25 – Happy Christmas and I’ll be back in 2025.
I’m going to talk about how you can trade successfully if you only have a small live trading account. Let’s talk about that a more right now.
Hi there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 572.
How to trade professionally if you have a small trading account?
I want to talk about a topic that affects a lot of you out there. And it’s all about how do you trade properly and professionally. If you only have a very small trading account, you see, the issue is that a small account, depending on who you are and your financial circumstances, may be a lot of money for you. And you become nervous. You’re not sure, how to trade. You’re fearful of losing money and you feel it’s not a sufficiently big enough account to make any sufficient and realistic money out of that account.
Dangers of gambling instead of trading.
On the other hand, you might be looking at trading, and you might find that a small account just play money for you. The danger of that is that you’re likely to do something really silly, and you’re likely to not understand risk management, and you’re not likely to calculate a lot sizing correctly, or you’re just going to gamble the money, or you don’t care about stop losses or for trade on forex trades opened over a weekend, whereas maybe your strategy says to shut those trades, you might over trade and take too many positions. And so depending on which side of the of the equation you’re at, the issues in some ways are still the same, because a small account can be hard to trade and to make what you call substantial gains on in terms of realistic monetary value. However, it’s very important that you trade that small account as though it was a larger account size.
Understanding correct money management and having a strategy.
It’s really important that you understand money management. Now, that account might be such a small account that the only thing you can do on your forex pairs is to trade 0.01 lots, and you may not have a big enough account to have really accurate, lot sizes. However, if that account is small, just trade 0.01 lots. Trade the absolute minimum lot size that you can.
The other thing that you really need to, get correctly here is a trading strategy. You know, just because you might have a lot of money and you’re just putting $500,000 in the can in this kind of play money, you’re probably going to end up losing it.
Or you might gamble in flukes and lucky trades, but without that strategy and that understanding of how you trade in the first place, you’re kind of not doing yourself any favors. Likewise, if that small account is a fortune for you. Get yourself educated first. Either way, you have to have a strategy that you thoroughly understand and have confidence in.
You have to have trades that have high reward to risk so that you can make substantial gains. But also it’s really important. Let’s say you had $1,000, right? And let’s say that over time you made pick a figure $200 on it, and it might have taken you six months. The issue that you have there is that someone’s going to go, Andrew, I just made $200.
It’s taken me six months to get there. This is ridiculous. But don’t do that. That’s a common mistake if you want to trade properly. Think of it the other way around. Think of it as I’ve just made a 20% return in six months on a live account. Now, yes. Realistically, that’s $200. And you go, wow. Yeppy! I can’t live off that.
No, of course you can’t. But you can make 20%. And with your strategy and your skills, you’ve just learned how to make 20% in six months. You know, that could easily be 30, 40, 50, 60% in a year.
You now have the skills to be able to trade.
Now you go out there into the real world and find too many places where you can make that sort of money as a return.
But not only that, you now have the skill of knowing how to do this. And that’s the crucially important bit that people underestimate. And people forget. They just look at the $200, they don’t look at the 20%. So if you can do that and you have the skills to do that, you’re small account is almost irrelevant and does not matter.
And that’s the point of this video. Just because you might only have $500 or $1000 to put into a live account. Don’t think I can’t trade or don’t think it’s pointless me even starting. Invest in the education in yourself to learn how to do this properly. Because if you can and you can make those sort of returns we just talked about, you can either potentially increase that account one day.
You may or may not be able to trade for other people or family members, if that’s possible, depending on where you live and circumstances.
Trading on a Prop Firm account.
But also, as you’ve heard me talk in the past, we have an opportunity now to use prop firms. Now, if you make 30, 40, 50, 60% in a year with low drawdowns, you’re going to do very, very well by trading through a prop firm.
And again, without sounding like a broken record. The important thing is, is to educate yourself first, have a strategy that you understand and believe in and know, and then your small account doesn’t matter. You’ll make great returns long term. Start small. Learn how to do it. You’ll make the returns if you do it the other way round. And you just rush in and you’re going to make, you know, think you’re going to be sitting on a beach or driving red Ferrari and doing dumb things and gambling.
Trading realistically is not for you or you’re not going to last. So treat it like it’s real because it is real. It is a business and that’s how you will succeed long term.
Final video and podcast for 2024.
Now, I just wanted to also say thank you for being here. Thanks for your support, for watching, for listening throughout 2024. And obviously under the previous 15, 16 years prior to that.
This is my last video for 2024. So and we’re taking a break over Christmas and New Year. So I just wanted to say thank you, for being here. And basically for, you know, for joining in, for following what I do. And if you’re a client, it’s been boring to have you on board. If you’re not. Well, maybe 2025 to the year that you should consider joining us. Have yourself a wonderful Christmas and New Year. We will be round to answer emails.
My 17 minutes Masterclass.
I do have my on demand masterclass is running all the time. They are recorded prerecorded so you can just jump on to that whenever you like. It’s only 17 minutes long. I’ll put a link to that. If you’ve not been on it really highly recommend you spend 20 minutes and do that over the Christmas and New Year.
Book a Call with us.
If you’d like to book a call with us to have a chat about how we trade and how we can help you, I’ll put a link here as well.
Blueberry Markets as a Forex Broker.
And also, if you’re out there looking for a really top quality forex broker so you’re ready to trade properly in 2025 regardless of your account size. I highly recommend Blueberry Markets and I’ll put a link to them.
Happy Christmas and I’ll be back in 2025.
So once again, have a fantastic Christmas and awesome New Year and I’ll look forward to coming back here and bringing you more trading information, tips and videos and podcasts in 2025. Bye for now.
Episode Title: #572: Forex Trading Tips for Small Accounts
#571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
In this video: 00:30– Analysing Currency Strength & Weakness. 00:54 – A real trading example using the Japanese Yen. 03:00 – Refining the pairs you trade further. 03:50 – We analyse and post the Daily Strength & Weaknesses. 05:16 – Looking at the Weekly charts at the start of each trading week. 06:10 – Learn how to analyse the strength & weaknesses for yourself. 06:25 – Book a Call and talk with us. 06:40 – Blueberry Markets as a Forex Broker. 07:10 – Comments, Like & Subscribe.
I’m going to talk about the importance of trading with strength and weakness in your favor. It’s going to give you a massively improved trading performance. Let’s talk about that and more right now.
Hi there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 571.
Analysing Currency Strength & Weakness.
Today is all about analyzing currency, strength and weakness. Why we do it, how we do it, and how it can massively help increase your overall trading performance. So you think about it in terms of basics. Well, if you’re trading something that strong against something as weak. Logic would suggest, it has to add more probability to the trade.
A real trading example using the Japanese Yen.
Here’s a classic example. Let’s say the Japanese yen was very weak across the board. And you’re looking at a chart, let’s say it’s the daily chart and you’re looking at the JPY it’s going up. You’re looking at EUR/JPY, it’s going up. The USD/JPY, the CHF/JPY, the AUD/JPY and NZD/JPY, USD/JPY, SGD/JPY, HKD/JPY, whatever it is that you have on your charts, everything against the yen is going up.
So therefore there’s massive yen weakness at this point in time. Now you’re probably unlikely to go and take all of those trades even if they were suitable candle patterns, even if they had some round numbers to protect, stop losses and they had room to hit that profit target. So all the things that we look for, you’re unlikely to go and say take ¥8, ¥9, ¥10 related pairs.
So what you’re prepared to do is analyze strength and weakness. Now, we clearly know that right now in our example, the yen is the weakest currency. But what happens if, say, the Australian dollar, the New Zealand dollar and the Canadian dollar were all fairly weak against everything else apart from the yen? So those are the commodity currencies and they tend to move together.
So let’s say you’re looking at the AUD/USD, it was heading down, the AUD/GBP was open, Aussie is heading up. So there’s Aussie weakness. You’re looking at NZD/USD, it’s heading down against the franc is heading down. There’s a lot of weakness overall in the New Zealand, the Aussie and the Canadian.
So that is telling us that maybe with our strength and weakness analysis that maybe that the AUD/JPY, the NZD/JPY and the CAD/JPY are probably not going to be your high probability trades on those daily charts that we talked about.
Refining the pairs you trade further.
You could also go as far as saying, well, let’s have a look at, let’s say the EUR/JPY and the GBP/JPY. Also looking good. You could go as far as say, let’s have a look at the EUR/GBP and let’s say the EUR/GBP was heading down massively big red bearish candle on the EUR/GBP. That again tells us that the euro’s got weakness and the pound’s, got strength.
So now when we go to the GBP/JPY, we’re now trading a very strong currency with a very weak one. And therefore you may not want to take the EUR/JPY as well. So you might only be taking, let’s say the GBP/JPYH, the USD/JPY, you might see the SGD/JPY, all the HKD/JPY yen or the CHF/JPY also good.
But you know, you’re really narrowing down and focusing on not only the candle pattern but the strength and weakness at the time.
We analyse and post the Daily Strength & Weaknesses.
Now, every single day we analyze daily strength and weakness and we post it on our membership site for our clients to follow and to understand how to do this for themselves. I also do, by the way, if you’re not a client for a very free basic version of this each day on our website, which you can get for free every single day as well.
Those are not trades, by the way that I put on our free website. Those are strength and weakness analysis. So let’s say again, let’s say we were looking at that EUR/GBP as an example, heading down on the daily chart. If you were trading the following day and you saw, let’s say a four hour buy trade on the EUR/GBP, you might want to avoid it because the EUR/GBP looks like it’s heading down with that euro weakness and pound strength that we’ve talked about.
So what you might want to do is only take high quality set ups that are sell trades on the EUR/GBP that day. Likewise, if we go back to our GBP/JPY, whether you take that or not on a daily chart, if you see let’s say the GBP/JPY heading out, pulling back on four hour charts or two hour chart, six hour charts, whatever it is you trade and they see a bullish pattern, great.
You’ve now got strength and weakness and you’ve got the candle pattern all telling you that the market is likely to move up. All it’s doing is adding one more factor in probability in your favor.
Looking at the Weekly charts at the start of each trading week.
Now, I take that one stage further. We also, at the beginning of each week, look at the weekly charts. Now we go through and analyze the weekly chart and do the exact same process, but on a higher timeframe.
Now let’s say again, this pattern, the end that we’ve talked about, let’s say that on the weekly charts, the pattern again, look very strong. We’ve already identified on the daily charts the pan gains looking strong. That again adds more weight to our daily chart. Again, scale that down to, let’s say we saw really good strong bullish pattern on the pan down for our chart.
We’ve now got the weekly, the Daily and now the shorter time frame all showing bullish tendencies, all showing strength in the GBP/JPY all at the same time. Bigger picture daily picture, shorter timeframe picture Put all that together, you owe yourself, you’ve got yourself a very high quality high probability trade there.
Learn how to analyse the strength & weaknesses for yourself.
So if you’d like to find out how you can analyze the charts like this on descending strength. Weakness is part of our coaching program, but if you’d like to find out more about that, you can jump on to my masterclass.
Book a Call and talk with us.
If you’d like to book a call with us and have a chat with us to see if we’re the right fit for each other. Now obligation call just to find out if if what we do can help you. If you’ll write for us, you can book a call as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a high quality forex broker, I can highly recommend Blueberry Markets that based in Australia, they can take clients from most countries around the world. They offer the MT5 trading platform where you can trade forex, metals, commodities, indices, cryptos and of course be an MT5.
You can trade multiple timeframe charts as well, such as two hour, three hour, six hour, eight hour, 12 hour, as well as the more standard time frame charts. So I’ll put a link to all of that below.
Comments, Like & Subscribe.
Any questions you have, please email me Andrew @TheForexTradingCoach.com or like and subscribe and leave a comment.
If you’re watching this video on YouTube and I’ll see you this time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.
Episode Title: #571: Why Strength and Weakness Analysis is a Game-Changer as a Forex Trader
In this video: 00:21 – Tips and information to help you pass a prop firm challenge. 00:52 – Become profitable on your own account first. 01:55 – Keeping drawdowns low and your risk per trade low. 02:57 – Take your time and don’t rush the process. 04:00 – Open multiple prop firm accounts. 05:11 – My 17 minutes Masterclass and Book a Call. 05:20 – Blueberry Markets as a Forex Broker. 05:51 – Comments, Like & Subscribe.
So you want to know how to pass a prop firm challenge? Let me give you some tips that can ensure you’ll do that right now.
Hey, traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 570.
Tips and information to help you pass a prop firm challenge.
Today I’m going to give you some tips and information to help you pass a prop firm challenge. So first of all, what is a prop firm? Well, there are companies out there that will give you money to trade on their behalf for profit share.
Once you’ve proven to them that you can trade properly within that low drawdown criteria and then understand the worth low drawdown criteria, because after all, it’s their money, it is not yours and you have to meet their rules in order to pass a challenge.
Become profitable on your own account first.
Now, first of all, I suggest that you forget prop firms and you go back to basics and you make sure that you are, first of all, profitable, all on a demo account and then a live account of your own.
It doesn’t really matter how big that live account is of your own. But make sure that you are consistently profitable on that first with low drawdowns. The reason I say that is that when you get on to the prop firm challenge, the numbers increase. You might have been trading a 5 or $10,000 live for kind of your own, and all of a sudden now you’re on $100,000 with a prop.
From now, sure, you start on a demo account, but the numbers can be quite scary to start with, and it can be quite off putting. So what you have to do is make sure that you trade your own personal live account in the same way and same conditions that you would the prop firm when you go on to that.
Otherwise you just wasting your money and throwing it away and don’t even bother start on the prop firm. So treat this real. Treat it like a business. It is, you know, serious stuff here.
Keeping drawdowns low and your risk per trade low.
So you open up your prop firm challenge and they give you 100,000 demo. Okay. They will probably have a rule such as, like a maximum 5% drawdown.
Why? Well, it’s their money, not yours. Today we’re starting off and we’re on a demo. I get that it’s not real money, but when you go on to real money, you need to trade it the same way. So let’s say we have a 5% drawdown there. That means your account starting at 100 cannot go below 95,000. Otherwise they close the account on the demo.
And of course, the saying would be on the real. So what are you going to do to ensure that you have low drawdowns? Well, the most obvious thing is to have low risk per trade. I personally trade at an eighth to a quarter of 1% risk on trades on a prop firm. Why? Well, it means I can have if things go terrible.
I can have multiple trades all getting stopped out at once or in a row, which, by the way, doesn’t happen. But it could do. And I still keep within the drawdown criteria.
Take your time and don’t rush the process.
Now that also means that my gains are likely to be quite small, but that’s fine. There is no rush to pass a prop firm challenge. Take your time and do it properly.
Now you have to ensure that, of course, that you have high reward to risk trades so that when you are profitable, you have multiple. You know, you have trades that are multiple times your risk. So you can speed up that process. But let’s assume you pass your 100,000 demo okay. And you meet the 10% gain within the 5% criteria.
You go on to a live account. Don’t do anything different. Treat it exactly the same. Okay. Don’t get scared that now it’s real money because you know you can do it. You have that same low risk per trade approach. High reward to risk, and therefore, there should be no reason why you cannot pass that prop firm challenge. And let’s say you make it 10% which is $10,000.
You want an 80/20 profit share agreement with the prop firm company. All of a sudden that’s $8,000 to you. That’s not bad. It’s taking you a bit of time to get there, but now you’ve made it.
Open multiple prop firm accounts.
However, there’s absolutely nothing to say. You can’t open multiple accounts or with different prop firms and having a rolling, cyclical, process going here.
And that’s what a lot of our own clients do. You know, they’re opening up a new prop foam challenge every week, every couple of weeks, and they’ve got multiple prop firms going some on new demos, some almost passing the demo, some on to live, some passing live. And they’ve gone from 100 to 250, adding, you know, so there’s nothing to say that you can’t open multiple prop firms here.
So don’t just think of it as, oh my goodness, that’s a lot of work for just one. you know, one pay out of $8,000. No, you don’t have to do that. You can have multiple rolling prop firms going. That’s your decision to decide what’s best for you. But the beauty is, is that once you know how to trade within those low drawdown criteria and you’re not rushing it, there is an incredible opportunity to do very well from trading via a prop firm.
But it all comes back to the basics again. You have to know how to trade first. You have to keep your risk low and control. And that’s where we can help to educate you.
My 17 minutes Masterclass and Book a Call.
If you’d like to find out how we do this and how we can help you, jump on my masterclass or book a call with us so we can have a discussion to see if we’re the right fit for each other.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a high quality broker, I can highly recommend Blueberry Markets jump onto that MT5 platform where they offer an enormous array of different forex markets, but also indices, cryptos, metals, commodities as well. And you’ll find that most prop firms will offer those also those non forex markets as well. So practice on that blueberry demo.
Get on to a live Blueberry account do well at that. Keep your live account going. But then at that stage if prop firms offer you that’s the time and not before.
Comments, Like & Subscribe.
Anything you need help with. Please let me know. Leave a comment like, share, subscribe. Email me Andrew at the Forex Trading Coach with any questions that you have or leave a comment and I’ll answer them personally for you.
I’ll see you this time next week. Enjoy your prop firms. Bye for now.
Episode Title: #570: Every Trader Must Know About Prop Firms
#569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely
In this video: 00:29 – Bitcoin hits almost USD$95k 01:31 – How do I buy Cryptos. 01:45 – This is how we trade Cryptos. 02:15 – You can trade Crypto long or short. 03:28 – Taking advantage of the big moves in Crypto. 03:42 – Learning how to trade for yourself and Book a Call. 04:19 – Blueberry Markets as a Forex Broker. 04:35 – You can trade Cryptos 24/7 05:17 – Contact us for trading help.
So you want to trade the crypto market, but you’re not sure how to go about that? We don’t have enough money to buy Bitcoin at $95,000. Let’s talk about how we can help you to trade cryptos and make money from them. Right now.
Hey there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast him of 569.
Bitcoin hits almost USD$95k
So today we’re going to talk about cryptos. A lot is happening in the crypto markets right now Bitcoin’s hit almost 95,000 USD. If we go back just a few weeks ago it was around 65,000. So it’s had a massive, massive increase, most noticeably in the last few weeks since, Trump won the US election.
And in November, we have seen, the price of cryptos such as, like Polkadot and Dogecoin, some of doubled, some of almost doubled just in this month of November 24th. So there’s obviously a lot of action out there and a lot of people wanting to go and jump into the wonderful world of cryptos. So you’re wondering how me as a forex trader is going explain about cryptos to you?
Because of course there are, you know, many complicated ways of how you could get into cryptos and had you mind things where you go for wallets and all that type of thing.
How do I buy Cryptos.
And you might also be asking yourself, how on earth do I buy a Bitcoin? Because I don’t have $95,000 US sitting in my back pocket. And even if I did, do I want to go and buy a Bitcoin?
This is how we trade Cryptos.
So as a currency trader, I have a quite a simple solution for you. And it is this we trade cryptos such as Bitcoin and Polkadot and Dogecoin, in exactly the same way that we trade the forex market. We use the same charts. I strongly recommend you jump on to MT5 (MetaTrader 5) and you’ll find, on almost all brokers now. A massive array of cryptos available to you.
You can trade Crypto long or short.
Now, the other beauty of that is you can trade short as well. So it’s not like you’re going out there and going, well, I’m going to go and buy Bitcoin now at $95,000. And I’m hoping it’s going to just keep going up and up in value. But what happens if it doesn’t. And it suddenly comes back to 65,000.
Are you suddenly -30 grand. it’s not particularly, good. fear for your heart conditions. if that happens. But the way that we trade cryptos, it’s honestly, it could be the EUR/USD. It could be the USD/JPY. It could be Bitcoin, it could be Polkadot. It does not matter. And the beauty of that is we’re looking at the same charts.
We’re looking at the same patterns to trade. We’re still looking at support and resistance levels, round numbers. you know previous highs and lows, all that type of thing. Trendline breaks, divergence. All the things that we look at and the charts behind me here. It could be like I said it could be Bitcoin. That could be EUR/USD.
It does not matter. And the ability to trade both long and short and have your controlled and low risk is to me the key of all of this.
Taking advantage of the big moves in Crypto.
And obviously there have been some big moves. Yes. Fantastic. And you know, you can take advantage of those big moves, but you’re not in the investing, you know, tens of thousands of dollars in one thing. Hoping it’s going to go up.
Learning how to trade for yourself and Book a Call.
So we like to know how we do that and how we can help, educate you so you can do this for yourself. That’s the important thing. And again, it doesn’t matter. You could be just wanting to trade forex. You could be just wanting to trade crypto or a mix and of the both. And that’s what we do.
If the chart patterns are there on cryptos, and we may have a day when there’s not much on the forex, then we trade just the cryptos. We trade what we see.
If you’d like to find out how we can do this and help you, have a look at my On Demand masterclass.
If you’d like to book a call with us to discuss how we can help you to trade cryptos, then I’ll put a link to that as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very good broker and a very good platform where you can trade these large variety of cryptos, I’ll put a link here to Blueberry Markets as well. Highly recommend Blueberry Markets. They have a large number of cryptos available, very tight spreads.
You can trade Cryptos 24/7
And don’t forget the other beauty of cryptos is you can trade them 24 hours a day, seven days a week. And just last weekend we had one of our clients who does trade a lot of cryptos. He was posting a large number of trades that he took over the weekend on charts like four hour, six hour and 12 hour charts on a large number of different cryptos because the patterns were there and that is the advantage of it.
So if you’re out there saying, look, I’ve got a 9 to 5 and I don’t have time to trade forex, first of all, that’s not true. You can do that. But secondly, why not look at some cryptos at the weekend? Then just look at the change of a couple of time frame charts and see if you can, profit from that.
Contact us for trading help.
But of course, you need to know how to do that first. So come to us, get some information and some advice. Have a chat, get on to blueberry, have a look at their platform. Trade cryptos. It’s a great time to do it. Anything else you need, let me know. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week.
Bye for now.
Episode Title: #569: How to Trade Bitcoin, Polkadot, and Dogecoin Safely
#568: Why the US Election Results Matter for Forex Traders
In this video: 00:24 – Trump wins the US Election with a massive win. 00:53 – Quiet price action leading up to the election. 01:40 – W1 and Shorter time frame chart trades 02:02 – Selling Silver on the W1 charts. 03:09 – Metals dropped after the election result. 04:17 – The charts tell us what was going to happen with the election. 04:39 – My 17 minutes Masterclass and Book a Call. 05:18 – Blueberry Markets as a Forex Broker. 08:02 – Comments, Like & Subscribe.
I want to talk about the US election results and why I’m a technical trader. Let’s talk about those topics and more right now.
Hey there, Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 568.
Trump wins the US Election with a massive win.
So we’ve just had the results of the US election. This week has been a really good result. It’s been a positive result. there’s not going to be any indecision in the market now. we’re not going to get any delay in the result.
We’re not going to get any court action and recounts and all that type of thing. So from the markets point of view, it’s been a great result. And it’s been a good, strong, decisive, positive result. And that’s what the market needs and was looking for.
Quiet price action leading up to the election.
Now leading up to the US election, we’ve had a, like a quite a quiet couple of weeks, especially on the daily charts. And we’ve had that indecision and not really too much happening leading up to say, last week. And then the end of last week, we had the US monthly job news, and then the beginning of this week is all being quiet leading up to the election. Then, of course, you don’t want to be trading on the election day with potentially, you know, big moves or spreads widening and then we finally got the result and things are likely to now settle down again.
So it’s been a really interesting couple of weeks. You see the daily charts have been and the slightly longer timeframe charts like the 12 hours have been a little bit more indecisive. Not much happening there.
W1 and Shorter time frame chart trades
However you take it out to bigger picture and the weekly charts. We’ve had some great results and then the shorter timeframe charts between, say, like the two and six hour charts, two, three, four, six hour charts.
We’ve seen some great results as well. So it’s really interesting that as a trader, you have to trade what the market’s giving you at the time.
Selling Silver on the W1 charts.
And an example would be, we’ve taken a couple of, sell trades on silver at the beginning of this week. So we’re talking, you know, like three days before the election results, we saw that XAG/USD and also, XAG/EUR were both dropping based off the weekly charts.
And so we took sell trades on both of those. We suggested to our clients, we took sell trades or, they should, look at some sell trades as well. And we’ve profited from those trades. Now, as a technical trader, I was into those trades on Monday my time or Sunday from the US. at the beginning of the week.
and so the charts were telling us from a technical point of view that Silver was going to drop. Now, how far it goes from now. I don’t really worry because I’m out of the trade for full profit. and now we’re looking for maybe another trade potentially might move back up again next week. Who knows. But we saw at the beginning of this week, before the fundamental results, we saw on the technicals that the silver was falling. We entered the trade. We’ve hit the profit target.
Metals dropped after the election result.
Now as a result of the US election, we saw a lot of the metals falling. We saw the US dollar strengthening. And that’s something that the fundamentals tell you.
You need to be willing to work at trading.
But as you know I’ve just pointed out three days prior we already were in that position. We were shorting the metals such as Silver.
We were you know, we were long the US dollar as in shorting the silver US dollar. And so that’s exactly what we saw. so we would have seen, you know, the all of these things were pointing to the same thing on our charts long before the fundamentals. And we then, take this down to the shorter timeframe charts. We’ve seen some really good trades.
In fact, just on my webinar, yesterday, I took trades on the one hour, the two, the three and the four. And so we’ve seen some really good positions over the last couple of weeks on those shorter time frame charts as well. So it’s all about trading what you see and what the market is giving you.
But it’s all about trading the technical charts because they tell you in advance most of the time, what’s likely to happen on the fundamentals.
The charts tell us what was going to happen with the election.
So if you looked at that, you’d have seen that the result was likely to be good for the US. You would have seen, if you follow these things, that Trump was probably going to have a landslide victory.
Despite what the mainstream media in the press telling you. that’s why we don’t listen to those. That’s why we look at the charts and we we look at real news, not the, the mainstream news. And you can easily figure out what’s going on.
Now, if you’d like to, understand more about how we trade as technical traders, what I really encourage you to those two things.
My 17 minutes Masterclass and Book a Call.
One, have a look at my masterclass. It’s an on demand session. You can jump on that at any time if you’ve not already done so.
And number two, you can book a call with us and have a chat to see if we’re the right fit for each other. we don’t take on everybody. You’ve got to be the right sort of person, be in a position to want to trade properly and to invest in your education. And if you are, then great, we’re more than likely going to be a good match. But we’ll have a call and a chat with you first to see to make sure we can help you make sure that we’re right for each other.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good, high quality forex broker that offers all sorts of, markets, not just forex, but also the cryptos, the indices, the metals, commodities, I’ll put a link to Blueberry Markets. Their MT5 platform, is fantastic. And it offers all those additional, metals, but also things like XAG/EUR, not just XAG/USD, you know, against the pound against the Aussie, like that. So I against the Yen so you’ve got a lot more options there to again, come back to what I’ve mentioned about trading, what the charts are giving us, what the market’s giving us.
So if let’s say, for example, the, Silver you’re out in the XAG/USD we’re looking good like they were this week. You might not want to be trading XAU/USD or XAU/EUR because the silver’s were looking better. Or you may not want to be trading, say, XAG/JPY or the AUD or the GBP because the XAG/USD and the XAG/EUR were looking better. And that’s the beauty of having those multiple market options with a high quality broker like Blueberry Markets. So have a have a look at them and check them out as well.
Comments, Like & Subscribe.
I hope it helps. This is Andrew Mitchem at the Forex Trading Coach as always ask questions any topics you like me to cover on future videos and podcasts.
Just like this one? Just email me or leave a comment. my email address is Andrew@TheForexTradingCoach.com. That comes through to me personally, and I answer all emails personally as well. I’ll see you this time next week. Bye for now.
Episode Title: #568: Why the US Election Results Matter for Forex Traders
#567: How to Know If Forex Trading Is Right for You
In this video: 00:20 – Is trading for everybody? 01:41 – Some people are just lazy. 03:20 – You need to be willing to work at trading. 03:51 – Trading and Painting. 04:30 – Want to join us – Book a Call first. 04:58 – My 17 minutes Masterclass. 05:05 – Blueberry Markets as a Forex Broker.
Is trading for everybody? Let’s talk about that really important topic and more right now.
Is trading for everybody?
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 567.
Now, I’ve had a few interesting chats this week and I want to bring this to your attention and really want to say, look, is trading for everybody. the answer is absolutely not. And as a result of what I’ve experienced this week, I want to explain why I’m saying it’s not for everybody.
I received a call a few days ago from someone who lives here in New Zealand. He’s not a New Zealander. Believe he’s living here right now. And I had some doubts when I heard the conversation, and I ended up saying, look, I don’t think you should do this. I don’t think trading is for you.
And certainly we’re not a good match. he was, you know, it was all a little bit desperate, needing the money, potentially saying there was health issues. whether there was or not, I don’t know, but, you know, it was quite a sob story, and I’ve only got $300, and I heard it all, and I go, you know, I’ve heard this so many times over 20 years of trading and teaching.
This is not for you. You know, you’re not in a position mentally, potentially physically, financially to do this. And if you jump on board, it’s going to end badly because people like that, desperate for money, they’re not willing to put the time in.
Some people are just lazy.
You know, people can be very lazy, you know, so they just want a copy. In fact, I did say to him, look, you should probably just go and buy yourself a monthly subscription to a signal service, because I don’t think that you’re the type of person that’s going to be putting in the time, the effort, the commitment, to learn and now, important to note that just because you may not have, money today, that doesn’t matter.
The thing that we’re doing is we’re, teaching people how to trade properly, but you still need to put that time commitment effort into wanting to learn how to do it. If you can trade. You can trade on demo. You can trade on small live accounts. You can go through the prop firms, you know, there’s so many different ways to be successful without needing the funds to date.
Now, sure, if you come on board with us, you need some funds to invest in the coaching. You know, we’re not at the giving, our time, our knowledge, our expertise. you know, just for peanuts. You know, we’re posting trades every day without fail. We’ve done this since 2010. We’re on webinars, forums, all those type of things and a proven strategy.
So, yes, there has to be, you know, an upfront fee to do that. You know, we are not a charity. Let’s be let’s be clear about this. But when we have good successful traders, you will make your investment batches countless times over. And yeah, that knowledge, for the rest of your life. But coming back to this individual person just wasn’t going to be him, you know, it wasn’t going to work. And so the question comes, should everybody trade? Absolutely not.
You need to be willing to work at trading.
You know, you’ve got to still put the time, the effort, the commitment, the willing to have ups and downs in the market. You know, if you come on board and you go, oh look I’m not making money after one month. Well that’s because you’re learning. You know, you’ve got to give yourself time.
You can’t go and go. I want to be a tennis player. I’m going to do lessons for a month. And then I think I’m going to be the world’s number one. You know? It’s just not real. So give yourself some time, some realistic expectations to learn up front.
Trading and Painting.
And just, this week, I was at a business meeting and I said, look, the best thing I can do as an advice to give someone who wants to look at trading is think of yourself as like a painter or decorator.
Everybody sees the finished result. They see the painted wall, the, you know, the wallpaper, the the whatever. It is the, you know, the the beautiful finish. They don’t see the preparation that goes into it behind the scenes, the sanding, the, you know, the filling up the cracks and holes and, you know, doing all the prep work underneath the boring bit, underneath that makes the finished result look good.
And trading is exactly the same. You have to put that time and effort and commitment and not. On a more positive note, if you all one of those people would love to talk.
Want to join us – Book a Call first.
So, if you’d like to come on board with us, what you can do is book a call with us. It’s the only way that you can come on board with us, because we want to make sure that we’re a good fit. So book a call with us using the link that I’ll put on here. We’ll have a chat, see if you’ll write for us, if we’re right for you, and if we, both agree, then it’s a good match. Then you know the call is yours to say. Well, look, I’d like to come on board or not. That’s up to you.
My 17 minutes Masterclass.
Have a look at my masterclass. And, if you add, I’ll put a link to that.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very high quality broker, I can highly recommend Blueberry Markets. There. MT5 platform is, fantastic. I’ve taken trades just yesterday on the USD/MXN and and the, CHF/PLN and Ethereum. You know, some quite a more unusual.
You know, if we were talking five years ago, those, pairs wouldn’t have been available. But because of mt5 and the ability to have more pairs, more markets, they are and and so we’re taking trades based on the strategy, on the pattern, not so much what the market is. And they’re working. So have a look at blueberry markets if you want a good quality broker as well I’ll put a link to them here.
That’s it for now. just remember if you’d like to learn how to trade. We’ve been doing this for a long time, but you need to be the right type of person that wants to do it. And if you are, let’s talk.
This is Andrew Mitchem here at the Forex Trading Coach. I see you this time next week. Bye for now.
Episode Title: #567: How to Know If Forex Trading Is Right for You
#566: How to Trade Without Following the Major Trading Sessions
In this video: 00:26 – Which trading Session should you look at? 01:13 – I used to be up all hours of the nigh trading the US session. 02:53 – Profitable US30 and Natural Gas trades. 04:25 – Trade on the close of a candle. 05:30 – My 17 minutes Masterclass and Book a Call. 05:58 – Blueberry Markets as a Forex Broker. 06:26 – Comments, Like & Subscribe.
Should you trade the European and US Trading Sessions in order to be a successful forex trader? Let’s talk about that a more. Right now.
Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 566.
Which trading Session should you look at?
Today I want to talk about trading sessions. A lot of people get confused and get this completely wrong. And they think that in order to be a successful trader, whether it be forex or metals or indices, whatever it might be, they think that they should trade what we call the trading sessions.
Now the Asian trading session was just based around Tokyo. Then we have the London and kind of that into European trading sessions and then the US trading sessions. And they tend to be the times when this the most activity within the market. And people get very confused and they think, well, I should only be trading the London trading session or I should only be trading the US session, or make sure I try and trade both of them, and it’s something that you do not have to do.
I used to be up all hours of the nigh trading the US session.
Now, admittedly, when I started to trade, I thought that’s what you had to do as well because that’s what people tell you you should do. But quite often in life, with most things and people tell you you’ve got to do this. The reality is that there’s a far better way of doing it by ignoring what they say. And there’s no better example than that.
Then for me, living here in New Zealand, the London session is in our evening into our night time, and the US session is the very early hours of the morning. Utterly impossible and unrealistic. Impractical to trade.
And just this week I’ve taken trades on the US30 and also on natural gas. Now the US30, especially being in a US index.
Traditionally, I would have thought, well, that means I have to be up at 2:00 in the morning to trade when the US markets are open and when natural gas, slightly less of a, an issue, but again, not a main forex what you call like a mainstream forex pair because it’s a gas and the metals, the gases, and the indices and a lot of the commodities as well tend to be based more around the US time of day.
Not particularly useful when you live on this side of the world. But really this applies to wherever you live in the world. If you’re living in, Europe, let’s say you got, well, I can’t trade the London morning session because I’m at work. you may be in the US and go, well, I can’t trade the London trading session because it’s like 4:00 in the morning for me. And so it doesn’t matter where you live in the world, the same concept applies.
Profitable US30 and Natural Gas trades.
The thing is, with trades like the US30 that I took this week, and by the way, it was a very profitable trade. We had a 3.2 to 1 reward to risk on that, and we also had a 2.8 to 1 reward to risk on the natural gas, both for profitable.
So great results. the point being is I took both of those two trades based off the daily charts, and I took them at the close of the day, which is 5 p.m. New York time. Now, the great thing is, when you understand, close of charts, close a day charts and the close of a time friend chart.
That’s when you can look at your charts. When you add to that the fact that we use limit orders, you don’t actually need to be there at that exact time. So going back to the US30, when the, market then opened, I think it was 6:00, eastern Standard Time, maybe seven. I then, put on the sell limit orders to sell the US30 above its current price, the market.
Then, during that day, then worked its way back up, hit our sell limit entry orders, and then dropped and hit the profit target. So those trades took me, like, a couple of minutes each to see and take and place. And I could have placed those. Doesn’t matter where I live in the world, I could have placed those limit orders.
And that’s the absolute beauty of it. I didn’t need to be setting my alarm clock. Been up at 2:00 in the morning or 3:00 in the morning for the US trading session.
Trade on the close of a candle.
You don’t have to do that trade based off the close of a candle. And if you can trade at that 5:00 New York time in the evening, that time, that means you can also go through multiple other charts like we do each day.
We look at six, eight and 12 hour charts. depending on where you live in the world, you can look at close of, six hour charts or eight hour charts or 12 hour charts, which, by the way, at 5 a.m., New York time.
Now that doesn’t suit. And you go, well, it’s 5:00 in the morning because I live in New York. Well, if you place limit orders, you could place them at like 6 or 7 or 8:00 in the morning when you get up. And you can still take those traits. And so work your trading around your available time and what suits you. But once you know what you’re doing, you don’t need to have to sit there watching like so.
Five and 15 minute charts in the London session or in the New York session. Do the complete opposite, because the opposite is where you get your longevity and your enjoyment from. And also you’re going to get your, lot less stress and higher reward to risk trade. So remember, it’s about the quality of trades, not the quantity of trades that you have there.
My 17 minutes Masterclass and Book a Call.
If you’d like to find out how we do this, I strongly recommend you jump on to my 17 minute on demand masterclass session. I’ll put a link to that here.
If you’d like to, go ahead and book a call to have a chat with one of, myself or one of my team. I put a link that you can do that. Just fill out just a few questions, and then you can book a time to have a chat with us. If you’re in the US or Canada, you can talk directly with Paul Tillman, via that application form as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very high quality forex broker, which also offers the indices and those metals and commodities and the cryptos that we talk about, I highly recommend you take a look at blueberry markets. I’ll put a link to them here as well. I use their MT5 platform. It’s fantastic. Just a massive array of different markets and, great people, great spreads and very fast withdrawals from your account. And you make your profits as well. So I’ll put a link to blueberry markets here as well.
Comments, Like & Subscribe.
If you have any other questions or topics, that you’d like me to cover on future videos and podcasts, just send me an email, Andrew@TheForexTradingCoach.com, or leave a link if you’re watching on YouTube in the comments.
And don’t forget to like and share and subscribe, and I’ll see you this time next week. Bye for now.
Episode Title: #566: How to Trade Without Following the Major Trading Sessions
#565: Why Trading Multiple Time Frames Boosts Your Forex Success
In this video: 00:22 – What is the best time frame chart to trade? 01:01 – It depends on how you like to trade. 01:57 – What is the market doing? 02:35 – My preferred times of day to trade. 03:20 – My trading time frames this week. 05:52 – Ideally trade a blend of different time frame charts. 07:10 – My 17 minutes Masterclass and Book a Call. 07:21 – Blueberry Markets as a Forex Broker. 08:02 – Comments, Like & Subscribe.
What’s the best time frame chart that you should trade as a forex trader? Let’s talk about that a more. Right now. Like.
Hey there, Traders! Andrew here at the Forex Trading Coach with video on podcast number 565.
What is the best time frame chart to trade?
Want to talk about a really important topic about different time frame charts. What is the best time frame chart to trade? It’s a an issue that so many people struggle with because they get confused when they look at different charts. And as an example, they may look at a daily chart and it looks like, let’s say the EUR/USD is moving up.
And then they go to a one hour chart and it looks like it’s moving down and they don’t know what to do. You get that analysis paralysis. Which one’s better, which one’s more reliable. Which one should I be trading. And I quite often get asked hey Andrew, what’s the best time frame if I just had to choose one? What is the best?
It depends on how you like to trade.
Now, unfortunately, there is no one best time frame chart. So really depends on you as a person and as a trader. You see, if you’re the sort of person that wants to sit there for 2 or 3 hours a day studying the shorter time frame charts, almost certainly taking a trade of some inscription then probably the shorter time frame charts are for you.
However, on the other hand, if you like to do other things and you want to trade, say just monthlies and weeklies and possibly dailies and you like those longer time frame charts, then that’s what you should be focusing on. But also for me as a trader, I think the important thing is to have a balance of both, because a lot of it comes down to not what you want to do or can do.
What I want to do or can do. It’s just it comes down to the market conditions at the time, and that’s the real important factor.
What is the market doing?
What is the market going to give us today or this week for this month? That is going to give us a high probability chance of success. And that’s why for me, the answer to what is the best time frame to chart to trade is it depends.
And also you should look at multiple time frame charts. Now, I’m not saying you need to be there staring at your charts for like hours and hours a day. Far from it. You need to be smart about this, and you can trade multiple time frame charts looking for the highest quality setup by just looking at charts, just like, say, once or twice a day.
My preferred times of day to trade.
Now, if I had to pick one time of the day, that would be my preferred time. It would be at the close of the trading day, which is 5 p.m. New York time. Now that is when we analyze the markets and we post our daily chart trade suggestions, but also at that time we scan through the markets and look at 12 hours, eight hours and six hours because they close at the same time.
At the beginning of the week, you can look at the weekly charts. Beginning of the month you will look at the monthly charts. If I had to pick another time, it would be 5 a.m. Eastern Standard Time, New York time, because that’s into the European session. The 12 hours change over so as the 6,4,3,2,1 hour charts, but it depends on what works for you. And that’s why I look at the close of a candle.
My trading time frames this week.
Now to give you some examples, just this week I have taken, one trade on the two hour charts, one trade on the four hour charts for trades, on the six hour, four trades on the 12 hour, and only two on the daily and nothing on the weekly.
And so I found for this week that the you know, when you look at those figures, the six in the 12 hour charts this week have been giving us the higher quality setups. Now, I’ve also had I’m not sure if you can see behind me here. If you’re watching the video. A lot of profitable trades. Had a very good week so far.
just with a quarter of 1% risk per trade, I’m up getting close on 3% gain for the week. Still with two days to go as I’m recording this a day earlier than normal. And so again, it comes back to what is the market giving us. You have to trade the the strategy and the system with the chart that is giving you the best possible setup.
And that’s all depending on what’s happening in the market at the time. You know, you can find some weeks where the two and four hour charts are just fantastic. Other weeks, the two and four hour charts are not giving us very many opportunities in the dailies and the these are giving us the better trade. So I think it’s very important that you have a strategy that can be adapted, that can work against, over multiple time frame charts.
When I hear about people who say my strategy only works on a one hour chart and it only works on the EUR/USD, I would run a mile from someone giving you or suggesting or thinking that’s a good way to trade, because you cannot limit yourself to just one pair or handful of pairs and just say one time frame chart.
Why does it only supposedly work on that timeframe? Has it been over optimized curve fitted those type of things? The way that I trade it works across all the time frame charts. Look, I’ve got some people trading on one and five minute charts. Is that something I personally do? Not at all. But for the right person it works.
Now, of course you’d have to be selective on what markets and pairs you’re trading with those tight, you know, the tight spreads if you’re in and out of the markets on those short timeframe charts. But the point is, if that suits you and you see the conditions and you see the setups and it works, fantastic, go for it.
If you’re the sort of person that goes, I just want to look at the charts just once a week, well, trade the monthly charts and maybe the weekly charts. and you can do very, very well from those. It just have to accept that some weeks or some months there won’t be set ups.
Ideally trade a blend of different time frame charts
But again, it’s my preferred option is a blend. You trade a blend, you’re opening yourself up to more good trading opportunities and being able to be quite selective and pick what you see at the time is the higher quality trade setups. So I hope that answers the question for you. It’s also another reason why I never look at my trading, success in terms of pips. Completely irrelevant.
You know, you’ve got to make sure that if you’re trading a two hour chart or a daily chart, if you have a trade, that’s profitable. It’s going to risk the same amount on both setups, and it’s going to make you roughly the same amount. If you have a profitable trade. Doesn’t really matter which of those works or doesn’t work.
You have to have a similar reward to risk. Now, naturally, you’ll find that the bigger time frame chart spread becomes less of an issue. They tend to be slightly more reliable because there’s more data within a bigger time frame chart, and you tend to find you can probably get a higher reward to risk out of the trade. As opposed to, say, like a two hour chart.
But having said that, if the setups on the two hour charts and not on the daily charts. Take the two hour charts. If the setups are showing you on the daily or the 12 hour, take them on that. So be selective, high quality, be, quite critical with the trade setups that you take. You’re going to give yourself a higher chance of success and getting yourself a nice, smooth equity curve there.
My 17 minutes Masterclass and Book a Call.
Now, if you’d like to know how we do this and how we can help you to do the same, to know exactly what to look for, when to look for, jump on to my 17 minute on demand masterclass. I’ll put a link to that.
Blueberry Markets as a Forex Broker.
And if you are looking for a high quality broker, can highly recommend Blueberry Markets again, I’ll put a link to them here. I’ve been with Blueberry Market since I started and I found them absolutely fantastic to trade with. They’ve got a new copier service, they’ve got, you know, lots of new ideas in the pipeline as well, but also lots for you to use right now. Their MT5 platform covers a large array of different markets, both forex and non forex. Very fast withdrawals, very tight spreads. I can highly recommend blueberry markets. So if you’re out there looking for a broker consider them. If you’re not been on my masterclass have a look at that. Really think it’s a great investment in 15-20 minutes of your time.
Comments, Like & Subscribe.
And any questions that have that you’d like me to cover on future videos and podcasts like this, just drop me an email Andrew@TheForexTradingCoach.com or, leave a comment if you’re watching the video.
I’ll see you this time next week. Bye for now.
Episode Title: #565: Why Trading Multiple Time Frames Boosts Your Forex Success
#564: Why 90% Win Rate Systems Are Dangerous for Forex Traders
In this video: 00:26 – Do you want a 90% win rate system? 01:48 – A traders comment about a high win rate strategy. 03:15 – Focus on the quality trades. 05:05 – My 17 minutes Masterclass and Book a Call. 05:15 – Blueberry Markets as a Forex Broker. 05:55 – Comments, Like & Subscribe.
As a Trader. Someone gave you a system that had a 90% win rate. I bet you’d want to trade it. The reality is, you should not trade a 90% win rate system. I’m going to explain why right now.
Hey there, Traders! It’s Andrew Mitchem at The Forex Trading Coach with video and podcast number 564.
Do you want a 90% win rate system?
So you heard me right. If I said to you, hey, I’m sure you love my system, that’s got a 90% win rate, I. But you’re going to make lots of money and you get. Yes. Please give it to me. The reality is that you’re probably not going to make money off of a system like that.
Now, if you’ve been following me for any length of time, you’d know the story I told a real true story from a few years ago where someone came to me with a 90% win rate system, and they were very excited and it all looked really good. The problem was that they were losing lots of money because their focus was on win rate.
They were having, let’s say, out of ten trades, they were having nine out of ten trades hit their profit target, hence a 90% win rate system. But the trouble is they were making lots of small little gains. And every 1 in 10 trades had a massive loss that wiped out all their gains, plus lots more. And so that becomes the, the reality of it.
You know, you’ve got to be very careful with win rate. Don’t put all your focus into that because you’ll end up not doing, you know, what you should be doing, which is looking at things like control, risk, high reward to risk, looking at what the market’s doing at the time, looking at the pair you trading, the current conditions, all those type of things that mean that there are so much more to having a successful trading system than simply having a high win rate. High win rate is not necessarily good and in most cases is not good at all.
A traders comment about a high win rate strategy.
And this issue resurfaced just yesterday when I had someone come to me with something very similar to this. And I just need a high win rate system because that’s going to make me feel better and and it’s going to make me trade better.
And I tried to explain to them, look, the end of the day, you’ve got to make money out of your trading. That’s the important thing isn’t it? So why not focus on making money and doing it trading properly, than just being completely glued and fixated on this one thing? Because you find that with the people with 90% win rates, they do these crazy things like having there reward to risk run the wrong way, or have very structured and rigid, profits and stops which generally are not in their favor, as in they may have, let’s say that pluck some figured that this guy, you know, a 50 pips stop loss and a 20 profit target.
Now, if you know the way I trade, we never talk pips. But unfortunately, the people with the high win rate systems do. And so that’s their issue is they keep getting stopped out. And that reward to risk is not good. Or they’ll do something like they’ll have, a ten pip profit target and 110 pips stop loss. And you know, nine out of ten trades go well.
You’re one big one loses. And so having their focus around the wrong way is something that they don’t realize until they trade live. And they see that this 90% win rate system does not work
Focus on the quality trades.
For me, focus on low and controlled risk on every trade. Forget about pips and ensure you have high reward to risk trades. Focus on trading with strength and weakness.
Now just yesterday I held a live European session webinar with my clients and we had the perfect scenario setting up. On the bigger picture daily bias. We were looking for some weakness in the New Zealand dollar and lots of strength in the US dollar. That’s exactly what we saw. And so when we’re looking at currency pairs, we were suggesting that ideally we should be looking at selling the New Zealand dollar against the US dollar if suitable trades present themselves.
Now just on that live webinar at the beginning of the session on the two hour charts, I took a sell trade on the NZD/USD, a beautiful continuation pattern. The market had dropped and pulled back looking like it was going to drop down again. We took the sell trade and within one hour we had a profitable trade.
At the end of the webinar, which was 5:00 am Eastern Standard Time, New York time, the three hour charts closed and we had a fantastic sell trade again on the NZD/USD on the three hour charts. And so we profited from both positions by trading the pattern, having high reward to risk. They had something like about a 2.8 to 1 reward to risk, and the trades were both profitable.
So, we have our risk control. We have a high reward to risk for trading the patterns we’re trading with the bigger picture strength, the weakness, analysis, everything. All the all the factors that we look for were all suggesting you have to take this sell trades. And that’s what we did. And that’s what we, profited from those.
So that to me has a far more significance in terms of, your overall profitability and common sense within your trading and then just focusing on, hey, I need to 90% win rate system.
My 17 minutes Masterclass and Book a Call.
Now, if you’d like to find out more about how we do this and how we can help you to become a successful trader, have a look at my 17 minute On Demand masterclass. I’ll put a link to that here.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a quality forex broker, I can highly recommend Blueberry Markets. They based in Australia, and you can open an account from pretty much anywhere in the world is a few countries that they cannot take, but pretty much everybody else they can take. And I strongly suggest you have a look at their MT5 platform.
It’s the one that I use. And I’ve been using Blueberry Market since they started. They’re a great bunch of people. great spreads, great communications, very fast, fun withdrawals as well, and a massive array of markets on their MT5 platform. I’ll put a link to blueberry markets here as well.
So, hope that helps. Make sure that you focus on the quality of your set ups and your overall strategy, and remove that focus from having to have a 90% or higher win rate system is probably not going to work out in your best interests in the long term.
Comments, Like & Subscribe.
Hope that helps. any questions that have any trading topics you’d like me to discuss like this on future videos and podcasts? Send me an email Andrew@TheForexTradingCoach.com or leave a comment if you’re watching on YouTube. I’ll see this time next week. Bye for now.
Episode Title: #564: Why 90% Win Rate Systems Are Dangerous for Forex Traders
In this video: 00:30 – Great trading conditions ahead. 01:06 – How has your trading been this year so far? 01:58 – What do you need to change? 03:12 – Book a call to talk with Paul Tillman. 04:07 – A link to our booking calendar. 04:28 – Join my free Masterclass 04:42 – Blueberry Markets as a Forex Broker. 05:58 – Comments, Like & Subscribe. 06:15 – Finish the year strongly
How’s your trading year been so far in 2024? We’ve got just three months left of the year that generally good trading months. What are you going to do to make sure you have a great final quarter of this year? Let’s get into that a more right now.
Hi there, Traders! It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 563.
Great trading conditions ahead.
What has happened to this year? It is just absolutely flowing past. I know we say it every year, but this one seems to be even quicker. We’re now into the last quarter of the year. We’ve been through that northern hemisphere summer time with July and August are sometimes a little bit tricky to trade.
And now we’re into the last quarter. I think we’re going to get some very favorable trading conditions because of all the events happening in the world. And generally October, November, December give us very good trading conditions, and that’s what we need is traders. We need movement, we need volatility and we need to take advantage of that.
How has your trading been this year so far?
So my question to you is this how are you trading been so far this year. We’ve been trading since January. We’re now into October. How has that first nine months of the year been? Has it been like pretty ordinary, pretty average for you? Is it been really good? If it’s not been great, what are you going to do to make sure that you finish the year with better and improved results? What is it that you’re going to do?
Have you not met your trading goals? What needs changing? Have a think about that, because honestly, I think that October, November, December, the conditions generally are good. I think with everything happening in the world, we’re going to get we’re going to see some good market movement. And it doesn’t matter where we’re on the currencies or the metals indices, cryptos, the commodities, I just see great conditions.
So let’s take advantage of that together. Make sure that you are doing everything you can to, take advantage of the end of the year in these great conditions.
What do you need to change?
But it really also, I think, is important that we reflect so far that we’re three quarters of the way through the year. What needs changing from your point of view if you’re trading has not been quite as good?
What do you need help with? What do you need to change do differently? Because let’s face it, we continue doing the same old thing. Guess what? The next quarter is going to be the same old thing, and you’re going to get to the end of the year and you’re going to be disappointed. so I think it’s really important that they take advantage of these likely good conditions, but maybe change something in your trading if we can help.
Let me know. let us know. Leave a comment. ask questions because we’re all about helping traders worldwide. On our course, we have clients in 108 countries. You know, we’re a global community about helping people. So I think it’s really important that you reach out and ask questions. And even if it’s like other topics you’d like me to talk about and discuss on these videos and podcasts, I’m more than happy to do that because we want successful forex traders.
But also if you’re out there and you go, look, Andrew, I’m just trading cryptos or metals, then my strategy, the logic that we employ, works on all those different markets. And that’s the beauty of it. One strategy, multiple markets, multiple time frame charts.
Book a call to talk with Paul Tillman.
If you’re in the US or Canada, I’ve got some great news for you. Paul Tilman, who works with me. He’s been with me since 2015 when he started as a client. Paul did so well that I had to have him on board as part of the team. He runs our US Clients Webinars, he helps to moderate forum and he helps, look after people during the, US time zone. If you like to have a personal chat, a one on one chat with Paul.
If you’re in the US or Canada, let me know and I can send you his details and book a time with him. I can give you his email address and his personal phone number so you can book a time if you’re serious about your trading and wanting some help. and you’re in the US or Canada. Let me know.
Andrew@TheForexTradingCoach.com or send me a support ticket or put a link if you’re watching the video and I’ll send you through post details. It’s more than happy to help you with your trading. If you’re serious about trading, I want to make it work for you.
A link to our booking calendar.
If you’re outside of the US or Canada and you want to book a time with me or one of the team, I’ll put a link to our booking calendar as well. Fill out a very quick application form, make sure that we’re suitable for each other, and then book a time, and we can have a call to make sure that we can help you with your trading and take it forward with your trading in progress, so that you’re enjoying your trading and you knowing what you’re doing.
Join my free Masterclass
If you’ve not been on my 17 minute masterclass, I strongly recommend that you do that. Turn off everything. Just turn off all your, you know, emails and phone and Facebook and all that. Just focus on 15-20 minutes on the webinar and you got to learn so much from it.
If you out there looking for a high quality forex broker can highly recommend Blueberry Markets. I’ve personally been with them and have funds with them and been with them since they started.
They’re great bunch of people. I’ve met them in person. I contact them regularly each week. We’ve sent hundreds, if not thousands of people through the blueberry markets, and we always hear the same feedback. They’re great people, exceptional service, wonderful platform, lots of different markets, tight spreads, everything that you’re looking for from a forex broker. Plus they have the other markets on MT5 such as the commodities, the cryptos, the indices, metals, etc. that we talk about all the time.
Blueberry Markets as a Forex Broker.
So if you’re out there looking for a broker, put a like give some thought and have a look into blueberry markets, I’ll put a link to them here so you can go and check them out and decide for yourself if you’d like to go with them. But honestly, there’s so many. I’ve had about 5 or 6 different brokers emailing me just this week because I know Andrew, would you help promote us?
And I say to them, no, I only promote people who I personally like, and I personally have used myself and I’m satisfied that I can then go and say, hey, here’s someone I think you should consider. Blueberry markets are definitely one of those companies, so have a look at them. Have a look at the link I’ll put here.
If you’d like me to discuss any topics or trading questions that you have, just reach out to Andrew@TheForexTradingCoach.com. Put the link here for you. I’ll put a link to that as well.
Comments, Like & Subscribe.
If you’re watching, on YouTube or some format on video, fill in the comments with your topics and I’ll cover them for you.
Finish the year strongly
But look, let’s make the next three months. Like I said, that generally pretty good trading conditions October, November, December. With everything going on in the world, I think they’re going to be very volatile. Lots of movement, exactly what we want. Take advantage of that. Know how to trade properly with low risk, high reward to risk and to know. Look at your charts and know exactly what to do and why and when.
If you need help, we’re here to help make it work for you. I hope that helps. This is Andrew here at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #563: How to Capitalize on Q4 Forex Market Trends
#562: How Live Sessions Can Transform Your Trading
In this video: 00:27 – You need someone to show you how to trade. 01:23 – We trade and post in real time. 01:52 – Live webinar trades make +2.1% gain. 04:10 – This is invaluable information. 05:37 – My 17 minutes Masterclass and Book a Call. 05:56 – Blueberry Markets as a Forex Broker. 06:13 – Comments, Like & Subscribe.
I’m going to explain this week why live trading room webinars work and how they can massively help you with your trading success. So let’s talk about that a more right in that.
Hi there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 562.
You need someone to show you how to trade.
Now different ways of learning how to do anything. whether it’s trading or for me doing karate or learning to fly a helicopter or a guitar, whatever it is, you need someone to help you and to show you and to be able to refine things and trading’s exactly the same.
You see, you can go online and you can look on YouTube in different places and you can have video course just like our one, and you can go through and read things and see some videos, and that’s all well and fine. But the trouble is in trading is to make any money in trading, you have to have the ability to do this in real time.
You know, it’s all well and good looking through some books and seeing some waves and retracements. And we did this at this point and look at this massive trend and you know, and there’s so many videos and I see with millions and millions of hits on YouTube, but all they’re doing is showing you with hindsight what happened.
We trade and post in real time.
And the reason that we do so well, as do our clients, is we do everything in real time. We’re not about hindsight. We post our trades every day for people to follow in real time. We put our trades on our forum site on the shorter time frame charts in real time, and every week we hold a live two hour trading room webinar one weeks in the European session with myself. The following week is in the US session with Paul Tillman, who lives in the US.
Live webinar trades make +2.1% gain.
And yesterday I held a live European session, webinars, a two hour session where all our clients can jump on to, they all get recorded as well.
So if you cannot attend live, you can go and watch the recording. And by the way, we have all the recordings dating back to 2010 on our website. So vast amount of very valuable information now on the webinars. The beauty of them is they are live. There’s no like cherry picking the hand, picking the best trades. you know, we’re talking about trades, we’re discussing trade set ups, etc. live in real time. And obviously no one knows the result of what we are saying, we are taking.
Now on yesterday’s session at the end of the webinar, which ended at 5 a.m. Eastern Standard Time, which is in the European session, we took some trades and I posted and took three trades in front of our clients. We had a EUR/GBP 6 hour chart trade sell. Which had a beautiful retracement and hit the profit target, both positions hitting the profit target.
We had a Netherlands 25, the index 2 hour charts trade one position got filled and it was stopped out. And we had a, two hour trade on the gold against the Australian dollar. Both positions got filled and hit their profit targets.
Now the EUR/GBP made a 2.7 to 1 reward to risk a 1.35% gain. the Netherlands 25 lost a quarter of 1% because it was stopped out and the XAU/AUD had a 2 to 1 reward to risk or 1% gain.
That gave us with only a half percent (0.5%) risk per trade total split over two positions. That gave us a net gain of 2.1% on our account. So 2.1% over three trades taken at the end of the session live in front of everybody, so all our clients could follow along and take those trades and learn from them as well.
And that’s the beauty of this. It’s about doing this in real time, where we discuss the trade setups and we take the trades, and we encourage people to talk about what it is that we’re looking at at that time to say, yes, this is a good trade on. No, this is maybe not such a good trade, of which we did have a couple of those as well that were almost, but not quite as good as we are looking for.
This is invaluable information.
And so you cannot beat that information. As someone watching and learning and participating, you’re part of the community. You’re watching a full time trader explain the system of why they’re doing what they’re doing, so you can learn in real time.
Again, I go back to my karate days. You know, I could watch videos all day long, but unless I get an instructor saying, hey, just do this, just move this way. Just rotate your arm this way, just pull your toes back when you’re doing a kick just to do these things differently in real time with a real person there, you cannot beat it. Same as the guitar. Right now I’m learning the guitar. Yes, I can do some online. exercises and learn a few different things, but if someone set, there they go.
Hey, Andrew, why don’t you just try this or move the finger this way or strum this way? Definitely. Or change you chords from here to here instead of, like, the traditional way. All these little nuances that will massively help you.
And again, trading is no different. You need someone there to hold your hand to show you this is what we’re doing. Yes, you could do this, but if you do it this way, it’s a little bit better and you can improve things in fast track things.
Now obviously with trading, you’ve got your mindset and your loss of money. If you’re not doing this well. And again, very valuable to be able to have someone there to help shortcut those things and, eliminate those errors and improve. And that’s exactly what we do.
My 17 minutes Masterclass and Book a Call.
So if you’d like to find out how we do this, I’ve got a short 17 minute on demand masterclass, which you can log in and view at any time, and I’ll put a link to that.
If you’d like to book a call to have a chat with one of us personally, for about a 30 40 minute chat, you can do that. other with myself or one of the team.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very good broker, I took all those trades on Blueberry Markets and including the, the XAU/AUD, which some brokers won’t have, including the Netherlands 25. Again, which some brokers won’t have. Blueberry on MT5 have them all and I’ll put a link to Blueberry Markets as well.
Comments, Like & Subscribe.
Don’t forget if you’re watching to like and share and subscribe any topics or conversations you’d like me to cover for you in future videos and podcasts just like this.
Please send me an email Andrew @TheForexTradingCoach.com or leave a comment and I’ll see you this time next week. Happy trading. Bye for now.
Episode Title: #562: How Live Sessions Can Transform Your Trading
#561: Why Every Trader Should Consider Using Limit Orders
In this video: 00:24 – How to best enter a new trade. 01:11 – I mostly use Limit Orders. 02:17 – The benefit of using Limit Orders. 03:53 – Other things which add to a trade setup. 05:00 – My 17 minutes Masterclass and Book a Call. 05:30 – Blueberry Markets as a Forex Broker. 06:01 – Comments, Like & Subscribe.
What’s the best way to enter a new trade to make sure that you get the best possible outcome? Let’s discuss that really important topic and more. Right now.
Hi there, Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 561.
How to best enter a new trade.
Today I want to talk about how you can enter a new trade and how you can get the most out of your trade by doing a few clever things. So there are a couple of options that we have, or three really.
you can enter what’s called a market order, which means you jump into the trade straight away, and it’s what most people do. or you can use a stop order. And for a stop order, it means on a buy trade, you’re buying above the current price. And for a sell trade, it means you’re selling below the current price.
Or you can use a limit order or a retracement order. And a limit order means on a buy limit. It means that you’re buying below the current price. And on a sell trade, it means you’re selling above the current price.
I mostly use Limit Orders.
Now, I’m a big fan of limit orders, and this how I place the vast majority of my trades. And the reason I do that is because I know that the market is not a straight line. You have a look at most charts and most markets and most timeframes, and you’ll never see, a perfect straight line. You will never see a candle close and the next one just open and go in the perfect direction. Most times you will find there will be some form of upper or low wick on a candle, and there will be some form of, movement.
Let’s say the market’s moving upwards. and a candle opens most times within that candle’s, formation. Let’s say it’s either H4 chart or our daily chart or whatever it is. Most of the time it will go up, it will come back, it will go up again, maybe come back again, and then finally go up. so you get retracements all of the time in pretty much every market and every time frame.
The benefit of using Limit Orders.
And so by using limit orders, what it does is it means we get in at a better price. It means that we, on a buy trade, we see the market at a certain level. That means we have buying if it pulls back to a lower price first, and if the market then heads turns around and heads in our anticipated direction, by the time it gets to where the candle opened, you’re already in good, positive territory.
And by the time it gets to a profit target, you’ve made really good money. Now, what that does is it drastically improves the reward to risk that you get out of your trades. So go and have a look at any chart and you have a look at let’s say you imagined, you took a trade at the market as soon as the next candle opens.
And then you have a look at how much you’re going to make in terms of your stop loss, your profit target, and the reward to risk from that trade. And then do the same thing again with that same setup. Go, okay. But if it’s moving up and it’s buying, what happens if I bought below the current price and I’m first, looking for the market to pull back now of course, for the limit order, you’re not sat there waiting for all this to happen.
You’re just simply saying I’m putting a buy limiting at this price. And if the price pulls back, it gets you filled and then hopefully moves up in your anticipated direction. So have a look at how many times that happens. I think you’ll be amazed at how often that happens if you have a good setup.
Other things which add to a trade setup.
Now, a few other things that we add to that is let’s say again, assuming we’re buying, we’re buying below the current price.
If the, buy limit order is just above, let’s say a round number of previous swing low or the pivot point or some form of support level below it. Quite often you’ll find that the price will come down and get filled. And that support level, whether it be a swing low to the left or right number below it, will hold.
And the price then turns around at that level. So you’re not only entering just simply because it’s below the current price limit order you’re ordering. You’re taking that order with some safety net below you to look for the price to bounce and then move up again. So all the time we’re adding more and more layers of confirmation and confidence to our trades to give ourselves a high probability chance of a successful trade.
So have a good look through your charts. Consider using limit orders. It will massively improve your returns and the reward to risk that you get out of your trades.
My 17 minutes Masterclass and Book a Call.
If you’d like to know more about how we do this, have a look at my free on demand masterclass. It’s only 17 minutes. It’s really quick. It gives you a lots of just fast paced, information about how we trade. Some chart examples and how we can help you with your trading.
And if you’d like to book a call with either myself or one of my team, you’ll find the link on here on this, video podcast. To be able to book a call up and have a chat with us about your trading and how we can help you.
Blueberry Markets as a Forex Broker.
And finally, if you’re out there looking for a high quality broker and highly recommend Blueberry Markets, they based in Australia, but they can take clients from most countries around the world. They have the MT4 and especially the MT5 trading platform, which has multiple time frame charts, multiple markets, both forex and non forex markets. Great bunch of people. Brilliant in terms of their customer service, their execution of returning, withdrawal funds etc. like that. great spreads lots of markets, lots of choice. I’ll put a link to blueberry markets as well.
Comments, Like & Subscribe.
If you have any questions or topics you’d like me to talk about and discuss for you on future videos and podcast just like this one, send me an email Andrew@TheForexTradingCoach.com or add a comment if you’re watching this on YouTube.
I’ll see you this time next week. Bye for now.
Episode Title: #561: Why Every Trader Should Consider Using Limit Orders
#560: What Makes a Forex Trader Successful? Top 5 Traits
In this video: 00:32 – My Top 5 Traits I see in profitable Forex traders. 01:22 – #1 They know and understand their strategy. 02:24 – #2 They understand money management and risk. 04:25 – #3 They are dedicated traders. 05:54 – #4 They remove emotion from their trading. 07:17 – #5 Don’t reinvent the trading wheel but be adaptable. 08:54 – My 17 minutes Masterclass and Book a Call. 09:21 – Blueberry Markets as a Forex Broker.
I’m going to give you my top five traits of what it takes to become a successful, profitable and independent forex trader. So if you’re not yet profitable, you need to listen to these five traits and adapt them and adopt them as part of your trading plan. Let’s get into that a more right now.
Hey there, Traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach. For video on podcast number 560.
My Top 5 Traits I see in profitable Forex traders.
So today I want to give you my top five traits of where I see, profitable forex traders what it takes to become a profitable trader but also independent profitable forex trader. you know, without copying and following other people all of the time.
Now of course, when people are new, it’s great to be able to do that. But over time, you want to be able to do this for yourself without the reliance on another website or another person. And that’s what I call a successful trader. Now, I’ve been trading the forex market for over 20 years full time, and I’ve been coaching for over 15 years.
We’ve got clients in 108 countries right now. So I’ve got a fair bit of experience and I’ve seen all sorts of different types of people come and go, and I know what it takes to become a successful trader.
#1 They know and understand their strategy.
So first thing is, number one trait of a successful and profitable trader is they know their strategy there now inside out, upside down.
Now they may have created it. like I did. They may have purchased it like you can do for us at The Forex Trading Coach. a proven strategy, however it happens. They know and understand that strategy. They know it completely. They know the ups and downs of it. They know all the details, but it allows them to trade with confidence, knowing that that strategy has been proven over time.
And so having that complete confidence and faith in what they’re doing is absolutely crucial. You wouldn’t believe how many people I get come to me that have got these strategies. And I asked him a question and they don’t know the answer about it because they don’t really know what it is they’re looking for. And so the number one trait, you have to have a strategy that suits you as a person and as a trader and your available times, etc.. That’s been proven over, you know, a long period of time to work across multiple market conditions and changing conditions. So number one, confidence and ability to trade your strategy is absolutely crucial.
#2 They understand money management and risk.
Number two, you have to understand money management risk management. You have to trade with low risk per trade. Forget about pips like people that make x number of pips or risk x number of pips per trade.
It’s never going to work. You have to understand the market and you have to, trade with a stop loss. That’s, correct. For that time frame of the chart, the movement in the market right now, the pair that you’re trading, etc.. So when you have a trade. For me, every trade I take has a very low equal.
It’s a predefined risk level as a percentage of my account. And so whether my account $1,000, $100,000 or I’m trading our prop firm with half of million, it does not matter. I trade the trade. Its risk is always x percent of my account. And so as your account starts growing, you’re risking more money per trade. But it’s still the same percentage.
Likewise, if you end up having some losing trades and let’s face it, everybody does. As your account starts going down, you’re risking a smaller amount per trade, but it’s still the same percentage of your account balance. So understanding that and also it extra things like you know not doubling up on trades and people potentially using martingale systems and all these type of things or no stop loss at all, or different stop losses depending on the time frame of the chart.
All these small things, to me, all of that doesn’t work. You have to have low control, equal risk on every single trade. High reward to risk. So when you have profitable trades, they’re making like 2, 3, 4 or 5 times your risk. So that’s really important.
#3 They are dedicated traders.
The third point I see the dedicated traders as being the successful ones. You’ve got to be dedicated. You’ve got to stick to your plan. Except there are ups and downs and be consistent in what you do. Now, the market is never consistent. There will be times where you have, profitable days, losing days, profitable weeks or even months and losing weeks and months is just happens. It’s part of trading, you know, it’s not a straight line.
So you have to be accepting of that. But you have to be consistent in showing up. You cannot be one of these people who goes.
#4 They remove emotion from their trading.
And this brings into point number four, which is, successful traders are not emotional when they’re trading either. So three and four kind of combined as in, you can’t have let’s say, run a winning trades and then you do something stupid and you just think the market’s just going to be wonderful, and and then you’ll fail all the time and then you go and blow it.
Likewise, if you have a few losing trades, you can’t get, I’m just not going to trade. The market’s not in my favor. It’s all against me. And you don’t stick to your plan and you miss out on good trades. So having that consistency of showing up, doing the same thing all the time, when you see the pattern that you’re trading or whatever it is that you’re looking for, you take the trade.
You see the trade, you take the trade. And when it comes to the emotion and I’m point number four, I like the phrase of I like because I’m a technical trader. I like to trade what I see and not so much what I think as in you can read the news, you can hear news events, you can listen to, you know, TV, radio, internet commentary, whatever it might be.
And you sometimes run into that danger of thinking this is going to happen. Now. Classic example might be cryptos or metals. Everybody says our gold is going to go up or Bitcoin’s going to go up. And so everybody’s just thinking, oh, I’m just going to buy those. And they may have according to the plan in their strategy, the perfect sell trade.
And they’re not taking it because or they’re risking, you know, they’re taking a smaller position size or something like that. So trade what you see. the market’s going to do what the market wants to do, regardless of what you think I think or anybody else thinks. So trade what you see that’s really important that you do that and keep your emotions out of it.
You know good trades will happen. Losing trades will happen. So keep your emotions low. Trade like the patterns. Play the game. It’s probabilities. You know, there’s nothing absolute 100% certain in any form of trading strategy at all. Even an A plus set up will sometimes lose just the way it is.
#5 Don’t reinvent the trading wheel but be adaptable.
Point number five don’t reinvent the wheel. But also a good trader is adaptable to change as well. Now, what I mean by that is don’t reinvent the wheel. That when you have a strategy that works, if you have a few days or a week or so that it loses. Don’t go reinventing the wheel. Don’t go out there searching for the next system or adding the next indicator, or adding the next expert advisor.
And all these things don’t do that. If you’ve got a strategy and a system at work, stick to it. But also what I mean by being adaptable or the classic example is this over the last number of years and you have heard me talking about this, we have added, more currency pairs to what we have available to trade.
And that’s thanks to the brokers. on MT5 there’s more time frame charts. There’s more markets, like a lot more metals. That used to be just gold and silver. And now it’s like XAU/JPY, XAU/GPB, XAG/AUD, etc. like that. You can have like the coppers, you can have the indices, you can have the metals, you can have, you know, like I mentioned a few weeks ago, sugars and coffees and things like that.
So you’ve got Hungarian Franc, you’ve got Norwegian Krona, you’ve got Swedish Krona. So you’ve got all these other, forex pairs, and other markets and more time frames like, 4 hour charts and 6 hour charts and 12 hour charts. You know, to adapt to the market of what we have available. Yes, is good, but don’t go reinventing the wheel and trying to create something just because you’ve had a few losing trades. So you put those five points together, you’re going to give yourself a really great chance of success.
My 17 minutes Masterclass and Book a Call.
Now, if you’d like to find out more about how we trade and how we teach and how we can help you, have a look at my masterclass. It’s a 17 minute On-Demand free masterclass. I’ll put the link to it so you can jump on board and watch that when it works for you.
If you’d like to book a call with me or one of the team, I’ll put a link to that. And you can, have a 30 40 minute, chat with us to decide if we’re the right fit for each other.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really good broker, I can strongly recommend you have a look at Blueberry Markets.
I’ll put a link to them as well. They do offer MT4, but also more importantly now MT5. they’ve actually got a new prop them running as well, which has been running for the last few months. And with their MT5 platform, you do have access to so many of those extra markets, plus time frame charts that I talked about.
So I hope that helps. If you’re not profitable right now and you want help, please do ask and seek help. And, we have, as I said, a strategy that I’ve been, trading myself for about 17 years now, trading myself for 20, getting close on 21 took me close on four years of making nothing before I developed what I have now, teaching for more than 15 years.
So it’s well and truly proven. If you if you’re lacking the strategy and the confidence in your strategy, we can certainly help you there when it comes to risk management and emotion and things like that. All of that combines, by the way, if your risk is low and controlled, your emotions are under control. The whole thing all blends in together.
But you put those five points together, you’re going to give yourself a very high chance of being a successful and independent forex trader.
So this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #560: What Makes a Forex Trader Successful? Top 5 Traits
#559: How to Fast Track Your Forex Trading Success
In this video: 00:28 – It took me 4 years to become a profitable trader. 02:00 – We post specific trades every day based on the Daily charts. 04:52 – W1 and MN1 chart trades. 05:18 – Live weekly webinars and our Forum site. 07:02 – My 17 minutes Masterclass and Book a Call. 07:14 – Blueberry Markets as a Forex Broker. 07:36 – Comments, Like & Subscribe.
Would you like to fast track the amount of time it’s going to take you to become a successful and profitable forex trader? If you want to shortcut your time, listen up. I’ve got some great tips for you coming up right now.
Hey there, Traders! Tt’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 559.
It took me 4 years to become a profitable trader.
Now some of you may already know my story. If you don’t. Back when I started trading, it took me around four years to become what I would call a profitable trader. That’s a very long time. Lots of long hours staring at the charts, lots of reading information, lots of buying different products and following people and, you know, in the early days of expert advisors and, automated systems and creating my own and creating my own manual systems and following all sorts of people.
Anyway, as you know, it’s a slow, long, tedious and expensive process, and all you’re doing is tearing your hair out because you know that really the next greatest latest thing. Fantastic. Yes. And then it doesn’t work. And I went riding around, around on the old hamster wheel for four years before I realized I needed to make this work.
And I sort of stripped everything off my charts. And I started to look at price action and candle patterns and and basically developed my own strategy. Yes, I pulled a few things here and there from other people that I followed. but I basically developed something that worked for me. And to this day, I’m still using that exact same trading strategy, and it’s very profitable.
And over 15 years of teaching at The Forex Trading Coach, we’ve helped thousands of thousands of traders from now 108 countries. So, it works. I think it’s worked across all market conditions and over all that length of time. So that’s a great thing.
We post specific trades every day based on the Daily charts.
Now to help people that come on board with us, one of the things that we do here at The Forex Trading Coach is we post specific trades each day based off the daily charts.
I’ve done this every trading day since 2010, like we stop for Christmas and Easter, things like that. But apart from that, we post specific trades every single day. We look at the daily charts when they change over, which is 5 p.m. Eastern Standard Time. That’s New York time. And we then analyze the charts and we scan through all the daily charts.
I mean, originally it was just a forex markets. Now we look through the metals and the indices and cryptos etc. as well. And we go through and we analyze the markets and we take trades based off those daily charts. Now each day there are no day, there are no trades, but most days they’re sort of between one and maybe 4 or 5 trades.
Today, for example, is just one. But it’s non-farm payrolls day in America on Friday. So very cautious of what we’re trading today. But we scan through the charts, we look at the patterns that we’re looking for and we say, here’s a trade. And we’re saying here’s the currency pair, that we’re trading, the direction we’re trading. And then a paragraph of reasons why 4 or 5 lines of why we are taking that trade based off all the things that we we know and we teach as part of the strategy, we also put the exact entry and exit levels that we’re taking.
We’re saying we’re taking it, if it’s a buy trade or buy limit order. So to buy below the current price here, we’ll stop loss there and the profit target there. And we also take a market order with the stop loss there and the profit target that all the levels people would know because they’re all part of the course of how we use our, price projections and stop loss levels, etc..
But by putting that on there, it’s saying this is what we’re doing in real time, no hindsight benefit, no economist stuff. This is what happened yesterday and this is what we might have done. This is in real time every single day. Now those daily trades, every year since 2010 have been profitable for ourselves and our clients.
So we call it like term. You can earn while you learn really important that you’re actually earning some money, of course, to start with, but also almost as important, probably, if not more important, you’re learning and you’re learning to train your eye in real time to see the patterns that we’re trying taking and the reasons why we’re taking those trades.
Now, some of those trades will get stopped. And of course they will. Part of trading. Just natural, part of trading. You have to accept that. But we have, risk management, which I talk about all the time with low controlled, equal risk. And we know that if our trades hit the profit targets, then they make sort around the sort of between the two and a half, three and a half to one reward to risk depending on the trade.
So that is there for our clients no matter where they live. In those 108 countries around the world, all on different time zones, etc., everybody can take those trades and earn from and learn from them.
W1 and MN1 chart trades.
Now, beginning of each week, we also post exactly the same of a weekly chart at the beginning of each month, exactly the same off the monthly charts, and then on a day by day basis, we also scan through the 12, 8 and 6 hour charts as they change over at that start of the new day, and we post trades on that.
But it’s the daily chart trades, the ones that everybody can follow along, very specific trades, lots of learning, paragraph of reasons, entry and exit, etc. All there for clients to follow.
Live weekly webinars and our Forum site.
On top of that, of course we have webinar each week a live 2 hour webinar. just last night was a US session webinar that Paul Tillman took over in the US.
For the people on that side of the world and that time zone, I, take the European session by evening, European morning session, the alternate weeks on those sessions, we, are taking trades live trading on live accounts. We also post trades on a forum site as to our clients. But the, the important thing to understand is if you have somewhere that you can log into once a day and see a trade or a number of trades, and you can see them on your charts in real time, and you can see why we’ve taken them with the understanding, the explanations, and you’ve got your exact entry and exit levels there again, which
You know anyway, all taught in the course. Well, what it’s doing as it’s building confidence. You can then start to, over time, scan the charts and see if you’re going to pick the same trades as we pick. And it’s building confidence. So you have the ability to trade the system and the strategy for yourself in real time and to be profitable and successful.
And that’s what it’s all about. So that process, I wish I had that because like I said, it took me four years of going round in circles, going nowhere. I wish I had someone to follow. I wish I had specific trades to follow and to understand why they’ve been taken, and then not just to follow, but to build on from that and to be able to do that for myself.
And that’s what we’re about The Forex Trading Coach, we’re about teaching someone to fish where to start with we got here’s a fish, you know, feed yourself on the fish to start with. But we’re about teaching how to fish so you can become an independent and successful trader.
My 17 minutes Masterclass and Book a Call.
Now, if you’d like to find out how we can help you do that, click on the link below that you’ll find for my free 17 minute masterclass.
If you’d like to book a call with myself or one of my team, I’ll put a link to that as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a really top, top, broker, great bunch of people. they offer the MT4 and MT5 platform. I can highly recommend Blueberry Markets they base over in Australia. I’ve been with them for years as a lot of my clients, use, or choose to use Blueberry Markets. I’ll put a link to them as well, and you can find out more about them if you’re out there looking for a good broker.
Comments, Like & Subscribe.
Don’t forget to like, subscribe, share. As my screen has gone off here now, that tells me we’re probably at the end of the video and, any questions you have, about any topics you like me to discuss on future videos and podcasts?
Just let me know. Email me directly Andrew@TheForexTradingCoach.com or leave a comment on, here. If you’re watching this on a video, I’ll see you this time next week. Bye for now!
Episode Title: #559: How to Fast Track Your Forex Trading Success
In this video: 00:26 – The price of our morning coffee. 01:08 – We can now trade these commodity markets. 02:06 – Taking a buy trade on Orange Juice. 02:32 – Lead, Copper & Aluminium traded this week. 03:09 – Cryptos are traded 7 days a week. 03:40 – Book a Call and talk with us. 03:51 – Watch my Masterclass. 04:09 – Blueberry Markets as a Forex Broker. 04:23 – Comments, Like & Subscribe.
How do you know when the price of your morning coffee is going to increase? Well, as a trader, we can help you to predict that. But more importantly, also how to trade coffee. Let’s get into that a more right now.
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach video and podcast number 558.
The price of our morning coffee.
I want to talk about coffee. How do you know when the price is going up? Because it affects us all every morning when we have a coffee. Well, the obvious answer to me as a trader is to look at your charts.
When the beauty is over the last number of years that not only have we been able to trade more and more forex pairs, but we’ve been able to trade other markets such as like commodities and coffee. So the coffees that I have available on my MT5 platform, there are two of them. There are COFARA, which is the Arabica Coffee, and the COFROB which is the robusta coffee.
And we can also trade sugar and raw sugar as well. So all these things combined to see if they’re moving up. The likely hood is the price of your coffee is going to go up isn’t it.
We can now trade these commodity markets.
But more importantly for me as a trader is I can now trade these markets. And the beauty of the way that I trade and the way that we teach, is that the strategy works equally as well across these other non forex markets, just as well as it does trading the EUR/USD or the GBP/USD or the AUD/JPY, we can trade the coffee markets, the sugar markets exactly the same. So that gives us more and more ability to look for the patterns that we’re looking for on various charts.
Now I would say one thing that with a lot of those markets, like the coffee trades, is that they don’t all, have a 24 hour market. So they do need to be careful of that. And some of them, due to the nature of, their market hours.
And when they open, they can have some gaps. So you do need to be careful of that. They’re not quite as, perfectly formed as candle patterns. Then when you get on the forex markets.
Taking a buy trade on Orange Juice.
But just today, being Friday, the, 30th of, August when I’m recording this video on podcast for you, I’ve taken a trade on orange juice.
Now, when the market opens, I’ll be taking a by trade on OJ. So you can go and have a look at that on your daily charts. Now, if there’s a large gap up or down, then the trade becomes invalid. But right now is a candle pattern for me. Orange juice looks fantastic.
Lead, Copper & Aluminium traded this week.
Just this week I’ve taken trades on different time frame charts, on lead, on copper, on aluminum or aluminum if you’re in the US. On different markets like that. And so we have the ability to trade those commodities, those metals. we’ve got a client of ours to incredibly well trading the NASDAQ on the one and five minute charts. I don’t think it’s for everybody, but it just works for him. And he’s doing incredibly well and posting trades on our forum site on that.
we can trade other markets such as the indices and the commodities. Now the great and the cryptos, I should say.
Cryptos are traded 7 days a week.
And the great thing is with the cryptos is they are seven days a week. So you don’t get those big gaps that you can sometimes get in the commodities. So beauty of this and what I’m saying is we have the ability to trade more and more markets and just gives us more and more really good opportunities, and to be able to really fine tune our skills on saying, yeah, we’re going to be really selective on trades.
We’re going to be really critical, very selective, because we’ve got so many markets to choose from. And that’s just aiding us to, to profit from good trade setups.
Book a Call and talk with us.
If you’d like to know how we do this and you’d like to book a free consultation call with, myself, one of my team, I’m going to put a link to that so you can, choose a time to have a chat with us.
Watch my Masterclass.
If you’ve not been on my masterclass yet, I encourage you to do so. It’s only 17 minutes long. It’s on demand, so you can choose when you want to, start to watch that session. It just gives you an overview of what we do and how we trade, and some of the trades we’ve taken, and just some tips there to help you as a trader, whether you’re trading coffee or the euro US dollar.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a good broker and, I can highly recommend Blueberry Markets over in Australia, I use their MT5 platform to, to have access to a lot of those markets that I’ve mentioned as well. And, I’ll put a link to blueberry as well.
Any questions you have, please send me an email or reply here. Send me an email to Andrew@TheForexTradingCoach.com. I personally reply to all of my emails.
Comments, Like & Subscribe.
Don’t forget to like and share and subscribe if you’re watching and I’ll see you this time next week. And next week, of course, will be into, September. And on Monday we will be posting for our clients trades on the daily charts, the weekly charts and the monthly charts.
#557: Why you should never risk ‘x’ number of pips per trade
In this video: 00:30 – Every trade you take should have the same percentage risk. 01:49 – Use my lot size calculator. 03:20 – Your losses are equal on every trade. 04:17 – Compounding on your gains. 05:10 – A 90% winning trader who loses money. 06:05 – View my Masterclass. 06:24 – Book a call to chat with us. 06:32 – Blueberry Markets as a Forex Broker.
Today, I’m going to explain why every trade that you take should have an equal percentage risk of your account. It’s really important you get this right and it will massively help improve your trading performance. So let’s get into that a more right now.
Hey traders! Andrew Mitchem here at The Forex Trading Coach. with video on podcast number 557.
Every trade you take should have the same percentage risk.
So today I’m going to explain to you why every single trade that you take, regardless of the currency pair or the direction or even the market or what time frame you take the trade on and what the size of stop losses. It doesn’t matter.
Every single trade that you take should have the same risk. It’s really important to do that and not many people understand why. So let me explain more.
You see, when it comes to risk, a lot of people think that they should risk x number of pips per trade. Downside of course, to that is a pip is meaningless. It doesn’t mean anything at all.
It depends on what time frame trade you’re on. you know, you could have a, you know, huge stop loss in terms of pips on a weekly chart and very small on a five minute chart, for example. And the danger that is people go, I can’t trade a weekly chart because I need to take too much risk. The other type of trader out there will say, I’m going to put one standard loss on, or 0.5 or 0 point 1 or 0.01, whatever it is, depending on the size of your account.
And you do that on every single trade. But of course, if you understand trading, you realize that each currency pair, if we’re talking forex, pays a different amount per pip of movement depending on what, the pair is and what your own account denomination is. As well. So there’s flaws to both sides of those.
Use my lot size calculator.
If you use my lot size calculator and I’m going to put a link to it if you don’t already have it, it’s available free of charge. It’s on MT4 or MT5 is a trading script. All you do is you download that, put that on to your trading platform. Simple to use. You literally can do it in like 10 seconds. Drag the script on to the chart you are wanting to trade. The script will know what that currency pair is or what that market is. It also knows the balance of your trading account, and it also knows what your account denomination is in what currency it’s in.
It could be New Zealand dollars or US dollars, a euro, yen, whatever it is that you are trading on your account. So it’s a very clever, simple script. You literally drag it onto the chart. You enter the size of the Stoploss and Pepsi, delete it. Just quickly calculate that it’s real easy to do of each trade that you take, and the risk that you’re taking, it’s defaulted to half a 1% risk.
That’s what I suggest you do. But you can change that around a quarter percent, 2%, whatever it is you want. But you literally drag the script on. You enter the stop loss of the of the trade. You say it’s like 55 pips, you’ve got a 0.5% risk. Press okay. And it will tell you the lot size needed on that particular trade.
So if you’re trading that currency, pair with a 55 pip stop loss on your account and the trade goes against you, you will lose in this case half of 1% of your account.
Your losses are equal on every trade.
What that does is it makes all your trading losses even an equal. So you could have a loss on a again, let’s use a simple terms, a five minute chart and a one week chart.
Let’s say a weekly chart. Five minute chart. And let’s say one of them loses and one of them hits the profit target. Whichever one loses, it doesn’t matter because the risk that you are taking on each of those two trades is identical. So at the five minute chart trade loses, you lose half 1% of your account. If the weekly chart loses, you lose half of 1% of your account.
And so it does not matter, which trades lose or which direction or which currency pairs you’re trading. And that’s the beauty of it helps keep your losses low consistent. Pre-known before you take the trade regardless of the size of the stop loss. The direction the pair any of that does not matter.
Compounding on your gains.
The beauty of this though when you think about it, if you were a successful trader and you start making profitable trades and you’re risking X percent of your account as your account grows, the actual monetary value that you are risking on each trade increases.
And so it keeps track with the size of your account as it moves up. Let’s say you have some losses also, it means that the monetary size that you are risking as your account has going down, you’re having a few losses get smaller and smaller still the same percentage. So in theory, you should never, ever, ever come close like remotely close to blowing your account.
But if you’re a good trader, you’re compounding on your gains. Really important mathematical equation to get into your, into your mind and to understand that concept because unfortunately, not many people do. And I see that all the time.
A 90% winning trader who loses money.
Here’s a common thing I see someone will come to me and go, Andrew, I’m doing really well. let’s say, example of a 90% winning trader, as in you’re winning nine out of ten trades.
And they say, I’m still losing money. And the danger is that they have lots of little small gains and they’re trading pips or lots. It doesn’t matter how you call lots or pips. And they’re having like let’s say nine small gains, one big loss smashes had all those gains and more. All you are doing by doing that is you’re feeding your broker by paying more spreads.
If you trade shorter time frame charts, you’re just doing the same thing. You’re feeding your broker, you’re spending more time trading, you’re more likely losing, and you’re going backwards and you’ll give up. So understanding how to calculate risk properly so every trade is equal and low and known risk is crucial to your trading success.
View my Masterclass.
If you’d like to find out more and how we do that, have a look at my 17 minute masterclass. It’s an on demand session. Just, enter details and you can go straight in and watch that when it’s convenient for you. So this block out like 20 minutes of your day and turn off everything. Just sit and watch that and you’ll learn a lot from it. Tips like I’ve just given you here.
Book a call to chat with us.
If you’d like to have a chat with us, book a call. you can book out a 30-45 minute call with us. I’ll put a link of how you can do that as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for top quality forex broker, I can highly recommend Blueberry Markets. They do offer the MT4 and the MT5 platform. A great, company, a great bunch of people, to work with really, good a ray of markets, to trade, tight spreads and very, very quick, fund withdrawals as well. So I’ll put a link to them as well.
Don’t forget, if you haven’t got my lot size calculator, it works for MT4/MT5 download the right one because they are different for each platform. Get the right one, put it onto your platform and take it and make use of it on every single trade. It will massively help you.
I hope it helps. So this is Andrew Mitchem here. The owner of The Forex Trading Coach where we help people to become successful forex traders. We’ve been doing this for more than 15 years. Clients in 107 countries. We know what we’re doing. We now works. Come and join us if you’d like to. Bye for now.
Episode Title: #557: Why you should never risk ‘x’ number of pips per trade
In this video: 00:29 – How to look at your charts and understand what is happening. 00:46 – Brokers offer too many flashy indicators. 01:31 – The problem. 03:15 – Which time frame chart to use. 03:47 – 10 Daily trades taken today. 04:42 – Blueberry Markets as a Forex Broker. 04:52 – Masterclass and book a call with us. 05:19 – Comments, Like & Subscribe. 05:26 – Summary.
In today’s video and podcast, I’m going to give you some helpful information and tips on how you can best read the Forex Charts. To help you to profit in your trading. Unfortunately, most people get this wrong, so listen up. It’s going to be a good one.
Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach for video on podcast number 556.
How to look at your charts and understand what is happening.
Today, I’m going to give you some helpful tips and information to help you to look at your charts to understand what it is that you’re looking at, what time frame you’re looking at, what pair you’re looking at, what’s happening in the market, the price and which way it’s likely to move too, and why and how you can profit from that.
Brokers offer too many flashy indicators.
You see, when most people start trading, they jump on to their charts. The brokers are fantastic at offering you lots of indicators, lots of arrows, dot, lines, diamonds, stars, whatever it might be. And people get completely and utterly confused by that. They also get very excited by that as well. And I know when I started some 20 years ago, I did exactly the same.
I don’t blame anybody for doing it. We all go through the same process. It’s just that my aim as a coach is to help shortcut that for you and take away a lot of that that time wasting and money, losses and frustration that you’ll inevitably have otherwise. Because I’ve been there and done it and I’ve taught thousands of people have also been there and they’re doing it.
The problem.
And now the problem is, is when you put arrows and lines and indicators on your chart, it hides what’s really happening in the market and it takes your mindset away from what’s really happening and how many of you never look at the price. I bet it’s I bet you’re nodding and going, Yep. Andrew, That’s me. I never look at the price.
Well, you should. You’ve got to look at the right hand side axis on your chart and look at what’s actually happening in the market right now where the price of that currency or commodity, metal, whatever it is that you’re trading is at right now, what is the actual price? And that level can be massively important to help you either to get into a trade and has some stop loss protection or to get out of a trade or to say, well, this is actually quite a nice set up, but the price is telling me this is not a actually a good enough trade to justify placing money on.
You’ve got to look at what’s happened in the in the past with the price as well. And and where like I use candle patterns to help determine what’s happening in the market. Candles are fantastic because they’re up to date information. They tell me what’s happening right now. Are there more buyers in the market? Are the more sellers is there indecision? Has that candle pattern bounce to the level in the past and what happened at that point and are we getting a similar pattern right now, a same level that’s going to help me to determine if there’s a good enough trade.
However, you can’t just say, look, every pinball or engulfing bar is a new trade. You then need a lot more information than that. That’s your starting point. Look at the price. Look at where it’s bounce. Look at different currency pairs. What correlation are there between different pairs right now? What’s determining strength and weakness? All those type of things need to come into your trading as well.
Which time frame chart to use.
And so when you have that in place, you then need even more information. You need to get the timeframe chart that’s giving you the best technical set up or the candle was about to close. It’s giving you the best technical setup. You then also need to look at your price and what’s happened in the past to determine do you have room to move to your profit target?
Do you have safety in your stop loss? Do you have a round number to protect the stop loss? All these things come into play with helping giving you a higher quality trade set up, and that’s really important and that’s what we help teach our clients.
10 Daily trades taken today.
Now, just today I’ve taken ten trades on the daily charts. They’ve all been posted on a membership site. That’s a lot of trades we don’t normally have ten, but today we’ve got ten. Why? Because that’s what the market’s giving us. And so our clients can earn and learn from those trades. You can see the trade setups in real time. You can profit from them. Hopefully we get a majority of those, right, with the reward to risk that we have and the low risk portrayed.
And we’re likely to come out on the right side of most of those trades and do very well for nice. And so that’s what we do. We publish trades each day on the daily charts, beginning of each week on the weekly charts, beginning of each month, on the monthly charts, and then on our forum site in on in between the days.
We have shorter timeframe charts. Today I published in eight and six and 12 hour chart trade as well. So lots and lots of trades for our clients to follow from, earn from and learn from and understand what’s happening in the market and why.
Blueberry Markets as a Forex Broker.
Now on top of that, if you’re out there looking for a good broker, I can highly recommend Blueberry Markets. I put a link to them as well here on this post and video.
Masterclass and book a call with us.
And if you’ve not been on my masterclass yet, I encourage you to do that. It’s about 17 minutes long as a prerecorded on demand hour video gives you a lot of information about how we trade, how we teach, and how we can help you.
And if you’d like to book a call with myself or one of my team, I’ll put a link to that as well. So you can book up a 30 minute free consultation call. I’ll give you an idea of how we trade and what we do and if we can help or not. So have a look out for that as well.
Comments, Like & Subscribe.
Any updates you’d like. Any future topics videos, let me know and I can help you out with those.
Summary.
So keep a look out for the price action. Candle patterns where their care on your charts. Has your trade get room to move to your profit target. Do you have some stop loss protection? Is there correlation between the pair You’re trading and other let’s say if you’re saying taking a buy trade on the EUR/NZD is Euro looking strong against other pairs as well.
Is the New Zealand looking weak against other pairs as well And you put that together you get yourself a high quality trade set up and likely profit. I’ll see this time next week.
This is Andrew Mitchem at Forex Trading Coach. Bye for now.
Episode Title: #556: How to Read the Forex Charts like a Pro
#555: What has caused the large recent moves in the Markets?
In this video: 00:25 – Big recent moves in the markets. 01:05 – Clients are making excellent returns. 03:15 – The recent moves. 04:00 – I look at charts and remove emotion. 04:43 – Trading with the longer-term trend helps. 05:22 – Blueberry Markets as a Forex Broker. 05:27 – Join my 17 minutes Masterclass and Book a Call. 06:25 – Comments, Like & Subscribe.
So what’s cool is the big moves that we’ve seen across multiple markets over the last few weeks. Let’s talk about that important topic more right now.
Hey traders! it’s Andrew Mitchem here at the Forex Trading Coach with video on podcast number 555.
Big recent moves in the markets.
Now you’d know if you’ve been following the forex market or many of the other markets around that over the last few weeks, we’ve seen some quite amazing moves. we’ve seen the yen strengthen. We’ve seen a lot of the indices crashing. We’ve seen a lot of the, cryptos dropping.
In fact, Bitcoin in about a week or so dropped some 30% in value. And we’ve seen like the yen pairs with the yen been the strongest. It’s been for quite some time. A lot of yen pairs like the AUD/JPY, NZD/JPY, just, you know, just dropping and it’s been some quite incredible moves.
Clients are making excellent returns.
Now, if you’ve been following my recent videos and podcasts, you’ve noticed that last week I talked about Hamish, a client of asset made an amazing 53%, return on a live account in the month of July.
And the week prior to that, I talked about how we made a 13.2% account gain. Now, a lot of that was, placing some daily and weekly and monthly charts. so we saw all of this coming in advance. And if you go back and look at what I talked about a few months ago, if we’re looking at monthly charts and then also some weekly charts, we saw this happening on the charts.
So it comes as no surprise, to us whatsoever that these moves have happened. Now, I did a podcast, with a trading battle group a few months ago, about three months ago. And I said that the likes of Ethereum, I was looking for a longer term to be dropping and also Bitcoin. That’s exactly what we’ve seen. So how did I know that back then when I looked at the longer time frame charts and we use our analysis to suggest that this is where it’s tipping over and this is likely where it’s moving to and, and why we don’t always know when and how quickly it’s going to get there.
But we know quite likely it’s going to move in this direction, is likely to move to that area. Now, that information to have in the back in mind as a specific trade or just in terms of general information is absolutely crucial as a trader. And so having that information, but also being able to make that assessment, don’t forget when everything’s moving up and up and up and up and going crazy.
And with that going, it’s now time to sell. We’re looking for a retracement. And then looking at the price to then drop. Sometimes you feel a little bit kind of a little bit alone, a little bit there by yourself because everybody is saying its going up and up and up and where I’m going. Well everything’s telling me that things are likely to drop and to go all the way down there, which at the time seems like a crazy low price when the market’s doing the opposite.
And that becomes the, I suppose, the importance of understanding chart patterns and looking at what’s happening and why.
The recent moves.
Because when it comes to what’s happened in the last few weeks and the whys to that, it’s like, well, a lot of that is fundamental news. And depending on what side of the argument you’re on, you could argue, you know, as an example, let’s say in the US, and people could argue, well, it’s because Biden and Harris, doing a terrible job and therefore the US is dropping.
Or if you’re on the other side of the fence, people go, oh, it’s because Trump’s likely to get in and everybody’s fearful. So the market’s going to drop. It depends what side of the fence you’re on for that particular fundamental argument. That’s why I don’t get into that. I have my personal opinions on politics and the view of the world and things. But in terms of trading, it doesn’t influence me in terms of my trading.
I look at charts and remove emotion.
Because I look at charts, I remove emotion, I look fat, I look at what’s really happening, I look at historical price levels, I look at where things are likely to move to, the levels are likely to get to. So when you remove emotion from your trading is starting to open your eyes up to what’s happening, why so much is happening, or your opinion, or why it’s happening doesn’t really matter.
The fact is, I could see things were looking like they were dropping. We took a a sell trade on the China50 index. Two months ago, just this week, it went the profit target because it was dropping and, you know, to be able to do that is so crucial.
Trading with the longer-term trend helps.
Now, if we see something setting up on, say, like the daily or 12 hour, that’s in the same direction as your bigger picture, monthly analysis, now you’re really getting more and more factors in your favor.
And that’s what trading is about. Technical trading is about adding more and more probability, more and more factors that you see on the charts in your favor. And when they all add up, that’s when you get yourself those high quality trades. And in a farming analysis and the sense make hay while the sun shines. So we are seeing some good moves in the market.
We are getting some fantastic trading opportunities and we’re taking advantage of them. So really important that you do that.
Blueberry Markets as a Forex Broker.
If you’re out there looking for a good broker, I can highly recommend Blueberry Markets. I’ll put a link to them.
Join my 17 minutes Masterclass and Book a Call.
And if you’ve not been on my, 17 minute on-demand webinar masterclass, jump onto that. I’ll put a link to that as well.
If you’d like to find out how we trade and how we can teach, to make this work for you, or you like to have a call with us. I’ll put a link to our booking calendar as well, where you can jump on and have a 20-30 minute conversation with us to see where the right fit for each other, to see if we can help you and to see if you’re going to make a great addition to our trading community.
Because that’s what we’re about. We’re about a trading community of like minded people from all around the world. We have clients in 107 countries all looking at the same strategy, the same looking charts, all they’re helping to make it work for each other. So if you’d like to come on board with us, we’d like to talk to you to see, if we’re the right fit for each other, to make this work for you and to take your trading to the next level, to have a look at one, the links I put on here.
Comments, Like & Subscribe.
If you have any questions or topics you’d like me to discuss on future videos and podcasts, just like this one, just drop me an email. Andrew@TheForexTradingCoach.com. I see this time next week. Bye for now.
Episode Title: #555: What has caused the large recent moves in the Markets?
In this video: 00:30 – Trader makes massive gains in July on his live account. 01:50 – Trades taken on various time frame charts. 02:24 – Taking his time to learn the strategy first. 03:27 – Don’t expect instant results. 04:36 – My 17 minutes Masterclass and Book a Call. 05:09 – Blueberry Markets as a Forex Broker. 05:42 – Comments, Like & Subscribe.
Today I’m going to talk about a trader who has just made 53% in the month on his live account. Let’s talk about that a more right now.
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video in podcast number 554.
Trader makes massive gains in July on his live account.
So I want to talk about a client of ours called Hamish who, lives here in New Zealand. He joined us, some ten months ago back in September 2023. And we’re now into August. Now, back in July, last month, he opened a live account with just over 5500 dollars in that account.
And he’s just sent me, the PDF file here from his, BlackBull the broker, a live MT5 account that he’s got here. the account in U.S. dollars, he started with $5,575 was his deposit. He has gone and made, almost $3,500. Now, that represents a 63%, account gain. but on close trades, he’s currently when he sent me this earlier today on 53.14% on closed trades.
So he’s got roughly 10% open. on or profit on open trades, but a massive 53% gain in the one month on the live account. Now that has to be, you know, a fantastic achievement. And, the profit factor, which is an important measurement, is 2.44. And his average hold of the trade is one day, 13 hours and nine minutes, according to the stats on here.
Trades taken on various time frame charts.
So of course, that will have some, longer time frame charts, such as maybe like a monthly chart or a lot of weekly charts that I’ve talked about that we’ve taken here at The Forex Trading Coach on the last couple videos and podcasts, if you’ve not seen them, go and watch number 552 and 553. Or listen, if you’re on a podcast and I talk about those trades on the weekly chart.
So they’ve helped Hamish, a lot as well. Plus we’ve had some very good daily chart trades and a lot of, especially 12 hour chart trades done. Incredibly well, done very, very well out of those.
Taking his time to learn the strategy first.
But my point being is he joined us ten months ago. So he’s taken nine months to go through, ask questions, attend the webinars, post trades on our forum site, which he does, you know, continuously ask questions and has practiced on, a demo account.
And now he’s completely ready. And yes, we’ve had a great month of trading conditions in July. Absolutely. Yes. He’s probably taking a higher risk than I might personally take and said yes, but after all, it’s his money, his decision. But the proof is that on close trades, he’s made 53.14% in his first month on a live account with about 10%, gain running now into August on open trades.
Absolutely fantastic. And see all the results here. well done. Hamish. great to see your effort on investing in yourself into the course and your time, is paying off and that again comes back to, what I talk about continuously is.
Don’t expect instant results.
Don’t expect instant results. you know, don’t expect to buy yourself your own private jet within the first 2 or 3 weeks.
Take your time, do your homework, do the training, the learning. The Demo accounts more Live account. And like, where does Hamish want to take it from here? I don’t know, I’m going to go and ask him. but he might have more funds to add to this. He might be on prop firm accounts. and basically, if you know what you’re doing and you can achieve results like this when the market’s giving you those good, trading conditions, you know, it’s unlimited, isn’t it?
And that becomes the point to get across to you, invest in yourself, invest in your education and it massively pays off. Otherwise you’ll be out there like most people like you hear the stats 90, 95, 90 to 95% of traders out there just losing money, going round in circles, you know, on the hamster wheel, just not getting anywhere.
And they blame, you know, the market or they blame, you know, something else. They blame forex, they blame the dog, they blame everything but themselves because they haven’t done that groundwork in that homework.
My 17 minutes Masterclass and Book a Call.
If you would like to know more about how we trade and teach, jump onto my on demand, very short, 17 minute, masterclass. I’ll put a link to that.
If you’d like to book a call to talk to myself or one of my team. We’re more than happy to jump on and on the call with you guys and, and book a time that works for us both to have a chat about, seeing if with the right fit and, and how we can help you to achieve success, just like Hamish did. And when he joined some ten months ago. I’ll put the link so you can book a call with us as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a broker, I can highly recommend, Blueberry Markets. they are fantastic. bunch of people. they’ve got some, actually, some very exciting developments coming shortly as well. Can’t tell you just now, but I’m going to tell you in the next few weeks, regarding prop firms, some very exciting developments. I’ve been talking to them this week and, Yeah. Look, just to start with, for now, as a broker, consider them if you’re out there looking for a good, MT4 MT5 broker, I’ll put a link to Blueberry as well.
Comments, Like & Subscribe.
So that’s it for now. Any questions you have, please email me Andrew@TheForexTradingCoach.com. Don’t forget to like and share and subscribe if you are watching this on YouTube and happy trading everyone!
I’ll see you next week. Bye for now.
Episode Title: #554: Trader makes a whopping +53% in one month
In this video: 00:30 – A +13.2% account gain in the week. 00:40 – Other investment choices. 02:32 – You should be in control of your future. 03:17 – Trading results this week. 04:35 – All trades posted on our membership site and forum site. 05:11 – Join my free Masterclass 05:32 – Blueberry Markets as a Forex Broker. 06:02 – Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/ 06:25 – Comments, Like & Subscribe.
We’re having a fantastic trading week with so far a 13.2% account gain. Let me share details about that, how we’ve done that and how we can help you to do the same. Let’s get into that email right now.
A +13.2% account gain in the week.
Hey, the Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 553.
That’s right, A 13.2% account gain on one account, 3% on another account. I’m going to share details about that with you very shortly.
Other investment choices.
But on Wednesday, I attended my local weekly business morning breakfast group that I go to. And on that I was talking about investment choices that people have, and I was writing it to what I do here with my own trading and that the Forex trading coach where we help people to trade.
And I was giving people a bit of an outline and say, look, what options do you have as an investor or to create some form of income. Now one of the obvious ones here in New Zealand and in many parts of the world is rental properties and just properties in general, whether it be housing or commercial or land, whatever it might be.
The and there are many positives, of course, some of the obvious downsides right now is generally interest rates are pretty high around the world. And also it’s probably a slower gain today. And also you need a large amount or most people need a large amount of debt, take it on with borrowings in order to get into any form of rental property, let’s say.
So pros and cons to that, like there is with everything, you know, I mentioned things like you could get into artwork and collecting things, you could get into share trading, but a lot of that, you know, you don’t have leverage and you generally buy something and kind of hold and hope it goes up for a long term. So potentially there are some options there for people, but it’s not that exciting for a lot of people.
And you can look at fund management, and I was explaining about a fund management company that’s based here in New Zealand, and they have a branch here in Nelson where I live, and I looked on their website just before going to that meeting and I looked at their five year average is under 2% gain per year on their five year rolling average.
Not very exciting. So handing all your money over to someone else is also not a great option in most cases.
You should be in control of your future.
And so it came down to how important is it for you to be in control and in charge of what you do with your money and to have that knowledge. So as you know, the phrase knowledge is power.
And it’s so true. You know, if you end up doing what most other people do, you’ll end up getting what most people other people have, which a lot of people is not a lot. And so you’ve got to think differently. You’ve got to have some form of knowledge, some some power for your own choices. And knowing what to do with your funds is quite important.
So it came all the way back down to how important is it for you to know this for yourself?
Trading results this week.
And that’s where we come in a forex trading coach that give you these examples of these accounts. So closed trades and with trades still open this week on my account that I trade on the monthly charts, the weekly charts and the daily charts, I’m currently up 13.2% for the week, pretty outstanding figures, and that is with just half of 1% risk per trade on those positions.
So 13.2% gain, do we get that every week? Of course we don’t. This week’s been a very good week and we’ve had lots of trades on it. We’ve got a really good monthly chart trade going, but we’ve also and I mentioned that on last week’s podcast as well, you may have if you go back and have a listen to number 552, I explain some of the trades I have open and we had some weekly sell trades on a lot of the yen pairs. Now they’ve gone they hit their profit target this week.
So go and listen to last week’s video on podcast and you will see me mention those. I said they’re open. So, you know, you can tell, you know, what was open last week and they’ve gone closed this week and done very, very well from those.
On my account that I have my short a timeframe trading my 12 hours and below 3% so far also very good but with very low risk per trade as well.
All trades posted on our membership site and forum site.
So all of those trades, every single one of them were mentioned on our membership site and on our forum site for our clients to follow. And some of those I’ve posted and Paul, who works for me in the US, is posted as well, and others have been posted by clients and I’ve seen them and go, Well, that’s a great trade, thank you very much.
And taken advantage of myself, of our own forum site. And that’s the beauty of having the community out there all looking at the same system, the same strategy, and all helping each other with that common goal of helping everybody to do well. And that’s what we’re about at the Forex trading coach.
Join my free Masterclass
So if you’d like to find out more, what I encourage you to do is jump on my free masterclass. It’s only a short 17 minute session. It’s on demand, so it’s not live, but you can jump on. Only clients get live webinars, of course, but this is for something. If you’re not a client, jump on. Have a look at what we do, how we trade, and how we can help make a success of it for you.
Blueberry Markets as a Forex Broker.
If you’re looking for a forex broker, I can highly recommend Blueberry Markets up a link to them as well. I’ve been with Blueberry Market since they started. Great bunch of people, great broker there. MT5 platform in particular is really good with a huge amount of markets there. Their withdrawals fund withdrawals like next day. So I’ve never heard of a problem with withdrawals. Incredible customer service. Have a look at Blueberry Markets. If you’re out there looking for a broker as well.
Course details are here https://theforextradingcoach.com/online_video_coaching_forex_course/
And if you’re out there just wanting to know how to trade with low risk, you may be interested in your own funds. You may be looking at trading for other people or prop firms. All those options are available with the way that we trade due to the low risk and high rewards risk trades that we have, plus the ongoing support and community which is vital to your success. Have a look at the links I’ll post on here as well.
Comments, Like & Subscribe.
Any questions? Email me directly. Andrew@TheForexTradingCoach.com. I see this time next week. Bye for now
Episode Title: #553: We’ve Made a +13.2% Account Gain This Week
In this video: 00:28 – Confusion with time frames and when to trade. 00:58 – Too many indicators. 01:44 – Trade the same strategy across all time frame charts. 02:06 – Trade examples from this week. 06:19 – Blueberry Markets as a Forex Broker. 06:42 – Get onto my Master Class 06:59 – Comment, Like & Subscribe.
Today, I’m going to explain the importance of looking at multiple timeframe charts as a forex trader and how it can massively help increase your returns. Let’s get into that more right now.
Hi there, traders is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 552.
Confusion with time frames and when to trade.
I find a lot of people come to me before they join as a client and they say, Look, I’m just confused. I don’t know what to trade, when to look at my charts. I don’t know what timeframes to look at. I could look at like a daily chart and it’s telling me the EUR/USD is going down. I look at a one hour chart and the EUR/USD is going up. I completely lost. I don’t know what to do and I get it because we’ve all been there. You know, everybody started with that confusion.
Too many indicators.
I had an email just yesterday actually, from someone who’s brand new saying he opened a demo account and he couldn’t believe how many indicators there were on the charts. And I went back to him and said, Look, you’ve got to understand that that looks really cool, real flashy. 99.9% of them are just a waste of time anyway.
But you can see how people get into that confusion when you start off it all looks very easy. You’re looking at hindsight. You see this line cross over that line and I took it buy trade there. I would have made all this money. Reality, of course, is vastly different because, you know, the market doesn’t move like that. And and hindsight’s a wonderful thing.
Taking a trade in real time is completely different. So that all comes back to talking about today’s topic of different timeframe charts.
Trade the same strategy across all time frame charts.
You see, the way that I trade is we trade the same strategy. The same logic, the same approach to any timeframe chart in any market. And what that means is you can go and look at your charts at the close of a candle issue.
You know exactly when to look at your charts and make your analysis of Is there a suitable trade, yes or no?
Trade examples from this week.
Now give you some real time examples. Right now I have a sell trade on Copper (XCU). Copper on the monthly chart. And we are now in July on the close of the June monthly chart on Copper and we saw a bearish set up as a reversal trade.
We’ve taken a sell trade on copper that’s going really nicely right now. So that’s the longer term perspective. This week I’ve taken six trades on the weekly chart trades predominantly looking for yen strength and they’ve retraced beautifully and now those pairs are heading downwards because we’re looking for, as an example, like the CAD/JPY, you know, we’re looking for that to drop with strength in the Canadian.
And so that’s the bigger picture. We’ve taken some monthly charts, we’ve got some weekly charts today, been Friday, the 19th of July. I’ve actually taken five trades on the daily charts, one on the sorry, two on the 12 charts and one on the eight hour charts. So I’ve got a trace that I’ve just taken just now. The beauty of that is they’re all taken at exactly the same time after the change of day 5 p.m. New York time.
So 6 p.m. by the time that we’ve taken and looked for the analysis and spreads have dropped. I’ve just taken those five daily chart trades, two on the 12 and one on the eight out and that’s my trading. Done them for the rest of the week. I don’t generally look at the 5 a.m. Friday changeover because it’s heading towards the end of the week.
So the beauty is, is I can look at the charts for today, just once in the day got my trades on and they have all got low and controlled equal risk and reward to risks from about two and a half to three and a half depending on the exact trade. Again, it’s coming back to the candle pattern, the time frame that I trade, the stop losses, etc. are all relevant to the size of the candle.
So if you’re looking at, say, like a monthly chart, which has a bigger movement, obviously because there’s a lot of data in a month and what happens in a month at the stop loss will be bigger. The reward risk will be the same because the profit target is bigger, the ratio is still the same. Now take that to the other extreme of a two hour chart on my life webinar with my clients.
Just last night, European Morning, I took four trades on the two hour chart trades. We took a EUR/CHF, a USD/CHF, a USOil and a UKoil. All four of them moved to their profit targets really quite easily and very quickly. In fact, the EUR/CHF and the USD/CHF both hit their profit targets another 5 minutes on two hour charts and they were taken live on our webinar.
You know, no hindsight trading. No, this is what we might have done and we’re hiding the losing price. No, these were all taken on a live 2 hour webinar in front of hundreds of clients and thousands of others that are going to watch the recording who couldn’t attend live. So this is the real trading we’re doing. We’re not economists that tell you what happened yesterday and why that happened.
We’re taking these trades in real time. Now the beauty is on those two hour chart trade, you we could see the pattern. We place the trades our again. Our stop loss meant that we had control risk and our profit target meant that we were getting about a two and a half to three reward to risk on those traits.
Now not topic again comes back to timeframe charts to me look at the important thing is you look at the close of a candle. Now you may not want to look at two hour charts. You might like to look at, say just once a day on the six hour of the eight hour, 12 hour and daily charts. Absolutely fine.
You might think, Well, Andrew, I don’t want those longer timeframe charts and I’m really happy to look at 4 hours and two and one, etc. or even lower if you want to. But again, you stick to the pattern that we trade and you look and you know when to look at a chance because it’s at the close of a candle.
So really important that you do that. It takes away all the emotion out of your trading. You just know exactly what you’re looking for. When to look makes life a lot more enjoyable and you’re trading a lot more simple and absolutely far more profitable.
Blueberry Markets as a Forex Broker.
Now, if you’re out there looking for a broker, I can highly recommend Blueberry Markets. I’ll put link to them. I’ve been with Blueberry Markets for years and years, and ever since I’ve started, I know them. I’ve met them in person. Great bunch of people, great withdrawals as well, very, very quickly. And their empty platform has just an enormous array of different markets and very good tight spreads as well.
Get onto my Master Class
And if you’ve not been on my masterclass, it’s an on demand. See this, just log in when it works for you and just sign up for it. Watch it through. It explains about how we trade, how we teach, and gives you lots of examples as well of actual tries that we’ve taken.
Comment, Like & Subscribe.
So I hope that helps. Any questions you have, please email me Andrew@TheForexTradingCoach.com if you have any topics you like me to discuss on future videos and podcasts just like this one, if you’re watching, don’t forget to like and subscribe and I’ll see this time next week.
Bye for now.
Episode Title: #552: Avoiding Confusion In Your Trading
#551: What Markets Does Our Trading Strategy Work On?
In this video: 00:23 – We trade the Forex market, plus many others. 01:06 – Our trading strategy also works on Crypto’s, Metals, Commodities and Indices. 02:24 – Reversals and Continuations. 02:58 – Market opening times vary. 04:04 – Join my Masterclass and Book a Call. 04:48 – Blueberry Markets as a Forex Broker. 05:22 – Comments, Like & Subscribe.
What markets can you trade using my forex trading strategy? Let’s talk about that a more right now
Hey there, Traders! Andrew Mitchem here at the Forex Tading Coach with video on podcast number 551.
We trade the Forex market, plus many others.
So we call ourselves the Forex Trading Coach and obviously we trade the forex market. But over more recent years we have now the option to trade many more markets.
Now go back to when we started. We could only trade forex pairs and then things develop like gold and silver and then a lot of brokers introduce more markets like some of the exotic pairs and the minor pairs like Singapore dollar pairs and Norwegian krona, Swedish krona pairs like that.
Our trading strategy also works on Crypto’s, Metals, Commodities and Indices.
And then over the last number of years you’d have noticed a lot more brokers are offering other markets, such as like cryptos, which seemingly everybody wants to trade and metals and commodities and indices.
And the fantastic news is, is that trading strategy that I developed getting close on about 17 or 18 years ago still works today on the forex markets plus the new pairs. But also we can trade other markets such as the cryptos, the metals, commodities indices with exactly the same consistency. And when you think about it, the reason is because our strategy is price action based using candle pattern support and resistance.
And it doesn’t matter whether you’re trading copper or Bitcoin or a Canadian index or the Japanese index or FTSE or oil or the NOK/JPY, it doesn’t really matter so much exactly what it is you’re trading and the beauty of it is, is by offering these other markets now is it if the forex market should have just a bit of a quiet day or so, it doesn’t matter because we have access to all these other markets.
So it just allows us to scan through different charts, not really worrying too much what the actual chart specifically is. We are looking for a candle pattern and a pattern that we teach our students that has high probability chance of success.
Reversals and Continuations.
Now we look for reversals and continuations and go and have a look at a market such as copper or Bitcoin or Ethereum. They also have reversals and continuations. They have candle patterns, they bounce at support and resistance levels and round numbers, they have divergence. So for me as a trader, I don’t need to trade just the EUR/USD because it’s the most traded or the NZD/USD. Because I live in New Zealand, it does not matter. So the beauty of it is, is that we can trade these other markets quite consistently.
Market opening times vary.
Now the important thing to notice also is that some of those markets, first of all, they don’t all have 24 hour operating markets. Now cryptos do, of course, seven days a week, but other markets don’t. Some will open at 6 p.m. New York Times, such as gold and silver and others will open a little bit later, like some of the oils and some of their like the US indices don’t open into the US time.
So you have to be mindful of some gaps which can occur on some of those markets. But also you just need to be mindful of spreads and the amount of movement that they have. So for me personally, I much prefer trading those non-forex markets. If I’m looking at longer timeframe charts. If I recap monthly charts once a month, the weekly charts once a week, daily charts once a day, and I’ll go down to 12 hour charts twice a day and generally not too much shorter on those other non forex markets.
But it just means by looking at the charts once, possibly twice a day, I can now open up a whole lot more probability or high probability trades and give us more and more trading options.
So if you’d like to know how we do that, how we trade, how we teach, and how you can benefit from not just the forex market, but using our strategy across a range of other markets that are now available to every every person with a Metatrader 4 or Metatrader 5 platform account.
Join my Masterclass and Book a Call.
What I suggest you do is click on the link here and you’ll find a link to my masterclass. It’s only 17 minutes long. It’s real quick, but it just gives you just a real condensed overview of how we trade what we do and how we can help you with our teaching. So click on that and watch that masterclass.
If you’d like to book a call with us. I’ll put the link also so you can book up a 30 minute call with myself, one of my team.
Blueberry Markets as a Forex Broker.
And if you are out there looking for a really good forex broker that does offer a large variety of markets on Metatrader 4 and especially on Metatrader 5. I highly suggest you consider Blueberry Markets I’ll put linked to them as well.
I’ve been with Blueberry Markets for years and years. I’ve met them in person great bunch of people, incredible service, really fast withdrawals as well. Whenever I withdraw funds next day, it’s there in my account, so I highly recommend them. Have a look at them. There’s a link here as well. Blueberry Markets, Book a call with us. Get on my masterclass.
Comments, Like & Subscribe.
Any questions that you have, please email me directly Andrew@TheForexTradingCoach.com or leave a comment if you’re watching on YouTube and I’ll look forward to bringing in more trading information this time next week. Bye for now.
Episode Title: #551: What Markets Does Our Trading Strategy Work On?
In this video: 00:27 – Learn to be a fussy trader. 00:40 – What does your favourite sportsman do differently? 02:39 – Become an elite trader. 03:24 – Know your strategy and have a plan. 04:15 – Trades from this week. 04:52 – Get on my Masterclass and book a call with us. 05:07 – Blueberry Markets as a Forex Broker. 05:30 – Comments, Like & Subscribe.
I want to explain to you why you need to be a fussy trader and I mean a really, really fussy trader in order to do well. Let’s get into that and more right now.
Hey there, traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 550.
Learn to be a fussy trader.
Today I’m going to explain why you need to be fussy. A really, really fussy trader. You don’t need to be reckless. You don’t need to be risky. It’s the way that you can ensure that you do well from your trading.
What does your favourite sportsman do differently?
Let me give you some examples. Think of your favorite sports person or sports team. What are they doing to make themselves the elite and so much better than everybody else at that?
Think of a tennis player, for example. You know, all the shots they play, they’ve played with precision. They practice them. They practice on different surfaces, you know, like clay or grass, concrete, whatever it is that they play on. And they know what they’re doing. They know how to hit the ball. The angle that the spin, everything that they look at.
As a tennis player, they know what they’re doing. So they play with accuracy and precision. They are fussy. They’re not. They’re just playing reckless shots like an amateur player would sometimes do.
You think of a golf player. You know, the practice, they go through the methodical set up that they have in their stance and their grip and the practice and the hours and hours that they go through with putting and chipping and driving.
And so when they play that game, they not out there playing reckless shots and trying to bend the ball, round corners and do all silly things that, again, an amateur player or someone like myself would try and do, you know, which sometimes you can fluke it in a majority of the time it goes wrong. And so that happens in every sport.
Think of a footballer or soccer player. For me, I’m a cricket fan. You think of like a batsman playing cricket. It’s all about defense, defense, defense attack at the right moment. So that comes from hours and hours of practice of getting your technique right. It’s all about technique and being fussy. If you think about cricket and a batsman, as soon as you’re out, you’re out. You know, that’s your job done and it’s over.
You can’t contribute a lot more, you know, as a batsman. And so it’s all about being very defensive and very watchful when the moment comes to attack your strike, your attack.
Trading is the same. It doesn’t matter what sport the you like out there and it’s all the same.
Become an elite trader.
And so to become an elite, trader think of it in the same way. Be fussy, don’t be risky, don’t be reckless with what you’re doing in your training. And you wouldn’t believe how many people come to me and they show me trades that they have open and go Andrew I took this trade and I go back to them and go, Well, why did you take that trade? What’s your reasoning? Why did you take that risk?
Why was you stop loss there? Why was profit there. What was it about the trade that you saw? And I just felt that the GBP/USD was going up. And so there’s that lack of thought of common sense that goes into trading. And so I just find that so many people out there are just too reckless, too risky when it comes to their trading.
Know your strategy and have a plan.
To be a good trader, you need to understand your strategy, have a plan. You need to know what you’re entering, when you’re going to enter it, why you’re entering it.
So it’s all about being selective with your trading. Another great example is right now, as I’m making this video, it’s Friday, the 5th of July here in New Zealand.
That means it’s still Thursday, the 4th of July in America, which is their big 4th of July holiday. The UK elections are about to be released like the polls are closing right now. So making this video. And then on Friday in American Time, we have the monthly jobs news. I’m not taking any trades today. It is utterly pointless.
The market could be very dead. It could be reactive. Who knows? So as a professional trader, my decision is not to trade today. Yet when the market’s moving and there’s lots of activity and I’m seeing good set ups, then I’m taking trades.
Trades from this week.
I’m not sure if you can see behind me here, but I’ve got a list of trades here that I’ve taken just this week that have been on our membership side and on the forum side.
I’ve got trades from what H1 Charts to H8. There’s a H6 there’s a couple H4 chart behind me there. Every single one of them are profitable. And so earlier in the week we had some great trading conditions. And so we saw the trades, we took the trades. They’re all green lights. You may not be able to see it there, but they’re all profitable trades.
And then for Thursday and now going into Friday, I’m not trading because it’s not a wise decision to do that. So again, it’s about being fussy with your trades, not reckless, not risky.
Get on my Masterclass and book a call with us.
Now, if you’d like to find out how we can help you to become a fussy and good trader, if you haven’t been on my 17 minute masterclass, a link to that here.
If you’d like to book a call with myself or one of my team up our links, you can do that as well.
And if you’re out there looking for a very high quality forex broker and these guys are fussy when it comes to their customer service and they’re quality fussy and a great way and that they are, you know, very, very good at what they do.
Blueberry Markets as a Forex Broker.
I can highly recommend the broker Blueberry Markets, they base in Australia and pretty much anybody anywhere in the world can open an account with them and I put a link to them as well.
Comments, Like & Subscribe.
So if you like this video, don’t forget to Like, Share and Subscribe, or if you’re listening on the podcast, share it around and any other topics you’d like me to talk about on future videos and podcasts.
Please either leave a comment or send me an email directly. Andrew@TheForexTradingCoach.com and I answer all those emails personally myself. I see you this time next week. Bye for now!
Episode Title: #550: Why You Should Be A Fussy Trader
#549: Why the Trading Tortoise Always Wins the Race
In this video: 00:29 – We’re halfway through the year. 00:45 – Most people rush into trading too quickly. 01:30 – The Hare and the Tortoise. 02:36 – The rise of Prop firms and the pitfalls. 03:39 – Making mistakes. 04:10 – View my 17 minute Masterclass & book a call with us. 04:30 – Blueberry Markets as a Forex Broker. 04:47 – Comments, Like & Subscribe.
Today, I’m going to talk about why the trading tortoise always wins the race. The slow and steady approach is the way that you are going to become a profitable long term forex trader. Let’s get into that more right now.
Hey there traders is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 549.
We’re halfway through the year.
Middle of winter here in New Zealand in June and we’re already halfway through the year. But on a cracking day like this, I had to get outside to make the video today. One the enjoyments of trading and working from home. So in terms of trading.
Most people rush into trading too quickly.
Obviously everybody wants to be profitable. When people get into trading, they generally want to get into it pretty quick. Bit of a hiss and a roar.
I had an email just last night from someone that said, Hey Andrew, I’m ready to give up on trading. We can go in for three months and it’s just not working. I’m going to close my account. And I wrote back to him and said, Look, my your absolute brand new, complete novice beginner, three months, you know, nothing at three months. And so I explained to him that, you know, if you’re going to take this trading business seriously, you can’t be like all up and down like that.
You can’t be hot and cold like that. It’s, you know, and that’s where it comes back to the title said about, you know, the tortoise wins the race.
The Hare and the Tortoise.
You remember the story about the hare and the tortoise probably learned it as a kid. You know how you know, everybody wants to be the hare. They all want to run off and get done really quick.
No effort, you know, no background work and trading’s exactly the same. And I say all the time, this guy last night was a classic example. Absolutely classic example. You know, three months. I know it all and it’s not working and it’s the market’s fault. No, it’s your fault. And the reality is that, you know, you do need to take that slow, steady tortoise approach, because if you’re going to do this, like I’ve been doing this 20 years and it took me four years to get anywhere.
So I can promise I understand the frustrations of being a few months into it and it’s not working, but also someone that’s been around for probably longer than anybody else, you know, or listen to or view. I can tell you the approach that’s going to work properly long term. So that would be my advice. The slow, steady approach.
The rise of Prop firms and the pitfalls.
The reason or one of the reasons is that as well, a lot of people want to get into prop firms these days, which is absolutely fantastic. And I’m going to be putting out some information very shortly about how we can help you to get into prop firms. I think for the right person, they’re an absolute fantastic way of making substantial gains from your trading.
But again, if you’re out there being the hare trying to rush into a prop firm after a week, if you’re out there taking like silly risks, trying to pass the prop firm, it’s not going to work. And ultimately the aim of trading is not to lose capital, it’s to preserve funds, whether it’s your own money. And it hurts when it’s your own money, when it goes wrong.
If it’s a prop firm, it’s their money. It’s not your money. They have drawdown rules and limitations for a reason. So respect that and work out how you can make your trading work while keeping within those rules. And that again comes back to the tortoise approach. Very low risk, steady, consistent trading will get you through not only be a good trader, but a profitable prop firm trader. If that’s the route that you want to go down,
Making mistakes.
Making silly mistakes, blaming, you know, the market conditions, all those type of things, you have to accept that different market conditions require to trade differently. When the conditions are good. And if you have a trending system and the market is trending on multiple pairs, take the trades. If the market’s quiet is not really happening, then don’t take the trades.
You know, it comes down to common sense and and trading what the market is presenting you with at the time. So being consistent, you will win. And that’s really how you going to get ahead in your trading. So I hope that helps.
View my 17 minute Masterclass & book a call with us.
If you would like to jump on my 17 minute masterclass, we really shorten the masterclass down. It’s an on demand prerecorded so you can just jump on and watch it when you have 17-20 minutes to to jump on board. I’ll put the link to that.
If you’d like to book a call, like a live call with myself or one of my team up on link to that as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very good Forex broker, I can highly recommend Blueberry Markets. Their MT5 platform has so many markets great spreads, really good bunch of people. And I’ve been dealing with Blueberry Markets, as have a lot of people. I’ve sent their way for many, many years. So have a look on the links provided as well.
Comments, Like & Subscribe.
Don’t forget to like and subscribe or share the video if you’re watching it. Any topics you’d like me to cover on Future Videos Podcast. Just like this to send me an email, leave a comment or email me Andrew@theforextradingcoach.com and I’ll see you this time next week. Bye for now!
Episode Title: #549: Why the Trading Tortoise Always Wins the Race
In this video: 00:24 – Learning to cross the road safely. 00:43 – The rules of the Green Cross Code. 01:02 – Live Webinar with my clients. 01:26 – The Green Cross Code of Trading. 03:12 – My 17 minutes Masterclass and Book a Call. 03:33 – Blueberry Markets as a Forex Broker. 04:09 – Comments, Like & Subscribe.
Today, I’m going to teach you all about the Green Cross Code of Trading. Let’s get into that and more right now.
Hi there, Forex Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 548.
Learning to cross the road safely.
Do you remember when you were a kid? You were learning at school to cross the road? Or if you’re riding a bike, they taught you how to stop a crossing and then cross the road safely.
It’s something I never forgotten. And as a kid walking around towns or riding your bike, it kept you safe.
The rules of the Green Cross Code.
What they taught you is, number one, look all around. Number two, look to the right. Then look to the left. And then look to the right. And if it was safe and clear, then cross. And it was a very simple but effective way. And here we are, some sort of 45, 50 years later, I still remember very well.
Live Webinar with my clients.
Now, the funny story was that last night I was holding a live 2 hour webinar with my client. We took five trades live on the session and when we were looking at trades, I actually said, Look, you need to look right, then left. And it brought me back to my childhood. I thought Green Cross Code
And in trading it’s really important that one, you keep things simple, but also you do look right and left. Let me explain.
The Green Cross Code of Trading.
Overall, we look at the chart. We look at the pattern where the pattern is within the chart. Is there room to move? Is it in the right place? All those type of things.
So first of all, we had our candle pattern. We were taking a sell trade yesterday and then I look to the right. The reason I looked to the right was the candle itself have bounce at a round number. So that’s our first or second thing. First of all, we look overall, then we go right. Then we went left and we took the chart and we said, where this price at best, which was the round number to the right.
When we went to the left, we saw that some candles prior the price and who had also passed at exactly that level. And when it bounced and hit that level, it then dropped. So now the price to come back up to that same level, we look right, saw the right number left, saw the previous resistance and bounce level.
There’s our overall view. Look right, look left. We then look right again when it came to actually looking for our entry and our stop loss and our profit target levels. Are there any other significant levels in the way? Can we have the pivot point to help us? Do we have any round numbers to protect our stop loss or making sure added our profit target on the sell trade before any round numbers?
So think of your trading as you would walking across the road or learning to do that. Or if you’ve got kids, how to teach them to do it safely. Obviously on a road, it keeps us safe. If you do it in trading, it keeps you safe, but in a different way. It helps you to have high probability trades and it helps you to keep on the right side of the market.
More often than not. So think about the green cross code. Look overall, look right, left, look right again. And that will massively help you in your trading.
My 17 minutes Masterclass and Book a Call.
Elsewhere. If you’ve not been on my masterclass session, it’s a an on demand session. I’ll put a link to that. If you’ve not been on a really urge you to have a look at that and encourage you to do so, you’ll find that information really beneficial.
We’ve changed that. So it’s just a 17 minute, very quick on demand session for you to watch. You’ll find it very helpful for your trading.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a high quality forex broker, I can highly recommend Blueberry Markets they’re based across in Australia and they can take clients from right around the world there MT4 and MT5 platform are fantastic platforms.
I really like their MT5 platform with the massive amount of different currency pairs and also different markets available to trade great people very good with their withdrawing funds, etc. like that. Very quick, awesome support. Have a look at blueberry markets. I’ll put a link to them below this video and podcast as well.
Comments, Like & Subscribe.
So that’s it for me this week. If you have any trading questions or topics you’d like me to discuss in future videos and podcasts just like this one, leave a link on the comments area below if you’re watching the video or email me Andrew@TheForexTradingCoach.com
I’ll see this time next week more trading information. Don’t forget the Green Cross Code of Trading. Bye for now!
Episode Title: #548: What is the Green Cross Code of Trading?
In this video: 00:22 – Do you want to start trading? 00:44 – Trading Forex – The Basics. 01:30 – Choosing a Forex Broker. 01:56 – Forex Education. 02:23 – Your Trading Plan 02:50 – Start on a Demo Account. 03:12 – Technical or Fundamental Trading. 04:08 – Trading and Travelling. 04:44 – Blueberry Markets. 05:00 – My 1 Hour Masterclass and Book a Call. 05:34 – Comment, Like & Subscribe.
How do you start as a forex trader? I’m going to cover that topic and more for you over the next few minutes. So let’s get started.
Hi everybody! Andrew Mitchem here at the Forex Trading Coach.
Do you want to start trading?
So you’re interested in diving into the world of forex trading. Now whether you’re looking to supplement your income or to embark on a new career, starting out as a forex trader can be both very exciting and also challenging. And in this video and podcast, I’m going to walk you through the essential steps that you need to get started on the right foot.
Trading Forex – The Basics.
Now, first, let’s cover the basics. Forex trading or foreign exchange is a global market for trading currencies. It operates 24 hours a day, five days a week, and it’s the largest financial market in the world.
Now, unlike other markets like stock markets, which are based in specific locations like New York or London, the Forex market happens over the counter, which means that basically transactions are conducted directly between parties, usually through an online platform.
And to start trading, you need to have a reliable internet connection. Obviously, a computer, laptop or mobile device and just somewhere that you can sort of focus on trading somewhere quiet, you can focus on trading.
Choosing a Forex Broker.
Next, you need to choose a forex broker and look for one that’s regulated and has high quality rankings as well. Competitive spreads and uses platform such as Metatrader 4 or Metatrader 5.
I’ll put a link on this page to a list of brokers who I use and suggest that you consider because that’s going to massively help shortcut the list for you.
Forex Education.
Now, education is also key to being a successful trader. You’ve got to learn the basics. The fundamentals of forex trading. Understand how currency pairs work, such as the majors like the EUR/USD and GBP/USD and then get into more like the minors like the AUD/NZD or EUR/GBP.
And you got to familiar eyes yourself with you know what pips are leverage margin. All those type of phrases which right now may not be familiar to you.
Your Trading Plan
Next you need to develop a trading plan, and a solid trading plan should outline your financial goals, your risk tolerance, specific strategies that you plan to use. You need to decide how much capital you’re willing to invest and of course, never risk more than you can afford to lose.
So a good rule of thumb that I use is I risk only half of 1% of my trading account on a single trade.
Start on a Demo Account.
And before trading the real money, of course, you should practice using a demo account. And most brokers offer a demo account to basically simulate real trading conditions. But it’s not real money. Now, use this opportunity to test your trading plan and your strategy and get comfortable with the trading platform without having that risk of losing real money.
Technical or Fundamental Trading.
Understanding market analysis is also crucial. There’s two types of analysis. There’s technical and fundamental. Technical analysis means looking at charts, using indicators, etc. to predict movements. Whereas fundamental analysis, it’s more about looking at economic indicators and news events to assess what’s likely to happen.
Now, over the last 15 plus years. I’ve been only solely 100% a technical trader. I have tried both. I started off looking at some fundamentals, but it just wasn’t for me as a technical trader. I find life much easier and more enjoyable.
so understanding the basics, developing that solid trading plan and continuously learning is something that you’ve got to do in order to trade the forex markets with confidence.
Now in other news at that, I’m heading over to Europe at the end of May, and while I’m away, I’m going to be making a series of videos and documenting and showing you the trades that I’m taking while I’m away and to show you how I trade and how you can trade and travel in less than 30 minute chart time a day.
Back five years ago, when I was in Europe for four weeks, I did the same thing and we made a 12.79% return over those four weeks. This time I’m going to be doing exactly the same for the two weeks while I’m away.
Blueberry Markets.
If you’re looking for a good forex broker, I can highly recommend blueberry markets. I’ve been with them for years and years since they started and I’ve sent fans into trade as to them, and all I ever hear back is positive reviews. It’s just absolutely fantastic.
My 1 Hour Masterclass and Book a Call.
Now, if you’ve not been on my one hour free masterclass, jump on it up a link here so you can do that.
If you’d like to book a call with one of my team. It won’t be with me over the next few weeks as I’ll be away. But if you want to book a call with one of my team, you can do that and our per link to their booking calendar.
So thanks for watching the video and listening to the podcast. I hope that those few forex basic will help you. Wish me luck by the way, next week when I’m on an 18 hour flight from Auckland to Doha and then I think it’s about another seven or 8 hours from Doha through to Nice in France, where I’m heading.
Comment, Like & Subscribe.
And if you find this video helpful, please make sure that you comment like and subscribe or send the link to other people who may be interested in learning how to trade the forex market. Remember those forex basics? If you’re out there, we’re here to help and to help make this work for you.
This is Andrew Mitchem at the Forex Trading Coach. I see this time next week when I will be just about to board an 18 hour flight. Bye for now!
Episode Title: #547: How To Start Out as A Forex Trader
In this video: 00:27 – Everyone is talking about AI and Bots. 01:10 – All Bots seem to fail. 01:30 – Knowing I can read a chart with high probability. 02:49 – Limitations of using trading bots. 03:19 – You don’t need to spend all day trading. 04:48 – Our 15th Birthday sale. 05:28 – Trade through Blueberry Markets.
I’m not a fan of trading AI or trading bots. Let me tell you why. Let’s get into that and more right now.
Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546.
Everyone is talking about AI and Bots.
Now something maybe a tiny bit controversial. Everybody’s talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it’s been there for years and years.
When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you’re always finding people out there who are creating these these robots that are going to do all these wonderful things.
All Bots seem to fail.
Have you ever noticed that they all fail? Like, I’ve never ever in my 20 years of trading seen one that works consistently well. Sure, they’ll all have good times, but almost sure they’re going to have bad times as well. So the reliability of them, first of all, is not great.
Knowing I can read a chart with high probability.
But to me there’s more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what’s likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account.
But if I get the trade right, it’s going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what’s going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn’t have been able to trade cryptos, we wouldn’t have been able to trade indices and commodities and metals on forex platforms.
So things evolve, things change. And I’m certainly not against that when I’m saying I’m not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone’s $97 a month bot.
Limitations of using trading bots.
The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial.
You don’t need to spend all day trading.
And if you’re out there, like sitting there thinking, well, that’s all well and good, Andrew but I’m too busy and I don’t want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it’s happening, when it’s trading time and relaxing, enjoying things, working hard, whatever it is outside family, sports, music, whatever it is that you want to do when you’re not trading and the balance of the two is huge.
So both mentally, physically, everything and and that’s what to me. Artificial, you know bots and robots and AI that cannot give you that that mental stimulation enjoyment satisfaction that being a manual trader does. So that’s my thoughts on it. Like I said, I’ve been doing this 20 years. I’m certainly not against progress, certainly not against using technology. I love technology. I love progress. But there’s so much more to being a good trader than just simply waking up in the morning and go, what’s this bot done? Because that’s not going to give you what you really need long term. Certainly not going to give me the confidence to go. I’m going to invest a large amount of money into this of my own capital.
Our 15th Birthday sale.
Now, some great news for you. Between the 14th and the 17th of May, we will be celebrating 15 years at the Forex Trading Coach, which is something we’re immensely proud of. And I don’t think there’s hardly any other company around that’s still in existence today. That was around 15 years ago when we started, so we’re immensely proud of that and the amount of people that we’ve helped and helped change the lives of so many people all around the world. If you’d like to find out how you can get involved, I’m going to put a link here so you can click on the link and register your interest for the sale between the 14th and 17th of May.
Trade through Blueberry Markets.
And if you’re out there looking for a good broker, I can highly recommend blueberry markets. They offer the Metatrader 4 / Metatrader 5 platform. They also start the day at the correct 5 p.m. New York, which is Eastern Standard Time. That’s when the daily charts change over on the forex markets. Unfortunately, some brokers still don’t do that, so make sure your broker does do that and Blueberry certainly do support link to them as well.
This is Andrew Mitchem here at the Forex Trading Coach. Have yourself a great day or evening or whenever you’re watching this and if you’re listening on the podcast, I hope you’ve enjoyed it and you’ve just missed out some beautiful scenery behind me here. So I see this time next week. Bye for now!
Episode Title: #546: I’m Not a Fan of Trading AI or Bots
In this video: 00:27 – Where should I place my stop loss? 01:18 – This is what most people do – and it’s wrong. 02:44 – Use support and resistance levels. 03:20 – Always look at round numbers. 04:22 – How big is your stop loss? 06:14 – Attend my Masterclass, Prop Firm webinar and book a call with us. 06:37 – Trade through Blueberry Markets.
Andrew. I don’t know where to put my stop loss. Can you please help me? If that sounds like you. Listen up. I’ve got some great information for you. Let’s get into it right now.
Hey there, traders! This is Andrew Mitchem here with video and podcast number 545.
Where should I place my stop loss?
Now, I don’t know where to place my stop loss. It’s a question and a comment that I get all of the time. And it must be something that frustrates so many people because they just don’t know where to put their stop loss. Why to put it at a certain level? And so it creates confusion, frustration, and inevitably leads to losing trades and therefore overall a losing trading performance.
Now, unfortunately, most people out there just don’t know where to put their stop loss because they don’t understand the market or they don’t understand what is happening at that time. They don’t realize there’s a difference between different currency pairs in terms of the amount of movement or different time frame charts or different times of the day, volatility at the time. All these things make a big difference and it’s something that you need to consider when placing a stop loss.
This is what most people do – and it’s wrong.
Now, unfortunately, most people out there who learned to trade through, let’s say, watching some YouTube videos or a few forum sites, they unfortunately make the common mistake of putting their stop loss X number of pips away from the entry price.
Why they do that? Well, that’s what most people tell you you should do. It makes it easier, I suppose. You go, I’m putting this stop loss at 20 pips away. Well, what on earth this 20 pips mean? It’s completely and utterly irrelevant. You know, 20 pips if you’re trading the EUR/CHF is massively different to 20 pips if you’re trading the EUR/NZD as an example.
You know, one doesn’t move hardly anything. Daily range of maybe, you know, 40 pips, the other one moves a lot. Average daily range of 100, 150 200 pips is vastly different. It also depends on what time frame you’re trading, what time frame chart you are trading, because you know that will determine how big a movement is likely to happen at that time in the next timeframe candle.
Use support and resistance levels.
You know, because sometimes the market’s very quiet. Other times it’s moving a lot. Obviously, if you’re trading on, let’s say, a 4, 6, 8, 12 hour, Daily, you know, it’s going to be a lot bigger candle than if you’re trading on a 15 minute chart, for example. And so you have to take this into account also.
Now, you also need to take into account and things that we do is a support and resistance level is a pivot point in a previous swing, high swing lows and making sure you’re using as many factors as you can to put your stop loss behind that level. So if you’re taking a buy trade, for example, you want to put your stop loss below several factors of safety to give yourself the best chance that the market may fall back towards your stop loss, but it’s not going to take you out.
And then it changes and goes up into your anticipated direction and you get a profitable trade.
Always look at round numbers.
Another thing that we use and you have heard me talking about this multiple times, I think was round numbers now a round number to me is a level that ends in 50 or especially 00. That is a very strong psychological level.
Have a look at the charts. You will find that the price bounces at those levels so often it’s not funny. So if you happen to have a trade that has a stop loss that you can put on a buy trade again below one of those round numbers, then even better because likelihood is the price may come back towards that round number.
Test that level and then move up keeping your stop loss below that level that round number adds another factor, another layer of safety to your trade and another layer of probability that the market will not come down, stopped you out. And you know, how often do you see trades that you go to look at them in hindsight and they just stop you out and then they change and hit your profit target, you know, a few bars later.
How frustrating is that? And I’m sure you’ve experienced lots of occasions when that happens.
How big is your stop loss?
So once you have your stop loss area in place of the level you need, you didn’t need to calculate. This is the only time you really need to use PIPS. How far away that is from your entry price, whether using a market order or a stop order or limit order.
How far away is that stop loss from the price that you are entering the market. Therefore, you then need to know that number because therefore you can then go well, and I’ve got a lot size calculator script that does it simply. You then work out the lot size or the position size you need for that trade according to the stop loss of that trade.
And it’s also according to a few other things. One, it’s the pair that you’re trading because of course different pairs pay different amounts per pip of movement. It also is determining by your account size and the denomination of your account. If your account it’s in British pounds, it’s going to be different number than if your accounts in New Zealand dollars or US dollars, for example.
So you’ve got to know all that in order to calculate your risk size. Now. Well, that sounds potentially a little bit complicated and confusing, and you go, that’s just too hard Andrew. No, not at all. It’s simple and it just takes literally like a number a few seconds to drag the script on I put a link to it, by the way.
So if you don’t have it, you can use an MT4 or MT5. You literally drag the script on. My script knows what your account size is, what your denomination is, you dragging it onto the chart that you’re about to trade so it knows what pair you’re trading. We literally do say this is the risk. I want, you know, half of 1% or quarter or 2%, whatever it is you want to risk.
This is a stop loss size. It will tell you the exact lot size needed. Really, really simple way of keeping all your losses low and controlled and equal. So understanding stop loss is where to put them. Why to put them is crucially important for your trading success.
Now, a couple other things out there. If you have not been on my masterclass, I really encourage you to do so. It’s a one hour long masterclass. Just go through all the different things that we look at as traders and how we can help you.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my prop firm Masterclass, that is also something if you’re out there looking at prop firms and you want if know how to passed prop firms easier, then you can look at that. Again I’ll put link.
Trade through Blueberry Markets.
If you are looking for a fantastic broker to deal with. This is for pretty much everybody apart from a few countries and the US, but for everybody else. Have a look at blueberry markets. Great brokerage, great platform, great people, lots and lots of markets, especially on their MT5 platform. And again, I’ll put a link to blueberry markets here as well.
So I hope that helps. Understanding stop losses are massively important. I look forward to bringing you more trading tips and information this time next week.
If you’re on YouTube like and subscribe or feel free to share the video and if you ever have any topics or questions for me, please feel free to email me directly. And I read everything that I get sent to me. Andrew@TheForexTradingCoach.com, See you next week. Bye for now!
Episode Title: #545: I Don’t Know Where to Place my Stop Loss
In this video: 00:33 – Great feedback about our latest videos. 00:58 – A look at my MN1 and W1 chart trades. 05:00 – GER40 Index trade. 07:23 – Trade through Blueberry Markets. 07:46 – Attend my Masterclass, Prop Firm webinar and book a call with us. 08:40 – Email me directly, like, share and subscribe.
In this week’s video and podcast, I’m going to share with you two trades that I’ve taken, one on the monthly chart, one on the weekly chart. One’s a reversal, one’s a continuation, one’s a forex trade, one’s a non forex market. Let’s get into that and share those trades right now.
Hey there, traders! It’s Andrew Mitchem here at the Forex Trading Coach for video and podcast number 544.
Great feedback about our latest videos.
Loving the feedback that we’re getting regarding the changes that we’ve made here and by showing you trades and just helping people to understand what the market’s doing and to understand how we trade here in Forex Trading Coach don’t forget we always promote very low risk per trade high reward to risk and the strategy works across all timeframe, charts and all different markets.
A look at my MN1 and W1 chart trades.
Now today’s a great example of that. I’m going to run through two trades for you, the NZD/USD on a monthly chart and the German 40 index on a weekly chart. So let’s jump straight onto the charts here and you can see the two trades on the cover, the first one here is a monthly chart trade that’s just hit the profit target this week.
This is the NZD/USD Monthly chart. So going back here, this is the monthly chart. So this is the candle here that closed in February for the January candle sets January of 2024. And we decided to take the trade heading into the first February when the January candle closed. And you can see in here my trade was not actually filled until the 20th because I take limit orders.
So I’m looking to take a sell trade after this candle has closed, but I’m only looking at taking the sell trade If the price first retrace is now, I don’t need to be sitting there waiting for 20 days for the price to retrace. On the 1st of February, I put my orders in. If within the first candle in this case, the one month the price retrace is to my entry level.
Fantastic and then takes me on a sell limit looking for the price to then fall. Now you can see in here that the market opened on this candle at 0.6110 and my entry level was 0.6162, so some 52 pips higher. And you can see that the price pull back up here got me filled as my entry level and the stop loss was fine.
It remained in the market and then the price fell away. By the end of February we were into some good profit. You can see the advantage of entering back up here using limit orders. By the close of the month we were already up 92 pips roughly. And then what happened going into the month of March? The price then came back up, tested that same level.
Notice how it stopped at the same level. We’re still safe. And by the completion of March, we then ended up being around about 188 pips up and then the profit target was hit down here on the 15th of March, 15th of April, just a few days ago at 0.5905. So a few things to notice there. One were at before the right number of 0.5900, but also using the way that we trade with our entry and exit levels, we had a great profit target.
Now if you look at rough numbers, looking at the without calculating these exact but there’s roughly our entry level, our stop loss was at 0.6222, which is in a roundabout here and that was 60 pips, 65 pips and our profit target was in 0.5, which was then in around about there, 257 pips. You can see the exact trade down here, but you get the idea of the reward to risk involved there.
You know, it’s about us and it said about a 4 to 1 top of my head figures there reward risk. So that’s the trade a continuation pattern because we’re in a big downtrend a pullback downtrend again another pullback. But overall when a big downtrend then we take the sell trade here, great trade out. What you will notice if you have a look at my profit on this trade is have a look here.
There were two more trades on the weekly charts that both lost. Now that shows the importance of reward risk because you can see both these trades with pretty much the same profit or loss, in this case, both losing trades, but very small, low control. But when we have a profitable trade, it’s multiple times the risk very important to see that.
GER40 Index trade.
Moving on to the second trades, that was the monthly continuation. The next trade is this German 40 index at the bottom here. So this is shows that our strategy works at different time frames and it also works on different markets. Now, this is a reversal trade because we’ve had this enormous uptrend on the German 40 index and then we had this outside candle here forming a new swing high and we love to look for in shapes, for reversals.
Imagine a letter “n” in here and now my charts, as I’ve mentioned the last few weeks, I have more indicators on here and I have a candle identifier indicator. I look at Bollinger bands and Fibonacci levels, etc. I’m on top of this and divergence. So all these things on top. But for the purpose of this video and podcast, we just strip everything back to make it make you focus on the candle pattern, which is really important here.
We then look at does the trade have stop loss protection? Is it in the right part of the chart? Have we got room to move for our profits target? All those things on top, but just the absolute basics to identify this trade was the candle pattern here on the German 40, you can see the trade down here.
Again, high reward to risk. So this is a reversal. Big uptrend with then taking a sell limit, looking for the price to first open go up and then fall. Now, same thing here. If you look at the open of that candle in here, it’s roughly around what, 18,222. My entry level was 18,293, so I’m needing the price to pull back up first and then when it hits that level, then reverse and you can see exactly what that’s done.
And again, it’s just recently closed at 17,807, which is in just above where we are right now. So you can see as a reversal trade, I’m not needing this to come all the way back down here. We just have a specific profit target in mind that we’re looking for there. And this, because of the nature of the way we enter and exit, gives us those high rewards points.
So as you can see here, so reversal right there on the weekly chart, continuation trade here on the monthly chart, both profitable, both high reward to risks.
Trade through Blueberry Markets.
If you’re looking for a forex broker, I can highly recommend blueberry markets. I’ve been with blueberry markets for years and years. Great bunch of people and great charting software. Lots of markets as well. They’re really, really good. I’ll put link to blueberry markets so you can open an MT4 or MT5 account with them.
Attend my Masterclass, Prop Firm webinar and book a call with us.
And the other thing, if you’ve not been on my free one hour masterclass, it’s an on demand masterclass. It takes you through kind of similar types I shown here, but lots more examples about what we do, how we trade, etc. Give yourself an hour to jump on to that. I put a link to that as well.
And if you’re out there looking to learn how to trade, look no further than us. We’ve been trading I’ve been trading myself for about 20 years and coaching for 15 years, very proud of the way that we have built up the Forex trading coach over the years to help so many people from all parts of the world to be successful.
By the way, both these traits that I’ve shared with you here, the two winning trades in the two losing trades were all on our membership site for our clients to follow and to learn from and to earn from. So that’s it for this week.
Email me directly, like, share and subscribe.
Look forward to catching up with you this time next week with some more trades to share with you and any questions you have, please send me an email directly Andrew@TheForexTradingCoach.com.
If you’re on YouTube, please like, share, subscribed and if you’re on the podcast, have you enjoyed listening? And hopefully you can get to look at these trades on your charts as well. I see this time next week. Bye for now.
Episode Title: #544: View my Monthly & Weekly Chart Trades
In this video: 00:27 – Trades that I’ve taken on the H6 charts this week. 01:02 – Why I traded the STOXX50 Index. 02:25 – Sell trade on the USD/MXN. 03:09 – EUR/MZN H6 trade makes profit. 04:41 – Last trade on the GBP/CAD. 05:29 – Low risk and high Reward:Risk trades. 06:50 – Trade through Blueberry Markets. 07:08 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to share with you some six hour chart trades that we’ve taken just this week, some winning trades and some losing trades. Let’s get into that and more right now.
Hi there, Traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 543.
Trades that I’ve taken on the H6 charts this week.
I want to share with you some trades that I’ve taken just this week on six hour chart trades across different markets and different forex pairs. I’m going to explain why I’ve taken these trades and to give you an understanding of how we trade.
Now just to let you know also that when we trade at the Forex Trading Coach, our charts are a little bit different to this. I have some candle identifier software, pivot points, divergence, etc. on top. But what I’ve done for the purpose of this video podcast, I’ve stripped everything and so you can just see the actual candle patterns and the price.
Why I traded the STOXX50 Index.
So let’s start here with the STOXX50, which is a European index. So we also trade non forex markets if the pattern show. And so you can see my trade in here. This is a six hour chart trade. It was taken on the completion of this candle here. And if you look at the first two results down here, you can see that one just got stopped out and the other went down to the profit target.
So what is it we’re looking at here? Well, first of all, we have a lovely downtrend in play and then a reversal, By the way, we took this trade, is a buy trade last week. But this pulled back beautifully. And then we saw the continuation pattern heading down in a nice trend line break up through here at this candle closed below that trend line break we had a nice “n” shape that we look for and we actually bounced off a middle bollinger band.
We had a few other things adding to the trade but you can see in here my two entry levels and this mentioned the first position just got stopped out, the second position. Then price fell beautifully. So our profit target, which by the way, was before the 5000 level and before us swing low. So that was the at the first trade there.
Now we take multiple trades throughout each day and each week on our membership site and on my forum site. And so these trades were all posted there.
Sell trade on the USD/MXN.
The next trade I want to share with you is the next one down here. You can see the sell trade on the USD/MXN. And this trade just got stopped out on the completion of this candle. The price went down and I ended up closing the trade early. You can see there’s a couple losing trades there and I got out of that trade in plenty of time after a loss, a small loss, a control loss of one position, small loss on the other.
But overall, my logic for the trade was we were in a downtrend pullback and then we had this continuation pattern here looking for this to down. So a small loss taken there.
EUR/MZN H6 trade makes profit.
However, the next trade was taken at exactly the same time is on the EUR/MXN and that’s in here. And you can see we had a very similar pattern but probably a stronger pattern there.
Overall, we were in this big downtrend, nice pullback, and then we got the confirmation to go short. And you can see in here my two entry levels in through here, 17.735 and 17.743. In here the second one pulled back absolutely perfectly to the higher or deeper retracement and then the market then turned around in the anticipated direction.
So what we’re doing here is we’re taking sell limit orders. We’re not jumping in at the market needing to be that the exact time we put limit orders that we’re looking for the price to first pull back and then drop in our anticipated direction again with this trade out before the last swing lows here. You can see if you look at that level there, I hover over the top of that candle, you can see the price was 17.746 and you can then see down here my entry level 17.743. Absolute perfection on the entry level at getting the maximum out of that trade and also no real drawdown on the trade.
Another point is, you look at the entry level there and look how absolutely to perfection with that last major swing low back on the second April.
Last trade on the GBP/CAD.
And then finally the bottom two trade. So all my trades are split into two trades. I have a quarter percent risk divided by the two trades on this particular account.
And in here you can see this was a buy trade absolute perfection on a profit target up here. So overall we had an uptrend, pull back and then we took the buy trades based off this candle here, one position got stopped out at the bottom and one hit the profit target. Again, you can see the profits target was 1.7234 or a high of that candle was 1.7236.
So we got to our profit target absolutely perfectly. The price went two pips higher and then completely changed direction away. Didn’t matter. We were out of the trade.
Low risk and high Reward:Risk trades.
So following on from last week where you would have heard me talk about making sure we have low and controlled risk, you can see how these trades here pretty much in that high $50-$60 dollar.
There’s one there a little bit higher, but they’re all around that sort of control risk. Yet the profit targets, depending on which retracement entry gets filled. Are sort of between around a 2 to getting close to some about 2.6-2.7:1 rewards risk even on the shorter time front chart. So even looking at just these trades here you can see this 2,4,6,8 position filled there and you can see that 4 got stopped 4, 4 profit yet overall net gain is fantastic losses low and controlled.
So that’s what we do here at Forex Trading Coach That’s like I said, all these trades were posted on our forum site. We have longer timeframe charts on our membership site. Just wanted to share with you something a little bit different on shorter time frame charts and also to show you, you know, the EUR/MXN not exactly a very, you know, a major pair and the STOXX50 here, you know an indice. So it shows that the patterns that we trade work across all markets.
That’s what we’re doing. We’re looking for the patterns. It doesn’t matter what the timeframe or the market. We look at the close of the candles.
Trade through Blueberry Markets.
If you’re out there looking for a great broker, I can highly recommend blueberry markets. I’m going to put a link to them here. I’ve been using blueberry markets for years and years. So have hundreds, if not thousands, of my clients using blueberry markets. Great bunch of people, great broker based across in Australia.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my one hour free masterclass yet, I strongly recommend you jump on to that. There’s a link that I’ll put by this video on podcast so you can jump on to that. It’s on demand. You can take an hour every day and close everything off.
Go and spend an hour, watch what we do and how we do it and how we can help you to do that.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, bringing you more great trades again this week. Bye for now!
Episode Title: #543: See my H6 Chart Trades in Action
In this video: 00:32 – Sharing my screen and showing you my trades. 01:05 – Trades taken this week on D1 charts. 04:12 – Copying trades to other accounts and prop firms. 04:43 – EUR/CHF D1 trade. 06:11 – 3x H12 chart trades taken. 08:24 – How we trade and teach our clients. 10:29 – Trade through Blueberry Markets. 10:42 – Attend my Masterclass, Prop Firm webinar and book a call with us.
In this week’s video and podcast, I’m going to share with you some trades that we have posted on our membership site and our forum site and take in ourselves this week so we can show you how we operate, how we trade and how we have great results. Let’s get into that a more right now.
Hey there, Traders! Andrew Mitchem here at Forex Trading Coach with video and podcast number 542.
Sharing my screen and showing you my trades.
Something a little bit different this week. I’ve had multiple requests asking for me to share my screen and to show you some of the trades that we take. So that’s exactly what I’m going to do. This week. So if you’re listening on a podcast, apologize, but this is definitely going to be more of a visual video.
So if you’re on a podcast, maybe you can go and look at your charts whilst listening to the podcast or after and see some of the trades. But I will be descriptive in the trades set up. So let’s get into this straight away.
Trades taken this week on D1 charts.
So this week we’ve had a very short week due to the Easter break. But what I want to share with you are just some trades that I have taken myself on our membership site and our forum site.
So let’s share with you here. This is going back to Wednesday, the 3rd of April. And you’re seeing here I’ve got some trades on the EUR/CHF and the AUD/JPY. I want to cover those two to start with. These are taking on the daily charts. These are taken in advance of the market moving. And you can see all the reasons we put there, the entry and exit levels, etc. So I’ll take that off and I’ll just go back to the actual chart and share with you what it is we are looking at.
So this is the Aussie yen in here that we took on the close of the Tuesday candle going into Wednesday, which was the 3rd of April 2024. You can see the two trades I’ve taken down here and you can see the results. But more importantly, I want to explain why we took rates. And if I take the chart out slightly, you can see that overall the AUD/JPY has been this is going back to like the end of December of last year, has been overall in quite an uptrend.
And so when we saw this pattern here now obviously on my own charts, I have extra lines, indicators, etc., Candle Identifier, Bollinger Bands, etc. like that? But for the purpose of this video of stripped all that off to make it a little bit cleaner for you to see. And also if I put my exact levels on that, I would be looking at today, which is Friday the 5th of April, those levels wouldn’t be relevant for this candle back here.
However, what we saw overall was that bigger picture uptrend, as I mentioned. And then we saw this nice pullback here. And notice after this big pullback on the 22nd, we then had quite a few indecision candles and then we had the change around here. So this is quite a significant area that we see the price pull back to.
Then we get our bullish candle on the Tuesday, which is the first full day after some shorter days throughout the Easter break through here. So we took it buy trade. And on our daily trade suggestions, you can drink bitcoin, you can see in here we had a buy trade at 98.64. To bear in mind we post these on the completion of this candle.
Everybody in the world, it doesn’t matter where they live can take retracement orders. So 98.64 if I look at the low of this candle here, you’ll see 98 if you have a look up from the top left here, when I hover over it, the candle went back to 98.58. So we were in around here, 64. So we had one market order in there that had a stop loss down here and that stayed in and our retracement order pulled back beautifully and then went up and hit our profit target at 99.15.
So 99.15 is here. And as mentioned, you can see my two trades in here with their reward risk.
Copying trades to other accounts and prop firms.
Now, if you’re looking at this and thinking, okay, Andrew tells me he’s a full time trader, but he’s only making $56 109, $46. Don’t worry about that. This is the way I trade it. I have a smaller live account and I then trade on larger counts and prop firms behind the scenes through virtual servers and copiers, software, etc. All you need to focus on here are the trades set ups, the reward to risk, and these trades and see why we’ve taken them and how to take them. So that’s the AUD/JPY there.
EUR/CHF D1 trade.
The second trade, which did not get a retracement order filled, but the market order got filled. And again, I’ll bring this back on here so you can see these right here. Our market order had a stop loss of 0.9747 and a profit target of 0.9819. So if I take this back on here, you can see that we entered the market order here now stop loss, which was at 0.9747, which was very safe and our profit target at 0.9819, which was up here just prior to that swing high.
But the reasons for taking the trade, clearly EUR/CHF been in a huge uptrend. We had some pullback here. We had a swing high with the indecision candle and then a pullback and then two more in decision candles over that Easter weekend. Then out on the Tuesday we had that confirmation to go long again and as mentioned, the retracement order did not get filled but the market order because we split our positions.
Market order being a market order here in the market. So you take it buy trade and clearly our profit target was hit the price did go up further, but you were not to know that at the time. So taking a profit target higher than this, I would have been quite crazy. And and clearly you can see here that those high to be tested then is pulling back right now. So our profit target there was hit absolutely beautifully.
3x H12 chart trades taken.
Now, if I pull back onto this page again and have a look down here, you’ll note that down here I said also for that same day we publish this Each day there are some 12 hour buy chart trades on the EUR/USD. EUR/JPY and the EUR/CAD. Now, if I go to my charts on here where I have my 12 hour charts I run you through these three trades now the EUR/USD in here you can see this is a previous trade that we took in here.
Sell trade hit profit target. But this is another trade in here, the one that I was talking about with the euro us up here, this top position, only one position got filled there. So on the shorter timeframe charts I take two limit orders. In fact, you can see I’ve got two limit orders on here today selling the EUR/USD.
This is the trade I want to focus on. And we published membership site at one position got filled and you can see the profit target up there. That’s a reversal of this downtrend. So we take this chart out. You can see we had a nice reversal going on here, reversal candle that we look for and we took the buy trade there. The EUR/CAD another reversal trade I take this and again you can see that the reversal here a swing low and then the engulfing candle that we look for there’s an entry level there’s a profit target.
And the best of the lot was the EUR/JPY And through here, which pulled up pull back our U-shape pattern that we look for there’s our candle ignore this long wick here that was a spike And then at the very beginning of the day you can see in here, if you look at the bottom to try the euro yen trades in here, I took two retracement orders and by zooming a little bit there you can see in here is one order and this the other again, ignore that lowest spike.
That was just a price spike with an issue on that market at the beginning of the day. But my two limit orders there and then the next candle up here and the profit target was hit two fantastic high rewards to risk trades.
How we trade and teach our clients.
So that just gives you an example of what we do, what we look for each day and why. If you think about this, those two trades are shared with you on the daily chart and these three on the 12 hour charts all taken at the completion of the day, which is 5 p.m.. New York time literally took less than 5 minutes to place them all. And that is the way that we trade. We trade on the close of a candle and you do not need to be that glue charts all day long in order to do well as a trade.
You can see the high reward risk trades out of these as well. And obviously, as I’ve mentioned, there’s more to our charts than just here of the Strip is back to the absolute bare charts to show you the candle patterns. But knowing how to do this with the back up of having that information shared with you on a daily basis, as I said in here, we publish strengths and weaknesses for the day.
We publish where we’re seeing individual currencies moving for the day. We publish exact entry and exit levels, clients know how to take these trades and you can just see the quality of the trades that we take reversals and continuations. You have a full understanding of knowing what you’re doing, why you’re doing it, when to do it. And everybody has a losing trades.
If we have losing trades, we have low control risk, we have profitable trades, we have trades that are two, two and a half, three one half, sometimes 4 to 1,reward to risk. And that to me is the key for successful trading. Do not need to trade very long per day. It’s not about how much time you’ll glued to your charts looking at every pit move up and down.
It’s about low control risk, high reward risk trades, knowing what you’re doing, plus getting the back up in support of people who are doing this full time as well.
So I hope that helps. And if you have any questions, please do leave them in the comments box. If you’re watching on YouTube, if you’d like to email me, you can email me directly. Andrew@TheForexTradingCoach.com.
Trade through Blueberry Markets.
If you’re out there looking for a really good broker, I can highly recommend blueberry markets. They’re fantastic people. Great platform. The MT4/MT5 platform. Lots and lots of different markets as well.
Attend my Masterclass, Prop Firm webinar and book a call with us.
And if you’ve not been on my masterclass and you’d like to find out more about how we trade and what we do, there’s a free one hour masterclass and I’ll put a link to that on this post and podcast as well for you.
I hope that helps. I hope you like the different format. And just to give a bit of insight of what we do and how we trade.
So any questions? Please ask. Otherwise I’ll see you next week. Bye for now
Episode Title: #542: I’ll Show You My Trades & Why We Took Them
#541: How to make Hundreds or Thousands of Dollars per Trade
In this video: 00:26 – How anyone can make hundreds or thousands of dollars per trade. 00:59 – Trade with the trend. 01:38 – Reversals and Continuation candle patterns. 02:11 – AUD/CHF H12 chart hits profit. 03:20 – Use Prop Firms to scale up your gains. 04:08 – AUD/CAD D1 trade hits the profit target in 5 hours. 04:45 – You cannot take every Continuation pattern as a new trade. 06:46 – Trade through Blueberry Markets. 07:38 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to show you how you can make hundreds, if not thousands of dollars per trade in just a matter of a few minutes per day. Let’s get into that and more right now.
Hey there, traders! It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 541.
How anyone can make hundreds or thousands of dollars per trade.
So today I want to share with you how you, anybody it doesn’t matter where you live in the world can make hundreds, if not thousands of dollars on a single trade. That takes you just minutes per day of chart time to see and to take.
It’s a really exciting opportunity that Forex offers. And the important thing for me is as a trader, I like to have high probability trades. You see, it’s not so much by how many trades you take. It’s about the quality of the trades.
Trade with the trend.
Now you’ve probably, if you’ve been trading for any length of time, heard the phrase about trading with the trend and it’s a fairly logical phrase and expression because it makes sense, doesn’t it?
If the market’s in a big uptrend that you should be taking buy trades. However, it’s not quite as easy as that. And the trouble is a lot of people see a big trend and then they go, it’s in an uptrend. I’m going to take it buy trade. And of course the market hits a high, turns around and stops and they take a loss.
That is the danger that most people are reactionary and only see it’s an uptrend after it’s already done and completed and it’s back to then turn back the other way.
Reversals and Continuation candle patterns.
For me as a trader, I trade two different patterns. I trade reversal patterns, which does mean selling at the top of an uptrend. But my favorite and preferred pattern is a Continuation Pattern.
Now, I’m going to give you two examples from just this week of continuation patterns. So you can go and have a look at your charts. If you’re watching, YouTube will probably put these on screen so you can see them. Obviously, if you’re on a podcast, then you just have to go and find them on your charts. But two trades to give great examples of what I mean by continuation patterns, both profitable trades for us this week.
AUD/CHF H12 chart hits profit.
The first is a 12 hour chart trade on the AUD/CHF. If you go and have a look at the AUD/CHF from the 18th of March 2024, look at the 00:00 candle. So it’s the completion of that candle, which means that the day starts at 5 p.m. New York time, but it means that that candle then closes at 5 a.m. New York time.
So have a look at the charts. The 00:00 Opening Candle, The AUD/CHF 12 Hour chart 18th of March 2024. Go and have a look at that pattern and hopefully we’ll get that screenshot put on here so you can see if you’re viewing the video. We took a buy trade there. What happened? The market moved up, it pulled back, we waited for it to pull back and then we waited for a confirmation signal to go long again, trading in the main direction.
But after that pullback and as you can see, we took a really good trade there. And even on a small account, I made about $230. And what took me probably literally 30 seconds to see the trade place to trade and walk away.
Now, I said you can make hundreds if not thousands of dollars per trade. I’ve just told you I’ve made 230 on that personal account.
Use Prop Firms to scale up your gains.
But we have things called prop firms don’t we? Now, if you’re trading on a prop firm with, let’s say, $100,000 or $100,000 or two or three prop firms, you take that trade on there, you can quite easily make thousands of dollars from that particular trade. Now, going back to my $230 profit that hopefully you’ll see on screen shortly that is taken with only a quarter of 1% risk per trade split over two positions.
So tiny, tiny, tiny risk that I take on my trades, because when you’re trading on prop firms and on your own personal account, of course you have to minimize your losses and your drawdowns. And I choose to trade very, very low risk on prop firm accounts because my aim is not to lose the account. So that is one example.
AUD/CAD D1 trade hits the profit target in 5 hours.
Another example from just today. Today is Thursday, the 21st of March 2024. I’ve taken seven daily chart trades today, but one of them on the AUD/CAD has already hit the profit target in under 5 hours. So have a look at the AUD/CAD on for the 21st of March. So look at the closed candle, complete a candle of the 20th of March and on the daily chart and we took a buy trade there.
It’s already hit the profit target and again I’ll try and get the screenshot on there for you to see. So those are two great examples of continuation patterns.
You cannot take every Continuation pattern as a new trade.
Now can you take every single continuation pattern that you see on the chart? No, you cannot. You has to have more than just the pattern. It has to be in the right part of the chart. You have to have other things backing up the charts, backing up the trade, such as like the pullback in exhaustion, maybe a bounce if it’s a buy trade off, a previous swing high, maybe off the pivot point, maybe off the middle Bollinger band, off of round number, etc. So all those things we add and we look at and that’s what we teach and that’s why we have high quality, high probability trades.
Now of course you get all of that and you get fantastic. Andrew I can see the pattern. You then need the reward to risk and the money management in order to be successful because we’re all about high probability trades and high win rates. But of course there’s every trade, even if it’s a high quality trade work. No, it doesn’t.
So you have to keep your risk low and controlled on every single trade. Doesn’t matter what the pair, the timeframe, the stop loss size, every trade for me has lower and equal risk. However, if I get profitable trades and that means, you know, trade that gets to the profit target, it means that I make somewhere between a 2 to 1 and 4 to 1 on most of my trades reward to risk.
So that means that I can be wrong half the time or even more than 50% of the time and still make very good money from my trades. So that to me is if you pick one pattern, you pick a continuation pattern. I hope that helps because that’s going to massively increase your chance of successful trades, enjoyable trades, high percentage win rates, plus the high reward to risk.
And that’s how you can make hundreds of trade, hundreds of dollars per trade or thousands, depending on your own account or prop firms still with very low risk.
Now, of course, you can make thousands of dollars per trade on a very small account, but you’re going to be risking silly amounts and it will probably go wrong and you’ll blow the account.
For me, it’s always about capital preservation, keeping risk low per trade. So it’s really important that you do that.
Trade through Blueberry Markets
And if you’re out there looking for a good broker, I can highly recommend Blueberry Markets that based in Australia, they offer the MT4 and MT5 platform. The MT5 platform has just an enormous array of different markets forex, indices, commodities, cryptos, metals, etc. But also what I love about it is right there looking for like 12 hour charts like the AUD/CHF that I mentioned at the beginning of this video and podcast.
You’ve got the 12 hour charts built in to MT5 automatically. Now we have software that allows two, three, six, eight, 12 hour charts on MT4, but in all honesty, it’s a lot easier to get MT5 if you’re broker offers of that. And just to have that as a default timeframe. So Blueberry Market. So one of those brokers that also the MT5 platform highly recommend, you go and check them out if you’re looking for a good broker the other thing to mention
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my masterclass yet, it’s a one hour On-Demand session and teaches you all about trading. How we trade gives you lots of trading examples that we’ve taken on live accounts.
And also if you want to have a call with us, you can book a call there’s a link to that as well.
By the way, the two trades not just mentioned, there’s lots like that today. I’ve taken seven trades on the daily chart, trades in four on the 12 hour charts, but there’s lots and lots of examples.
All of them published those too. I’ve mentioned they’re are on my daily trades suggestions on a membership site and a forum site for our clients to do exactly the same from and profit and to be successful.
If you’d like to come on board and join us, send me an email andrew@theforextradingcoach.com and we’d be glad to have you. I see you this time next week. Bye for now!
Episode Title: #541: How to make Hundreds or Thousands of Dollars per Trade
In this video: 00:24 – How do we survive the next financial crisis. 00:57 – Increase income, decrease expenses and save more. 02:55 – What are my thoughts? 03:36 – You need to change your mindset. 03:58 – Plan and prepare. 04:54 – Upskill yourself today in preparation. 06:31 – Forex offers so may more benefits. 06:51 – Live webinar with trades and my account is at +2% gain for the week to date. 07:57 – Trading with a prop firm. 09:02 – Give yourself 6-12 months to learn how to trade properly. 10:00 – Trade through Blueberry Markets. 10:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today I’m going to talk about how you can plan for, prepare for and get through the next financial crisis. Let’s talk about that and more right now.
Hey there, traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 540.
How do we survive the next financial crisis.
Now, I ask people to give me some topics to talk about, things that will be helpful for you. And one of the main topics those come up is how do we survive the next almost certainly coming financial crisis? So to start and to prepare for this, what I’ve done is had a look on the Internet and I want to talk about what they suggest and then my thoughts after that.
First of all, I have to let you know that what I’m about to say is not financial advice. It’s purely my own thoughts and opinions, which may or may not work for you.
Increase income, decrease expenses and save more.
So did some research online, typed in how to survive a financial crisis. Upcoming standard answers of #1 increase your income, #2 decrease your expenses and #3 increase your savings. Quick overview on those.
Increasing your income. How are you going to do that? Well, you probably going to if you’re in a corporate job, work harder and up the ladder, which means less time at home, etc. like that. More stress. You may be working more hours in your current job. Not a great outcome either. Or you might be going there for a second or third job. Again, not a great outcome. So there’s better ways you can do that.
Number two, and decreasing your expenses is something that most people can do. From my own point of view, we like to be completely self-sufficient here. I say we’re about maybe 80-90% self-sufficient in what we eat at home, and we choose to do that. We choose to grow our own food as much as possible with our own, you know, the fruit, vegetables, meat, etc. like that.
Everything we try to do is our own choice for health reason and enjoyable reason of actually growing and eating our own food. We know what we’re eating and less reliant on the system, on the supermarkets and the crazy inflated prices out there. So that may or may not be something you could do as an example.
The third one to increase your savings. Not very practical for most people around the world, giving the cost of living just as an example, we’ve had interest rates come off here. Just last week, for me personally, at 2.79, they wanted it to float it at eight point something or fix it at seven point something. Just massive expenses going up there for everybody. A cost of living, a cost of groceries, food, as we’ve mentioned.
Your fuel, your rate, your taxes. You know, everything goes up and up the whole inflation. So saving more for most people was not really a practical outcome there. So Bense what the Internet says
What are my thoughts?
These are now my thoughts of what you potentially could do because for me surviving or anything financial, a lot of it comes down to your mindset, your thoughts, your emotions.
And most people don’t give that enough time to actually realize that finances a lot of it is, I think, you know, we’re taught to go to school to get the job, to get the grades, to do the job, work up high, all those things. And you will know that most people who are successful in life do things a little bit differently.
And that comes down to a mindset and being willing to accept that not everything we’ve been taught is probably quite accurate. Different topic, possibly for another day, but you get what I mean.
You need to change your mindset.
So for me, the change in mindset is huge and you know, what are you going to do to change what you’re currently doing? If it’s not working, you see, when you have financial issues, causes all sorts of emotional stress and anxiety and relationship issues and it’s a big, you know, bubbling mess, it’s not good.
Plan and prepare.
So I think one of the important things you can do right now is to plan and prepare. I don’t think enough people plan and prepare anything. You know, you hear that people will talk about and argue about what they’re going to watch on TV or what they’re going to cook for dinner more than they’ll prepare and plan and talk about their financial future.
And that’s sad but true for a lot of people. You need to change that, but you need to change that mindset. You need to upskill yourself. You need to invest in yourself some time, some education, turn the TV off. It’s a waste of time. There’s nothing on there worth watching anyway. And and learn a new skill. That’s how you’re going to get there.
Everybody has the same amount of time. So the excuses of I don’t have time. And it’s it’s doesn’t work. We’ve had five kids, different businesses, everything else. I know that a lack of time is a big issue for almost everybody, but we all have the same problem. It’s how you make use of that time that becomes important.
Upskill yourself today in preparation.
So I think one of the best things you can do is to learn a skill today, whilst maybe we’re not in that financial crisis right now, to prepare yourself and to plan and think about how you’re going to do things differently right now when that pressure may be not completely is not completely on you.
So you can prepare and train your mind and improve your finances. Some other way is see if you’re out there trying to increase your income by working X amount per hour, that’s not likely going to give you the result that you want. So you have to do something differently. You could go out there and do the traditional things of borrowing money, invest in property and all those type of things, and there’s nothing wrong with that.
But you’ve got to be prepared to be in more debt. And there’s quite a lot of risk involved, obviously, with more borrowing and finances, especially now that for most people around the world, the interest rates on your payments have gone up quite substantially over maybe like sort of three or four or five years ago. So you have to be prepared for that.
And if you’re out there looking at maybe commercial property, you’ve got to realize that a lot of businesses are going out of business and are not requiring physical presence is any longer because of online, you know, shopping, etc. like that. So that’s one thing to be careful of. And if you’re out there investing in maybe property, are you doing it for cashflow?
Maybe that’s getting quite tough or are you doing it for the hopefully one day it goes up in value and you can sell for a higher price. That’s potentially an okay thing, but it may not and it’s may not going to actually help you through with cashflow today.
Forex offers so may more benefits.
So for me, as you know, as a forex trader, it offers so many more benefits. It’s it’s a mindset thing, It’s enjoyable. It makes you realize what’s happening in the world. There’s a bit of interest there. Is something you can do from home. It’s something you can do while you’re traveling, but you still need to know what you are doing.
Live webinar with trades and my account is at +2% gain for the week to date.
Now, just last night I held my live webinar with my clients, a two hour session. On that webinar, I took six trades live in front of our clients while we were on the session. The first two trades both hit their profit targets and on that session I also showed how in three days of the week, like up into when I held that webinar or three completed days, I was up 2% on my on my account, which you can trade on prop firms with only a quarter of 1% risk per trade.
And I was explaining to people that you do not need to have vast amounts of money to trade the fast market. You just need to know what you are doing. So where you live, what your income is, how much money you have, your valuable time, all those things are almost irrelevant. It’s do you want to put some time, effort and expense into training yourself how to do this?
If this is what you want to do and you have to make sure it’s what you want to do, don’t just do it because you’ve seen me talk about it with someone else online. You have to do this because you really want to do this.
Trading with a prop firm.
But give you an example of that 2% with still like two trading days to go. And if you multiply that, you know, and add and you go, Well, I’m going to prop the once you know what you’re doing, it doesn’t mean that you have to have lots of money yourself. You can go to things like prop firms and maybe you can sell signals, you know, for 5000 dollars per user per month copying what you are doing.
You can be out there on prop firms. And once you pass the challenges, it may take you three, four or five, six weeks. But if you get to the 10% gain and let’s say you are $100,000 as an example and you’re on an 8020 profit share, it may have cost you $500-$600 to get into it. It may have taken you a bit of time to pass that per that first challenge.
But once you’ve done that and you’re into real money, an 80-20 share and you’ve just made 10% on the hundred dollars and all of a sudden there’s $8,000 back to you. Now you can do that on multiple Prop firms and keep increasing as you keep going forward in the lot and the size of the accounts that you’re trading.
Give yourself 6-12 months to learn how to trade properly
But you think about that and you say, well, I’m going to give myself six months, 12 months from today to get to that stage. I’m not rushing into it. I’m going to do it realistically with low risk and do it properly. But you mention taking that forward, how much you potentially could earn that way. All of multiple income streams through your trading once you know what you are doing and you also then go back and think, well, how long would it take me to earn that money in my current job?
Or how many hours would I have to do? And is that more enjoyable, yes or no? So surviving a financial crisis to me comes down to your mindset thinking differently than traditionally, you know, doing something different, doing something different to most other people are doing at that. So mindset is a huge.
My computer is going to sleep behind me here because I’ve been talking to it too long.
Trade through Blueberry Markets.
So just to quickly finish and if you’re looking for a broker and I can highly recommend Blueberry Markets.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you’ve not been on my webinar where I talk about prop firms, I’m going to put a link to that. If you’ve not been on my webinar where I talk about trading in general and how we can help you, I’ll put a link to that.
And if you’d like to have a chat with myself, one of my team, I will put a link to that as well.
I hope that helps. Like I said, it’s not financial advice, it’s purely my own thoughts and opinions of that potential. What might be coming and making sure you’re prepared for that right now. I see you this time next week. Bye for now!
Episode Title: #540: How to Survive a Financial Crisis
#539:Forex Trading’s Preflight Check: Building Your Plan
In this video: 00:34 – Heading off for a flight and carrying out my checks. 02:01 – You need a trading plan. 03:00 – Put in the time to ensure a good outcome with your trading. 03:45 – The market does not have even trading conditions. 04:42 – Trade through Blueberry Markets. 05:06 – Attend my Masterclass, Prop Firm webinar and book a call with us.
Today, I’m going to discuss the importance of learning to plan properly, planning your training, See now exactly what you’re doing, whether you’re flying a helicopter like behind me here, or if you’re trading the forex market, you have to plan properly. Otherwise, you plan to fail. Let’s get into that a more right that.
Hey there, Traders! Andrew here, at the Forex Trading Coach, a video and podcast number 539.
Heading off for a flight and carrying out my checks.
As you can see, I’m out at the hanger. I’m heading off tomorrow morning. Quite early on a flight, quite a long flight, probably about a three and a half hour return flight. And so as a result of that, I’m spending some time here today when there’s no pressure and I’m going through my entire preflight and doing all my checks.
I’ve got my my flight plans here. I’ve got my airports where I’m going to inside here. I’ve covered everything I need to know in terms of the cockpit. I’ve got a huge manual here. It’s about 800 pages that’s just specific to this machine. And on that, I have to know all that. Of course, long before today. But you know, you’ve got to keep updated on that.
I’ve been through the machine here. I’ve checked through and, you know, engines and oils and up on the rotor blades there. I’ve checked everything. All my preflight checks and the tail here, everything is checked. My fuels good is clean. It’s all on board. I know exactly what I’ve got. I know where I’m going. I know my radio calls.
I’m discharging my headsets up. So that’s ready. I’ve got a spare batteries. I’ve got my iPad. I’ve got my phone. I’ve got everything I need to know to do the flight properly, safely, and, you know, to get a good outcome and enjoyable experience for everybody on board and to know what’s going to you know, we’re going to get there safely and just have a great day.
You need a trading plan.
So me doing this is no different to me trading. You know, I’ve got my plan and this is what I want to stress to you, that I just see so many people that don’t have a plan, don’t know what they’re doing. You wouldn’t believe the number of emails that I get saying, Look, I’ve been trading for six months and I go back and I go, Great, Well, you’ve obviously got a problem because you’re contacting me.
So. So what are you doing? And they go, I’m just putting on, you know, one lot on this trade and I’m trading, you know, different times of the day. They trading. They don’t know what they’re trading. They see something all that, let’s say a daily chart that’s telling a buy on an hourly chart. They’re saying sell. They don’t know what to do.
There’s no light, there’s no money management, there’s no risk management. There’s no no, no strategy at all. They don’t know why they’re doing what they’re doing. They just know they want to trade forex. And because they’re probably seen it’s really good and seen something on YouTube or somewhere.
Put in the time to ensure a good outcome with your trading.
And that becomes the problem is that people don’t put enough preparation time into learning the skill that they want to be good at.
And you know, it’s like anything is like flying this thing. There is nothing that beats flying. A helicopter is the most amazing machine it’s ever been invented. And you know what you can do. But you know, there’s a good year at least, of hard work. There’s exams, there’s reading this, you know, there’s all the training you go through, the expense of it all, the, you know, the frustration that comes with it, you know, the ups and downs that come with it.
Is it easy? Absolutely not. Otherwise, everybody would be doing it. And trading is no different. You have to expect to put some time, some dedication, some expense, some ups and downs. You know, three a learning process. And when you’re trading as well.
The market does not have even trading conditions.
Now you know that the market not a straight line. You know that you know let’s face it 2024 so far for the forex market, it’s been very quiet.
There’s not been a lot of really great activity. It’s just the way it is, you know, and the you know, that’s part of trading. You take the ups and the downs, but you control your risk. You know what you’re doing. You have high reward risk trades, but you have your plan. You know what you’re looking at, what patterns you’re looking at.
If you’re trading news, you know what you’re looking for, whatever strategy you have, you know exactly what to look for, when to look, what pairs to look at, what time frame charts to look at when you’re exiting a trade or even when you’re entering a trade. How you entering it? How are you getting out of the trade? All those type of things you have, all that planned, pre-planned in advance.
So really encourage you to do that. If you need any help at all with any trade planning, please feel free to reach out. Send me an email Andrew@TheForexTradingCoach.com
Trade through Blueberry Markets.
If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. Great bunch of people, great trading platforms. Either MT5 platform has so many markets on it and I’ve been with them for years. I know them, I’ve been just meet them in person, just can highly, highly recommend blueberry markets. If you are looking for a broker, I put a link to them below this video and podcast as well.
Attend my Masterclass, Prop Firm webinar and book a call with us.
If you have not been on my masterclass yet, I encourage you to do that. I’ll put a link to that.
If you’ve not seen the podcast and the video webinar, Sorry that I did with a 5%ers Prop Firm company a few weeks ago, I’ll put a link to that as well as about an hour webinar that I presented how to pass prop firm challenges.
And so if you want to call with us, I’ll put a link to that as well. So you can book a call and discuss your trading with us.
I hope that helps. Any questions you have, please, as I said, leave a comment. Email me. We’re here to help. This is Andrew at Forex Trading Coach. I carry on with my preflight. You carry on with your trading planning and make sure it works. Bye for now!
Episode Title: #539: Forex Trading’s Preflight Check: Building Your Plan
#538: 7 Points to Help Develop Your Own Trading Plan
In this video: 00:25 – 7 points to help develop your own trading plan. 00:36 – #1 Your personality. 01:15 – #2 What type of trading do you like? 02:16 – #3 What are your goals? 02:55 – #4 Risk management. 03:51 – #5 Know your strategy. 05:16 – #6 Demo, live or a prop firm? 05:50 – #7 Journal and record your trades. 07:10 – Attend my Forex Masterclass. 07:19 – Prop firm Masterclass. 07:40 – Book a call to chat with us. 07:52 – Blueberry Markets.
Today. I’m going to give you some helpful tips and information to help you to develop your own trading plan as a forex trader. Let’s get into that and more. Right now.
Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 538.
7 points to help develop your own trading plan.
Today is all about developing a trading plan that’s going to work for you. I’m going to give you seven points. That’s going to be something that if you put this together. Massively help you.
#1 Your personality.
Let’s start with point number one. So first of all, you have to understand yourself. What type of person are you? What personality do you have? What what makes you tick? You know what you like as a trader. Now, I find that naturally most people, when they start trading and I did exactly the same almost 20 years ago myself. They tend to navigate through to the shorter timeframe charts, the one minute, five minute, 15 minute chart.
Some people think that’s the where the most opportunities are, where the most money is to be made, and that’s why people do that. And then they realize that probably doesn’t work quite as well as they thought it might do. And then they start to look at something a little bit longer timeframe charts.
#2 What type of trading do you like?
So figure out where you are on your trading journey and what type of trader you are. Are you someone that likes to watch the news? I’m someone that likes to watch the charts. Are you a fundamental or technical trader? And then what you need to do there is work out the trading style and that will become, you know, in the cooperation of both of those two. Possibly it could be, you know, looking at the longer timeframe charts, this sort of more medium timeframe or the shorter timeframe.
So look at what works for you. If you’re out there, you know, you’ve got family, you’ve got travel to do, you’ve got work to do, you’ve got music, sport, whatever it might be, you might go, Well, you know what the reality is? I only want to look at my charts maybe just once a day or a couple of times a day or just a few times a week.
Therefore you’re going to have to go to those longer timeframe charts. You may go, Well, you know, I’ve got a couple of hours. I can look at the European session or the US session a few days a week, and therefore I might look at say, the 30 minute, the one hour, the four hour timeframe charts or blend whatever works for you.
#3 What are your goals?
The next thing you need to do is define your goals, your personal goals, your financial goals, the time goals as well. Don’t forget, time is really important. You know, it’s all well and good to write down. Say I’m going to make 10% every month and I’m going to do this and I want to do that. But also is you got to realize that to do this successfully and properly, it’s got to work around what your time restrictions are. Everybody has time restrictions. We all have 24 hours in a day. It’s what you do within that day that counts. So how much of that time per day or per week do you want to dedicate to learning or trading or studying charts or watching news events? You’ve got to understand that.
#4 Risk management.
The next you have to understand is risk management. It doesn’t matter what strategy you have if you don’t get your risk management correct, then it’s going to blow your account. It just is. You have to understand risk management is one of the most important, probably one of the most boring, but one of the most important parts of any trade management plan that you put together. As you know, if you’ve been following me, I work on a percentage risk.
I never look at Pips. To me they’re completely irrelevant and a waste of time. Look at a percentage risk. Because if I risk half of 1% of my account on a trade and it happens to be a $10,000 account, I could do exactly the same on $1,000,000 account or a prop firm account. It doesn’t matter. It’s the risk keeping that low and controlled on every single trade is really important for me.
And also, you’ve have heard me say this keeping your reward to risk high on every single trade.
#5 Know your strategy.
Which then moves into the next section, which is your actual strategy itself. Point number five. What is your strategy? Giving you an edge, You know, how is it doing that? What is it that you’re looking for to determine a new trade where your entry and exit rules and criteria you already know now your risk is going to be low and controlled on every trade if you trade the way I do.
But what is it that is going to say, “Hey, this is a trade sitting up here?” Where are you instantly going to know to put your stop loss or your profit target? You can’t be making it up on the go. You have to know these things in advance. You have to know when to look at your charts. You have to know what pairs to look at, what time of day or night, depending on where you live in the world.
And again, where you live in the world will determine what type of strategy you have. Because, you know, if you have a strategy that say, let’s say worked in the US session and you live, say here in New Zealand, well that’s two or 3:00 in the morning and we’re very lucky that we have a strategy that can be traded from anywhere in the world.
And we’ve got clients at 104 countries or trading extremely well. But not everybody is lucky enough to have a strategy like that. So you’ve got to bear that in mind as well. If you’re a news trader and you say, Well, I have to trade the European news, well, that could be 3:00 in the morning if you live in certain parts of the state.
So you have to get these things sorted out. That works for you.
#6 Demo, live or a prop firm?
The next thing is, once you have a strategy that works, how are you going to trade that? Are you going to start on demo, live, small live account, large live account, trade for other people, family, friends, prop firms, possibly. You have to have this as a plan in advance.
You know, earlier we talked about goals and financial goals for how you’re going to get to these goals. You know, do you need a $10,000 account? Do you need a $100,000 account? Do you need several prop them accounts or working to get to these goals? So you have to write this down and have a structure and a plan in place.
#7 Journal and record your trades.
And lastly, performance and journaling these things, you know, not every performance is going to be a perfect equal and equity curve. Not every month you’re going to have the exact same profit. Of course, you know, some months or weeks are going to have losing and time periods as well. So you have to take that into account. What’s the biggest drawdown you can afford to take if you do any backtesting?
What’s the biggest historical drawdown that you’ve seen in maybe the last five or ten years if you are going backtesting? How reliable was that data and is it credible information? And do you have backtesting data on enough currency pairs to justify making that backtesting information valid So it will help you going forward Journaling your trades. What are you going to do to journal trades and say, you know exactly when you took the trade, why you took the trade, what time frame you took the trade on?
Do you have a picture of what it looks like when you took the trade and you made those decisions? Do you also have a picture of a screenshot of how the trade developed and anything you could have done realistically to improve that trade? And that is another thing. Part of your strategy. Do you like to interfere with trades or do you like set and forget all these things you need to have well and truly documented and journaled upfront, clearing your mind to know exactly what you’re doing.
Attend my Forex Masterclass.
Now, we can certainly help you with that. Now, if you’ve not been on my masterclass, I can highly recommend that tells you all about how we trade what we do and how we can help you.
Prop firm Masterclass.
I’ve also had a masterclass, a one hour session with the Five Percenters, the well-known prop firm I’m going to put a link to them on this video and podcast post here. I highly recommend that you look at that if you want to get into prop firm trading and understand the best strategy and risk in that as well.
Book a call to chat with us.
If you’d like to book a call with either myself or one of my team I put a linked to a booking calendar. So you can book up a 30-40 minute session and discuss your trading and your goals and how we can help you.
Blueberry Markets.
And if you’re looking for a very high quality forex broker that offers the MT4/MT5 platform, I can highly recommend Blueberry Markets in Australia.
I hope that helps. Don’t forget to define the rules of your plan. Write these down. Make sure it suits you as a person, as a trader, as your strategy is your risk management, your goals.
Everything we’ve talked about, write it down and make it work for you. If you need any help, please do reach out and email me personally. Andrew@TheForexTradingCoach.com. Don’t forget to like and leave a comment. If you’d like me to answer any questions that you have and I see this time next week. Bye for now!
Episode Title: #538: 7 Points to Help Develop Your Own Trading Plan
In this video: 00:26 – A trading reality check. 01:00 – Do you want it now or can you wait? 01:41 – Adults are no better than children at wanting instant gratification. 02:23 – How much can I make? 03:23 – Doing the hard work first. 04:33 – Not everything will go in your favour. 05:09 – Don’t knock someone who’s trying to help you. 06:00 – We can help you if you would like to trade well. 06:26 – Book a call with us. 06:38 – Blueberry Markets.
Today, I’m going to talk about the realities of learning how to trade properly and why it’s probably not quite as easy as you think it might be. Let’s talk about that and more right now.
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 537.
A trading reality check.
Now today it’s a bit of reality check. And it’s kind of like not being grumpy day, but just wanted to keep things real. I’ve had just a few interactions with people over the last week or so that just got me kind of beating my head against the wall. One was a client and the other is not a client, and it just makes me realize that there’s so many people out there that are not real with their trading.
Do you want it now or can you wait?
Now, you may have heard about the experiment. I don’t know who did it. It was quite some number of years ago where they got a bunch of kids, put them in a room, and they said to them they put like a sweet or lolly chocolate and in front of them and said, You can have one right now. But if you wait, you know, 15 minutes, we’ll give you three.
And of course, most of the kids go, I’m just going to take the one that they can’t comprehend. You know, if you just wait for a little bit longer, you’ll get three times the amount for just a little bit of, you know, dedication. And that was a kid’s experiment.
Adults are no better than children at wanting instant gratification
Now, I think the same logic, unfortunately, applies to so many adults today as well, now that whether it’s me, show my age or what, I don’t know, but whether it’s, you know, an instant gratification thing, whether it’s a cell phone thing, an Internet thing, a Netflix thing, you know, another thing, everything just seems to be instant.
And people unfortunately don’t seem to be able to. A lot of people anyway, don’t seem to be able to. And accept the realities of hard work, dedication and a bit of time, commitment and effort. And also not an instant answer, an instant fix.
How much can I make?
Now, I want to talk about that because I think that you’ve got to get your head around that if you’re going to give yourself a realistic chance of being a successful fighter because everybody wants to know how much am I going to make, how long is it going to take me, how much do I need to my account?
How many prop firms do I need? All these? How to what’s the answer? And without actually figuring out that they need to actually study and listen to people that have done this before and not only ask questions, but when someone gives you an answer in their best interest is to help you listen to that answer and possibly accept it.
And I find that people struggle to do that. And maybe it’s because it’s not the answer that they want or it’s not the quick fix solution. It’s not the you’re going to become a multimillionaire next week solution. It’s and that kind of thing. I just I struggle with, I suppose, because I suppose I’m about a year away.
Doing the hard work first.
You know, you did the hard work moving to New Zealand with a couple of suitcases to the other side, the world, you know, with no Internet back then and no cell phones and, you know, you I worked on a dairy farm where I worked basically for a guy who was the worker and, you know, and so you milk cows, you basically wash the odd down and you wash cow poo down a hole at nighttime, you know, but to farm properly, you’ve got to go through the whole step by step process of knowing what to do. And as many of you know, a lot of martial arts in the past, I don’t do that now. But you know, it’s the same thing.
You got to learn from the best and time dedication. You don’t get to become a black belt within five years. This isn’t going to happen. You know, I learned to fly helicopter. You always keep learning. And I’m right now learning to play guitar. You just keep learning. You’ve got to keep practicing. You got to keep at it if that’s what you want to do.
And training is exactly the same. So just wanted to put that bit of a reality check out there and, you know.
Not everything will go in your favour.
Just expect the ups and downs. Expect that there will be days, weeks, trades, months sometimes that aren’t going to go in your favor, even if you follow someone, even if you join and follow us. Not every trade is going to be successful that’s the reality of it.
But also we have mechanisms and proof and longevity in place to say that if you do this consistently and you have your low risk and I reward risk all those things that I constantly talk about, that it will work, but you just go to stick it. It’s no good doing it for a few months and go, it’s not working for me and I can’t make it work.
Don’t knock someone who’s trying to help you.
And and then also the other thing that I find a little bit annoying recently is that someone else jumps in and tries to help out and and then the old person gets grumpy with the person who’s trying to help them. And it’s like you can only get grumpy with some of those giving up their time, their, you know, their day to try and help you.
You cannot get grumpy if someone following the system’s doing really, really well and you’re not. Maybe they’ve been at it longer, maybe they put more time and effort into it. You know, there’s all those type of things. So that was my one to get that kind of message across because it’s just something that you’ve got to be real about this.
You’ve got to put time, effort, dedication in, except things aren’t going to go always to plan. That’s life. That’s trading. If you can’t accept that, don’t start. It would be my message.
We can help you if you would like to trade well.
But if you do want to start and you do accept that as a reality, no better place than to have a look at us. We’ve just passed 4000 clients have been through the course.
We’re getting close to our 15th birthday, which is in May, and we’re very proud of that fact that 99% of people do incredibly well. It’s just the 1% from time to time. But that’s life. You can’t please all the people all the time.
Book a call with us.
And so if you’d like to have a chat with myself, one of the team I’m going to put a link to for a booking session on here.
If you’re not been on my one hour masterclass to find out how we trade. you can do that as well.
Blueberry Markets.
And if you are looking for a really good broker, can highly recommend Blueberry Markets across in Australia. So I’ll put a link to them as well.
That’s it for this week. Next week I’m going to have more trading tips and information for you, more practical tips.
Today was just a bit of a, that’s happened in the last week or so. I wanted to kind of get that off my chest, put that across there and make you understand that if you can do this properly, be real about it. How about I see you this time next week. Bye for now
Episode Title: #537: The Realities of Learning How to Trade
#536: Should You Trade Only the Major Forex Pairs?
In this video: 00:32 – Should I trade just the Major FX pairs? 01:34 – Don’t limit your options. 03:08 – Trades on Minor and Exotic pairs this week. 04:00 – Be careful with Sell trades and widening spreads. 05:10 – Attend my Masterclass and book a call with us. 05:22 – Webinar with The5ers. 05:38 – Blueberry Markets.
Is it best to trade the major forex pairs only, or is it best to trade the exotic pest? It’s a question that I get asked quite often, and this week I’ve got some great examples of why I trade both. Let’s get into it a more right now.
Hey there, Forex Traders! This is Andrew Mitchem here. The Forex Trading Coach with video and podcast number 536.
Should I trade just the Major FX pairs?
So as more and more platforms and more brokers offer more currency pairs, the question becomes, should I just focus on the major currency pairs? And there are obvious advantages to that. Pretty much the main ones would be spreads are generally tighter, you generally find the gaps and you generally find there’s more people trading it. So the volume, liquidity, etc. is better.
Therefore the moves are generally more flowing, more consistent. It also means, if you like, trading the shorter time frame charts that you or like trading quite often with frequency, you’ll find that you’ll find the spreads been so much tighter means that you can take trades on shorter time frames and more often and you’re not paying, you know, massive spreads in the big movements just to get to break even. So there are certainly some advantages to trading just the major pairs.
Don’t limit your options.
Now, some of the disadvantages would be this one, it completely limit your options. So to me as a trader who’s looking for sudden like couple of patterns, why limit your options? It’s like, why limit the markets? This week I’ve taken trades on the Nasdaq and the S&P and we’ve taken trades on the JPN225
So why limit to just, you know, the forex pairs? That’s my thought. If the system the strategy worked on other markets as well. Last week you’d have heard me talking about a corn trade that I took, you know, which quite often take metal trades. We take crypto trade. So I don’t think you should limit yourself if you find that your strategy worked on those other markets.
Likewise, the downside were trading and focusing just purely on the main major forex pairs is that you tend to find they pretty much get dominated by the US dollar. So for instance the EUR/USD, GBP/USD, AUD/USD, the NZD/USD, USD/JPY, the USD/CHF and you know the old US dominant. And of course there are other, you know, sort of major pairs as well, but you tend to find that the US and you know and the yen kind of dominate those major pairs and you can find that from time to time there will be some quite dull price action. And we’ve already seen that for parts of this year. So far we’ve you seeing some quite dull price action on some of the major pairs.
Trades on Minor and Exotic pairs this week.
So moving on to the exotics and the minor pairs, just this week I’ve taken trades on the NZD/CAD, the NZD/SGD, the USD/ZAR, the SGD/JPY and the CHF/SGD.
So I’ve taken profitable trades on those. Now my prop firm account you’d have heard me mention last week was, you know, continuing to go well this week. So far we’ve still got all of one or Friday still to go. I’m at 1.9% with 0.25% risk trade. So for me, if you can average that sort of one and a half to two and a half percent per week on a prop firm with incredibly low drawdown, you only need a few weeks and you passed your next firm challenge.
So for me, that’s why I look at other pairs as well as just the majors, because they get more trading opportunities.
Be careful with Sell trades and widening spreads.
Now, one of the things just to add from a practical, realistic point of view that unless you trade, you probably won’t know this. It’s just be very careful, especially on sell trades on those exotics, because certainly at the close of the day that 5 to 6 p.m. New York time, the spreads can widen quite a lot.
And especially if you want to sell trade, make sure you know the difference between a bid and ask, especially on a sell trade. With the spreads widen it potentially could take out your stop loss at that time. If you have a trade open on one of those exotic pairs when you know sometimes the spreads can blow out to 15, 20, 30 pips at times at that time of day they close of day.
So just be mindful that it doesn’t affect you so much if you’re on buy trades and but just be careful if you’re on a sell trade and you have trades open at that time of the day. It’s another one of the reasons why for me personally, I like to take trades on those exotic pairs on like the 12 hour chart or daily weekly.
You know, there’s longer timeframe charts where the stop loss is a big a bigger distance away. It just protects you from potential widening of spreads.
Attend my Masterclass and book a call with us.
Couple other points. If you’ve not been on my one hour masterclass, I’m going to put a link to that masterclass here so you can jump on to that. I really encourage you to do that. It contains a lot of information.
Webinar with The5ers.
If you’ve not yet seen my webinar that I held just last week with the prop firm called The Five Percenters really encourage you to do that. And again, up a link to that here as well. Some great tips and information about how to successfully pass prop firm challenges.
Blueberry Markets.
And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets up a link to them. They offer the MT4 or an MT5. They offer the majors, of course, the minors, the exotics, the cryptos, the commodities, the indices, the metals, everything out they’re looking for. So I put a link to Blueberry Markets as well.
And if you’re on YouTube, don’t forget to like and subscribe and share the video. If you’re listening on the podcast, have been enjoying the podcast.
If you have any other topics or conversations, trading information you’d like me to help you with, feel free to send me an email Andrew@TheForexTradingCoach.com, I get them personally myself. I always respond personally and I will make videos and podcasts just like this one to help you with topics that you need the most help with.
I see you this time next week. Bye for now!
Episode Title: #536: Should You Trade Only the Major Forex Pairs?
#535: What’s a Sensible Amount of Risk to Take per Trade
In this video:
00:26 – Preserving capital.
00:40 – Control your emotions.
01:31 – Have a low and known risk per trade.
02:20 – Most people suggest a 3-5% risk per trade.
03:40 – A +2% gain for the week.
04:38 – Attend my Masterclass and book a call with us.
04:57 –Trade through Blueberry Markets.
What’s the sensible amount of risk the issue should take for each trade that you place as a forex trader? Let’s talk about that important subject and more right now.
Hey there, traders! Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 535.
Preserving capital.
Today I want to talk about risk preserving capital, keeping your drawdowns low. And it all comes back to how much should you place on a trade in order to be a successful trader.
Control your emotions.
You see, for me in trading, there’s two things you have to control. One’s up here, the head ones in his heart. You have to keep those emotions under control. And you can do that quite easily by controlling your risk, because the fear and the greed always come into the trading as self doubt. But then greed when it comes to making money. Risk management is absolutely crucial. And unfortunate, far too many people don’t know that and they don’t know how to control that and they don’t know how to implement that practically on day by day basis into their trading.
You see, I think there’s a lot of people out there that just don’t know how much risk they’re placing on a trade that is place to trade. And they got I’ve got a 20 pip stop loss and I’m going to put one lot on it or 0.1 lots. Because that’s just what they think they should do. That is not how you trade.
Have a low and known risk per trade.
For me, the best way of trading is to have a known and low risk on every single trade. So you go into a trade and it doesn’t matter what the currency pair is or even what the market is. I’ve taken a trade on Corn this week, you know, and it doesn’t matter where it’s corn on a weekly chart or the EUR/USD on a four hour chart, it doesn’t matter.
Every single trade has the same risk. It’s known and it’s low. So you have to adjust your position. Size according to a stop loss needs to be in order to calculate that. And it’s very easy. And I have a free lot size calculator that does all that for you. But by doing that it means that every single trade that I take has the same risk, and by doing that, I can control my emotions and I can control my drawdowns.
Most people suggest a 3-5% risk per trade.
Now, you have a search out there online, and you’ll find that most people will tell you to risk somewhere between about a 3 to 5% risk per trade. I think that’s utterly crazy. You know, you have, let’s say four trades go wrong and you’re instantly 20% down on your account. Now, you need a lot of good trades to go right to make that 20% up just to get to break even. Now, that in itself is not a good way to trade.
For me personally, I risk half of 1% per trade. So my four trades go wrong. I’m now 2% down. When I’m trading on a prop firm, I risk half of that again. So I risk only 0.25% risk per trade. In other words, if four trades go wrong, I’m now 1% down.
That is within the rules, the criteria of a prop firm. It means I can have multiple trades all go wrong in a row, which is incredibly unlikely to happen. But let’s say it did before I get anywhere near the maximum drawdown at most prop firms, which is somewhere between so maybe 5% or 6%, that will never happen if you’re trading such a low risk per trade.
So it’s really important that you preserve capital. You treat your trading as a real business, treat it seriously, and you can do really well.
A +2% gain for the week.
Just give me an example. This week on my prop firm. So I’m trading here 2 hours through the 12 hour charts on that prop firm. This week, I’m up 2% so far and we still got a whole day to go.
And I’m only risking 0.25%, a quarter of 1% risk per trade. Now, if I end up the week with someone like 2%, maybe slightly more, maybe slightly less, you know, depending on how today goes, I might do that, say four weeks in a row. And I’ve passed that prop firm four into five weeks because of compounding all my gains.
I’ve now passed that 10% challenge, and that’s how you can get through and trade prop firms, if that’s the route you want to go. Now, of course, on my own personal account, if I’m doing that at half percent risk, you know, that suddenly becomes a 4% gain so far for this week. So it shows the gains that can be made while still keeping your risk extremely low and preserving your capital.
Attend my Masterclass and book a call with us.
So I hope that helps with that situation. If you’d like to know more and it haven’t been on my free one hour masterclass, I’ll put a link here below this video on podcasts you can do that is on demand. So just find a time that suits you. Allow about and hour and jump on to that masterclass and it will give you a huge amount of information and trading tips and information of how you can become successful.
Trade through Blueberry Markets.
And if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. They base over in Australia, they offer the MT4 and the MT5 platform, a huge number of markets and various timeframe charts obviously built into the MT5 platform as well. And if you’re out there looking for a good broker, I highly recommend them and I’ll put a link to Blueberry Markets on this video and podcast as well.
So any questions you have, any topics you’d like me to discuss on future sessions? Please email me. Andrew@TheForexTradingCoach.com if you’re on YouTube, please like and subscribe and feel free to share this video and I’ll see you this time next week. Bye for now!
Episode Title: #535: The One Secret to Becoming a Successful Trader
#534: The One Secret to Becoming a Successful Trader
In this video: 00:26 – What’s the one secret to becoming a successful trader? 00:47 – 8x Monthly chart trades for February. 02:24 – Benefits of trading the Monthly charts. 03:05 – Also we’ve posted 5x D1 trades and 2x H12 trades. 03:46 – A live 2 hour webinar with our clients. 04:09 – Trading the longer time frame charts is also more enjoyable. 05:36 – Most newer traders want to be scalpers. 06:19 – Blueberry Markets 06:31 – Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/
I’ve got asked this week what would be the one secret I would give to someone who is looking to become a successful trader? Let me share that with you and more right now.
He there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 534.
What’s the one secret to becoming a successful trader?
So this week I got asked on a webinar by someone who’s looking to trade, and they said, Hey, Andrew, if you could keep one secret in trading to help me to become successful, what would that be? And to me, it’s quite simple. It’s looking at the longer timeframe charts. And today’s a perfect example.
8x Monthly chart trades for February.
So I’m making this video on Thursday, the 1st of February day earlier than normal. And the reason I’m doing that is because I’ve just taken the February monthly chart trades. And on our membership site we identified and I’ve placed eight trades on the monthly charts. So based on the January candle close taken at the beginning of February, and with those trades because the longer timeframe charts, they have many advantages.
One, you don’t have to be that your charts at the exact time that they you know the new day opens or the new candle opens and you’ve got hours, days, maybe even longer. And especially the way that we trade with using limit orders or retracement orders as well. It also means that not only are those candle patterns higher quality because they contain more information, more data.
When you think about it, they contain the whole month months worth of price action. So when you get a high quality set up are all showing in the right positive chart, it’s going to have a higher probability chance of working. Today, most of those trades, those eight trades have taken a continuation trades. So they are continuing the main longer term trend.
But after a recent pullback over like, you know, let’s say October, November, December, January and they’re they’re ready to then head up or down again in the overall bigger picture. So that again, adds more weight, more credibility, more probability to the trades.
Benefits of trading the Monthly charts.
On top of that, because that monthly chart trades the rewards, the risks are even better as well.
Spreads becomes almost like completely insignificant. And so with the trades that we’ve taken, they all range between the 3 to 1 is the smallest reward to risk. So let’s imagine if you’re risking, let’s say half of 1%, one and a half percent is the smallest gain I’m going to make on a profitable trade. But the the biggest gain is a 6 to 1 trade.
So that means half a cent risk means I’m making a 3% gain. If that trades hits its for profit target and so they all range between 3 to 1 to 6 to 1 On those eight trades I’ve taken.
Also we’ve posted 5x D1 trades and 2x H12 trades.
Not only that is today, I’ve also taken five trades on the daily charts that have all been published on our membership site for our clients to follow.
But we also put 2 12 hour chart trades on that. So you’ve got the eight monthlies, the five daylies it’s 13. 2 on the 12 hour chart. That’s 15 trades we’ve placed on our membership site today. In real time for everybody to learn from, but also hopefully we get it right and the market does its right thing to earn from as well.
So you can see there a massive amount of information that gets published to help our clients to, like I said, to to learn and also to earn
A live 2 hour webinar with our clients.
Later tonight, my time, I’m holding a live two hour webinar with our clients in the European session. At the end of that session, when we finish, we look through the depending on what’s happening in the market.
We might go as low as the two hour charts, but more likely the four hour of the six hour and the 12 hour chart. So we’re probably going to take some more trades live on that session as well. So just go to show what can be done.
Trading the longer time frame charts is also more enjoyable.
Now, going back to our original question, why have I picked trade the longer time frame? Just because it’s more enjoyable. You can go and do things. I’ve just jumped at the pole here behind me now, unlike other people that you will see on, you know, YouTube and Facebook and things that hire a red Ferrari or hire a helicopter or, you know, go and sit in a hotel somewhere. I do fly. It is my helicopter.
On Tuesday, I flew. For those of you who follow me on Facebook, you’d see that last week I was on the beach. You had seen last week with my daughter and a friend on the horses. This is my house behind me. This is. This is real. This is what? Trading. Once you know what you’re doing, I can help you to achieve.
Now, I’m not out there saying you’re going to suddenly going buy yourself, a helicopter, a couple of horses or a hash to the pool next year because you’re not going to. That’s not real. But over time, the actual learning of knowing what to do with low risk, high reward, the risk and making it enjoyable is all of those things, along with everything else that we provide the community and the suggestions and the advice, etc. All of that combines to make for me, trading the longer timeframe charts the best thing you can do because it’s just more enjoyable.
It’s longevity you can keep doing. I’ve been doing this for 20 years, don’t forget. And you know, and I’m still loving it because I’m not glued to the charts. I think that’s a really important point.
Most newer traders want to be scalpers.
So most people, when they start actually want the opposite, they all want to be scalping. They want to trade. One minute, five minute, 15 minute time frame charts.
They want to be taking in hundreds of trades a day. They want to sort of think they’re an A.I. machine. But, you know, realistically, that’s just not going to be profitable for you. Spread is screen to suddenly destroy your trades, your emotions. You know, all these things that we’ve talked about all the time come into trading. And also, you know, the longer timeframe charts are more reliable.
Therefore the shorter time frame charts are less reliable. You know, your rewards risk massively reduced and so put all those things together. Trade longer timeframe would be my number one key suggestion for you.
Blueberry Markets
And if you’re out there looking for a broker, I can highly recommend Blueberry Markets, they based in Australia. Really good bunch of guys and been with them for years and so a lot of my clients.
Join my 1 hour Masterclass https://theforextradingcoach.com/forex-training-masterclass/
And if you’ve not yet been on my masterclass I strongly recommend you spend an hour, turn your phone off, turn all your social media stuff off, go and sit down for an hour. It’s on demand. So you choose the time that that is right for you and sit down and watch it and learn from it and follow along. See what we do. And you know, you can gain a lot of information from that. So I’ll put a link to that on this video and podcasts as well.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #534: The One Secret to Becoming a Successful Trader
In this video: 00:31 – At the beach and trading just twice a day. 01:04 – 2 trades taken on the D1 charts and 1x H8 and 1x H12 trade. 02:10 – Look at the charts twice a day. 02:46 – A 3% gain from Wednesday’s D1 trades. 05:18 – View my Masterclass. 05:30 – Book a call with us. 05:39 – Blueberry Markets.
In today’s video and podcast, I’m going to explain why I much prefer trading the longer timeframe charts. Looking at my charts a couple of times a day and being able to enjoy life. So let’s talk about that more right now.
Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 533. Something a little bit different today.
At the beach and trading just twice a day.
I’m at the beach. This is called Rabbit Island, just out of Nelson. Now, way back there somewhere, my daughter and her friends on their horses going for a ride. Why am I telling you this? Well. Because that’s the beauty of trading. The longer timeframe charts. You know, I don’t need to be sat at home right now, sitting on my computer, just glued to say, like five minute charts, 15 minute charts, just waiting for something to happen, almost forcing something to happen. Because that’s when I’m ready.
2 trades taken on the D1 charts and 1x H8 and 1x H12 trade.
Instead, I took two trades today on the daily charts. I took a sell on the Pound/Franc and I sell on the US/Franc and I’ll take in a buy trade on the Pound/New Zealand and a buy trade on the Euro/New Zealand on the 8 and 12 hour charts.
So four trades, they took me maybe 15 minutes all up earlier today at the 5 p.m. New York change of day to look at my charts, put the trades on after six because that’s when the spreads drop. I’m using limit orders anyway, so it doesn’t matter where you live in the world or what your time schedule is, you can take those trades and that then frees me up for the rest of the day.
I’m going to have a look at later tonight my time, which is then 5 a.m. New York time, and at that time I’ll scan through the 12 hours, the 6 hours, maybe the 4 or the 2It has nothing happening on the higher timeframe charts, but most days we tend to stick to the 6 and 12 hour charts. Why? Well, because there’s plenty of opportunities there.
Look at the charts twice a day.
And so what that means is by looking at my charts just twice a day, I can come and do things like this. I’m probably spending half an hour, absolute max chart time. I know the pattern, so I’m looking for the currency pairs. Well, I’d look at strength and weakness, but if the currency pair is showing the setup to me, it doesn’t really matter what the pair is.
Just because I live here in beautiful New Zealand does not mean I wouldn’t need to trade the New Zealand dollar. I’ll trade whatever showing the set ups as mentioned today. Pound/Franc, US/Franc both selling those two on the daily charts.
A 3% gain from Wednesday’s D1 trades.
Yesterday I took a Euro/New Zealand Daily chart trade and I took the Hong Kong 50 index and the China H index.
Quite unusual, but that was the market or those were the markets that were showing the setups. And guess what? The set worked. We had our retracement all this filled up beautifully and by the time I woke up this morning at the both trades to pull back, there were buy trades. Both traders said pull back got filled absolutely perfectly.
And then turned around going up to the profit target. Absolutely perfectly. So we got those trades, absolutely pinpoint, accurate and made some fantastic returns on those. They were about I think there are 2.8 to 1 return. I think one might have been 3 to 1 return. And so a small risk, you know, if you’re putting half percent on that, you’re making, you know, one and a half percent roughly on a trade and risking only half of 1%.
So for those of you out there who are on prop firms, that’s exactly what you need. In order to pass prop firms, you don’t need hundreds and hundreds of trades. You don’t need to be spending a fortune in spread fees. You don’t need to be gluing charts all day. What you need is quality, quality over quantity will win all the time.
You need low risk controlled risk, low drawdowns and high reward to risk trades. That’s what we do. That’s why we’re successful. That’s why we continue to be successful, both now in the past and in the future because of price action based. The strategy works across different timeframes. Exactly like I mentioned, you know, with those 12 hours, 8 hours, 12 hours and dailies, different markets, exactly like today’s daily charts on the forex pairs, like yesterday’s daily trades on the indices.
So if you’d like to find out more about how you can do something like this and get your life back, but also trade and enjoy trading, but enjoy other things as well as trading, that’s what keeps us fresh each day. That’s why we love doing what we do. You know, most people hate Monday mornings. We love it because we’re back into trading again.
But we get that decent break, you know, day by day. We’re not sitting there sitting at your charts, absolutely fed up by this glued to your screens, which most people unfortunately do, and takes the emotion out of your trading. It increases the enjoyment.
View my Masterclass.
So if you’ve not been on my free masterclass yet, really encourage you to do that, click on the link that I’ll put here. You can jump onto a one hour prerecorded masterclass tells you all about how we trade, how we teach, how we can help you.
Book a call with us.
If you’d like to book a call with myself or one of my team, you can do that. I’ll put the link here as well. You can also do that after watching the masterclass.
Blueberry Markets.
If you’re out there looking for a really good broker, I can highly recommend Blueberry Markets. The base over there, way over that water over into Australia, great bunch of people. And we have hundreds, if not thousands of our clients trade through blueberry and and you never hear problems. They’re just good people, good platform, good brokerage, honesty, everything that you’re looking for in a broker.
So that’s it. I’m going to turnaround now. Off somewhere up here and find my daughter and her mate.
Hopefully they’re still on top of the horse and not on the ground. Otherwise I’m off to hospital, but hopefully not. Fingers crossed I see this time next week. Bye for now.
Episode Title: #533: Trading Full Time in 30 Minutes a Day
#532: Making 2024 The Year You Become a Successful Forex Trader
In this video: 00:26 – Why you need to make this year your trading year. 01:28 – Australian employment figures crash. 02:09 – Give yourself plenty of time and seek help. 03:33 – Joining a community and start on a demo account. 04:32 – Start with the basics. 05:18 – Trade through Blueberry Markets. 05:35 – Attend my Masterclass and book a call with us.
How are you going to ensure that 2024 is the year that you become a successful and profitable trader? Let’s talk about that and more. Right now,
Hey there, Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 532.
Why you need to make this year your trading year.
It is all about 2024. How are you going to make this year, the year that you become a successful trader with no doubts at all?
This is the year for you to do it. How are you going to do that? Well, have a look around the world and I’m going to show you why you need to do it first. You know, you have a look at what’s happening around the world with cost of everything, inflation rates. You know, look at how much it costs to book a flight.
Look at how much good quality food cost these days and how many people are out there. Cannot afford good meat, good vegetables. And so therefore, they’re living on really poor, low nutritious food because that’s all they can afford and sugary drinks and things like that. You know, it’s everywhere. Look around your town. How many shops in your local town do you see either closed or boarded up, you know, going out of business and people can’t afford to pay staff. People aren’t going to restaurants.
Australian employment figures crash.
There’s all these kind of issues going on out there and, you know, look at just yesterday from Australia, across the ditch in Australia, their monthly employment figures, they were expected to have 15,000 jobs created. That result came out as -65,000 jobs. So look at the job losses going on around the world.
So put all that together and everything else that’s happened over the last few years and the craziness that’s going on in the world.
And, you know, you realize you’re kind of on your own. You’re fighting for yourself. So event doesn’t give you motivation to go. You know, this year I’m going to learn how to trade. Then I can’t help you.
Give yourself plenty of time and seek help.
So let’s start sensibly. Let’s give ourselves time. While it’s not absolutely critical, you see, when I get people come to me and they go, Andrew, I want to give up my job, you know, in two months time, and I want to become a full time trader or I’ve got, you know, like $500 and I want to make, you know, like $10,000 a month type of thing.
You know, I get these crazy questions all the time. You know, those people aren’t real. Now, the important thing is, is with anything that you’re learning to do is to seek help from people that are successful in that field and also to start slow. Don’t rush. Do the groundwork properly. If you’ve ever done any form of painting inside your house, let’s say the preparation is the boring but important work putting the paint on at the end, the last coat of paint, which makes it all look nice and shiny.
Yeah, that’s the easy bit, but unless you do the preparation first, the rest of it is going to fail. So trading is exactly the same. So while we’re not under this and, you know, massive pressure of needing to have to make money today, you know, for most people around the world, the world’s still surviving just while we’re at that stage. Use this kind of lower pressure time and say to yourself, I’m going to dedicate this year to learning how to do this properly.
Joining a community and start on a demo account.
You’re going to start with understanding a strategy, getting some help, joining a community, and that’s where we can help. But when you do that, it’s still important that you start slowly. You should start on a demo account.
Now, I know it’s boring and I know that you’re not going to make money for real on a demo, but it’s crucial that you become successful first and spend two or three months ironing out those errors that you’re going to make and then becoming profitable on that demo and then start on a small live account. And it doesn’t need to be big.
It just becomes real money of your own. The emotions start to come into play. It hurts when you lose money. It’s great when you make money, but you need to get into that emotional state that trading is and try and control those emotions. And then it’s up to you where you go from there. You can either go, Yep, look, I’m in a position where I can invest some more funds into my personal account or you go down the proper firm route and you go down that you know that direction. And we can help you with that because we’ve got so many clients doing that very, very successfully.
Start with the basics.
But it all comes back to the basics and learning right now how to do this properly. Making sure that you control your risk, control your emotions, you know, when to trade. You know what you’re looking for. You’re not getting burnt out.
You know, you can still do this with your current job, with your family situation, with travel, whatever it is. And that’s why we’re coming up to 15 years this year as the Forex Trading Coach. That’s why we’re still enthusiastic about it. That’s why we still love doing it because we’re not glued to our charts all day long. You know, we’re enjoying what we’re doing, We’re making money.
We have very low drawdowns. We have high reward to risk trades. It works on your own personal account, it works on firm accounts, and you can make substantial returns once you know what you’re doing. But give it time first. I can’t stress that enough.
Trade through Blueberry Markets.
If you’re out there looking for a broker, I can highly recommend Blueberry Markets. The best across in Australia.
Most people around the world can open the catch them. You cannot if you’re in the US. But we have other options such as? Like our. And if you’re in the US to consider as well.
Attend my Masterclass and book a call with us.
And the other thing is also, if you’ve not been on my masterclass, dedicate an hour, it’s prerecorded so you can jump on whenever it suits you.
Dedicated, give yourself an hour and go, I’m going to turn off all the social media stuff. I’m going to turn off a phone. I’m just going to sit there for an hour and listen to what Andrew has to say because that could be a crucial hour in your first step to becoming a successful trader this year.
And if you’d like to book a call to talk to either myself, one of my team, I’ll put a link to that as well. You can book out a call, a 45 minute call. We can discuss you trading where you’re needing help, how we can help you teach you all about trading and what we do and how it works for so many people. So I’ll put link to all of those on this video and podcast.
if you have any questions or topics that you’d like me to discuss to help you with as we get into 2024, please do send me an email Andrew@TheForexTradingCoach.com or leave a comment below. Bye for now.
Episode Title: #532: Making 2024 The Year You Become a Successful Forex Trader
In this video: 00:30 – A summary of 2023. 01:27 – More traders using MT5. 02:24 – Prop firm trading. 03:13 – Clients in 104 Countries. 03:40 – Have a great Christmas. 04:07 – View our on-demand Masterclass webinar. 04:48 – Blueberry Markets and book a call with us. 05:04 – Looking forward to trading in 2024. 05:18 – Consider joining us now so you can learn the strategy while the market is quiet.
As we come towards the end of 2023. Just wanted to make a bit of a summary video of what we’ve experienced this year. I wish you all fantastic Christmas and an awesome 2024 ahead. Let’s get into that and more right now.
Hey there, Traders! Andrew here at the Forex Trading Coach with video and podcast number 531.
A summary of 2023.
Outside in the beautiful New Zealand summertime here and just a couple of weeks to go before Christmas.
I hope you’re looking forward to that. Just wanted to give you a bit of a summary of 2023 of how things have gone here at the Forex Trading Coach. We have just had another awesome year, some excellent results, all right. Across various timeframe charts and our daily trade suggestions have been profitable yet again every year since we started it in 2010, they’ve been profitable with just half a percent risk on your trades.
Copying what we do just once a day, literally 5 minutes of work, we’re probably going to end the year about a 30%, 3-0% gain just off that one time frame chart. And then you add on to that all the other time frame charts, we look at. Trades we take on our forum site, trades we take on our live webinars, trades that our clients take themselves and you can see that yet again, we’ve had another really, really good year.
More traders using MT5.
A more and more people changing across to Metatrader 5 from MT4. More timeframes readily built in which is making life easier, just gives more trading options. And of course MT5 has a lot more markets such as the indices, the cryptos, the metals, commodities, etc. built in, which just gives us more and more trading opportunities because all we’re doing really is looking for the high quality trading pattern. The actual market that we’re trading is less important, it’s more the pattern.
And have we got some stop loss protection? We’ve got room to move our profit target. Is it a reversal or is it a continuation, etc.? So again, more markets, more timeframes equals more opportunities to pick high quality trades and then not be kind of where people have that so feeling they should be forced to take a trade. This may be a big quality. No need to do that now because we have so many more trading options.
Prop firm trading.
And so prop firms. Another thing you’d have heard me talking about prop firms all year more and more and my clients are just doing really well from prop firms. It’s a bit of a game changer in all honesty. And if you get a good prop firm, make sure that you have a prop firm that does not have a time limit on when you can make that 10% gain and those prop firms that do have a time limit I’d personally stay away from.
And it’s why that we look at FX2Funding. It’s why we look at The5%ers those kind of people that have been around for some time. They know what they’re doing, there good quality companies and there’s no time restriction on making the gain. You know, whether you make it in a week, you make it in two or three months, it shouldn’t matter. It’s all about keeping within that low drawdown criteria, so that’s the prop firms.
Clients in 104 Countries.
We now have clients in 104 countries and as time goes on. We are 15 years old next year at the Forex Trading Coach, our communities, it grows and grows and just gets better and better. Forum Site is well populated from clients from right around the world. It just makes such an amazing community of like minded people all out there trading the same strategy. So whether you’re a current client or whether you’re just following along with what we do, the strength and weakness each day, or the free information.
Have a great Christmas.
Then I just want to wish you and your family a fantastic Christmas. Just have a great relaxing time. Over Christmas and New Year. We start trading again on the Monday the 15th of January. We’re just taking about three weeks off like it’s summertime. You know, we trade the entire rest of the year apart from a couple of days either side of Easter. We’re not just going to go and enjoy ourselves and have some time away from the charts and the computer
View our on-demand Masterclass webinar.
And we’re still be contactable. If you want to jump on our free masterclass webinar, that’s on demand. So you can do that any stage. If you want to email us, we’re still available and it’s just we’re just taking a trade, a break from active trading for a few weeks and you know, and why not? Let’s for those of us in the southern hemisphere, it’s summertime, it’s Christmas, it’s New Year, it’s summer, Get out and enjoy yourself.
Life’s more than just sitting, watching charts. And it’s great when we can do that, Which is why with our strategy, we say, You can trade full time in under 30 minutes a day because you can, you know, but enjoy your trading and also enjoy the break from it as well.
Blueberry Markets and book a call with us.
If you’re out there looking for a broker, have a look at blueberry markets up a link to them here. And if you want to have a chat with us over the Christmas New Year time, you can do that. You can book a call with myself or one of my team. I would have a bit more flexibility because we’re not, you know, trading too much and and that’s it.
Looking forward to trading in 2024.
So I’ll see you back in 2024. Looking forward to doing it all again, then looking forward to some great trading conditions and making a lot more people profitable and having more and more people join our community. So any questions you have.
Consider joining us now so you can learn the strategy while the market is quiet.
If you struggled in 2023 and you’d like to make 2024 a really good year, then consider coming on board early in the year or even sort of during the Christmas time and have a a few weeks while there’s a bit of quiet time to learn the strategy. Ready to go for 2024.
So once again, have an awesome Christmas and I’ll see you next year. Bye for now.
In this video: 00:27 – There’s a lot of interest in prop firms right now. 01:37 – What makes a trader a successful prop firm trader. 03:50 – You must be able to trade first. 04:58 – Different account types with The 5%ers. 05:38 – What’s the payout performance ratio? 07:00 – What makes The 5%ers a better prop firm? 09:48 – Our clients have success with The 5%ers. 12:00 – Prop firms can remove emotions from your trading. 13:37 – Contacting The 5%ers.
Andrew Mitchem Hi! Everybody. Andrew here at the Forex Trading Coach, welcome along to this week’s weekly video and podcast. Something different for you this week. I am joined by Saul who’s the manager of the firm called the 5%ers. Welcome along.
Saul Lokier Yeah, thank you, Andrew. Thanks for having me.
There’s a lot of interest in prop firms right now.
Andrew Mitchem Awesome to have you here! Yeah. Look, we’re getting a lot of people interested in prop firms. Now, I know you guys have been around since 2016, and I can see on your website, which is probably one of the oldest prop firms around. Could you just give everybody a bit of an overview of what you do, what a prop firm is for those who don’t know and how traders can take advantage of using a prop from.
Saul Lokier Yeah, good start. So basically we are recruiting. We’re looking for traders, retail traders to get evaluated by us, you know, through our challenges, through our evaluation programs. And once they complete those challenges to come and start managing our capital. So you might be familiar with the old prop firms in which, you know, you have a few amount of traders managing very large amount of accounts of money.
Andrew Mitchem Yes.
Saul Lokier So we’re doing something similar. But instead of giving, you know, billions of dollars for management to a few traders, we have many, many traders. We have literally thousands of traders managing relatively small accounts. So so that’s the idea.
What makes a trader a successful prop firm trader
Andrew Mitchem Yeah. Nice. And over those that time, what have you found is the right type of person to be more successful. Like, is it a trading style? Is it a money management thing? Is a mindset thing. What in general would sort of make the more successful person?
Saul Lokier It’s the view that you answer me because, you know, back in the day before started managing the company, I, I used to spend a lot of time talking to our traders and talking to our higher funded traders. And I started doing a little bit of research what this traders had in common, because, you know, I saw some of them use indicators and some of the used some of them used to live in Australia and some of them live in the US.
Saul Lokier So I wanted to understand what they were doing, you know, the same way. And amazing is very simple things that arbitrated and start doing. But these traders really do it. Okay, so the first thing is these traders master what they do. These traders know the strategies inside out. So I could ask them. “Andrew, what’s a poor quality set up for you?” and they could tell me I could ask them, when shouldn’t you be trading?
Saul Lokier And they could answer. So they knew all the rules, all the, you know, all the parameters over the strategy, everything. And so so they really instead of jumping from a strategy to strategy or system to system, they really must, you know, what they did. So that’s number one.
Saul Lokier The second is they they keep track. They really you know, they backtested, they they they journal what they do the journal these sales, they they journal their trades and they you know, they get all this learning process and insights from this recording and tracking and journaling
Saul Lokier and lastly they deal with with losses so they wouldn’t you know, they knew how to cut those losses or take those losses and not going into revenge trading mode. Yeah. Or over-leveraging or all of that. So that’s one, two, three of these traders. And even though they were trading different strategies and different, you know, methods, they would have these three points in common. So so I guess that’s the that’s the answer.
You must be able to trade first.
Andrew Mitchem That’s really interesting. So I suppose to summarize that also for people listening and watching that means prop firms are fantastic, but you still need to know what you’re doing first and you still need to be proven to or proved yourself on demo, on your own personal live account that you can trade consistently first before you then think about a prop firm.
Saul Lokier Absolutely, Because otherwise you would be trying to pass our our evaluations and you will fail or you will you will succeed. And then once you start managing a real account, you were you will lose it. You will blow it because you’re not you’re not ready for that. You’re not emotionally ready for that. So you might you might you might pass the evaluation, for example, to something very, very common.
Saul Lokier You pass evaluation, you feel overconfident and use that approach into the real trading and you start overleveraging, start trading, taking, you know, poor quality set ups and you blow their account, which is something we deal with that and we are, you know, we would take care of that on our risk department. But that’s something that’s a pattern we see in a lot of traders.
Different account types with The 5%ers.
Andrew Mitchem Yeah. And in terms of that, then, so do you have different types of challenges that people can or different types of programs that people could choose to join?
Saul Lokier Yeah, absolutely. So we have a one step a step, one step, a program, two step program, three step program. And you know, the three step program, I would say is that is that is that the most affordable and I would say is for beginners. You know the risk parameters is there very low leverage. You need to be very, very strict and the reward is high once you once you complete it and then we can go to the two step or one step, depending on your level of, you know, expertise.
What’s the payout performance ratio?
Andrew Mitchem Right. And in terms of the the other end of the scale, when someone’s done really well in terms of payouts, like what’s your kind of ratio of your share for people who do well, then stop passing, prop them challenges.
Saul Lokier Yeah. So it starts it starts at 75% for the trader and it can go all the way to 100% once they Yeah. Once they have proven consistently and through a lot of levels that they know what they doing, you know, we can take their trades and take it out of the market in times you know the amount we want we want.
Saul Lokier So yeah if you’re you’re doing great Andrew you can take and you place one lot in your trade. We can take that out to the market instead of being one lot ten lots So, so we can, we can pay you your profit of one lot and then we can make money, you know, and we can give you 100% of your trade and you can make money with you.
Andrew Mitchem Excellent. And then in terms of your trader, do have clients from all around the world that have joined you over the years.
Saul Lokier Yeah, absolutely. So I guess like same as you with your students from all over the world. We have traders from Latin America, the US, Europe, UK, Africa, Asia, you name it.
What makes The 5%ers a better prop firm?
Andrew Mitchem Yeah, nice and just it like in general for people watching and listening, obviously there’s a lot of prop firms, there’s a lot of choice now. And you know, you guys obviously one of the more well known companies, but what would you say? Maybe a couple of points that make you different than the vast majority of others? Like, why would someone choose to join you?
Saul Lokier Yeah, I think that’s a great question because you go into you know, if you’re just starting in this industry and and you start, you know, you go to prop firms, you will see there’s hundreds of them and it can be overwhelming, you know, choosing the right one. Yes. So I would say you need to look for a you know, some things first, the you know, the reliability of the of the company.
Saul Lokier You know, how long have you had have been in the market? Hard, harder liquid enough, solid enough. So we’ve been since 2016. We have you know, we’ve made all the mistakes in the past so we don’t do them again. Yes.
Saul Lokier The second thing is making sure there’s a risk management in place, a risk department, department in place, because, you know, sadly, a lot of other companies, they’re not having any interaction with the market, which is very, very tough to say.
Saul Lokier But that’s the reality. So they’re just relying on, you know, fees from traders for the challenges in order to pay the payouts, you know, the profits from the traders. And there’s no trading happening at all. And and that can be very, very, you know, very problematic because if there’s not enough sellings or enough sales, they will have no money to pay the traders.
Saul Lokier So that’s why you want to make sure the company has trading activity and there’s trading, you know, going to the LPs or the broker or whatever they’re using. They’re not relying in the, you know, on fees in order to pay to the traders. So that and I’m yeah. And another thing we we always do is we try to stay realistic.
Saul Lokier We don’t sell dreams. You know we we stay realistic with what we expect from the traders and the outcome that they can achieve. And, you know, we all we all will. We always supporting our traders. So we’ve created once our trade is going through their hubs into their dashboards, their users, their space, they will have tons of resources to help them succeed because we are aligned with that interested, you know, with that interest of traders, you know, doing well.
Saul Lokier So we have a lot of education and coaching and mentoring and tools that we’ve developed for them and always trying to give them the, you know, the best commissions available and the best execution available. So really trying to to support the traders.
Our clients have success with The 5%ers.
Andrew Mitchem Excellent. And you know, I know that one of our coaching clients called Ryo, who lives over in Singapore like he he did an interview with you back in February of 2022 And you know, he was and he still continues today to have great success through the prop firms and and I just from the coaching point of view, I’ve always seen it as, you know, the obvious question that people have is how long is it going to take me with your system, Andrew, to pay back the course fee.
Andrew Mitchem And I’ve always had to try and go, Whoa, just hold on that. That’s I realize that’s important. But the most important thing is for you to learn how to trade properly first. And if you get that bit right, then the funds will follow. And Ryo and many other people who are now using prop firms have proven that. But they did their you know, they they did their homework first and they spent a year learning how to trade.
Andrew Mitchem So it was really pleasing for me, you know, to see Ryo on your website with an interview saying, one, he’s doing incredibly well, two is using you guys. And three, he did it with our help. But yeah, and I suppose what I’m saying is it’s really nice to hear that. But also backing up what you said at the beginning about the the disciplines that those successful traders have and.
Saul Lokier Absolutely. Yeah, absolutely. I mean, I remember Ryo, I remember his interview and and you know, in trading we always say or I always I believe you need to be focused on the process and not not the outcome of the train.
Andrew Mitchem Absolutely.
Saul Lokier And it’s the same you know when when trying when applying for on a prop for him, you need to be focused on that process. And eventually the process won’t bring the money or the outcome. The money will be like a byproduct of that process, right?
Andrew Mitchem Yeah.
Saul Lokier You pay the you know, and the mentoring, the course, the education, whatever it is.
Andrew Mitchem That’s actually so I suppose it’s how prop firms, once you know what you’re doing, can massively help people who the obvious issue that so many people have is they don’t have sufficient funds or even if they do, they don’t want to put sufficient funds of their own into their own account.
Prop firms can remove emotions from your trading.
Andrew Mitchem But also another thing I find with prop firms is it emotionally helps you as well, because if you’re trading your own money or you’re trading money for friends or family and years ago I did, That is really hard.
Andrew Mitchem You know, it’s great when it’s going well and if it starts turning the wrong way, it’s horrible, depressing. And so I find that emotionally and psychologically, that prop firm money because it removes that emotion of the individual person, you must find that as as feedback as well.
Saul Lokier Absolutely. Like two key points. You mentioned the fact that first, you don’t have to commit your own money so you can trade our capital with that. Once you once you grow our our you know, our on our accounts, you can withdraw money and keep your accounts. You can keep your balance or even get more to manage. When you’re managing your own account, you rebuild account and you grow.
Saul Lokier You make money. You need to decide, do I withdraw or do I keep growing the accounts, right? That’s right. So so with our with our programs, with our aim, with a company, you don’t have to you don’t have that dilemma. You can work, make money we through and keep growing that account, which is amazing. And the second point is as as important, the first one, the fact that you’re not you can get rid of that stress that, you know, managing your own money or family money can cost.
Saul Lokier So it really helps, you know, not knowing who’s that money you’re managing. It will free you from. That’s the house.
Contacting The 5%ers
Andrew Mitchem Yeah, absolutely. That’s excellent. So also just to summarize, how can people like I’ll put a link to your website obviously on this video and podcast, but how can people get hold of you if they have questions? What’s the best next step for people?
Saul Lokier Absolutely. So first, visiting the website, they will see the different programs we offer and depending on their level of expertise and if they need anything, just reach out, help@the5ers.com and they will be super happy to have them.
Andrew Mitchem Wonderful. Well, look, thank you very much for your time today and thanks for being my first guest ever in 530 videos and podcasts.
Saul Lokier Another it is.
Andrew Mitchem And we’ve we constantly hear great things about your company. So we look forward to having lots of our clients head to you as well.
Saul Lokier Hopefully. Thank you very much. Andrew.
Andrew Mitchem Thanks. Saul! Bye for now.
Episode Title: #530: An Interview with The 5%ers Prop Firm
#529: What’s the Difference Between a Pin Bar and a Hanging Man?
In this video: 00:29 – Pin bars and a Hanging Man candle. 00:52 – I trade neither candle. 01:12 – How to use a Pin bar or Hanging Man candle. 01:52 – How the Pin Bar and Hanging Man are formed. 04:35 – Find out more about how we trade and how we can help you. 04:55 – Book a call and have a chat with us. 05:06 – Trade through Blueberry Markets.
What’s the difference between a pin bar and the hanging man candle formation? And how can they help you to increase your performance as a trader? Let’s get into that and more. Right now.
Hey traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 529.
Pin bars and a Hanging Man candle.
Now I want to talk about two candle patterns that often cause confusion for people. And one is a pin bar and the other is a hanging man. And for a lot of people, they kind of look the same and they don’t quite understand how to use them and what’s actually happening behind the scenes in the market conditions to create those patterns within your charts.
I trade neither candle.
It’s important to note also that I do not trade a pin bar or hanging man purely as a candle pattern. However, they can be really influential in my trading because they give me an early warning system or give me a clue as to a potential change of direction.
How to use a Pin bar or Hanging Man candle
So if I’m not in a trade, they can give me the clue that. “Hey, look, the market may be just stalling here, here, or potentially changing direction.” I still need confirmation after the pin bar or the hanging man.
The other scenario is if I’m already in a trade and I see a pin bar or hanging man pattern show on the charts, but I haven’t quite reached my profit target yet. So what that is telling me is, “Hey, look, this could be a really good opportunity now to potentially really look at closing some of the trade or X thing and total the entire position and early because we could now be getting a change in direction against where we’re looking for the trade to move.”
So what is a pin bar? What is a hanging man pattern? Well, basically to me they both are Indecision Candles. They tell me there’s a lot of movemant in the market, but the market’s not quite decided which way it’s heading.
So let’s use an uptrend as an example. If the market’s currently in a really good, strong uptrend and we see a pin bar show, a pin bar will be a candle with a small body but a long upper wick.
And what that means is that the uptrend has continued and it’s gone really strongly upwards. And at some stage during that candles formation, that would have been a good, strong bullish candle. However, before the candle is closed, the price has come all the way back down to either just above its open or even potentially just below. It’s opened, it’s open price and it’s formed that small body, but with the long upper wick in an uptrend.
So that tells me that the price is exhausted. It may have hit a certain level and now the sellers are starting to push the market down. I still need a confirmation candle to come next. So next outside bar and engulfing bar, probably an engulfing bar in that scenario. To suggest that, yes, the downtrend is about to then be strong enough to justify a trade.
If we use that same bullish uptrend, but instead of the pin bar, we get a hanging band pattern that means that we get a small body near the top of the candle, yet along with lower wick. What that tells me is that the price has moved up and then when the hanging man pattern is formed during that candle formation, the sellers really took over and pushed the price down.
However, by the close of the candle, the price had retraced back up again and the buyers was still pushing it higher. And and that could be a close higher or it could be a closed lower than the open. But in general, it’s like a small body of the candle near the high of the candle and a long lower wick.
So that tells me again, this a bit of indecision sellers have taken over, the buyers pull back, but there are certainly sellers in the market again. I need confirmation with an engulfing candle or an outside candle. So I can next to confirm that the downtrend really is in play. So two different ways you can trade there. Both in an uptrend scenario and both the pin bar and the Hanging man give two different types of ideas of what’s happening in the market.
But they give us that early warning that the trend may be starting to turn downwards. So that’s how you use them.
Find out more about how we trade and how we can help you.
If you’d like to find out more about how we use them in detail and in more context and what part of the charts and the other things we look at as well, the round numbers, the trend line break all those type of things and have a look at the link here below and I’ll put a link to my masterclass where you can jump on to an hour long session.
Book a call and have a chat with us.
If you’d like to talk to us personally about how we trade and how we can help you up and link to so you can call or book a call with one of us as well.
Trade through Blueberry Markets.
And if you’re looking for a fantastic broker, I can highly recommend Blueberry Markets. I’ll put a link to them as well. They offer the MT4 and the MT5 trading platform, and they’re just a great bunch of people, incredible customer support, and I’ve been with them for years and years and hundreds of my clients use them as well. We always get amazing feedback from Blueberry Markets.
So I hope that helps. That’s today’s lesson about hanging man Candles, about the pin bar candles, how you can use them, book a call or jump onto the Masterclass free webinar to find out more about how we use them and how we can help you to use them to be a profitable trader.
This is Andrew Mitchem at the Forex Trading Cooch. I see you this time next week with another video and podcast. Bye for now!
Episode Title: #529: What’s the Difference Between a Pin Bar and a Hanging Man?
#528: Good Trading Does NOT Need to be Complicated
In this video: 00:27 – Don’t make trading harder than it needs to be. 01:25 – You need a simple and solid strategy. 02:16 – The 3 things that can happen in the market. 03:02 – The 2 basic patterns we trade. 03:50 – Trading is a probability, not a guarantee. 04:32 – Book a call and attend my Masterclass. 04:45 – Trade through Blueberry Markets.
Good trading does not need to be complicated. Don’t forget, the wheel is simply round and it works. So let’s talk about that and more right now.
Hey, there traders! Andrew Mitchem here at the Forex trading Coach with video and podcast number 528.
Don’t make trading harder than it needs to be.
I want to talk about a topic that a lot of people get stuck in their minds and they think that trading needs to be overcomplicated. They think it needs to be difficult and they get this, I suppose, perception by thinking that like it’s something only the pros do or it’s something you need to be in a 50 story, you know, tower block in London or Dubai or New York or something, and you need to walk around in a big flash suit and shirt and tie in order to be a good trader.
And so I think people get the impression that you need all these complicated systems and algorithms and things going on and insider knowledge of what’s happening in order to do well at trading. And the reality is you don’t need any of that to do well at trading.
You need a simple and solid strategy.
Well, you need a good, simple, solid strategy that works. And like most simple things, they work. Again, like I said, think of the wheel. Don’t reinvent the wheel. It’s round. It’s simple. It cannot be more any more simple. And it works. You know. Other examples. I love cooking. So what’s my favorite medium to cook on? You know, you can have all your electrics and gases and all the rest of it. Fire is with that that the best in terms of enjoyment and certainly taste and flavor.
You know to cook on fire and charcoal. Nothing beats it. And why? Because it works. And why? Because it’s simple. Trading is exactly the same.
The 3 things that can happen in the market.
Now, putting it in absolute basics. What can happen in the market? In any currency pair, any market, It’s going to go up. It’s going to go down. It might go a bit sideways, a bit rangebound.
That’s really all that can happen. So the market’s going sideways. Okay. Rangebound generally for the way I trade means there’s no trades there because I’m looking predominately at candle pattern and that’s my initial set up is the candle. If it’s rangebound, there’s nothing, you know, there’s no prior indecision. It’s just going flat. It’s not over bought. It’s not oversold. it’s got a trend line break.
So therefore no trade. Very easy just to move on to the next market.
The 2 basic patterns we trade.
And so we look at two quite basic and quite simple patterns, and we look for continuation patterns and we look for reversal patterns. And so those two are really when it comes down to it, all we teach and all we trade and it’s all we’ve ever taught and traded because they work, because they’re simple, they’re easy to identify.
Now when I go through and look at trades that have been successful and I go through our forum site, I go through our webinars. I go to our daily trades and I analyze my trades and I go back and look at the trades that have been really good. They pretty much all take all the boxes of what we’re looking for a successful trade.
Trading is a probability, not a guarantee.
So trading is not a guarantee, it’s a probability just because the patterns worked for the last five times and you see it again, it’s not a guarantee it’s going to work this time. It’s just a probability that with everything stacked in its favor, it’s likely to work. And so that’s when you stop bringing money management, reward risk, etc. into it as well.
Strength and weakness, all those other things. But ultimately trading should be if it’s enjoyable and it’s something that you can continue to do. You know, years ago today, years into the future, it has to be simple because it works exactly like that wheel is simple because it works and nothing can beat it.
Book a call and attend my Masterclass.
If you’d like to know more about how we trade, how we teach, you can book a call to have a chat with myself, one of my team. You can jump on to one of my masterclasses. It’s a free on demand masterclass.
Trade through Blueberry Markets.
And they’re looking for a broker. I can highly recommend. Blueberry markets are a link to the masterclass. A link to blueberry and a link to have a chat with us on the description by this video and podcast.
This is Andrew Mitchem at the Forex Trading Coach. Make trading simple because it can be. It should be. When you do it that way, it’s more profitable and certainly more enjoyable. I see this time next week, bye for now!
Episode Title: #528: Good Trading Does NOT Need to be Complicated
#527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour
In this video: 00:30 – A great trade on the NZD/CAD H4 chart. 01:29 – The trade made an incredible 7:1 R:R. 03:05 – 2:3 R:R on the USD/CHF. 03:35 – Clients passing Prop firm challenges. 03:50 – Get onto my trading Masterclass. 04:07 – Chat with us 04:14 – Open a trading account with Blueberry Markets.
We’ve had a client make a massive 7 to 1 reward to risk ratio trade in under one hour while we were on a live webinar. Let me explain more and how you can do exactly the same. Right now.
Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 527.
A great trade on the NZD/CAD H4 chart.
Now, just earlier this morning I was on a live for us session webinar with our clients and during that session someone already had opened a four hour chat trade on the New Zealand dollar, Canadian dollar, and it’s a buy trade and it was going really quite well.
But at the time we were talking, the price had retrace down to the entry level because we were taking a buy limit and actually going further down towards the stop loss level. However, the stop loss on that trade on the New Zealand Canadian dollar was below the round number of 82, 0.82. And while we were talking, a number of other clients said, Hey Andrew, look, because we’ve got that stop loss protection, can I jump in at the market right now?
And I said, Yeah, of course you can, because the trade still valid. The stop loss was holding. We’d had previous resistance levels and now we come down and we were using that 82 as a support level. And I said, Yeah, jump into the trade. And so a number of people did.
The trade made an incredible 7:1 R:R.
Now, within under one hour we had clients saying that they closed out of the trade, it hit the profit target before we finished the webinar and it made an incredible 7 to 1 reward to risk on that trade.
So if you use my my suggested level of half of 1% risk of your account per trade, that meant that those clients made a massive 3.5%, three and a half percent gain on their account in under one hour just by being on the webinar. So what does that mean? Well, first of all, we are identifying high quality trades and we’re discussing them.
We’re talking about them. We’re saying the reasons why we’re taking the trade or why we’re not taking the trade. And so for me, the quality of that life in discussion cannot be underestimated. It’s something you just will not get by yourself or if you on some forum site somewhere and no one really knows what it is that you’re trading.
We are all trading the same system, looking at the same charts at the same time, all with the common goal of helping each other. So that to me is absolutely incredible. And you cannot underestimate how valuable that is for anybody, regardless of your trading experience. If you’re a brand new to trading, it’s going to be incredibly valuable. But if you’ve been trading for a while and just to jump on once a week or every couple of weeks and just view what we’re doing in real time and discuss that, that is absolute gold. And, you know, it’s just shows with the returns that we made.
2:3 R:R on the USD/CHF.
I also took a trade on the four hour chart on the US Swiss franc, which made a 2.3 to 1 reward to risk not quite as high as the massive 7 to 1, but that was more random, normal reward to risk levels that we get. I’ve also taken some trades on the 4 hours and 8 hours that are still open behind me right now, but just goes to show what happens when you build yourself a community like minded people all around the world. And so that’s how we can help you to achieve your trading goal.
Clients passing Prop firm challenges.
So we’ve got a number of people that are now passing prop firms as well and doing really well there, and that’s yet another income stream for people who once they know what they’re doing, they can go and explore that avenue if that’s the way you want to go.
Get onto my trading Masterclass.
So a few things to help you here. If you’ve not been on my masterclass, I suggest you jump onto it. It’s a 45 minute OnDemand session, explains the various trades that we’ve taken and explains how we trade and how we can help you. I put a linked to that on this post or video, wherever you’re watching.
Chat with us
If you’d like to have a a chat with myself or one of my team, I will give you the opportunity to do that again. I’ll put a link here.
Open a trading account with Blueberry Markets.
And if you’re looking for a very high quality broker that offers a huge number of different markets on the four and five platform, I can highly recommend Blueberry markets. We have a large number of our clients who choose Blueberry markets. Ultimately, it’s up to you to go and do your own due diligence and trade who who you feel comfortable with through who you feel comfortable with.
But I can highly recommend the team at Blueberry. They’re really good bunch of people and I’ve been with them since the beginning and often them exceptionally good. So have a look at blueberry markets and again I’ll put linked to them here.
So that’s it for today. I hope that helps. And it just shows what happens when you join a community of people or trading one strategy.
Think about that. A 7 to 1 reward to risk trade. In other words, half percent risk three and a half percent banks in your account in under one hour, all while on a webinar with myself. So that’s what we do. That’s how we help people make it work for them.
If you like to know more. Feel free to contact us or email me directly. Andrew@theforextradingcoach.com and I will personally reply back to you. Bye for now!
Episode Title: #527: How a Client Made a 7:1 Reward:Risk Trade in under 1 Hour
In this video: 00:29 – Why a slow & steady trading style is best. 01:13 – My background really helps. 02:04 – Karate & Flying. 02:48 – Raising a large family. 03:31 – Consistency in our own trading. 04:21 – Get onto my trading Masterclass. 04:45 – Trade through Blueberry Markets. 05:20 – Like & Subscribe to our channel.
I’m going to explain why a slow and steady trading approach is your best chance of success to be a full time forex trader or prop firm trader? Let’s get into that and more right now.
Hey there, traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach. With Video and podcast number 526.
Why a slow & steady trading style is best.
Now I want to talk about a slow and steady approach to trading You see in life right now everybody’s fast pace wants action, wants instant results. Everything’s available on your phone. No one can wait any longer. Everybody wants things now.
Now, now, now. All the time. And the danger with that is that when it comes to the reality of trading, well. Most people, unfortunately, take that same approach. They want to be a multimillionaire next week. They want to pass a firm challenge within two days. They want to you know, how much do I need, Andrew, in order to give up my job and make $10,000 a month? You know, everybody always wants that that instant result and answer without doing the prior work.
My background really helps.
Now, I’m quite fortunate in many ways. One, I’m a little bit older. But two, I come from a farming background, and I think that has been a massive help for my own trading because you realize in farming that consistently doing things properly and planning and a slow and steady approach whilst always having an eye on the future and never being stuck in your ways is a really good way of farming successfully.
You have to turn up, You have to do things consistently as a dairy farmer. You have to milk the cash twice a day. You know, you have to be planting crops at the right time. You have to be doing things. It doesn’t matter whether it’s raining or it’s Christmas Day or your birthday or you’re not feeling well, you have to show up.
And so that consistency is is absolutely vital, I believe, to success. And as a trader, that consistency of constantly showing up is also vital as well.
Karate & Flying.
Now, other things that have helped me personally and I hope can help you. I’ve studied karate for many years and again, that slow, steady, consistent, repeatable approach is what gets you from being a white belt through to a black belt.
You’re not going to get there instantly. You’re not going to go and watch a whole heap of videos and suddenly, wham, next week you’re a black belt. That doesn’t happen. It’s that consistency, that hard work, that dedication. As many of you know, I also own and fly helicopter. The same thing applies. You cannot go out there and do like five lessons and suddenly go and fly one of the most difficult machines on the planet, the race to fly, you know.
So you have to be slow, steady, consistent, show up, do the hard work, and then the rewards follow.
Raising a large family.
And you also may know we’ve got five children. So same thing. You know, a lot of hard work, a lot of dedication, a lot of consistency through bringing up five children. And now more recently, I’m learning to play the guitar exactly the same thing.
I cannot go and stand on stage within 5 minutes. You know, you have to learn the whole basics and get better and better and more practice and you learn to go up and then you have a few down days or weeks and then you go another level again. So that consistency turning up. So whatever we do in life, that ends up being good.
Pretty much all of it comes back to that same rule of consistency, slow and steady and of course being good at trading is exactly the same. So that’s what I really encourage you to do.
Consistency in our own trading.
This is video on podcast number 526. We do this consistently every week. Our daily trades have been posted on our membership site since 2010.
We do that every day. They have been profitable every year since 2010. Again, consistency. We don’t have massive gains and huge losses. We’re consistent in what we do. Our forum site, we’re on it. Every day. Consistency. Yesterday I took four trades on the two hour chart trades that all were profitable and did really well for our clients. Again, consistency.
I have a live to our webinar this week for our clients. Again, we do that each week. Consistency, showing up consistently doing the same thing because it works and that approach will get you a long way in your trading.
Get onto my trading Masterclass.
So if you’d like to find out more about how we do that and how we can help you with that consistency in your life and your trading, then I encourage you, if you’ve not already been on one of my masterclasses, it’s a 45 minute On-Demand session. I’ll put a link here so you can view that any time you like.
I would like to have a chat with either myself, one of my team up on Link here so you can book a call to talk to us.
Trade through Blueberry Markets.
And if you’re out there looking for a fantastic broker, I can highly recommend blueberry markets. They offer the Metatrader 4 and Metatrader 5 platform. Great bunch of people. You know, just again, consistency there.
Email them. Test them out. Email them. See how long it takes to get a really good, solid answer. It’s really, really quick. It’s staggering how good they are at customer relationships. So again, consistency is what they do, what they practice, which is why we align ourselves with them, because we have that same approach to to trading and to looking after people.
I hope that helps. Any questions you have, any future topics of around trading I can help you with? Please let me know. Andrew@theforextradingcoach.com.
Like & Subscribe to our channel.
If you’re watching this on YouTube, please like and subscribe and tell people about this channel and we’re out there to make it work for everybody. This is Andrew Mitchem at The Forex Trading Coach.
#525: From Brand New to Trading on a Prop Firm within 3 Months
In this video: 00:33 – Jae has taken 3 months from new to trading on a prop firm. 01:29 – Making mistakes like every new trader does. 02:23 – Ready to trade on a prop firm. 03:52 – Our on-demand Masterclass. 04:09 – Book a call with us. 04:22 – Open an account with Blueberry Markets. 04:51 – How to contact me
Today, I’m going to explain how a client of ours who has never traded at all only three months ago, is now preparing to trade through multiple prop firms. Let me talk about that and more and show you how he did it. Right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Couch for a video on podcast number 525.
Jae has taken 3 months from new to trading on a prop firm.
That’s right! I want to talk about a client of ours called Jae. Now Jae joined us on the 2nd of August this year 2023. Today is the 3rd of November as I’m recording this, have a chat with Jae last night. So exactly three months since he joined and three months ago Jae had never traded. He never got into trading.
He knew nothing about it. It does a bit of research, but he never even traded on demo. He joined us three months ago and over those three months he’s put a lot of time, effort, dedication into learning the strategy, asking questions, turning up on webinars. If he can’t turn up live. He’s been watching replays, he’s been going through previous webinars, the forums sides following our daily trades and taking trades by himself and communicating this trade so he’s learning from them.
Making mistakes like every new trader does.
Now being new to trading. Jae’s made mistakes. Of course he has, and one of the interesting things that he said to me last night on our conversation on the Zoom call was he said, You know, Andrew, every time I’ve deviated away from your rules, I’ve had losing trades and I’ve gone back in of analyze that and I realize I’ve made mistakes and I’ve changed things and then I’ve gone back and stuck to rules and taken trades that are in line with what we teach and how we trade.
And guess what? The results have come back right again. And it’s a journey. And as a path that everybody goes through, you know, from trading one minute charts, staying up all day and night through to, you know, finally figuring out that if you stick to a strategy, stick to and you know, the of can do everything that we talk about week after week after week, the strategy does work and the results will therefore follow.
Ready to trade on a prop firm
So fast forward after only three months. It’s hardly a fast forward, is it? But the reality is that we were then talking last night about how Jae can get onto prop firms, which wants to consider using a virtual server trading only on you one like made a candle of yourself and having your trades copied automatically to a prop firm or multiple prop firms, which is Jae’s Jae sort of journey that he’s looking at going on.
And so what I asked him and what I’m going to do for you is I’ve said to him, Look, what I’d love to do is come back in a couple of months and do a live zoom conversation and record that and share that with you so that I can then track Jae’s progress. So now we’ve gone from absolute beginner to now I’m ready to get onto a prop firm, so I want to give him a few months to get into prop them, open an account, maybe two or three by then, and track his progress and have a conversation with him with an update.
So I think by doing that, you’ll be able to see how someone who’s put that effort in has gone along really quite fast and made massive progress. So that shows me that anybody can do this. I know that. But now I’m having conversations with people who are proving that.
Our on-demand Masterclass.
So if you like to find out how Jae started with us and and find out more about how we trade and what we do, what I suggest you do is have a look at our masterclass. It’s a on demand session, so it will start when you’re ready. It’s about 45 minutes. It’s a video that I’ve recorded just a few weeks ago and we’ll take you through everything that we look at as a trader and why our method works.
Book a call with us.
That will then also give you the opportunity to book a call with one of us, to have a chat with myself, one my team, and find out if we’re a good fit and what you’re doing and what we’re doing will match and to see if we can help you.
Open an account with Blueberry Markets.
If you’re out there looking for a high-quality broker, I can strongly recommend our blueberry markets. They are based across in Australia. Most people around the world, apart from a few countries, can open accounts with them and they offer the MT4 and the MT5 platform. I’d suggest the MT5 platform is a lot more markets on there and also a lot more built-in timeframe charts to give you more trading opportunities. So that’s it for this week. I hope that helps.
How to contact me
Any questions that you have, any topics you like me discuss on featured video and podcasts to send me an email Andrew@theforextradingcoach.com and I’ll personally answer those and get back to you. I hope it helps. Bye for now!
Episode Title: #525: From Brand New to Trading on a Prop Firm within 3 Months
#524: Are You Getting Stopped Out All Of the Time?
In this video: 00:26 – Do you keep getting stopped out? 00:47 – What are the issues here? 01:32 – Not knowing where to place your stop loss? 02:02 – Trading is emotional. 02:35 – How to avoid being stopped out all of the time. 03:40 – Consider Blueberry Markets 03:48 – Book a call with us and watch my Masterclass
Why do I keep getting stopped out? Today, we’re going to delve into that question that has annoyed many a forex trader. So let’s get into that and talk about it and more. Right now.
Hey, everybody! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 524.
Do you keep getting stopped out?
Now, are you getting stopped at all of the time? It’s a frustrating experience. You’ve done your analysis, you place your trades you set your stop loss only to find that the market momentarily dips far enough to hit a stop loss and then it goes back in your intended direction. It’s like the markets go a personal vendetta against you, right? That’s how it feels.
What are the issues here?
Well, let’s have a look to see what you can do about that to stop that happening. Because the most common reason that I find that many people have is their stop loss is too tight. A tight stop loss might seem appealing because it minimizes your risk, or so you think on paper, but often it doesn’t account for the natural volatility in the market.
Now financial markets ebb and flow. They rarely move in straight lines. So if you’re a stop loss is too tight, you’re probably going to get stopped out during these minor counter movements. And it’s something that you need to be aware of and because not every single time are you going to place a trade that moves straight up into your direction all the time.
Not knowing where to place your stop loss?
The second reason and again, probably a very common reason is because most people don’t know where to put their stop loss for each trade they take. Most people use the same stop loss all the time for some reason. Now each market condition requires a different stop loss size. The size of the stop loss should reflect the timeframe of the chart being traded.
The pair been traded, and also the market conditions at the time. Because don’t forget, different pairs move in different speeds and different amounts.
Trading is emotional.
And thirdly is emotion and let’s face it, trading is an emotional endeavor, and especially when money is on the line. Now, some traders, they move their stop loss because of fear or greed that leads to inconsistent outcomes.
And now a well calibrated stop loss is based on a sound trading strategy and knowing where to put your stop loss and why. Each time. So the danger is if you become emotional, you do things that are erratic. So you need to stick to your plan and don’t offer it. Don’t change your plan just on a whim.
How to avoid being stopped out all of the time.
So what can you do to avoid being stopped out? Well, here’s a few quick tips for you. So is understanding what to do and when to do it. Making sure that your trades have equal risk per trade regardless of the stop loss size. Most people think that they’re stop loss needs to be small because that means they’re going to lose more if the stop loss gets taken out.
That is not true. We can certainly help you there to understand that a lot more. So adjust your stop loss, adjust your stop loss size accordingly so you can put your stop loss in the right place for that trade at the time you stop losses there. It’s a tool to protect your capital. Don’t forget that you will get stop that from time to time.
But you need to remember if you’ve got a good, sound strategy and the trade goes against you, you take the stop, that’s absolutely fine. But also you need to ensure that you have high rewards, risk trades, which you hear me talk about all the time. That means when you have a profitable trade, you’re making multiple times your risk. So I hope that helps. There are a few other things there.
Consider Blueberry Markets
If you’re looking for a broker. Don’t forget to have a look at Blueberry Markets the based across in Australia.
Book a call with us and watch my Masterclass
If you’d like to find out about how we can help you. And if you’d like to have a call with us, click on the link that I’ll put here.
You can book up like a 30 minute call to have a chat with myself or one of my team. If you’ve not yet been on my masterclass, then it’s a free masterclass. It’s about 45 minutes long is on demand, so you can choose when to watch. It is not live, but contains a lot of very valuable information. Well, you need to do is click on the link up here and you can jump onto that as well.
So once again, this is Andrew Mitchem, the Forex Trading Coach, we’re here to accept the stop losses are part of trading, but we’re here to make those annoying, constant stop losses disappear for you.
That’s how you become profitable is understanding what to do at the right time. We can help you there.
I you see this time next week. Bye for now!
Episode Title: #524: Are You Getting Stopped Out All Of the Time?
#523: Adapting Your Trading Strategy to the Current Market Conditions
In this video: 00:32 – How often should you change your strategy? 01:24 – I’ve been trading for 20 years 02:14 – We look at Price Action 02:56 – The way we deliver the course and more markets available to trade 04:38 – Get to view my Masterclass 04:55 – Book a call with me and my team – https://theforextradingcoach.com/call-application/ 05:03 – Blueberry Markets
I received a question this week from someone that says, “Hey, Andrew. Is your content ever updated to adapt to the current market conditions?” So I thought I’d make this video on podcast this week. Outside in the sun and answer that question for you.
Hey, there traders! This is Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 523.
How often should you change your strategy?
I’ve been asked the question about changing your strategy to adapt to the market conditions. Is that something that I do regularly? And if so, when? And it’s a question is actually a really good, smart question because unfortunately, far too many people would do that and they find that the trading is not going to well, something’s happened in the market.
It may be more rangebound or there could be more price action. And so therefore, they change their system in their strategy and their whole approach to adapt to what’s actually happening in the market at that time. The issue I have with that is how do you know how long to give it when things are going bad? In order for you to realize that you’re doing something wrong and therefore you need to make a change. And that becomes the old issue that everybody has. And it’s like in hindsight, it’s fantastic. In reality, things don’t go so well.
I’ve been trading for 20 years
Now, as someone who’s been trading the forest markets for 20 years now and teaching for over 14 years, I can tell you that in the 14 years that I’ve been teaching and around three years prior to that, I’ve never changed the strategy at all.
It’s not changed. If I look back at my daily trade suggestions back in 2009, I look back at my first live webinars I did with clients back in 2010. Nothing’s different. And that’s the beauty of what we do. And you see, you got full confidence in knowing that the way that we trade, the way that we look at the market, the way that we teach, the way that we analyze everything that we do on the webinars, on the forums, on the daily trades, etc., is exactly the same.
Nothing at all has changed. And so how do we manage that? I suppose would be the obvious next question.
We look at Price Action
Well, it’s all to do with the strategy and the way that we trade and we look at price action, we look at the price itself, we look at candle formations where they showed on the chart. What part of the chart are they in?
Do they have stop loss protection? They’ve got room to move. They have strength and weakness with them. All those type of things that we look at on the charts to actually give us the initial chart sets up and the yes or no, do we have a trade here or not? Now, you will probably know that we only trade on the close of a candle.
So that makes our trading very easy to know when to trade and reality is you can trade just sort of once or twice a day. I look at multiple timeframe charts at that exact time.
The way we deliver the course and more markets available to trade
Now, the only thing that has changed over those years is just the way that we deliver the course. It’s, you know, obviously like everything, it’s improved.
It’s got cheaper, it’s got more efficient. You know, we’re not flying like seen people around the world any longer. You know, it’s all online, but there’s still a lot of individual tuition and help. But things that have changed, it would be the markets that we can trade. You see as the Forex Trading Coach. When we started, obviously they were just the forex pairs.
And now there are obviously a lot more forex pairs, but also there are other markets as well. To give you an example, this week, on Monday, Tuesday, sorry, on Tuesday I took a trade on Lead (XPB) if you know your periodic table, you know that that’s lead. We took a daily chart trade on lead which made a fantastic profit for all of our clients.
And on Tuesday night I took a two trades on the four hour charts one was on XAU/EUR and XAG/EUR. Now, if you’d gone back, maybe five years, there is no way that most of us would have access to lead and gold and silver against the euro. We may have had gold and silver against the US, but we certainly wouldn’t have had it against the euro available on most brokers out there.
So things have evolved. Yes. In terms of the markets we can trade, which is fantastic because the strategy works equally well on those other markets than it does on the standard EUR/USD. AUD/USD, you know, GBP/JPY and etc.. You know your standard forex pairs. So that gives us reassurance in what we do works and is fantastic. So it gives us high reward to risk trades. So what does that mean for you? Well, a few things.
Get to view my Masterclass
If you’ve not been on my masterclass, I’d suggest you jump on to that masterclass. It’s about a 45 minute. It’s on demand, so find a time that suits you. Log on there, click on and go and view. That takes you through a lot of information about how we trade, what we do, how we teach.
If you’ve been on that and you’d like to book a call with either myself or one of my team, you can do that. I’ll put a link to that also.
Blueberry Markets
If you are out there looking for a high quality forex broker that offers Metatrader 4 / Metatrader 5. Good bunch of people really quick to get your funds back to you if you make a deposit or if you then try and withdraw funds.
It’s just so quick, super easy, super efficient. That is blueberry markets, they’re base across over in Australia and they can take clients in pretty much most countries apart from a few and the U.S., the U.S., they cannot take traders from. But other than that, blueberry markets would be a very good choice for most other people out there. So I hope that helps.
I’m off to enjoy this beautiful day that we’ve got here, and we’re in springtime here in New Zealand. I know a lot of you watching this will be going into your autumn, but springtime in the southern hemisphere. And don’t forget, we’re here to help you with your trading and to make it a success for you. This is Andrew Mitchem here at the Forex Trading Coach.
See you this time next week. Bye for now
Episode Title: #523: Adapting Your Trading Strategy to the Current Market Conditions
In this video: 00:30 – Why would you sell your trading strategy? 01:10 – How I started 02:25 – Teaching the strategy 03:40 – The number of clients expands 04:10 – The start of the TFTC community of traders 05:28 – Teaching clients for a broker 06:47 – Helping like-minded people worldwide 08:30 – Blueberry Markets 08:45 – Book a call with me and my team – https://theforextradingcoach.com/call
If a trading system is so good, why would the developer of that trading system wish to sell it and share it with other people? Let me answer that question for you and more right now.
Hey there, Forex Traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 522.
Why would you sell your trading strategy?
Now received an email this morning from a trader for John over in the UK. They said, Andrew, I need to ask you this question. It’s the the obvious question to ask and it’s like if you’re so good at trading and if your system is so good.
Why do you need to sell it to people? And it’s quite a, you know, an obvious question. And so what I’d like to do on today’s video and podcast is to give you a bit of detail and background about the Forex Trading Coach and my trading. To help you to understand where we’ve grown over the years, where we are today, and why we do what we do.
How I started
So I’ve been trading for just around 20 years now and back in around 2007 I ended up being the top trader on an auto trade company. Back in the early, early days of trading where you could buy signals off people. And I won the competition, won the global competition. I had a system that worked really well and it topped everybody.
There were hundreds and hundreds of traders even back then. And so back then, people could follow along. Had no idea who you were, but they could follow along and buy off that company. Now, that was okay, but I thought, okay, I’ve come and won this. So what I ended up doing is creating a very basic signal system. Back in the early days, you know, websites were very basic.
There was PayPal and nothing else. And then what I ended up doing is I ended up developing an email each day that went out and it was like, buy here, stop loss, their profit target there. And people would pay a monthly subscription for that. And it went really well.
Teaching the strategy
And I got to a brand end of 2008, early 2009. And then I received an email from one particular subscriber who lives over in Noosa, in Australia. And he said to me, Andrew, I’m really enjoying your signals. They’re doing well. I’m making really good money from it. But more importantly, I’d love you to come and teach me how you do what you do. So rather than just relying on your email each day, I can find out how to do this for myself because ultimately I could get hit by a bus, you know, no more Andrew and this guy went from making a lot of money to suddenly no emails, and that was it. So he wanted to develop that information, that knowledge education for himself, which is fair enough.
So I put together the course into like a word document, took it down the road to the printers and say how you make this into a real nice, colorful page doc in a booklet for me. And that’s what we did. It was really was as as basic as that went across to Australia, took a back up flash drive in case I lost everything and I spent three or four days with this guy.
He’s still a client to this day. And with him and his family teaching him how to trade it was really enjoyable to discuss trading in person with someone. So that was the very first client.
The number of clients expands
I then came back to New Zealand and I sent an email out to other people who were on that subscriber list and saying, Hey, look, we’ve got a really happy person out.
This taught him how to trade. Anybody else interested? So I got a lot of response back and I ended up flying to Malaysia and Sri Lanka and then across to Spain, Valencia, Spain, France and then England and and then back home. And I had a group of people.
The start of the TFTC community of traders
And what it did is it built the very basics and the start of a community. You see, there’s a number of things that are missing when you’re trading. It basically means for most people, you’re sitting there at home, sitting on your laptop or your computer, just you and no mates. It’s quite a lonely business, you know. It really is. And so I like interaction with people. And I found that by having this sort of group of people I’d met in person that was just starting to develop something really quite cool and really exciting.
We could bounce ideas off people. They come and ask me and ask the teacher and ask the developer of the system and strategy. You’ve really got to know you’re trading because you’re getting questions from all over the place, different ideas and things. It helps me from a personal point of view to become an even better trader, even sharper.
And now with the way that things have developed globally with the Forex Trading Coach, you know, we’ve never missed a day of our daily trades in 14 years. We’ve never missed a live webinar. You know, we’re on the Forum site daily, so we’re always there and it’s helped sharpen mine and the other coaches trading even better. Maze’s consistent.
You know, we can’t become not that we are anyway, but you know, we can’t become lazy and go like all the trading today because you got thousands of people all there waiting to see what you’re writing.
Teaching clients for a broker
So that let’s jump back to when I then came back to New Zealand, a broker who’s up in Auckland got to hear about what I was doing through a friend and, and they contacted me and say, Hey, look, I heard you develop this company.
I heard you do poaching. Come and trade. And so come and train some of our biggest account holders because most people are out there losing money. And the broker needed people to be making money because obviously they make more commissions and more fees. And if people are happy and making money, they’re going to add to their account they gonna tell more people, etc..
The common conception is that most people think the brokers want you to lose. A good broker does not want you to lose. A good broker wants you to to be profitable, because then they make more. And so anyway, I did a whole lot of small group tuition for the broker and some of our high net worth clients and so things just developed from there.
So 2009 the Forex Trading Coach started. Fast forward to now 2023. We have our clients in 104 countries, but we’d love doing what we’re doing. Do we need to do this from our own personal financial point of view? Absolutely, no.
Helping like-minded people worldwide
But it has helped develop such an amazing group of like minded people. I’m self-employed. I love people who are out there looking after their own health, their own finances, their own future, not relying on the traditional way of doing things.
Because let’s face it, the traditional way of doing things does not work for most people. So we’re out there looking for like minded people from all around the world. It helps us to develop ideas because you constantly get in questions from different people and you know, you finding about new things and real cool things and developments. And it keeps us fresh and excited and wanting to keep doing this.
So look, John and whoever else who is asking or thinking of the same question. It’s just an enormously satisfying feeling to help people to have a community of people. And let’s face it, who doesn’t like helping people, you know, interested in helping like people who just want something for nothing or lazy people, you know, that’s not me.
I hands up just not interested in that at all. I’m interested in helping people, right? They’re trying to achieve things in their lives, go getters, achievers, and that’s the sort of people who I believe make the best traders. And that’s the kind of people that we have on board with us. And that’s what drives us. That’s what’s gets us out of bed each day helping people to get better for themselves, to grow a better world, for everybody, to increase their finances, you know, to increase their information and their knowledge and their education, all those type of things give us satisfaction that we’re making a difference.
So that’s what we do and that’s why we do it and everything else. You know, it’s just awesome to be part of a group of people, a community.
Blueberry Markets
Elsewhere out there, brokers going a similar type of system and situation with these guys. Blueberry, awesome group of people. I’ve been there and met them. They help people, their services exceptional and they’re out there wanting people to do well as well.
Blueberry markets I’ll put linked to them here. If you’re interested in finding out more about how we can help you, I’m going to put a link here.
Feel free to book a time to talk to myself or one of my team, completely free of charge and find out if we can help you. I’ll put a link here, so don’t forget to take advantage of that as well.
So this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now!
Episode Title: #522: Why Sell a Successful Trading Strategy?
In this video: 00:26 – Traders get excited over win rates 01:32 – Small gains and big losses 02:47 – My way of trading 03:34 – Closed trades from this week 04:44 – Book a call with myself and my team 05:01 – Blueberry Markets
I’m going to explain why a 90% winning rate trading system is not a good idea. Let’s talk about that and more right now.
Hey there, Forex traders! Andrew Mitchem here at the Forex Trading Coach. With video and podcast number 521.
Traders get excited over win rates
Now I want to talk about win rates. You see so many people get very excited with win rates and they tend to put almost like too much emphasis on a win rate of a system and the strategy and especially a lot of inexperienced people, they see something that’s got, let’s say, like a 90% win rate and they think has to be the answer to their successes and it has to be a fantastic trading system.
I can tell you that is not the case. Now, a little while ago, I was talking to someone who had a 90% winning system and he was losing quite a lot of money. And as a new trader, you might question like, how is that possible? And as a more experienced trader and a profitable trader, I can tell you the win rate really doesn’t matter quite as much as you may think.
Yes, it’s important, but it is certainly not the most important aspect and the most experienced and most profitable Traders have win rates that are drastically lower than and sometimes pretty quite a lot lower than what you might actually think. Yet, they are very profitable. How has that happened?
Small gains and big losses
Well, the issue with most people is, first of all, they trade with pips and the guy that has the 90% win rate. That was a problem also. But what he was doing was having lots of small gains. Now, let’s use the PIP example and let’s say he had ten trades. Now 90% win rate, of course, means nine out of his ten trades were profitable. Now, let’s say he was making, pick a figure. Ten pips per profitable trade let’s say and again you can see why I don’t trade pips but let’s go with it because that’s what he was doing.
Therefore, nine trades, ten pips profit means even if we’re not worrying about spread and we’re saying that’s ten pips net, which by the way it wasn’t, but let’s say it was to make his system even better, he’s made 90 pips. The problem was that when he had one losing trade, let’s say he lost 100 pips on that trade, he was then negative ten pips, yet he had a 90% win rate system.
And you can only imagine how much damage that would do psychologically when you get smashed by a big losing trade like that. And that becomes the problem.
My way of trading
Now, if you’ve been following me for some time, you would know the first of all, the key to trading. Not only do you need a successful system, but you need to have low and controlled risk per trade and forget pips.
So with my personal trading, I never risk more than half of 1% per trade. But also it’s very important that you have high return trade, so high reward to risk profitable trade. So with the guy that had the 90% winning system but was losing money, he had lots of small gains. One big loss and big losses with me is the opposite.
When I have losses, I have small losses, but when I have gains I have big profitable gains. And that that change of mindset and that flipping around of the wins and the losses is one of the keys to success.
Closed trades from this week
Now, just this week, I’m going to read some examples here. Just this week we’ve had a monthly chart trade close.
We’re now into October that trades been open since March on the ChinaH. The Chinese index that made a 4.3 to 1 reward the risk on that same market. ChinaH we’ve had a weekly trade from last week just closed for profit this week on the weekly chart for a 4.1 to 1 reward to risk on the US Canadian weekly chart.
We’ve had a weekly trade this week that made a 2.4 on the Canadian Yen Daily. This week we made 2.9 on the Australian franc. This Week Daily we made 2.5 on the zinc this week Daily we made 2.2. And so with those trade, you can see that we’re making multiple times our risk. So although we have losses and of course we have losses, we have little small controlled losses, big gains.
So you mentioned like, you know, so stepping up big steps, small losses, big steps, and that is one of the keys to successful trading. That is why you do not need to have a 90% win rate. And that becomes the issue that so many people fall into that trap.
Book a call with myself and my team
Now if you’d like to have a chat with us about how we do this and how we can help you to become a successful trader, too, I’m going to put a link here where you can click on and book a time slot to either talk to myself or one of my team, and we’ll give you lots of helpful information about how we can help you.
Blueberry Markets
If you’re out there looking for a good broker, I highly suggest and recommend blueberry markets. They offer the MT4 and MT5 trading platform with lots of those markets. Like I mentioned, the Zinc and ChinaH and some of those non forex markets also available on there as well. And of course being an MT5 lots of other timeframe charts like 2 hours and six and eight and 12 hour charts as well as standard ones that you get on MT4.
So I hope that helps. I hope that piece of information will massively help you understand what it takes to be a good trader and how you can turn the trading around from probably losing or maybe break even or frustrated to a successful profitable trader.
This is Andrew Mitchem here at the Forex Trading Coach. Look forward to seeing you this time next week. Bye for now!
Episode Title: #521: Why a 90% Winning System is a Bad Idea
In this video: 00:25– Why I don’t trade the news 01:20 – Problems with Fundamental trading 02:30 – Different conclusions from the same news 03:30 – Trading what you see as a Technical trader 05:00 – Book a call with me and my team – https://theforextradingcoach.com/call 05:21 – Blueberry Markets
As a full time forex trader, I completely ignore the news. Let me explain why and how we trade. Let’s get into that and more. Right now.
Hey there forex traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 520.
Why I don’t trade the news
And that’s right. I completely ignore the news. I don’t look at the news. I don’t consider the news and it just does not affect my trading. Now, in the Forex world, there are generally two types of traders. We have fundamental traders who do look at news announcements.
Aand we have technical traders. And I’m definitely a technical trader because I look at charts, I do not clutter my charts with lots and lots of indicators because that just becomes a mess and I’m tradable. I look price action, I look at the close of a candle and I look at what is actually happening in the market and make a decision. Do I have protection for my stop loss?
Do I have room to move to my profit target? I know that my patterns work across all timeframes, all markets, and depending on the conditions at the time, if I see the pattern, I take the pattern because it has such a high probability chance of success.
Problems with Fundamental trading
Now fundamental traders look at the news. And while I personally still do look at Forex Factory once a day on the calendar just to see what’s happening purely out of interest, I don’t care about the news.
It doesn’t influence my trading. I don’t take positions out. Just prior to news or anything like that because as a technical trader I don’t need to. I trade what I see. The issue I’ve always had, or there’s quite a few issues. I’ve always had a fundamental trading.
From a practical point of view, depending on where you live in the world, some of the major market news announcements might be like 2:00 or 4:00 in the morning, not very practical for me living in New Zealand, if I’m looking at the European news or especially the US News, that’s like, you know, sort of 11:00, 12:00, 2:00 in the morning type of things.
Likewise, if you’re in Europe or the US and you’re looking at Australian news, let’s say, oh, Japanese news, it’s not at a very convenient time. And the other thing is from a practical point of view, is you’ll find quite often brokers will increase spreads massively, Sometimes if price freezes around news announcements. So it’s not quite all. It’s like sort of talked up to be when you trade news.
Different conclusions from the same news
The other thing is also is if you look at a news announcement and I look at a news announcement, we could see the same news announcement and draw completely different conclusions because you might say, oh, it’s way better than expected figure. Therefore we should be buying that that currency. I might say yes, better than expected. But last month they’ve dropped it all.
There’s been some commentary after that to say this is going to be, let’s say, the last interest rate hike or something like that, which means yes, okay. But long term, it’s not so good. So different people will see news announcements in different ways. So you got to be real careful there. And in all honesty, most big news announcements generally go in the way of the longer timeframe charts as a technical trader anyway, I can pretty much see most of the time which way news announcements are going to go by looking at, say, like the daily charts on the day of that announcement and making a very highly informed high probability decisions from there.
Trading what you see as a Technical trader
So getting back to technical trading when there’s not much happening on the charts, you can’t take anything. The last few weeks, for instance, like into sort of early mid September 2023, there’s not been a lot of great set ups on the forex pairs on the daily charts. So what have we done? Well, we’ve looked at other markets. I’ve taken trades on coffee, three trades on silver this week against the euro, against the US, against the Australian.
I’ve taken trades on zinc, copper, wheat all in the last couple of weeks, a bitcoin trade. So, you know, we’re looking at other markets out there when the forest markets have not been too good and that this week we’ve seen lots of good daily chart trade setups on the forex market. In fact, just today I’ve taken four trades on the daily charts.
Yesterday on my forum site there were seven shorter timeframe trades posted. The day before there were nine. So, you know, you have to trade what you see at the time that showing you the best technical set up. And that’s what I love about technical trading. It doesn’t take any longer. And to scanning through the charts couple of times a day, 30 minutes max, I can trade twice a day, take all the trades I need to have high reward to risk, not worry about news announcements, not worried about straddle trading or, you know, is that news going to be really good for the US or really bad for the US? I don’t need to be getting up at 2:00 in the morning to trade US announcements, things like that. So as a technical trader, I strongly recommend you have a look at that.
If you’d like to find out more about how we trade, we like to have a chat with us. I’m going to put a link here that you can have a chat book, a chat for a 30 minute free call with either myself or one of my team up a link to that right here, if you’ve not been on my masterclass is about a 45 minute on demand masterclass. You can click on and have a look at that shows you what we do and how we trade.
Blueberry Markets
And lastly, don’t forget, if you’re out there looking for a new broker, I can highly recommend blueberry markets. They offer the MT4 and also, of course, the MT5 trading platform. I’ve been with Blueberry since they started. Fantastic bunch of people.
Their MT5 platform, of course, has more timeframe charts and it also offers a lot of those markets that I mentioned, such as like the different silvers, you know, the wheats, the coppers, the zinc, all those different markets as well, the commodities, the bitcoins. So if you’re out there looking for a good broker, I can highly recommend blueberry markets.
So in summary, consider being a technical trader, not a fundamental trader. If you’ve not had a chat with us and you’d like to do so, book a call with us. If you’ve not been on my free masterclass, allow about 45 minutes. Click on the link here to do so. And if you are looking for a new broker, have a look at blueberry markets. The links also here.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. Any questions, any topics you’d like me to discuss on future videos and podcasts? Just let me know. Andrew@TheForexTradingCoach.com Bye for now. See you next week.
In this video: 00:29 – Divergence. What is it and how do we use it? 00:55 – Continuations and Reversals 02:02 – Trading with both patterns 02:33 – New trades or Early exits 03:39 – Book a call with myself and my team 03:53 – Blueberry Markets
I’m going to talk today about trading divergence in the Forex market. It’s a very powerful tool that can help you to identify continuation patterns and reversal patterns. So let’s get into that and more. Right now.
Hey there, Forex Traders! This is Andrew Mitchem here at the Forex Trading Coach, For a video and podcast number 519.
Divergence. What is it and how do we use it?
So today I want to talk about divergence is a very powerful tool that can help you to identify both reversal patterns and continuation patterns.
And divergence occurs when you use an indicator such as like the RSI or my case, the stochastic indicator, and it occurs when the price moves away from the direction that the indicators suggest the price should be moving in.
Continuations and Reversals
And there’s two ways that we use divergence and we use it for a continuation pattern, which is what they call hidden divergence, and that is when the price is moved up, it then pulls back and we get a hidden divergence looking for the price to continue again.
So what you get there is in an uptrend, the price makes higher lows and the indicator makes lower lows. And when you see that occur, that gives you the best indication that the price is likely to continue upwards.
And we see regular divergence occur when we’re looking for a trend reversal. Now, this is certainly a higher risk type of trade because you’re looking at taking a sell trade at the top of an uptrend or buy trade at the bottom of a downtrend.
So with regular divergence in an uptrend, what we’re looking for there is the price making higher highs, but the indicator fails to do so. In fact, the indicator makes lower highs, so you get the price doing one thing and the indicator doing the other. This suggests a reversal pattern or regular divergence.
Trading with both patterns
So with both of these two patterns, both regular divergence and hidden divergence, you certainly need everything else that you’re looking for to occur first.
In my case, we’re looking for the candle pattern to be in the right part of the chart. We’re looking for round number, strength and weakness, etc. And for me, divergence is just like the cherry on top. It’s the thing that makes a trade go from a pretty good trade to a really good trade because there’s one extra layer of confirmation there.
New trades or Early exits
So two things you can do here. If you’re not currently in a trade and you see a trade set up and you get either reversal patterns or continuation patterns occur, then what you can do is it gives you a high probability entry position.
If you are already in a trade and let’s say you’re in a buy trade and you’re not quite at your profit target and you see a negative or hidden negative divergence occur, in other words, the price looks like it’s going to fall and you’re still in a buy trade.
It can give you an early warning system to get out of the trade early. So two ways of using divergence there. One, if you are looking to get into trade, number two, if you are already in trade and potentially might need to get at early and two different types of divergence, regular divergence for reversals, hidden divergence for continuation patterns, my personal favorite is always hidden divergence because it gives me the opportunity to ride the trend after a slight retracement or pullback.
Book a call with myself and my team
If you’d like to book a call with one of us to find out more about how we can help you with divergence and to understand the whole trading strategy as a whole, I’m going to put a link here where you can book a call to have a chat with either myself or one my team.
Blueberry Markets
And if you’re out there looking for a really good forex broker, I can highly recommend Blueberry Markets.
They offer the MT4 and the MT5 trading platform. I’ll put a link to them here as well. So I hope that help is. I hope that you use this very powerful tool called Divergence and use it the right way with your trading strategy. Or if you don’t have one, please come and ask us how we can help you to create a trading strategy or to trade the way that we do and put it together with a good strategy. Divergence will massively help you.
This is Andrew Mitchem at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #519: Divergence Trading in the Forex Market
In this video: 00:27– What type of person makes a good trader? 00:50 – Having a strategy and controlling your emotions 01:26 – We all see and know reactive people 02:37 – Have a plan and stick to it 03:21 – Daily trades and Weekly Webinars 04:05 – Consistency is key 04:37 – Book a call to chat with us 04:51 – Blueberry Markets
Emotional and erratic. People will never make good traders. To trade properly, you’ve got to get your emotions under control because it’s all about the head. Let’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 and podcast number 518.
What type of person makes a good trader?
And quite a blunt lesson today in some ways. And it may upset a few people, but, you know, possibly that’s the point. And if you want to give yourself a good chance of being a good trader, you have to control your emotions. You cannot be one of these erratic, emotional, responsive type of people because the chances are you’re not going to do very well at trading.
Having a strategy and controlling your emotions
You see, trading, we know, is all about having a strategy and understanding what you’re doing, but it’s all about understanding. It’s also about understanding your mind, your heart, your emotions, because the reality is that we’re trading with real money and emotions come into play. You cannot hide that. You know, you can get away from the fact that. If you’re on demo, you may not quite understand this yet, but if you’re live trading, you will know that emotions come into trading and become a big part.
So you need to understand the emotional, psychological side of things, plus your strategy and how the market works and put that together.
We all see and know reactive people
Now, look, we’ve all seen, you know, emotional, reactive, erratic people. You know, you see them if you’re driving, you see them on the road and they had blowing a horn for something stupid. You see people at airports, you know, when emotions start getting a little bit much and people get a bit stressed and they go to do dumb things.
You see that around like, you know, you seen it in the last few years with all the stuff that’s going on in the world. And if you’ve got any slight opinion or different to the, you know, the government or mainstream people have been smashed for it, well, they’re just having their opinion. And much of the time they’ve probably done more research than everybody else anyway.
So but people find it very easy to be emotionally reactive rather than actually stopping thinking and in doing things properly or just letting someone house have a different opinion, it’s perfectly fine. It’s nothing wrong with that at all. So what makes the world go round? It’s what makes trading go. You know, why is why do some people see the market moving up and all those people said moving down? So you’ve got to get that under control.
Have a plan and stick to it
Really important because when it comes to emotions in trading, you need to also have some form of plan and stick to it as well. You know, people that just suddenly go. The six hour charts are rubbish or last week they failed so and I lost money on them. So I’m never going to look at them again.
Hey says mate, why would you do that? You know, if your strategy is to look like mine, let’s say twice a day, and I always look at the daily charts and at the same time I look at the 12/8/6 and then that’s at 5 p.m. New York time, 5 a.m.. I’m always there, you know, always on the forum site.
I always there looking through the shorter time frame. So the two, four, six, eight and 12 at that 5 a.m. changeover. And we’re doing that without fail.
Daily trades and Weekly Webinars
You know, every day since 2009 we publish our daily traits we’ve never missed one day. Every week we’ve held our live webinars. We never miss them. We don’t go all. Last week it was a terrible webinar, so I’m not going to do another one.
Last week the daily trades had a losing week, so we’re not going to bother looking this week. You know, that’s a crazy thing to do. And likewise, people get very caught in the emotions when it comes to risk management as well, and they’ll go, Oh, I had a losing week. So this week I’m going to double up on my risk of something like that.
I’m not about a stop loss in or I can’t be bothered looking at the, you know, the daily charts this week. Real dumb things like that that really do not aid you to be consistent.
Consistency is key
Because consistency relies on strategy, it relies on common sense, it relies on turning up, it relies on your plan, it relies on sticking to it.
And all of that really comes back to you and your mind, your mind, your emotions, your heart. And because if you can’t get that bit right, then forget the rest of it. Really, if you can and you are willing to work on that and willing to, you know, work on a plan and stick to it through the good times and the not so good times, then you need to be in touch with us. Give us a send us an email.
Book a call to chat with us
You can also book a call to have us chat to either myself or one of my team. I’ll put a link here on this video on podcast, the where you can go and do that. It’s TheForexTradingCoach.com/Call
Blueberry Markets
And also if you’re out there looking for a really good broker, I can highly recommend Blueberry Markets over in Australia. They offer the Metatrader 4/Metatrader 5 platform. They have lots of different markets available on MT5 of course, different timeframe. Charts are really good people, really, really good people. And again, when it comes to response and helping their clients, they’re absolutely unbeatable.
So I hope that helps get your emotions under control, Relax, enjoy your trading, look at what you’re doing, stick to it, turn up, be consistent.
It will massively help you. I see This time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now
Episode Title: #518: Are You Emotional or Erratic?
#517: Big Benefits to Trading the Longer Timeframe Charts
In this video: 00:27– Coming to you from my favourite beach Awaroa 00:53 – Daily trades taken, then off to enjoy life 01:23 – Too many traders get glued to the charts 02:18 – The benefits of trading the longer timeframe charts 03:38 – Everyone can trade the longer time frame charts 03:50 – Book a call with me and my team – https://theforextradingcoach.com/call 04:56 – Blueberry Markets
In today’s video podcast, I’m going to talk about why I love trading the longer time frame charts or the benefits that it gives you and the results that it give you, too. Let’s go into that and more right now.
Hey there, traders! It’s Andrew Mitchem here, the Forex Trading Coach with video on podcast number 517.
Coming to you from my favourite beach Awaroa
And today I’m going to explain why I like those longer timeframe charts. I’m at Awaroa one of my favorite places. It’s coming up to the end of winter here in New Zealand. And just flown here today with my wife in the helicopter and just been to see some friends and now we’re about to go and have a bite to eat for lunch on the beach. And as you can see, there’s as two people here on the beach. That’s it. And us. And why am I telling you this?
Daily trades taken, then off to enjoy life
Well, earlier this morning, I took my time. I took my daily traits for the day three trades day off the daily charts. Yesterday, I took a trade as well. And also one on the eighth hour charts yesterday. And then last night my time I took three trades on the 6 hours and that was it for my trading yesterday.
Reasons for trading. Those longer timeframe charts means you only need to look like once or possibly twice within a day.
Too many traders get glued to the charts
Unfortunately, far too many people get caught up into the problem of feeling like they need to sit there watching one minute charts and 5 minutes. Yeah, so 15 minute charts because they feel they should do they load their charts up with all these pretty patterns and it’s just this complete utter information overload and clutter of dots and lines and arrows and different things on that chart because the brokers inundate you with all this technical analysis and you’re convinced that that’s what you have to use.
Real traders pretty much ignored us to that. And that’s the difference, I suppose, between people who go into it and think they’re going to find some magic formula with hundreds of patterns all over their charts and dots and lines and crosses and things, and people will actually look at candle patterns and and price action and use bigger picture analysis.
So, and strength and weakness, etc.. And that’s there so many benefits of trading those longer timeframe charts. You know, people with families, with careers, with other things to do, travel, whatever it is, You can go and do that and trade full time and do really, really well from those longer timeframe charts. So I look at the charts always at 5 p.m. New York time and make my analysis they are based off the daily charts and beginning of each week of the weekly charts, beginning of each month of the monthly charts and every single day, daily charts.
And then I also look through 12, eight and six at the same time. And you can do that all in 15-20 minutes a day done. And then personally, for me, I look at the close of the sort of four, six and 12 hour charts which is at 5 a.m. New York time. You don’t have to be at your chance at that time.
That’s just what suits me that other that second time, because you’re getting like two or three other time frame charts change over then. Longer timeframes, more time to figure out what’s actually happening. You’re not using emotions. You’re not rushing in to try and stupidly you’re looking at what’s really happening in the market and making your analysis. Plus, it allows you to go and do stuff like this.
I mean, look at this behind me. Absolutely stunning. Tide’s out quite a way right now, but it’s just I’m going for a swim, actually. Yeah. When I finish this. And it just shows what can be done.
Everyone can trade the longer time frame charts
You know, the other thing also is just to let you know is that so many people think that just because you’re on a longer timeframe charts, they cannot trade those trades, those timeframe charts with smaller accounts. And again, that’s not true also.
So if you want to find out more what I really suggest you have a look at doing, If you’ve not already jumped on to one of our call sessions with us, go and book a call to speak to myself or Paul, Mikalai or one of our team, and I’ll put a link so you can do that about a sort of 30-40 minute conversation we’re happy to have for people who are serious about looking at getting into trading.
Don’t do it if you’re just they’re wanting like some some free stuff and you got no no real interest in wanting to learn for yourself. If you if you’re that they’re looking at trading as a serious option and you like to have a conversation with us to see how we can help you, to see if we’re a good fit, good match, because we value all of our clients.
We do everything we can to have our clients on board and make it work for them. So we’re really proud of that community. So we want to keep it that way, really vital for us that we have an amazing community of like minded traders from all around the world. So have a look at the link up here. You can book, have a conversation with us with Paul in America and Mikalai in London and some of the other team all around the world.
You know, you can pretty much find a time that’s going to suit you to have a chat with us.
Blueberry Markets
Lastly, if you’re out there looking for a broker, have a look at Blueberry Markets. They’re based over across that water right there 3 hours fly that way or plane flight anyway in Australia and they’re a good bunch of people and obviously we markets and I started really impressed with them and MT4/MT5 lots of lots of different markets on MT5 as well.
So that’s it for now. I’m off to have some lunch, go for a swim and then fly back home. So I see this time next week. Bye for now
Episode Title: #517: Big Benefits to Trading the Longer Timeframe Charts
#516: How to Trade Crypto’s, Indices and the Commodity Markets
In this video: 00:28 – We don’t only trade the Forex market 00:50 – Bitcoin’s massive crash in price 02:03 – We trade Crypto’s in the same way as we trade the Forex market 03:07 – Trading the Patterns that work 03:27 – Indices taken just this week 03:58 – Book a call with me and my team 04:31 – Blueberry Markets
So you want to know a safe way in which you can trade cryptos, but also indices, commodities as well as the forex market. Let me explain how we do that. Right now.
Hey, the Forex Traders! This is Andrew Mitchem at the Forex Trading Coach with video and podcast number 516.
We don’t only trade the Forex market
So obviously at the Forex Trading Coach we trade the forex market, but there’s so many of you out there that want to look at other markets as well, and metals, indices, other commodities and of course cryptos.
Now crypto has been still the buzz word, although things have just quietened it off a little bit. But you know, the issue that I see with a lot of those markets.
Bitcoin’s massive crash in price
Especially if you look at Bitcoin, for example, you know, the most well known crypto is that if you go back, let’s say to the end of 2021, Bitcoin was up around $69,000 and everybody was predicting it was going to get to 100,000 and then just keep going.
And of course, what happened? Well, it did the complete opposite. It absolutely crashed and it fell away. And by the way, back then, I predicted that would happen. And I was looking at the charts and looking at the monthly or the weekly charts back then. And on one of my live webinars clients, I said, it’s going to really drop. And we have a price prediction level. And guess what? It did that and ended up going even further.
But here we are right now, August 2023, and right now the price of Bitcoin is around $26,000. And imagine being back then sort of 65, 68, 69, just about reached $69,000, but somewhere around about then and, you know, buying a whole lot of Bitcoin. First of all, you need a huge amount of money upfront and to invest. But also if you’ve bought a $65,000 and it sort of dropped to today, $26,000, that’s a massive loss. You’ve taken that huge hit.
We trade Crypto’s in the same way as we trade the Forex market
And so the way that we trade cryptos, just this week I’ve taken trades on Bitcoin itself and the Etherium and also Chainlink is exactly the same as looking at the forex market.
So we can buy, we can sell, you know, go long and short week and look at the same charts on our Metatrader 4, Metatrader 5 and we have the same patterns, the same candle patterns. We’re looking for continuations, we’re looking for reversals. We can use different time frame charts. We have the same risk of our trade goes against us.
We have the same reward to risk. We’re looking at the same time of day. So there’s nothing different to what we’re doing trading, say, like cryptos than if we were trading the EUR/USD for example. And that’s the beauty of it. It’s just opened up a massive bigger amount of markets. And therefore when we come to look at chart patterns, which is what we do, we’re looking for patterns and we know the patterns that we look at have high probability of a successful outcome based off history in all the years of doing what we’re doing.
Trading the Patterns that work
So when it comes to the pattern, I’m not really bothered if I’m taking a trade on Bitcoin or Chainlink or the EUR/USD. It does not matter to me. And so we’re taking the patterns based on what we know works for us. So that’s for me is the way that I can trade these other markets.
Indices taken just this week
And so I’ve also on the indices, I’ve taken trades on the Nasdaq, the Footsie, the China H the US500 and on the commodities.
I’ve taken trades on Wheat. Last week I took a trader on Zinc on the metals. So we are out there looking at those markets when they show good set up. So for me that’s how you should look at trading some of those non forex markets exactly the same way. The beauty is you don’t need to learn anything new, you just need to understand how we trade.
Book a call with me and my team
Now what I’d also like to offer you, if you’ve not taken advantage of this year, is to have a chat with us, either with myself or one of my team. You can book a call and talk to us about your trading, where you need help, how we can potentially help you and give you some helpful tips and information.
So if you’d like to have a chat with one of us, like a 30 or 40 minute conversation. Book in a time, there’s not a lot of times each week, but book in a time. I’ll put a link here on this video and podcast. So wherever you are watching or listening, you will find a link to our booking calendar.
Blueberry Markets
And finally, if you’re looking for a good high quality broker here, you can trade metals, the indices, cryptos, commodities and of course the forex markets look no further than blueberry markets. A fantastic broker Metatrader 4, Metatrader 5. Huge amount of different charts available. Very good spreads, good people and I will also put a link to them here as well.
So that’s it for this week. As I mentioned, you have a look at a variety of different instruments. Don’t just stick to forex. If you’re out there looking at more, there are more available, but it doesn’t take you really any more time. You’re looking for the same pattern. It works. Get in touch with us. Take advantage of that call as well.
If you’d like to have a chat with us. Don’t forget to book your call up this week.
This is Andrew Mitchem here, the owner of the Forex Trading Coach. See, this time next week. Bye for now.
Episode Title: #516: How to Trade Crypto’s, Indices and the Commodity Markets
In this video: 00:30 – Why Prop Firms? 01:10 – Most people lack the funds to trade full time 02:02 – FX2Funding as a Prop firm 02:27 – Traders making excellent gains trading on Prop firms 03:48 – My risk per trade is 0.25% 04:38 – No time limit 05:21 – Blueberry Markets 05:41 – Comments and Suggestions for future videos and podcasts
Prop firms have been an absolute game changer for us as Forex Traders over the last few years. Let me explain how you can use prop firms to your advantage and make some substantial returns. Let’s get into that more. Right now.
Hey there, traders! It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 515.
Why Prop Firms?
Today I wanted to explain all about prop firms, what they are good ones, maybe not so good ones, and how you can take advantage of them to substantially increase your returns that you make from the Forex market. So the good things with prop firms is you’re able to go to them and prove to them that you can try.
Now, of course, you’ve got to be able to trade properly first within their criteria. So you have to have a strategy and be a good trader before you do that. So don’t just watch this and go and jump into a prop firm because more than likely going to lose money. But what you should do is learn how to trade properly first. And of course, we can help you with that.
Most people lack the funds to trade full time
But the traditional issue that so many people have is even if they can trade properly, they’ve not had substantial capital or funds available to them themselves to be able to make good enough returns from the forex market in order to maybe use the forex market as a full time income.
Now, let’s say you know how to trade and you’re making I’m going to pick some figures, let’s say 50% return per year, but with very low drawdown. That’s absolutely incredible. And does almost any other investment out there, let’s say you only had $10,000 in your own personal account. Well, fantastically, you made $5,000. But of course, in most places around the world, that $5,000 is not gonna get you very far in terms of being able to live and survive. So that has always become the issue.
FX2Funding as a Prop firm
Now with prop firms, of course, there are good and there are not so good prop firms. And I’m going to put a link here to FX2Funding who I think are very good prop firm and other prop firms are starting to catch up with some of the rules and criteria that FX2Funding have brought in which I think again, is a bit of a game changer.
So I’m not suggesting you should only go to them. Have a look around, do your own due diligence.
Traders making excellent gains trading on Prop firms
But we have a lot of our clients here at the Forex Trading Coach doing incredibly well through prop firms. And just last week we had a client who’s up passed the challenge stage with a new prop firm and now is on $100,000 live and has passed the 10% profit on that on an 80/20 profit share.
He’s just picked up $8,000 not even his money. It may have cost him $500 to start a challenge and now he’s moving on to the next level. We also have a number of clients who have been through prop firms and with prop firms for quite some time, and a number of them are opening up new prop firms account every week or every few weeks and have multiple prop firm accounts, all running all at different stages of length of time that they’ve been with them.
And I can tell you they are making some crazy, crazy personal returns. Now, does every single prop firm challenge that you take pass? No, of course not. That’s not always going to happen. So having multiple prop firms open, all opening at the same time is a really good way to maybe limit the effects of maybe having a bad week in your trading.
But when you think about it, most good prop firms out there have a drawdown limit of, let’s say, between 5% and 6%. I know FX2Funding have now gone through a 6% maximum drawdown.
My risk per trade is 0.25%
Now, personally, I only risk quarter of 1% per trade on my prop firm accounts. Now, if you think about that 6% maximum drawdown and only quarter a percent risk per trade, that means I need 24 trades all in a row without any profitable trades, 24 trades to get stopped out all in a row and to go wrong against me, which has never, ever happened in 20 years trading, by the way.
But let’s say, you know, it did then I lose my prop firm challenge, but it’s not going to happen. It’s almost impossible to have 24 trades all go wrong without any profitable trades at all. So by having that very strict, low risk criteria that I have myself, that’s what personally suits me. I can ensure that, yes, it may take me a little bit longer to get to that 10% gain, but it’s going to happen now.
No time limit
The other thing you should look out for in a prop firm is don’t have a prop firm has a limit on getting to a 10% profit because otherwise you can do silly things and risk too much and gamble, which is what most people do in their own trading anyway. But unfortunately that means you’re probably going to get stopped out and lose your prop firm account.
So low risk, take your time, get it right if you get your 10% gain in a week because the market showing those, great setups, fantastic. If it takes you two or three months, it does not matter. The aim is to preserve your capital, get to that 10%. So have a look at FX2Funding I put linked to them here. Like I said, we’ve got a lot of clients using multiple different prop firms, but just doing incredibly well.
Blueberry Markets
If you’re looking for a good forex broker, I can highly recommend blueberry markets. The base over in Australia, pretty much anybody from anywhere in the world can open an account with a few exceptions, of course, but go and have a look at them. I’ll put a link to them as well. And they have the Metatrader 4 and Metatrader 5 platform.
Comments and Suggestions for future videos and podcasts
If you have any questions about prop firms, just leave a comment below or email me Andrew@theforextradingcoach.com If you have any topics or discussions conversations you’d like me to talk about on future videos and podcasts, just like this same thing, leave a comment if you’re watching this.
If you’re listening, just drop me an email Andrew@theforextradingcoach.com and I’ll be pleased to answer that for you. Go out there, have a look at prop firms, but only do it once. You know how to trade first and you’re successful in your own live account first.
Have a great week. See you this time next week. Bye for now
Episode Title: #515: Prop Firms Have Been a Game Changer
#514: How To Successfully Trade the 5 Minute Charts
In this video: 00:33 – Should I look to scalp the market? 01:20 – Any Pair and any Market and any Time frame chart 01:53 – Most people don’t know when to look or what to look for 02:33 – Only take Continuation patterns 03:07 – Examples of Continuation patterns 04:11 – It’s all about the strategy 04:22 – Blueberry Markets 05:02 – Masterclass and book a call to chat with us
Should you consider trading the five minute charts? It’s a question I get asked very often. And just this week, one of our clients has posted some amazing five minute chart trades on our forum site, and I like to share details about that right now to help you. Let’s get into it.
Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video on podcast number 514.
Should I look to scalp the market?
Now quite often I get asked the question, Andrew, should I look at scalping? And scalping is trading shorter timeframe charts when you’re generally in and out of the market relatively quickly and most of the time I say the people don’t do it.
Stay away from anything from one hour charts and below because most of the time it consumes you. It’s lots of noise, lots of whipsawing around and the price action. And unless you know what you’re doing, it’s probably going to eat you alive. It’s probably not a great idea. And really it comes down to each to their own. You know, I much prefer personally the longer timeframe charts with the higher rewards risk looking less often. But we also have to acknowledge that not everybody wants to do that.
Any Pair and any Market and any Time frame chart
And the fantastic thing about my trading strategy is it can be applied to any currency pair, any market and any timeframe chart. Now, just this week, one of our clients, David, has posted for amazing five minute chart trades on our forum site. So David is only looking at his charts just three days a week and only for about an hour or so per day.
So it’s really important that if you are to look at short a timeframe chart such as the five minute charts, you do not make this like all time consuming.
Most people don’t know when to look or what to look for
The issue that a lot of people have is they don’t know when to look, they don’t know what to look for. And then because they’re sat there looking, they kind of bring emotions in trades and they feel like, Oh, I’m here right now.
I have to find a trade. And that becomes quite a dangerous thing. It’s like years and years ago when I started trading on dial up Internet and same thing. You finally got the Internet to work. And I thought, Right, I’m on ready to go now. Where’s a trade? Let’s make it happen. And of course, that’s not the way to trade.
So you know, fast forward and luckily we don’t have dial up any longer, but there’s still the same kind of issues that you must get away from. The fact that just because you’re there don’t force a trade to happen.
Only take Continuation patterns
So let’s get back to David. What David has done very sensibly is he has chosen to only take continuation trade patterns.
So here at the Forex Trading Coach, we take reverse patterns and continuation patterns. Reversals are pretty cool. They look really good on the charts as being a big uptrend and then the we looking to sell or there’s been a big downtrend. You’re looking to buy. That’s fine on the longer timeframe charts, but on the shorter time frame charts, a continuation pattern is a far safer, higher probability way of trading, and that’s what David has chosen to do on the four trades that he’s taken this week.
Examples of Continuation patterns
So as an example, there’s been an uptrend, a pullback, and then he’s looking to ride that up again or there’s been a set downtrend, a pullback, and he’s looking to ride that back down again once he sees the patterns that we teach and everything else that we talk about as part of the Forex trading Coach Course. So awesome to see.
David. The other thing is he’s on the allocating an hour per day to look through the charts and that’s really important as well. Just select the time that works for you. Go and have a look at the charts. If there’s a trade there, fantastic target trade. It is not. Don’t take one. He’s also looking for a variety different time for and chances.
Trading with the main trend as mentioned with a continuation patterns is also trading with the bigger picture because we talk about daily strength and weaknesses as well. He’s using the round numbers and everything else that we talk about. So he’s using the strategy perfectly just on a very short timeframe chart and he’s in and out of trades within three or four candles.
So, you know, sort of 15, 20 minutes in the trade, out of the trade done. And he’s had four from four profitable trades this week.
It’s all about the strategy
So it just proves that if you have the knowledge and the information and most importantly, the quality of the strategy, then five minute charts are absolutely fine, if that’s what you want to do.
Blueberry Markets
If you’re either looking for a good broker, I can highly recommend Blueberry Markets, their based over in Australia, and I’ve been with them for a number of years and hundreds, if not thousands of clients and people watching videos and podcasts that have gone through them and through listening to me talking about them. There are great bunch of people, awesome platform, the MT4 and MT5 platform.
The MT5 platform has so many instruments in different markets. It’s not funny and have a look at them. If you are out there considering looking for a good broker to put your funds with and to trade through, I’ll put link to blueberry markets here.
Masterclass and book a call to chat with us
I’ll also put a link to our masterclass and if you’d like to have a chat with either myself or one of my team, I’ll put a link here that you can book up a 30 minute call and discuss your trading and how we can help you make sure you take advantage of that.
And we’re now offering that seven days a week. So book a time that suits you with one of us and we can help you to progress through trading.
This is Andrew Mitchem here, the Forex Trading Coach, and see this time next week. Bye for now.
Episode Title: #514: How To Successfully Trade the 5 Minute Charts
In this video: 00:30 – Can you learn to trade from Social Media sites? 00:56 – Why am I at the hangar today? 01:35 – I’ve been flying for 9+ years and still need training 03:05 – Trader wastes GBP15,000 thanks to Social Media “Experts” 04:02 – What does Trading Success mean to you? 04:56 – Blueberry Markets
Can you learn to trade properly and profitably and know what you’re doing by following forums, social media sites, YouTube, Facebook, all those type of places? I’m going to share with you a really interesting story. Let’s get into it right now.
Hey there. Traders! Andrew Mitchem here, the Forex Trading Coach for video and podcast number 513.
Can you learn to trade from Social Media sites?
So can you learn the trade off social media sites, YouTube videos, all those type of places? Well, I’ve received an email from someone over in the UK just yesterday and he said to me that he has lost £15,000 trading live trying to learn how to trade by following people on YouTube. So I’m going to cover that one shortly.
Why am I at the hangar today?
Now, you might maybe wondering, why am I talking about this at the hanger here? So if you’re watching this, you’ll see I’ve got my helicopter behind me. The reason I want to talk about this and the helicopter is I’ve just come out of the hangar here. Let me just show you.
I fly from the other side over there and the helicopter you fly from the right hand side. You know, I’ve just come here and I’ve just put the dual controls in here on the left hand side. That’s because I’m heading up to the snow right now. My instructors give me a call “So look the conditions up. They’re really good”
I’ve never landed myself in snow. I’ve landed in a little bit, but I’m talking like proper snow.
I’ve been flying for 9+ years and still need training
And I’ve been flying this whopping fly helicopters for nine years, this helicopter for over five. It’s a great machine. Very, very powerful helicopter. It’s even got snow paws on down there so you can land in snow properly. However, I’ve not done it.
The reason is it’s clearly very, very dangerous. You have to know what to do. Like when you land on that snow. Are you going to sink? Are you on rocks? Am I going to get the skids here? Cool on rocks. Am I over a lake? I don’t know. So there’s a lot of skill. Is it icy? How have fresh the snow has off to the actual approach.
Getting the blades up here, you know, whipping up the snow, creating really bad visibility, white outs, all those type of things. And obviously on mountains anyway, it’s a lot more dangerous, you know, windy conditions. So I put duals in here and the two of us are off for a flight. So after nine years, I’m still seeking expert help because I want to go and do something quite, you know, a higher level, more dangerous, more risky.
If I try it myself and look, legally, I can go and do that myself. I have a full license. I own the machine, it’s fully insured. Everything else, I can go and do this, but I’m seeking professional help to show me from someone who knows what they’re doing, who’s done this countless thousands and thousands of times, what to do to do it properly.
Trader wastes GBP15,000 thanks to Social Media “Experts”
Now, you bring this back to the guy who wrote to me yesterday. Not only is he wasted an enormous amount of time and probably lost huge confidence in the market. And clearly, confidence in someone who can teach him because he’s tried so many free places on YouTube, he’s lost £15,000. That’s a huge amount of money.
Now, if I get this wrong, I can assure you I’m going to lose a lot more than £15,000. I could be losing hundreds of thousands of dollars and getting it wrong. I could be injuring myself, could even kill myself if I get it completely wrong. So what is it worth to you, whether it’s doing something like this or whatever skill it is you are doing?
And if trading is your skill of choice that you want to learn to do, what’s it worth to you to do it properly, safely, correctly? Seek help from someone who knows what they’re doing with low risk, high probability chance of getting it right finally and having a massive amount of support at that.
What does Trading Success mean to you?
So have a think about that. What is that worth to you? And that’s where it comes back to our Forex Coaching Course that’s rated. It’s about a 4.8 out of five star rating on Forex Peace Army since 2009. Go and have a look on Forex Peace Army and find out how many other education companies that started back in 2009 are still there today. I don’t think you’ll find any.
And so that shows longevity, proof, reliability, trust, everything that we do. In fact, the most recent review that just got posted this week on Forex Peace Army, a guy over in the UK said he’d learned more in two months being with us than he had in the previous eight years. So that just goes to show why investing in yourself and quality education will help you no end.
No different than we’re just about to go flying right now with an instructor to show me what to do properly.
Blueberry Markets
Finally, if you’re out there looking for a good broker to put your funds with again, good people, professional company, have a look at Blueberry Markets. I’ll put a link to them below this video and podcast here. And we’re off flying right now.
Catch you later. Bye for now!
Episode Title: #513: Social Media Cannot Teach You to Trade
In this video: 00:31 – Another great trading week 01:06 – Trading on a prop firm 01:31 – Here’s how we can help you gain consistency and results 03:04 – It’s a no-brainer 04:14 – Do other things than trade 04:54 – Blueberry Markets 05:14 – On demand Masterclass
As a trader. At the end of the day, all you really want is good results, consistent results, low drawdowns, and we can provide that for you. Let me share with you how we’ve done that for our clients this week. Let’s get into it right now.
Hey, traders. Andrew Mitchem here at the Forex Trading Coach. With video and podcast, number 512.
Another great trading week
We’ve had a yet another fantastic trading week. And as I mentioned at the beginning, as a trader, ultimately the thing that you want more than anything is results. You want consistent results. You want to know how to trade properly. You don’t want to be spending lots and lots of time your charts and you want low drawdown.
You see, that’s absolute key. All in good. Someone saying, I’ve made 50% in a six months, but if they risk, you know, crazy amounts in their drawdown, it’s been 50% then not particularly great. What you want to have is low drawdown with high reward to risk trades.
Trading on a prop firm
If you’ve got any interest at all in prop firms, that’s exactly what they want. And you will see that if you’ve tried on a prop firm and failed is probably because your drawdown has been too excessive and you’ve they’ve stopped their contact because of your over trading or too big a risk which has led to, you know, you breaching the five or 6% threshold that most of them have.
Here’s how we can help you gain consistency and results
So what can we help you with? Well, we can help you gain that consistency and those results. And and we know we can do that because we’re doing that for ourselves when we’re doing that for our clients. And we’ve been doing that for over 14 years here at the Forex Trading Coach. And we’ve got clients in 103 countries. And look, this just works out this week.
It’s been a classic example. We have taken 16 daily chart trades this week, been posted on a membership site with exact currency pairs, the directions, the reasons for the trade, plus the exact entry and exit levels, all of which are taught in the course anyway. But just on the daily chart trades alone 16 trades five Weekly chart trades.
This week. So all of that combined would literally take you less than one hour to place out breakout strategy that we look at once a week, which again literally takes 2 minutes once a week. That’s made another one and a half percent this week. It made one and a half percent last week as well. On top of that, we’ve taken quite a number of trades on our forums site this week that either ourselves and clients are posted predominantly the longer time frames this week, just the nature of the market and we’ve had a few charts posted on 30 minutes and 1 hours, but most of the trades have been posted on 12 hours and 6 hour charts.
This week has some an amazing results on the 12 hour charts in particular. And again, that requires you to look at your computer once, maybe twice, or at your charts once or twice a day. And one of those times is actually the exact same time that the daily charts are posted. So, you know, it’s just an absolute no brainer, really.
It’s a no-brainer
If you want to be able to trade consistently with low drawdowns that know what you’re doing, to know when to look at the charts, to know what timeframes to look at, to know what patterns to trade and when with the exact entry and exit levels to not worry about PIPS, because every trade that we take has low and equal risk.
It doesn’t matter what the pair, the direction, the size of the stop loss, the time frame chart and other that matters. Every trade has equal low risk, but they have high reward to risk outcomes. So if you get a trade making, let’s say a 3 to 1 reward the risk and you make, let’s say a 1% per trade, that’s too much.
But let’s say for for mathematic sake, you make 3% on one trade and you lose on another one, you lose 1%, you still net 2% up, yet you’ve lost 50% of the time. So knowing exactly what to do, when to do it had to end to how to exit, whether you should exit early or not. All those sort of things we can help you with and again, we do that every single week.
On my live webinar yesterday, I took trades live on the three hour, the four hour and the 12 hour charts. So lots and lots of trading opportunities this way. It’s been absolutely fantastic. Just like this weather behind.
Do other things than trade
And that’s what we’re about. We’re about doing other things. If you like getting outside of whatever it is you like to do sport, family, music, enjoy the outside, whatever it is you want to do, make trading part of your life, not the other way round.
And that’s what the results and the small amount of time that we actually sit looking at charts allows us to go and do those other things. So if you’re out there looking for a system, a strategy is well proven, has low risk, high reward to risk trade outcomes. An amazing community of traders as well, by the way, that’s also not to be underestimated and vitally important to your trading journey as well, just to be surrounded by other people or trading the same thing at the same time, all the helping each other, right?
Blueberry Markets
So if you’re out there looking for a broker, have a look at blueberry market. So I can highly recommend them. They’re a great bunch of people. They have the MT4/MT5 platform. Lots of different options on the MT5 lots of more minor and exotic forex pairs as well as indices, metals, commodities, cryptos as well. I’ll put a link to them here.
On demand Masterclass
I’ll also put a link to our one hour masterclass. It’s an on demand masterclass. You can jump on there any time you like to find out more about how we trade and how we can help you. This is Andrew Mitchem at the Forex Trading Coach. Don’t forget to like and subscribe if you’re watching YouTube and have a great week and I’ll talk to you this time next week.
#511: Has Your Income Exceeded the Rise in the Cost of Living?
In this video: 00:28 – Inflation is out of control 01:19 – What has happened to your income in the last 12 months? 01:55 – What are you doing to help yourself? 02:52 – Nothing beats trading the Forex market 04:50 – A link to FX2Funding 05:30 – Client makes +26.33% in 1 month 06:23 – Blueberry Markets 06:50 – Consider trading now
Has your increase in your income in the last 12 months kept up with or exceeded the rate of inflation where you live? Let’s talk about that and more. Right now.
Hey there, traders. Is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 511.
Inflation is out of control
So today I want to talk about inflation. I’ve talked about it in the past and here we are now, many months later, with inflation still continuing to spiral right around the world. All around the world, it doesn’t matter what country you live in.
Inflation is getting higher and higher. The cost of living is going up and up. The cost of your food, the cost of travel, the cost of everything is getting out of control. And it doesn’t look like it’s going to stop any time soon. Add on to that the increase in interest rates, which we’ll continue to see right around the world, despite many months ago, a lot of the experts saying they were going to stop and peak and then potentially fall.
That’s not happened. Interest rates continue to go up. So anybody with any form of loan, mortgage debt, it’s just getting harder and harder and harder to pay that.
What has happened to your income in the last 12 months?
So my question to you today is this. “What has happened to your income in the last 12 months?” “Has it gone up by the rate of inflation?” or “Has it gone up more?” because it should have at least gone up by that rate.
Ideally, more than that rate for your country, because if it hasn’t, you’ve gone backwards in the last 12 months of working hard. And that’s quite a scary thought for people. So how do you think about that and answer that for you and your situation.
What are you doing to help yourself?
Also, what are you doing about that? If your income has not exceeded inflation and interest rate and your general cost of living increase in the last 12 months?
What are you doing about that? Because unfortunately, so many people procrastinate. They look around, they think they’re going to do something. They have all these wonderful ideas. They hear something like this and they go, Yeah, I’m going to do something. Six months later. Guess what? They’ve done absolutely nothing. Why? Because it’s a little bit harder to go and make a decision, a little bit harder to go and do something.
It’s easier to sit on the couch and watch rubbish on Netflix or something like that. And so that becomes the issue. People need to actually get a kick up the bum and be motivated in inflation and interest rates continuing to climb. And probably incomes not really ought to give you that kick that you need. So what are you going to do about that today, right now?
Nothing beats trading the Forex market
Now, from my point of view, I know of nothing better than the forex market and trading to actually help to overcome this situation and to improve things for you because it has very low risk, it has very low cost of entry. You think about, let’s say, going off to university and getting yourself a degree in three, four, five, six, seven, eight years, depending on what you’re doing and, you know, and coming out with massive debt.
And then you still need to go and get yourself a job and claw your way and debt and then still be an almost slave to the system because you still have a job. Now, it potentially could be a higher earning job than many others. Yes, granted. But you still come out of that. Lots of time down, lots of debts, most likely.
Forex allows you to get into the market with a very small entry fee, very small short window of time as well. But you need to get into it when your number one objective is not to make money or have to make money from day one. That is not the way to succeed in trading. You have to give yourself time to learn, to experiment, to have gained some fails and to go through the natural system.
Now we can certainly help shortcut that at the Forex Trading Coach with our proven method of teaching and our proven strategy. But even so, when people come on board and they go, Andrew, I want to be a prop firm trader. Wow, fantastic but stop. Doesn’t matter how much trading experience you have, even if you come on board with us, I suggest that you have at least six months before you even consider prop firms. Now prop firms are fantastic.
They really are. They’re a game changer. But give yourselves a few months to learn a new system and a strategy on demo to be profitable on that demo. Then start with a small personal live account and have a couple of months at least to be profitable on that. And then consider prop firms.
A link to FX2Funding
When you consider prop firms, I’m going to put a link here to FX2Funding who I’ve had something to do with over the last year.
I think they’re really good option for us in prop firm tradings companies because they have listened to what I’ve asked them. They have said there’s no limit on the minimum and certainly no limit on the maximum number of days it’s going to take you to pass each challenge. And that’s massively important. And so have a look at them again.
I’ll put a link to them here, but do not consider wasting your money on a prop firm unless you are first profitable and completely comfortable with your trading strategy. Now, I’ve received an email here from a client of ours who joined back in May we’re now mid-July. This lady who’s based in Auckland here in New Zealand, said I started trading on the 16th of June.
I went through and learned for a month as of today. So this was sent to me on the 17th of July.
Client makes +26.33% in 1 month
It’s exactly one full month and now I’m up 26.33%. So a big thank you to TFTC, The Forex Trading Coach. That’s from a lady called Ming who lives in Auckland in one month, 26.33%. Now, I’m not out there saying everybody’s going to make 26.33% in a month.
Certainly not. I don’t do that. But it just shows what can be achieved now. I don’t know the risk that Ming’s is taken to get to those levels when it comes to prop firms really low risk is crucial, as is high reward to risk.
Blueberry Markets
If you’re out there looking for a forex broker, I can highly recommend blueberry markets. I put a link to them as well.
Next, this video and podcast, Blueberry markets. You can trade them through them despite where you live anyway, that you live in the world. Apart from a few countries, including the US. But they offer the MT4/MT5 trading platform. Great bunch of people, awesome spreads, big range of markets available as well.
Consider trading now
So I have a think about your job, your career, your income. Right now. Consider trading. Consider trading now because you don’t want to be in that position where you get into trading with that terrible mindset of I have to make money right now. That is not how you going to succeed as a trader. Give yourself at least six months, do well, prove yourself. You understand the strategy and you’re confident in yourself.
You’ve made money on demo and small live. Then look at prop firms. Then you everything changes. Hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week by for now.
Episode Title: #511: Has Your Income Exceeded the Rise in the Cost of Living?
In this video: 00:24 – The recent US Dollar crash 01:08 – What’s caused the weakness in the USD? 02:11 – We analyse the Weekly and Daily Strength & Weakness 03:45 – What to do when a trade sets up against the trend? 04:24 – Did you profit from the recent USD move 04:54 – Trading with Blueberry Markets
Has the US dollar crashed? Did you take advantage of it? And will that trend continue? Let’s talk about that and more right now at.
Hey there, traders. It’s Andrew Mitchem here at the Forex Trading Coach video and podcast number 510 today.
The recent US Dollar crash
I want to talk all about the recent crash that we have seen in the US dollar. I hope you’ve taken advantage of it and you’ve seen plenty of good trading opportunities. You have a look at the US Dollar Swiss franc chart, for example.
Right now as I’m recording this on the 14th of July 2023, the US dollar right now is at a level we’ve not seen for eight years back in 2015. Go and have a look at the charts. It’s just crashed. The US Swiss franc has absolutely crashed against other currencies. The US is also looking weak. Some of them are rates, highs or lows depending on which currency for the year. Some are now at levels not seen for several years as well.
What’s caused the weakness in the USD?
So what’s caused that? Well, as traders, to be perfectly honest with you, we don’t really need to worry about what’s caused it because there’s probably a multiple number of factors there that have caused that US dollar weakness. However, the important thing, especially as technical traders, is that we see this happening all out charts and we take advantage of these moves and the big trends because that’s how you can trade with the main trend.
If you see this continued US dollar weakness and you see other currencies looking particularly strong, then you start to bring in and start to bring in the strength and weakness analysis that we look at to help us to trade on the right side of the market. Of course, we’re still looking for the right technical setups in candle patterns and what part of the chart the candle has closed in, etc. like that?
Do we have room to move to our profit target? Have we got some form of stop loss protection or round number for our stop loss to help ourselves out there and to increase our probability of a successful trade.
We analyse the Weekly and Daily Strength & Weakness
But also at the Forex Trading Coach on a weekly basis, we look at and analyze the weekly charts and we post for our clients each week.
Every Monday morning, the likely strength and weakness directions on the bigger picture weekly charts on a daily basis. Each day we do exactly the same based off the daily chart. We look through the daily charts and we look at which currencies are looking particularly strong or particularly weak. And then we also mention which currency pairs are likely to move in which direction for that particular day.
Does that mean that every time if we say the US Swiss francs looking for sell opportunities, is this going to fall? No, it doesn’t. But what it does do is it gives us the bigger picture. If we have, let’s say, weakness on the US Swiss franc on the weekly chart and in on a particular day you see US Swiss franc weakness.
You then look for particularly for sell trades. So if you see bearish candles in the right part of the chart on any time frame, what that means that you are trading with the more immediate candle direction looking like it’s heading down on a daily basis, it looks like it’s weak on a weekly basis. There’s weakness in that pair.
It stands to reason and adds to your probability that with the right pattern in the right part of the chart and with that more daily and longer term direction, you really are putting all these factors in your favor of a successful trade outcome.
What to do when a trade sets up against the trend?
Flipside of that, what it also does is if you were to see, let’s say, a bullish pattern on the US Swiss franc, it means that potentially you’re going to do one or two things.
You might say either one, I’m just not taking the trade altogether or two, I might take it, but at a reduced risk on that particular trade. And the choice is yours really when it comes to that, because it means you might be buying on a short term pullback, but knowing that the main direction is down. So by helping teach our clients how to look for that weekly and daily likely direction, it helps us to remain on the right side of the of the trends more often than not. And that’s a massive help for our trading.
What to do when a trade sets up against the trend?
So my question to you is, have you over the last week or two taken advantage of that US dollar weakness on your charts? If you haven’t you got to ask yourself why not? Because if you go and have a look at your charts, especially that US Swiss franc as a really good example, you really should have taken advantage of that massive weakness in the US dollar.
If you haven’t, you need our help and we can certainly help to to get you educated so you know what you’re looking for and you can take advantage of those movements.
Trading with Blueberry Markets
If you’re out there looking for a good forex broker can highly recommend blueberry markets. I’ve mentioned them on all my weekly videos and my podcast because they are so good.
We have thousands of clients who now use blueberry. They are wonderful broker, they base over in Australia. You can open an account with them in pretty much every country apart from a few. And if you’re in the US then unfortunately you cannot trade through them. But for everybody else, have a look at blueberry markets. They’re a fantastic broker.
They offer the MT4/MT5 platform, a massive range of markets to look at and really good people and very tight spreads. I’ll put a link to them here on this post and podcast.
If you have any questions about today’s topic, please send me an email. Andrew@theforextradingcoach.com or if you’re on YouTube like and subscribe or leave a comment below and I’ll see you this time next week. Bye for now
#509: My Typical Trading Day as a Full Time Forex Trader
In this video: 00:33 – How I start my trading day 01:06 – H6 trade on the USD/SEK hits the profit target 03:19 – 4 trades on the Daily charts for the day 05:19 – Trades taken live on the clients webinar 06:23 – 4 more Daily chart trades for Friday 07:29 – Trading a maximum of 30 minutes of chart time a day
What is a typical trading day look like for me? Well, today I’m going to take you on a journey and share with you all the trades I’m taking and everything that I’m doing in the day. Typical trading day. Let’s get into that and more right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 509.
How I start my trading day
I want to share with you today a typical trading day. So first of all, I’ve just got up in the morning, have a look at my charts here and seen some green lights, which is always a bonus. I’m going to try and turn my camera around.
So if you’re listening on the podcast, I apologize. This is going to be a little bit kind of bitty but I’m going to use this. So if you’re watching on YouTube or my website in the video, you’re going to get a lot better experience on today’s video. So it’s now half pass seven. Today’s Thursday the 13th of July 2023.
H6 trade on the USD/SEK hits the profit target
Just woken up and a US/Swedish Krona trade that I took on Monday has just hit the profit on the six hour chart. Turn the camera and chill and show you that trade. And also I took four trades last night, my time on the 12 hour charts at the 5 a.m. Eastern Standard Time and change over. And all four of those trades are in right now and they’re looking really good and in some profit.
So let me turn the camera around and I share those with you right now. Okay. So I hope you can see that I’m not them. So I post the trade here on the US Swedish krona on AM on Monday, and the trades now go on a profit. You can see down the bottom there you can see the trade has hit the profit target nicely in that happened earlier this morning.
Great thing was I wasn’t even watching the charts when that happened. Okay, We’re now on to the 12 hour chart. So this is the US Singapore dollar, which if you have a look, hopefully focuses there we go down then you can see the trades. Where are we in the corner there. I’ve got the pound. Australian, the US, Chinese, US, Singapore and the US say that we can and I can turn my camera around.
You can see in here right now those trades all going very nicely. They were taken on the 12 hour charts for them. They mentioned on our forum site and again it’s the power of the forum site that we have here. There’s the US/Chinese is going really well. So for trades on the US/South African here and you can see those trades in there, great retracements 2 buy trades in there.
And the last one was the Pound/Australian, which I will scroll across to and find for you that is in here and there’s the Pound/Australian. So that’s a quick summary of the trades that I’ve got open and have taken overnight my time. Next thing I’m going to do in about an hour and a bit from there I’m going to start scanning through the daily charts, which will be the 5 p.m. Eastern Standard Time, New York Time, close day charts takes me back 10, maybe 15 minutes to scan through those charts and see what trades I’m taking for today on the daily charts.
I’ll also look through the 12, eight and six hour chart, so I’ll come back to you shortly.
4 trades on the Daily charts for the day
Okay. Got a bit of an update for you. I’ve just taken four trades based off the daily charts and also I need to let you know that today is Thursday, the 6th of July. I think at the beginning of the session I said it was the 13th.
I’m a week ahead of myself. It’s actually Thursday, the 6th of July 2023 today. So just taking four trades based off the daily charts, I’ve just taken them here now live. It literally took me 10 minutes to scan through all the daily charts today and then about another 5 minutes I went through the 12 hours, eight hour and six hour charts as well.
I’ve taken the four trades based off the daily charts. I put them on our membership site and place them here on my live account behind me. I have taken a buy trade on the Pound/Australian sell trade on the Australian/US dollar, a sell trade on Gold/US dollar and a buy trade on the US/Singapore dollar that’s been placed behind me here, all with a half per cent risk.
So in other words, a total of 2% risk on my account if all four trades get filled, and if all four get stopped, that maximum I can lose is is 2%, but the trades have around about between a 2 and a 3 to 1 reward to risks a very good upside potential on their going to do absolutely no looking at my chance whatsoever until later tonight my time I’m holding a live webinar for my clients 7 to 9 p.m..
My time, that’s 3 to 5 a.m. Eastern Standard Time because it’s a European Session webinar and I’ll come back to you at the end of that webinar and I’ll see what trades we’ve taken during that live webinar with my clients and at the changeover at the 5 a.m. Eastern Standard Time, we’ll be looking through the one out of the two, the three the for the six and the 12 hour chart.
So I’m hoping on that session, on that live webinar, it’s not my time with my clients. We’ll get several trades and I’ll update you. Come back here. Once we finished that session. So no more trading for me now for the whole rest of the day frees me up to go and do what I want today. I’ll talk to you later.
Trades taken live on the clients webinar
Okay. So I just finished my live to our webinar with my clients, which we hold each week, one week in the European session, the following week in the US session. This was a European session webinar, had some really successful trades. The US/South African Rand 12 hour chart trade that I showed you earlier has now just hit the profit target.
And on the webinar live of taken a Euro/US one our a Euro/Yen one hour chart trade a sell trade on the US/Thai Baht. Quite an unusual pattern the three hour chart and we’ve just taken a buy trade on Etherium on the 12 hour as well just going to turn the camera around that and show you that the US/South African Rand trade okay so you.
Can see the US South African rand there and you can see that they have hit the profit target and there is the trade. So it went really well. And we’ve got a as mentioned, the Euro/Yen going along nicely on the one hour chart. And I’ve also taken the Etherium trade on a 12 hour chart. Let’s see how those go and I’ll update you tomorrow morning. My time.
4 more Daily chart trades for Friday
Hey there back again, it’s now Friday morning here in New Zealand and we had a fantastic webinar yesterday and nice to see also the US/Singapore dollar trade that I shared with you yesterday on the 12 hour chart, one of those trades with stopped out the other one, the profit for about a 3 to 1 reward risk.
And today being Friday, I’ve just taken four daily chart trades today and I’ve taken a sell trade on the Silver/Euro. I’ve taken a sell trade on the New Zealand/Swiss franc. I’ve taken a buy trade on the Euro/New Zealand and I’ve taken a buy trade on the Euro/Singapore dollar. So a couple more minor pairs there again tonight just the way that the market is So and it is also Friday or later today it’s Friday us time the monthly non-farm payroll non-farm employment changes it’s called these days jobs announcements monthly jobs news.
So I’ve been looking at closing out most of my trades prior to that. I’ll keep the weekly and monthly open, but everything else, I’ll be closing prior to that.
Trading a maximum of 30 minutes of chart time a day
So I hope that gives you a really good understanding of how we trade off. Just traded, what, 10 minutes this morning and 10 minutes yesterday and a little bit longer on the webinar.
But if it wasn’t for the webinar, it would be in about 10 or 15 minutes last night. And that’s my trading day is a full time trade and that’s all you need to do to be able to trade properly the mindset the people have. They think they have to trade all the time. Staring at the charts all day long is completely incorrect.
And I’ve just taken those four trades yesterday on the dailies. A few at the 5 a.m. change over and again today, four on the day these again and that’s my trading done for the week.
So I hope you’ve enjoyed this bit of an insight of how we trade and any questions you have. Please let me know. I’ll see you this time next week.
This is Andrew Mitchem here at the Forex Trading Course. Bye for now
Episode Title: #509: My Typical Trading Day as a Full Time Forex Trader
#508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself
In this video: 00:43 – #1 To gain a good and proven trading strategy 02:13 – #2 Someone to learn from every day 04:04 – #3 The power of community and power 04:58 – #4 Discussing new products and ideas with other traders 05:48 – #5 Don’t reinvent the wheel 06:40 – Blueberry Markets
I’m going to give you five reasons why. Good forex education is the cheapest investment you can ever make in yourself. If you want to be a good forex trader. Let’s get into that more. All right. Not.
Hey there traders Andrew him here at The Forex Trading Coach with video and podcast number 508.
So I want to give you the top five reasons why I see that investing in good education, I mean, good education, not just any education, but good education can be the cheapest investment in yourself that you ever make. So let’s get into it.
#1 To gain a good and proven trading strategy
So first thing is strategy number one has to be the strategy. If you are investing in a good forex education and company and a good course with a proven track record and longevity, and it’s the kind of strategy that works and suits you and your personality and all those type of things. That is ultimately what we’re all out there looking for.
It’s the holy grail of trading, isn’t it? Because what you’re doing is by joining an education course, you’re basically taking on their strategy. You don’t need to spend hours and hours, countless thousands of hours. And some people, you know, going ran around in circles looking for a strategy, adding this indicator, that indicator and looking at the news, not looking at the news, combining the two.
Not sure what you’re doing. Don’t know that different time frames, all those type of things that everybody has been through. It took me four years to come up and create the strategy that I am currently using and have done so for the past 15-16 years. And so four years of going around in circles, wasting an incredible amount of time and money to get there.
Luckily, my strategy has never changed since I’ve created that. Why build? Because it works. So the strategy is definitely number one. With us you get everything included in that. Like you don’t need to find more indicators or more trading software or anything like that because we provide it all. So that’s number one.
#2 Someone to learn from every day
Number two, someone to learn from and to follow. And that I think is also very, very important when you go on board with a good trading company and good education with what we do is we provide daily trading suggestions. So every day, based off the daily charts, we provide specific trades with the currency pair all the market, if it’s like a metal or a crypto indices, etc. the market, the direction, a paragraph of reasons why we’re looking at taking that trade plus the exact entry and exit levels.
So what does that do for you? Well, hopefully if we get this right more often than not, because we’re taking these same trades ourself, you will make money. Number one. The other thing, of course, is, is to train your eye in real time. This is what we are taking and why we’re not hand-picking cherry picking the best trades and showing you just the really good ones and ignoring all the poor ones.
We’re not doing that because of course we’re putting our neck on the line every day and saying These are the trades we’re taking. And what whether they’re profitable, whether they lose, we don’t know at the time. All we can do is use our strategy and identify the setups that look good to us and take them. Now, luckily every and not luckily it’s skill, but luckily for you is that every year since 2010, when I started posting our daily trade suggestions, they have been profitable every single year.
So having that information to follow, learn from on a day by day basis, to train your eye to educate yourself is crucial. Now, from our point of view, we don’t want people following what we do every single day. But when you start having that information to follow and to learn from and learn from is crucial because over time you’ll develop of a knowledge of how to do this.
For yourself. But why you’re learning for the first 6 months, 12 months, I think it’s really important to be able to follow someone on a daily basis.
#3 The power of community and power
Number three Community. You cannot underestimate community and how important people are to us, those traders. Just look at the last few years when all around the world people were in lockdown like this crazy COVID lockdown.
Look how you missed people and look how you miss community and look how you missed travel and when you think about it from a trading point of view, trading can be a little bit like a lockdown. You sat there by yourself. No one knows you really doing it. You sit in that kind of by yourself and it can be quite lonely.
No one to communicate with, no one to talk to. And community is a massive part of what we do at The Forex Trading Coach with our fantastic Forum site. And also we have live weekly webinars where we’re trading on live accounts for people sorry in front of our clients as well. And so that’s really, really important.
#4 Discussing new products and ideas with other traders
Number four new ideas, talking about new ideas, new software, new brokers, just discussing what’s actually happening out there in the Forex world and in the markets in general.
And anything to discuss ideas with like this is crucial. And another part of just being part of a community and, you know, being able to email us, being able to talk to us, being able to ask us on the forum site, being able to ask us questions on the live webinar, all that’s important. If you suddenly like the last two or three years, we started talking about Prop Firms. To talk to other people who are using the strategy really successfully on Prop firms.
I’m talking to prop firms all the time. And so asking me, you know, which prop firms are better than others, you know, that type of thing is massively important as well.
#5 Don’t reinvent the wheel
And lastly, number five, don’t reinvent the wheel. You don’t need to. I’ve already done it for you. And that’s the you know, the important thing when you come on board.
Yes, there’s a fee. Of course there’s a fee. And these people out there that think they’re going to get something for nothing, you know, you’re clearly not in the right place. If you want good quality education and plenty of free stuff out there on, you know, TikTok and places like that, if you want that. But it’s not going to work.
But if you want good quality education, of course you got to pay for it. But don’t reinvent the wheel. We’ve done that. We have the strategy, the software, the structure, the trades, the webinars, the support team, people around the world helping out to make this work. So that’s my five Tips for why good education can be the cheapest investment in yourself you’ll ever make.
Blueberry Markets
If you’re out there looking for a broker, I can highly recommend blueberry markets. They base over in Australia. Really good broker. They use the Metatrader 4 Metatrader 5 platform. I’ll put a link to blueberry markets here. I’ll also put a link to my forex coaching course, my five star rated forex coaching course that’s been running since 2009, so I hope that helps.
Just consider educating yourself and investing in yourself because it’s going to shortcut massively both time wasted money and frustration potentially giving up. It’s going to shortcut all that and give yourself a real good chance of success. I hope that helps this is Andrew Mitcham here at The Forex Trading Coach. I see this time next week. Bye for now!
Episode Title: #508: 5 Reasons Why Good Education is the Cheapest Investment in Yourself
In this video: 00:23 – How many pips should you risk per trade? 01:03 – Why pips are irrelavent 01:47 – What does a 20 pip stop loss mean? 02:14 – Where you should place your stop loss 03:34 – Win a place on our coaching course 04:17 – Where to find a good broker
What size stop loss should you set and how many pips should you risk on every trade? Let’s talk about that and more right now.
Hey there traders Andrew Mitchem here The Forex Trading Coach with video and podcast number 507.
How many pips should you risk per trade?
I want to talk about how big your stop loss should be. How many pips should you be risking on every trade you see? It’s something that I get asked by non clients all of the time. And it’s really interesting because unfortunately most people out there set a certain amount of pips for their stop loss on all of their traits.
And to me it’s the completely wrong way of trading and you know, it’s the wrong way of trading because if most people are doing that and you also know that most people losing money, there’s kind of a correlation there isn’t there. You see it makes no sense at all. I’ll let you know why.
Why pips are irrelavent
Well, how can you have a set amount of pips as a stop loss on a trade? It has no relevance to that trade whatsoever and it has no relevance to the currency pair your trading. It has no relevance to the timeframe chart. It has no relevance to the movement in the market at the time, and none of it makes sense. But most people do it, and most people will say, as an example, I have a 20 pip stop loss and a 40 pip profit target.
Therefore I have a 2 to 1 reward risk, which is exactly what you say you should be doing Andrew, have two, three, four to one. The problem is, is what is 20 pips really mean? Well, it means nothing.
What does a 20 pip stop loss mean?
You see 20 pips on a Euro/Swiss Franc is something that’s, you know, takes quite a while to move 20 pips, 20 pips on the Euro/New Zealand dollar and it can do that within seconds.
And so people who use a set amount of pips as a stop loss are making a massive, massive mistake. So the way around it, it’s quite simple.
Where you should place your stop loss
We never look at how many pips our stop loss is. Our stop loss is placed at a level that’s really easy to know where to place stop loss, but it’s relevant for that particular trade, It’s relevant for the current market conditions, it’s relevant for the pair you’re trading, it’s relevant for the timeframe chart you are trading and the movement in the market at that time.
And so it’s all relative to what’s really happening. And all we do is we adjust our lot size to allow for size of that stop loss. So you put your stop loss at a level that safe for the trade and you then make an adjustment in your lot size. You see every pair or most pairs have different payouts per pip depending on what the currency pair is and also what your own trading account is denominated in.
So you’ve really got to understand your lot size and get your lot size according to your risk and the stop loss size of that particular trade. So we can massively help you with that and that will help completely change your trading around and probably mean you’re going to get stopped out of trades far less often because you’re putting the stop loss where it needs to be on that trade for a reason. A couple more things I want to cover with you.
Win a place on our coaching course
You have two chances This week is the end of this offer with the prop firm that we have joined with. Called FX2Funding. We’re giving away two places on our full coaching course free of charge as part of their offer that they are running right now. To find out more, I’ll put a link on this video podcast for you to go to the FX2Funding site, register there and you can win lots of other goodies that they’re giving away.
And included in that giveaway are two full course to full course memberships to the Forex Trading Coach membership. So that’s a really valuable giveaway there that they’re doing.
Where to find a good broker
And lastly, brokers, if you’re out there looking for a good broker, I can highly recommend blueberry markets, their based over in Australia and the great bunch of people, great platform, incredible customer service.
Absolutely credible, top notch. You will not find better customer service out there. They have the MT4/MT5 platform. Lots of markets, instruments, forex and non-forex markets available to trade. So I’ll put a link to blueberry markets here. I’ll put a link to the FX2Funding website as well and make sure that you don’t risk X number of pips on your trade.
Learn to use your stop loss the right way. It will massively help you trading. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week bye for now.
Episode Title: #507: What’s Size Should Your Stop Loss Be?
In this video: 00:38 – Which is the best trading session? 01:37 – We look at the close of a candle 02:18 – We use Limit Orders 03:30 – Trading is about picking quality setups 04:20 – Trade through Blueberry
What’s the best trading session that you should be at your computer? It’s a question that a lot of people ask, and I’ve got a real simple answer for you. So let’s get into that and more. Right now.
Hey, there trader! Andrew Mitchem here at the Forex Trading Coach with video on podcast number 506. Wanted to come outside a glorious afternoon. We are just a handful of days away from the shortest day of the year and we’re getting weather like this.
So you’ve got to take advantage of being outside and enjoying some good vitamin D from the sun.
Which is the best trading session?
So trading sessions, actually the Sun relates to this quite a lot because I’ve just been on a Zoom call with a guy over in Oregon, over in the US, on the West coast of Oregon, West Coast to the US.
And he said to me, Hey Andrew, I’m always concerned about when to trade the sessions because for him the US session, because he’s on the West Coast and like, you know, the morning session opens in New York time on the East Coast.
You know, it’s quite a considerable timezone difference there. And he said to me I can’t trade the US morning session even though he’s in the same country, because, you know, it means getting up at like 3:00-4:00 in the morning and it’s just not practical. Likewise, he cannot trade the European session because that’s like 11, 12, you know, midnight, 1:00 in the morning, depending on time of year for him.
So he said, well, what do I do? Because it’s always something that’s concerned him. And I said, Look, fantastic question, really good answer for you and you got to love it. The fact is, I won’t tell you his name, but I said,
We look at the close of a candle
Look, the fact is you don’t need to worry about sessions when you trade the way that we trade because we look at the close of a candle.
It doesn’t matter to me what the time of the day is. It doesn’t matter what the session we might be in or leading up to. It really does not matter. You look at the close of a candle and you see the trade. Take the trade from there. So, you know, first of all, when to go and look at a charts because it’s at the close of that candle.
But I like I said to him, the thing is, if you look at the 5 p.m. New York Close of Day charts and for him that might be like 2:00 in the afternoon and I’m at work and you know, I can’t trade then could have been an answer. You know, he could have said.
We use Limit Orders
And my reply was, well, it doesn’t matter again because we use limit orders to place our trades.
So if you don’t place, you trade two, five, six, 7:00 in the evening for him, which is, you know, like sort of three, four, five, 6 hours after the close of day 5 p.m. New York time. It doesn’t matter because at that time of the day, very little happens anyway. Would end of the US session time, you know, the start of New Zealand, Australia and into the Asian session.
Nothing happens on most days, so it really doesn’t matter if you’re not there at that exact time. So in other words, it doesn’t matter where you live in the world. Don’t worry about sessions. Trade the close of a candle, use limit orders and you’ll enjoy trading much, much more. You don’t need to be setting your alarm clock that I used to do it years ago.
When I started. I used to think I used to need to be up for the US session and it was like, you know, it’s 1:00 in the morning or something and it’s like crazy. You can do it for a week or two, but you’re not going to do it consistently. And ultimately it matters not one bit once you know what you’re doing.
So I completely changed my trading around, made it far more enjoyable for me. I can go out and do things like this, get outside in the sun, enjoy, you know, enjoy doing other things than sitting, watching charts all day.
Trading is about picking quality setups
And trading is about quality. It’s about getting the quality of your trades, your consistency of your trades, and the consistency of the trade setups.
Another example which I shared with the same guy today, I said, Look, we post our daily trades every single day, which we do and we’ve done since 2010, and today there were none. And it’s like, well, there were no specific daily chart trades for today. Therefore, don’t force trades, don’t take any. I’m sure they’ll be some other shorter timeframe chart setting up, you know, later today.
That probably will be. But simply because there were no trades on the daily charts. Don’t worry about it. It doesn’t none there don’t take any. Tomorrow they’re probably five or six. So you know you you make hay when the sun shines again, back to that sun. It’s good for you, the sun. So I hope that helps you.
Trade through Blueberry
Look, if you’re out there looking for a good broker, I can highly recommend blueberry markets over in Australia.
Great brokerage, MT4/MT5 platform. The MT5 platform has obviously more timeframe charts because MT5 does that. But also you’ve got the ability to trade other markets as well. You know the non-forex markets as well, which were findings from great set up so on. So it’s really important that you have a system and a strategy that allows you to trade all these different markets, not just the forex market.
If you want to trade those other, you know, those metals indices, cryptos, etc., then blueberry markets are a fantastic place to go. And if you want to trade those, make sure you have a strategy that works equally as well on both other markets. So I hope that helps. This is Andrew Mitchem here at the Forex trading coach, enjoying the sunshine, enjoying winter.
Can’t believe we’re just a few days away from the shortest day of the year. Absolutely beautiful. So hope you having a good time where you are and I’ll see you this time next week. Bye for now
Episode Title: #506: What’s the Best Trading Session?
#505: How to Avoid Spending Hours Watching the Charts?
In this video: 00:33 – I’m going to save you a lot of time 01:49 – Don’t know when to look at your charts? 02:05 – The fix 02:35 – The Weekly charts 04:12 – Pick the times to look that suits you 05:45 – Trade through Blueberry Markets
Today, I’m going to show you how you can avoid spending far too much time glued to your chart, sitting at a computer and not making any money. Does that sound good? Well, it should do, because with this one simple trading tip and technique, I’m going to change all that for you. Let’s get into it right now.
Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video on podcast number 505.
I’m going to save you a lot of time
And that’s right. I’m going to today save you a lot of time. I’m going to save you a lot of mixed emotions and probably make you a lot of money as a result. So it should sound pretty good to you. Unfortunately, most people out there, most people watching this, most people listening to this will be spending far too much time sitting at their charts watching every pip movement up and down, scared to leave their charts, forcing trades, getting emotionally involved in their trading.
And as a result of that, you’re not doing yourself any good. You’re not making any money, not doing your health any good, and you’re wasting too much time. Look, I know I used to do it myself long time ago when I started trading, and it’s a very easy trap to fall into. And it doesn’t do you any good.
It doesn’t make your longevity as a trader any good because you’re forced to sit there hour upon hour because you’re scared about moving missing a move. It also means if you’re in a trade, you tend to find that you forced yourself into trade. And if you’re in a trade, you tend to jump out early because you see the trade moving in your direction.
Then it pulls back. And I should just take it now because something’s better than nothing, right? And it’s an issue that so many people face.
I’m going to save you a lot of time
It also means that they don’t know when to look at their charts. And that confusion and from looking at maybe like, can I say, a 15 minute chart saying the market’s moving up and our chart says it’s moving down a daily moving up and you get this complete mix going on and you don’t know what to do.
The fix
So a very, very easy way of avoiding all that is only look for a new potential trade set up upon the close of a candle. And what does that mean? Well, the forex market opens at 5 p.m. Eastern Standard Time. That’s New York time every day. That’s when the new day starts. So the market opens 5 p.m. on the Sunday New York time and it closes 5 p.m. on a Friday New York time.
The Weekly charts
So at the beginning of each week, just once a week, you could look, let’s say at the weekly charts, you know, when they open, they open the beginning of each week. They’re not going to change throughout the week or the previous weeks. Information is going to change once the weeks close. You look at the weekly chart, you can make your analysis exactly the same on a daily chart.
You know, when the daily chart opens, it’s 5 p.m. New York time. At that time, the previous day’s candle is complete. You can make your analysis. So if you traded just once a day on the daily charts, you can do very, very well. Also, you could then say let’s go something slightly shorter. You could look at the 12 hour charts.
Now conveniently, they also open at 5 p.m. New York time and of course, 12 hours later will be 5 a.m. New York time. So if you wanted to look at the 12 hour charts, you could look just twice a day. And that will give you a lot of trading opportunities within a day. Of course, you could go down to an eight hour chance, which of course three, eight, 24, 24 hours and a day.
They open three times a day for sorry, six hour charts, four times a day, four hour chart, six times a day. You know, it’s very, very easy to know when to look at a chart. So base the start of the day off 5 p.m. New York time. If you wanted to look at the next four hour chart, don’t even bother between 5 and 9 p.m. New York time because the candle hasn’t closed.
At 9 p.m New York time, the next four hour candle will close. Everything’s set. Doesn’t matter what levels you use and what indicators you use. Nothing’s moving from that previous four hour candle.
Pick the times to look that suits you
So if nothing else, pick the timeframe charts that you like. The look of all the times of day when you can have a look, know what that is in your local time and look at your charts at that time.
Once the candle has closed. It takes emotions out of your trading because you can see everything’s set. It makes the analysis a lot better. You can take some time. You can look at strength and weakness of other pairs that have closed as well. You can get your stop losses, your profit targets all in place. You can say, well, does this have anything to help protect the stop loss?
Is my profit target a good level? You lot size everything that you need to look for you can do without emotion because you have time. You can also know when to go and look at a chart. So as I mentioned, if you wanted to trade, say like weekly charts, daily charts, 12 hour charts, really you just need to look twice a day on the 12 hour charts, once a day, daily, once a week weekly.
That’s it. Job done. You’re not sitting there watching every paper movement go up and down. You’re not scared to miss something. And so that’s how you can really help yourself with your trading progress there. Absolute certainty you’ll enjoy it better. Absolute certainty you will take higher quality trades because you’re not emotionally involved and you’re not scared of missing something.
So that’s a massive tip there that will help your longevity and your profitability and your enjoyment. So take advantage of that information.
Trade through Blueberry Markets
If you’re out there looking for a suitable broker, I can highly recommend Blueberry Markets that based across the ditch from me. I’m in New Zealand, they’re over in Australia. But it doesn’t matter where you live in the world.
Most countries you can open the account and trade through Blueberry Markets. Great people, the Metatrader 4 Metatrader 5 broker platforms and a large variety of different markets, both Forex and now non forex markets, especially on that MT5 platform. Hope that helps. Do not sit looking at your charts or take Do not get emotionally involved in your trades.
Do not make stupid rash fast decisions. Take your trading back, slow it and know exactly when to look at your charts. Know what to look for you do far better hope the helps us see this time next week. This is Andrew Mitchem at The Forex Trading Couch. Bye for now.
Episode Title: #505: How to Avoid Spending Hours Watching the Charts?
03:12 – We’re here to help and make this work for you
04:05 – Trades taken on a live webinar
04:56 – Clients from 103 Countries
05:06 – Profitable trades posted on the Forum site
05:59 – Trade through Blueberry Markets
Most people lack a clear trading strategy and it means they’re never going to make money out of the forex market. So let’s see how we can help you. Let’s talk about that and more right now.
Hey there, Traders! This is Andrew Mitchem here, the owner of the Forex Trading Coach with video on podcast number 504.
You know the stats – Most people lose
Now you’ve all heard the stats. 90 to 95% of traders out there lose money. And it’s a well-known fact. And you can see why it’s true. And as you can imagine, I get a huge amount of emails and I have quite a number of calls each week with people out there who are looking for help.
And the same pattern comes through time after time after time. The people are out there trading. They are putting real money into this. They think they can get onto prop firms early. They see it as a way out, maybe financially. But the issue is, is that almost all of the people I speak to have no idea what they’re doing.
They don’t have a clear strategy. They’re swapping and changing systems. They understand the market well enough. They don’t understand risk. They don’t know how to calculate lot size, they don’t know what timeframe charts to look at. They don’t know when to trade. They don’t really know their strategy in terms of like why they’re placing a trade, where to put a stop loss, Why is this a good trade, yes or no?
And then of course, things don’t works. They go and try and create something else or go to the next thing that they find on some forum somewhere. And that whole lack of consistency, that lack of understanding in the market.
Spreads will affect Sell trades
Like I do know that if you take sell trades on especially pairs, that spreads widen like the exotic pairs, let’s say at the close of a day, a sell trade can get you wiped out for your stop loss because of a massive widening and spread.
But that won’t happen on a by trade, you know, do know things like that. Do you know when the close of the day even is do you know how important 5 p.m. New York time is all these types of things. And so do you know how to calculate your risk? You know that Pips are completely irrelevant. Do you know that?
Do you know that in some ways having a very, very high win rate is completely irrelevant, You know, all these type of things. So a lack of understanding is what I’m seeing out there all the time. And it’s quite concerning because all people are doing is basically jumping into trading and placing some trades. They might get lucky on a few trades and then of course the inevitable happens and it goes wrong and they lose their money or they jump on a prop firm way too early without knowing what they’re doing.
They have not proven to themselves that they could trade on a demo, even let alone a small live personal account. But they’re quite happy to go and throw money into a prop firm because they see that is the easy way out. And the danger there is that you become disillusioned. You don’t have confidence in yourself. You think systems rigged, you think the brokers rigging it, you know, whatever it might be.
And it all, you know, it all goes wrong. You give up and, you know, you move on to the next thing.
We’re here to help and make this work for you
And we’re here to make things different for people. Our aim is to have quality, consistent traders, independent traders. I had that question last week. Hey, Andrew, if I join you and all I’m doing is just copying what you’re doing, how am I going to learn?
That’s not the reason. That’s not what we do or why we do what we do. As a coach, our aim is to help you along. We’re taking these trades anyway. Yes, it’s great to copy them every day we post daily trades. I’ve only taken one today because that’s what the market showing me. On Wednesday I took four trades, you know, because that’s what the market showing you.
So, yes, we’re taking these trades for you to earn from, definitely. But more importantly, to learn from. To learn why we’re taking the trades in real time for you to be able to do that, to train your eye, to have confidence in the logic and the strategy that we teach.
Trades taken on a live webinar
Just last night my time, I took a live webinar which we do each week for our clients. On that session, I took trades on the three hour charts, the four hour sorry, the three out, the two out of the three out of the four hour and the 12 hour charts all taken live for our clients to follow again to earn from if we get those trades right, but more importantly, to learn from. It’s understanding how to trade is the most important thing you can do, because once you do that, the returns will follow.
Too many people get into this at the beginning, worrying about how much I’m going to make, how soon it is, can I give up my job, How do I how much do I need in my account so I can make $1,000 a week? All those questions that I get and I get why I get them, but they’re completely irrelevant today.
Unless you know what you’re doing, unless you know how to trade. And that’s where we come in. And that’s why we’ve helped so many clients.
Clients from 103 Countries
We’ve now got clients in 103 countries, and we’re approaching 4000 clients over the last 14 plus years. And we’re really proud of the community that we have.
Profitable trades posted on the Forum site
Another example, just yesterday I saw a client post a trade on the Euro US dollar three hour chart.
I wasn’t even looking at that chart. He posted it on the forum site. I saw the the notification on the forum site. So I saw the trade, wow, this is a great trade. Thank you Karl over in the UK for posting that. I took the trade. Guess what? It hit the full profit target while we’re on the webinar live last night and made me some great return a 3 to 1 reward to risk return there.
So if you don’t have a strategy, you’ve got to get something that works consistently and has been proven and that’s again where we can help. Each week I hold a live webinar for our clients. We post daily trades each day and we have trades on our forum site. If you’d like to find out more, click on the link that I’ll put here to take you through to our masterclass. It’s a one hour session, gives you a bit of background insight, how we trade.
Trade through Blueberry Markets
If you’re looking for a good broker, I can highly recommend blueberry markets that are based over in Australia, but you can try through blueberry markets. Doesn’t matter where you live. In the world’s a few countries, you cannot trade through them, most notably the US and a few other countries.
But everybody else You can trade through blueberry markets. I’ll put a link to them here on this video and podcast post as well. Go and check them out. They’re a fantastic bunch of people, great broker, great service, fantastic spreads, etc. everything you need for a reliable broker. So I hope that this video and podcast helps if you have any topics you’d like me to discuss on future videos and podcasts just like this one, send me an email.
Andrew@TheForexTradingCoach.com or leave a comment If you’re on YouTube and I can help discuss other trading topics to get you further ahead quicker. If you’re watching on YouTube like and subscribe, pass it on to anybody you think might be interested as well.
And I’ll see this time next week. Bye for now
Episode Title: #504: Do You Lack a Clear Trading Strategy?
#503: Trading – Does FEAR Prevent You from Being Profitable?
In this video: 00:32 – I’m not sure if I can trade 01:05 – Fear is not real 02:03 – Government control 02:37 – My personal experiences and fears 04:33 – Everyone starts trading at the same place 05:37 – Just do it 06:06 – Check out my new Masterclass
Trading. Can I do this? Or is my fear taking over and preventing me from wanting to even start? Let’s talk about that and more right now.
Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 503.
Just wanted to come outside. Another beautiful day here to make this video because.
I’m not sure if I can trade
I get a few emails from people saying, look, I’m not sure if I can really do this or can I talk to someone because I want to see if I’m right for this.
And the issue there is that people just get, I suppose, caught up in fear or the fear of not making it work, the fear of even getting started, the fear of is this too difficult? Is it something I’m going to understand? Am I clever enough for this? Whatever the fears might be, I’m not very good at numbers, you know, all those type of things. And I get that.
Fear is not real
But also I suppose from a mindset point of view, fear is something that’s just not really there, is it? Something that we all as individuals have this issue with because just think of, for example, the fear of flying. It’s not really anything physical. It’s just our heads telling us, you know, when people have that fear.
And as a pilot myself, I find that really strange. Although I understand it, I find it really strange when I take people for a flying helicopter. People go, I’m terrified of flying. It’s like, Well, don’t you think that I want to do this and get home and do it properly and safely as well, You know? And so it’s a very strange sort of fear there.
And when you think about commercial planes, etc., is probably the safest form of transport there is. Yet so many people have a fear that yet they’re quite happy to sit in a car and go on the road where there’s accidents all over the place, you know. So it’s just that mental side of things that people have an issue with.
Government control
Fear is all, you know, it’s all right. And it’s just look at the way that the governments around the world for the last three years of have reacted and acted. It’s all about control and fear that’s made people, you know, sort of scared. Trading is no different. You know, it’s all about understanding emotions and controlling emotions.
So can you do this? Is it too hard? I want to talk to someone first. I’m not sure all those fearful things are just you having a new experience or scared of a new experience.
My personal experiences and fears
And from a personal point of view, I get that. You know, the man, when I was making this video, I was putting together some notes and I was thinking, well, from a personal point of view, I left the other side of the world.
I left a family farm that had been in the farm for generations, 25 years ago, came to New Zealand, flew to the other side of the world. I mean, what a fearful experience that was. I can tell you I didn’t know anybody here. I met my boss once for an afternoon about eight months prior. I didn’t know a single other person here, you know, back in the days before Internet as well, and cell phones.
So, you know, that was pretty fearful, leaving my only job that I’d ever had and paid employment for a couple of years, few years, and then going to take on huge debt to go and buy my own farm that was fearful when I sold the farm. And what was I going to do next that was fearful, getting into trading?
Well, going round in circles for four years, you know, and and fear of not making it work as well. That was fearful. All sorts of things. You know, I got into karate that was fearful because I was very uncoordinated. And so, you know, ended up teaching it for years and loved it learning to fly helicopter. I’ve I don’t know anybody that flies prior to learning.
So I can tell you that was pretty fearful. But, you know, I did it and I love it. And then moving to the South Island here in Nelson, you know, leaving 20 sort of to 23 years of sort of connections and friends not leaving, but, you know, moving away from to move to the South Island. That was pretty fearful.
More recently, I’ve started to learn to play the guitar and I’ve never done anything like that and performed on stage. And about a month ago I performed on stage for the first time. That was pretty fearful. So it’s almost like you’ve just got to go and do these things. If it’s something that you want to make work for you and to improve or change what you’re currently doing.
Everyone starts trading at the same place
And so we did all that because everybody started trading. Don’t forget, in that fearful state. And when they have been brand new and don’t know anything and you feel like you’re kind of out of your depth and, you know, a little bit green and not sure what you’re doing. And and so we get that because as coaches, we’ve all been there and we’ve all taught people who have been in that situation.
But what we can do is take you through a step by step process with a strategy that works. And that’s why we post our daily trades every day, because it helps people to gain confidence and to be able to see what we’re doing each day and to learn from those trades, but also to earn from them as well.
It’s why we have live weekly webinars. It’s why we have a forum site where we’re all trading the same strategy and it doesn’t matter where you live in the world, you can all trade the same strategy. So put all those things together and with the course, the step by step instructions, the accessibility that we have, all of those things can help overcome that fear that someone might have. And again, perfectly understandable.
Just do it
But just think of it this way. Just, just do it and quote my lovely wife, Jenny. She always has a phrase. You know, she says, you’re a long time dead. So it’s very true. You know, I suppose it’s as you get older in life, you kind of realize that if you just want to change things, you just going to do stuff, just go and do it.
And fear is just something that we all have in our heads. It’s not a real thing. Just just go and do it.
Check out my new Masterclass
So if you’d like to just go and do it and you like to make trading work for you, just come and check it out. I masterclass that we held is an hour long presentation, teaches you all about what we look for, what we do, how we can help.
I’ll put a link to it here. It’s probably a first step. Feel free to book a call with one of us, either myself or Paul over in America or Mikalai in London, and just have a chat with us. You know, we’re real people all being there at the beginning and so we know exactly what it’s like if you’re new to trading.
And that’s it for this week. Yeah, trading. Can I do this? Absolutely you can. And I see this time next week. Bye for now
Episode Title: #503: Trading – Does FEAR Prevent You from Being Profitable?
#502: Celebrating 14 Years of Helping Traders Worldwide
In this video: 00:39 – We turn 14 years old at TFTC 01:31 – The strategy has never changed 02:27 – Our amazing trading community 02:50 – Your chance to join us this week 03:58 – Blueberry Markets
We’re celebrating 14 years here at the Forex Trading Coach, and we’re going to give you an absolutely amazing opportunity to come and join us at a crazy low price for three days for this week only. Let’s get into that and more run that.
Hey, the traders, Andrew Mitchem here, the Forex Trading Coach for a video and podcast number 502.
Just come outside today and you can see in here behind me the first snow of the year on the mountains behind. And what better way to come out in the fresh air, in the sunshine and talk about trading.
We turn 14 years old at TFTC
So we turn 14 years old at the Forex Trading Coach this week. When you get to watch this video, something we’re incredibly proud of. I’ve just had personally my 50th last week as well, 50th birthday and 14 years of coaching. So a big time for celebration.
So look, we’re incredibly proud of what we’ve achieved over the last 14 years with our community of help. So many people worldwide. To achieve financial freedom and success and basically change lives for people. So many people have joined us that are being completely and utterly frustrated with their trading and not making money. And we’ve been able to help change things around for them.
And likewise, we’ve had people never traded ever in their life. And the good thing is, from their point of view is they get to learn a system straight up with with no bad preconceived ideas. So it doesn’t really matter where you are in the journey or in the spectrum that we can certainly help you.
The strategy has never changed
The other thing to let you know, over the last 14 years, like obviously things change and things have got better and better in terms of improvement.
The delivery of how we provide the course. But the strategy has never, ever changed. And I could go back 14 years and look at webinars that I started. Back then 2009 – 2010 and the strategy, the trades I’d taken back then would be identical to the trades taken just today. So that’s a huge credit for the strategy and the course because it works across all markets, all time frame charts and that new market such as like the indices, cryptos, commodities, etc., like that as well.
And the good thing is they never change because it’s based on sound logical principles of price action. And so therefore, if the market is showing the quality set up, if you take the trades, if they setups are not there, you don’t take the trades as simple as that really.
Our amazing trading community
But look, over these years we’ve just built up a fantastic community of go ahead, like minded progressive people all trading that one strategy and the community is a massive part of what we have.
Through our forum sites, through our Daily trades, through our live webinars, everybody looking at the same charts at the same time because we all use our MT4/MT5 indicators and templates.
Your chance to join us this week
But if you not a client right now, this week is going to be your best opportunity. We are only holding one sale this year and it’s going to be right now between Tuesday and Thursday.
We’re going to give you the option to join us for crazy low price. There’s also going to be a split payment option as well. To find out more, click on the link that I’ll put on this video and podcast and it will take you through your page where you can find out the price, how you can join, what dates it’s on, etc. and take advantage of that.
Look, if you want to change your trading around and become finally a successful, independent, profitable trader, we’re teaching the person to fish. Yes, we provide you with the fish to help you to learn and earn. But ultimately, as I as a coach, our job is to get you to be able to do this for yourself with our help along the way.
And that’s what we do. That’s what we’ve done for 14 years. That’s why we have so many successful, happy people and so many stories of just helping so many people to jump on board. As I mentioned, click on here for three days only. There will not be another sale this year. A massive opportunity to save 67% on the main joining fee. And come on board with us right now.
Blueberry Markets
Last thing in terms of brokers blueberry markets is just fantastic people. They are a great bunch of people. I have so much respect for what they do and who they have their efficiency, their quality of their customer service. Whenever I hear from clients who have gone to Blueberry and say, Look, Andrew, you suggested I try blueberry markets, they’ve just been fantastic.
It’s so pleasing to hear that we recommend someone and that company exceeds expectations with a quality that they offer. Again, I’ll put a link to blueberry markets here as well. So that’s it for now. This is Andrew Mitchem here, the Forex Trading Coach celebrating 50 years personally and 14 years as a coach. I see this time next week. Bye for now.
Episode Title: #502: Celebrating 14 Years of Helping Traders Worldwide
In this video: 00:28 – Lacking the capital to make a good income? 01:25 – Prop firms to the rescue 01:52 – Make sure you are profitable first 03:33 – How much to risk per trade? 05:19 – High Reward:Risk Trades 06:15 – View my new on-demand masterclass 06:54 – Take a look at Blueberry Markets
Prop firms. They’re a great way to make a substantial income through trading in the Forex market. But how do you pass their Challenges successfully and consistently? Let’s talk about that and more right now.
Hey there, Forex traders! Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 501.
Lacking the capital to make a good income?
Now, traditionally people have always had an issue when it comes to trading and the feeling that they cannot make a substantial income out of their trading.
And it’s a question that I’ve been, you know, sort of presented with for years and years and people go. Look, Andrew, love to do your course, but I’ve got $10,000. I spent a couple thousand dollars on your course. I don’t really have enough money. Even if I can make 50% in a year, you know, to actually make something substantial out of my trading account.
And it’s understandable. And my answer has always been, well, that’s fine. And I know it’s easy for me to say, but you’ve got to learn to trade properly first, learn how to first still doesn’t actually solve the issue for the individual. And, you know, in the past, people were able to do things like maybe trade funds for other people or sell signals and things like that, but it’s always been a little bit difficult.
Prop firms to the rescue
However, over the last few years, you’d have noticed we’ve got a massive influx of prop firms and like everything in the Forex market and everything online, there’s good in this. Maybe not so good. You have to do your research to find out what you consider to be a good prop firm. But my job as an educator and as someone who provides a forex strategy is to give you some tips and information of how you can best passed those firm challenges.
Make sure you are profitable first
So the first thing you need to do before you even get to that stage of thinking about a prop firm is make sure that you are consistently profitable yourself. If you’re learning a new strategy, like if you’re coming to us and it doesn’t matter how big your account is, how long you’ve been trading, I always say to people, get onto a live demo account and a small live demo account of that and make sure you’re profitable on that first.
The reason is then you gain confidence in yourself and the strategy and the group of people like us that you’ve joined, etc. You’ve got to gain confidence in doing this properly first, then move on to your own personal live account. Doesn’t has to be big. It doesn’t really matter what size it is, but the ability to be successful and consistent on a live account with low drawdown.
Really important point there. because when you move to a prop firm, you’re then got confidence in yourself. You’ve got confidence in your strategy and your ability. The reason I mention low drawdown is because ultimately when you go to a prop firm, you have to make sure you’re preserving their capital. That’s why they have those rules in place. Most of them have like about a 5% maximum drawdown, and rightly so.
This is their capital that, you know, even if you passed a few demo challenges and you want to real money, this is their capital. They’re risking this for you to trade it. If you don’t know what you’re doing and you’re out there risking 3%-5% to trade, you don’t last long. You’re just going to keep paying them. Lots of small subscriptions.
But if you’re there to do this properly, you have to ensure that all your trades are very low risk.
How much to risk per trade?
In my normal day to day trading, I recommend a half of 1% on prop firms. I’d probably go lower. I’d be looking at something like a 0.25%, a quarter of 1% risk. I’m not saying that’s the actual figure you should do, but I’m saying something like that is a really smart idea because when you think about it, if you have a 5% maximum drawdown and it’s going to take you for losing trades to get to 1%, four times five is 20, you have to have 20 losing trades all in a row at quarter of 1% to fail that challenge.
Now, sure, it may take longer to get to the profit target and it’s important that you choose a prop firm who do not have a limit on or a maximum number of days that you have. I don’t think that’s a great idea. These prop firms say you’ve got to reach 10% in 30 days.
I would steer completely clear of them personally. I wouldn’t go near them. Why? Well, 30 days In reality, it’s probably 20 trading days time. You take out weekends and things and you take out maybe Mondays. Not particularly active. Friday may not be that active. You really only have a few trading days to make that money and let’s say you’re up at 6%, 7% and you’ve got a couple of days left.
You’re then going to do something stupid and you’re going to take silly risk. Yes, you might fluke it once, but probably not. And you’re going to end up losing it and regretting all that work you’ve done because of their silly rule. To me, a good prop firm should have no limit on the time it takes you to get to that 10%.
Therefore, you can keep within the risk parameters and therefore you can have slow, steady gains. So risk is obviously one major factor because it’s their capital that they want you to preserve.
High Reward:Risk Trades
And the second thing is making sure you have trades with high reward to risk, because therefore when you have profitable trades, they’re going to be two or three, four times your risk.
Therefore, quarter percent risk, you might be up to like half percent, three quarters, 1%, even 1% account gain for every trade that’s profitable. And that’s how you’re going to get yourself through these prop firm challenges. Obviously, if you know what you’re doing in knowing how to trade, you’re in within their rules of low risk and get to their profit targets.
The the upside potential is literally unlimited and that’s what a lot of our clients are doing. And that’s because the way that we trade and the way we teach is a sensible, low risk, but with high reward risk twice, it’s what the prop firms want. It’s what you should want. If you’ve got any interest in being a successful and good quality professional trader out of this.
View my new on-demand masterclass
So have a look at our masterclass. It’s a new masterclass. It’s about an hour long. It’s an OnDemand session. You can watch it at any time that suits you. I really encourage you to go and have a watch of that session to see how we trade and what we’re doing on that. At the end of that session. We also give you the option to book a live 30 minute session with myself or with Paul.
Paul is over in the US and I’m here in New Zealand and between us we can cover you know, the clock and the globe. And that’s an opportunity at the end of that masterclass session to find out if we’re a good fit for each other and how we can help you further.
Take a look at Blueberry Markets
If you’re out there looking for a good forex broker for your personal account, I can highly recommend Blueberry Markets are a fantastic bunch of people, fantastic brokerage, low spreads, low commissions and MT4/MT5 ASIC regulated over in Australia as well.
Been around for a number of years now personally owned by and I know the guy who personally owns it and so you’ve got a lot of credibility there and that’s why we like working with them. Their customer service is absolutely the best you will find. So have a look at the link I’ll put on here to blueberry markets, Have a look at the link I’ll put on here to our masterclass.
And if you are looking at increasing your income through the use of prop firms, consider all the things I’ve just mentioned and it will massively help you. So once again, this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now
Episode Title: #501: Learn How to Pass a Prop Firm Challenge
In this video: 00:20 – How my 20 years of trading knowledge can help you 00:47 – Trading is hard work 02:40 – You are in a fortunate position today 03:33 – Our commitment to quality 05:22 – Get the basics right first 06:42 – View my new on-demand masterclass 07:07 – Take a look at Blueberry Markets
I want to help you by explaining some of the things that I found out in the last 20 years as a full time forex trader. Let’s talk about that and more right now.
Hey, the traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 500.
How my 20 years of trading knowledge can help you
So big celebration today, something we are really proud of. And I’d like just to come out so I this you can see here nice sort of autumn day here in Nelson and wanted to explain what I’ve learned so I can pass the information on to you and help you to become a better trader by shortcutting the learning process for you.
Trading is hard work
So first of all, let’s just be real about this. Good trading is hard. It takes time, it takes dedication, it takes commitment. If you’re the sort of person that is lazy or you think it’s just going to suddenly, roll off and make you a multi-millionaire by next month, it’s not for you, or certainly we’re not for you.
You’re probably wasting your time. In all honesty, you have to be real about this. And so I think that is one of the things that I find, especially with coaching, you know, from time to time and it’s probably on a daily basis, people will come to me and say, Andrew, how much can I make from this? Or I don’t like my job, I want to replace it with trading.
Now there’s a few things there. If you want to put some effort, time, commitment, financial commitment, your own time, commitment, a bit of hard work. Yes, it can work. And yes, you can replace your your income with it. Lost of ways you can do that? Like prop firms, etc. like that. But you still have to start small. You have to learn to walk before you can run.
All those kind of phrases are so, so true and trading. And over the last 20 years, I think that’s probably one of the biggest things that I find because online obviously there’s a lot of makes it look easy things, a lot of, you know, YouTube videos everywhere. Everybody’s got an opinion or a method that, you know, it’s going to make you a multimillionaire next week.
They’re driving around in this red flash Ferrari and things like that. Laptops and pretty women sat next them. Look, they’re all hired. They’re not real, they’re staged. When I fly around in my helicopter and show you that’s me flying in my own helicopter. I’ve done that through hard work trading and hard work to learn how to do that and hard work to be able to afford, how to do that.
So it’s real. It’s taken 20 years, you know, it’s not something I started, and within a month I was suddenly owning a helicopter. So get it real and realize that I have gray hair and it takes time. And that’s what you have to accept.
You are in a fortunate position today
But you are in a fortunate position because, you see, when I started, we are on dial up Internet. Things were very different. Not a lot of information out there. I had a one gigabyte plan when I started trading on dial up. First of all, I had to get the Internet to work and actually stay stable and then one gigabyte plan, which my mates were absolutely amazed at, that I had a one gigabyte per month Internet plan.
It was huge. And then I remember we went to 10 Gig and everybody was just blown away that I would have such a massive amount of Internet per month. And of course things have changed as everything does. Technology changes everything. It gets better, improves, hopefully. So, you know, you got no excuse today in terms of like cheap laptops, cheap Internet, reliable go anywhere in the world pretty much.
And you’ve got Internet. So you have that in your favor today, which of course we did not have.
Our commitment to quality
The downside is, of course, there’s more scams and more things out there. I suppose we still had them back then, but less of them. So, you know, there’s pros and cons of everything. But the good thing is, you know what I’m proud of?
Of what we’ve done is we have that commitment, that achievement, that consistency, that showing up. Just last night I held a live webinar for my clients. I’ve done that every two weeks for my clients since 2010. The alternate weeks a US session which Paul Tillman holds for me, we are consistent, we show up. We do that every day.
I’ve just literally before I’ve started this video made and posted my daily chart trade suggestions for today, which is Friday the 28th of April. I put six trades on our membership site for our clients to follow. Learn from, and hopefully they get a wealth and from us. Well, today on the webinar last night I took three trades live, so we’ve done that every day.
We have never missed a day of daily trade since 2010, not one. And so that again shows our commitment effort. Just email me, try us out. Email us. We will reply to personally. If you book a Zoom call with me, we all report. We will show up. That’s our commitment to our professionalism and our dedication to what we do as traders and what we are like as people.
Just look at these videos and podcast. This is number 500. Every Friday I post them. How many people do you find that, you know, have a business or post five or ten videos and then you never see them again? We are. They are showing up day in, day out, because we’re doing this ourselves as real traders, you know, because that’s what we do.
That’s what we love and enjoy. So do that and have consistency. Put some effort in. It will work for you.
Get the basics right first
On a trading point of view, Just want to really sort of convey, I suppose it comes back to the basics. It comes back to the way that we trade. Why it works because it works across all market conditions.
So no matter what the political, economic and, you know, all the different events that happened over the last 20 years that I’ve been trading. The strategy that I’ve been teaching for 14 years now works consistently because it’s based on price action, candle patterns. What part of the chart it shows in, how we got support and resistance, round numbers, divergence, all these things, strength and weakness that we look for really important.
You do that and have that consistency and we also of course look for low risk per trade and we also ensure that our trades have high reward to risk per trade. So you put these basics together and you can see why what we do works and the daily trades, the webinars, the forums site, the emails, the support site, the trading software, all of this put together with the strategy and the videos and our help and support is why it works for people.
So that really is our point of difference. I suppose it works because it just does, because we’ve proven over all these years. 14 years next month the Forex Trading Coach something again we’re really immensely proud of with clients in 101 countries. So if you want to go further, a couple things you can do.
View my new on-demand masterclass
If you’ve not been on my new On Demand webinar, you can click on that and just watch it whenever it suits you.
At the end of that webinar, there is an option for you to book a call live zoom call with myself or with Paul Tillman, who’s over in the US. Using our calendar system, and you can do that at the end of the webinar. Make sure it’s right for you though first.
Take a look at Blueberry Markets
And also if you are looking for a broker, I can highly recommend you consider and look at blueberry markets, they’re base across over the ditch over there to the west of me over in Australia. Good bunch of people, great platform, MT4/MT5 lots of different markets as well now.
And also lots of more minor exotic forex pairs as well. Good spreads, just good people. Have a look at blueberry markets again. I’ll put a link to them here as well for you. So that’s it for today. Really proud of our efforts and commitments. Like I said, this is video on podcast number 500. Just love doing what we’re doing.
Any questions, please ask and I’ll see you next week. Bye for now.
Episode Title: #500: Lessons from my 20 years as a Forex Trader
In this video: 00:29 – #1 Learning how to trade is not taught in schools 03:25 – There’s no better time to learn than right now 03:52 – #2 Our new on-demand Masterclass 04:33 – #3 Blueberry Markets 04:55 – Next week is video #500 05:14 – Share, Like & Subscribe
Learning how to trade or even why you should look at learning how to trade is something that will never be taught in schools, colleges, or universities. Let’s talk about that and more right now .
Hey there, Traders!. It’s Andrew Mitchem here at The Forex Trading Coach. With video and podcast number 499. We’ve got three important things to discuss.
#1 Learning how to trade is not taught in schools
The first is, I believe that learning how to trade or why you should even think about learning how to trade is something you’ll never find in schools or university. It doesn’t matter where you live in the world. Why? Well, it’s because it’s different. It’s because schools are generally set up to teach you how to go and learn a skill to be able to go and work.
And generally that means you’re out there learning and, you know, to work for someone for generally X number of dollars or pounds or euros or yens per hour. It’s creating something for the masses to go out there, learn a skill that is your job for life and you go to work, you earn your money, you come home. And it’s something that sadly the education system is set up for.
And although there are some schools that are good, there are universities that are good, there are good teachers, but the vast majority of teachers there do not have the skills themselves to think about something different, to think outside the box, to think outside the curriculum, to be entrepreneurs, to look at things like trading. Because that’s not the sort of person they are.
That’s why they are teacher, That’s why they teach history or English or Maths or Geography, whatever it might be or very, very important skills. And I can assure you I’m not knocking them, but what I’m saying is that in general, in my experience and don’t forget I’ve had five kids that I find that schools are just very stuck in their ways of getting enough people through the system, ticking enough boxes, the teachers just getting by, getting enough kids through.
You generally find that most kids are really, really good. Get bored at school because the teacher spends all their time worrying about the kids who are not good at school and getting them up through enough to get the teachers a pass mark and make the school of good. That’s the general way of how it works and looking at things like online businesses, it’s really strange because when you consider that, you know, there are so many online businesses now and entrepreneurship and things like that, we don’t get taught that.
And there’s so many basic money skills in life. I had to open a bank account, what’s a mortgage? All those things that most schools and most kids are leaving school, getting into adult life do not know. And so trading is one of those things. And again, it comes back to it’s not in the curriculum because the education system probably doesn’t understand or doesn’t want you doing it.
The teachers, most of them, certainly don’t understand it anyway. Big problem, as you can see. So that’s why I think that education in trading and learning how to trade and why potentially you should look at learning how to trade is such a flaw in the education system and that’s why something like ourselves here at the Forex Trading Coach can offer you something that you’re probably not going to find in many places out there.
There’s no better time to learn than right now
If you are young, there’s no better chance and time to get into it than right now. Learn how to do this.
And naturally probably going to be really good and better than older people on computers and the internet and things like that. So take your time, learn how to do this properly and get yourself a good passive income or even a full time career through prop firms and things like that of learning how to trade and doing this properly because it’s perfectly doable.
#2 Our new on-demand Masterclass
The second thing that I want to talk about is our new On-Demand webinar that we have now live on our membership site, on our on our website. I should say. Go have a look on our website and I’ll put a link to it here. You can watch it.
It’s just over an hour long, contains lots of really good forex information for you to give you an understanding of what Forex, what we offer, what we do, how you can learn the things that we the tips and trading information that we look at with candles and risk management and rewards risk and prop firms and all these things and build this bigger picture together. To help you to develop further as a trader.
#3 Blueberry Markets
And the third and last thing is you are out there looking for a really good forex broker I can highly recommend, Blueberry Markets that are fantastic broker they offer MT4 and MT5. Lots and lots of markets on their MT5 platform. Really good to see have a look to at blueberry markets. If you’re looking for a really good broker again I’ll put a link to them here.
Next week is video #500
Next week. We are on video and podcast number 500. That’s quite an amazing achievement considering we put these at pretty much weekly. And if you’d like to ask any questions you’d like me to cover on next week’s video and podcasts, do send me an email Andrew@theforextradingcoach.com
Share, Like & Subscribe
If you’re watching on YouTube or any other video format, please like and subscribe, share the video around and share it with any friends and family who think might be needing that forex education. I’ll see you this time next week. Bye for now.
Episode Title: #499: Why Schools Will Never Teach Trading
#498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
In this video: 00:28 – Less is More 00:53 – FOMO – Fear Of Missing Out 02:05 – Trade for enjoyment 03:03 – Trade examples from this week 04:38 – Our NEW on-demand Masterclass 05:20 – Blueberry Markets
I’m going to explain why trading and looking at your charts for 30 minutes a day is so much better than trading and looking at your charts for 8 hours a day. Let’s get into that more right now.
Hey there, Forex Traders! Andrew Mitchem here at the Forex Trading Coach with video and podcast number 498.
Less is More
I want to talk about something that might seem so obvious, but unfortunately most people don’t do it.
And that is why trading 30 minutes at a maximum is so much better than staring at your charts and being glued to the screen for 8 hours or more day. Well, as I mentioned, it seems so obvious, doesn’t it? What are the benefits? Well, they’re endless. But why is it that so few people do that?
FOMO – Fear Of Missing Out
So it probably comes down to when you start trading, you think that you need to do more and more and you need to be glued to the charts all day and all night.
You just can’t get away from it. You’re watching every pip movement up and down your flicking between different charts, different timeframes, different currency pairs, different markets, and you then think that you need to get into trading different sessions and you need to be there at the beginning of the European session. You need to trade during the US session.
We need to trade all the news announcements, the Red high impact news announcements. So that you see on Forex Factory. You think you need to trade those as well. You’ve been told that the main price action happens when Europe’s open and America is open. So you have to trade then. And I know exactly what it’s like because years ago when I started trading, I knew exactly the same.
I was trading those sessions, which is night time. My time I was trading news announcements and setting my clock on my watch all the time to be there 5 minutes before those major news announcements in then. All through the night. And trying to do that with five young kids as well is a bit of a nightmare to be honest. And I’m glad it didn’t last for too long before I finally figured out that it wasn’t a good idea.
Trade for enjoyment
So to trade properly, to trade with enjoyment and I’ve been doing this for 18 years now and teaching for 14 years, so I can tell you with some knowledge, some experience of what works and what does not work. And I can tell you that if you can trade properly with looking at a chance a few times a day, 15 to 30 minutes a day, it’s enjoyable because it’s real, it provides longevity and it provides enjoyment in what you’re doing.
It doesn’t burn you, it doesn’t stress you out. You can carry on doing what you’re doing. You can carry on with family life, other jobs, whatever it is that you’re doing, you can trade on prop firms. You don’t need to be spending all day and night doing it and you can copy across from a main account to prop firm account.
So just because you think I’m doing this for not much time in the day doesn’t mean to say that it’s wrong or it’s lazy or anything like that is absolute complete opposite. It’s what makes trading real and enjoyable and profitable.
Trade examples from this week
To give you some examples from three trades that I took this week, we started off trading this week after the Easter break on Wednesday and on Wednesday I posted three trades off the daily charts based off the daily charts for our clients.
It was a sell trade on the USD/CAD, buy trade on the EUR/USD and a buy trade on the EUR/HKD. All three were profitable and so the results of that were the USD/CAD made a 1.8 to 1 reward to risk. We also did have one position stopped out as well. So that was a 50/50 there one profitable one not. The EUR/USD made a 3.9 to 1 reward risk.
The EUR/HKD made a 3.6 to 1. Put those together I made from those three trades, including the one loss on the USD/CAD and one gain. I made just over a 2% gain on those three trades, which literally took my clients less than 5 minutes to identify and to place. So “Less is More”. 2% gain, real low risk per trade.
You don’t need to be sitting there watching every pip moving going up and down driving yourself mad because it’s just not real. It’s just not enjoyable. So make sure that you have a strategy that uses close of candles and probably also the longer timeframe charts. It’s going to make your trading much more profitable, much more real, much more enjoyable.
Our NEW on-demand Masterclass
So two other things to mention to you. Our new On-Demand webinar is now ready for you to view. If you haven’t been on my webinars in the past or even if you have, this is completely different. I’m going to put a link to it on this video podcast so you can click on at a time that suits you is completely on demand and it’s instant access to that webinar.
It’s just over an hour long, really worth your time to go and register for that and to find out more about what we do, how we trade, how we can help you and get lots of trading tips and information, talks about all sorts of things about trading risk shows, some of our trades that we’ve taken. Talk about prop firms and how you can trade properly. Go and click on the link.
Blueberry Markets
And lastly, if you’re out there looking for a really good broker, have a look at blueberry markets again, I’ll put a link to them on here. Blueberry markets, they’re based in Australia, but it doesn’t matter where you live in the world, pretty much every country apart from the few plus the US, you cannot trade through blueberry.
But if you’re everywhere else or anywhere else, you can pretty much trade through blueberry markets and great bunch of people. Incredible customer service. Probably the best you’ll ever find out at any broker that I’ve ever experienced. Blueberry markets. There’s a link here as well.
Any questions that you have, send me an email. Andrew@theforextradingcoach.com any topics you like me to discuss over the next few weeks?
Please send them through and in 2 videos from right now we get to video post and podcast number 500. So looking forward to that.
Anything you want me to cover on that one, let me know. Bye for now!
Episode Title: #498: Why Trading for 30 Minutes a Day is Better than Trading for 8 Hours a Day
In this video: 00:23 – Pre-flight completed and ready to fly 00:53 – Hard work and dedication needed 01:45 – Learning to fly is hard, but incredibly rewarding 02:09 – The best student ever 03:40 – Getting yourself trained 04:35 – The TFTC Coaching Course
What makes a good forex trader? What characteristics do they have that you could learn from? So you two can become a good trader. Let’s talk about that more right now.
Hey, the traders Andrew here at the Forex Trading Coach video and podcast number 497.
Pre-flight completed and ready to fly
As you can see here, I’m out at the airport just a preflight ready to go for a flight very shortly. And what does it make this podcast and video out here? Because yesterday I was talking to Etienne Crete, who runs a really good Traders podcast. And on it
We discuss what characteristics make a good trader and can someone learn those or is it just something they just happen to be born with that makes up your character? And so I said to Etienne that it’s really important that you’re quite a thorough type of person in many ways.
Hard work and dedication needed
And I was quite fortunate in some ways that I was born on a dairy farm where you have to go and milk cash twice a day.
It doesn’t matter whether it’s Christmas, your birthday, you’re feeling ill, you know, the sun’s out, raining and snowing doesn’t matter. You have to go and do that seven days a week. You get no choice. And so being brought up on a dairy farm or anything to do with looking after animals or children and things like that when you cannot get away is a big characteristic.
And I think that makes a good person who is going to be good for trading the forex market. And likewise, I’ve always done a lot of martial arts and judo and karate, and same thing with that. You’ve got to have that respect, that discipline, that hard work ethic, and you realize that it’s not as easy as it’s made out to be.
But you also realize that if you do put that time and effort and dedication into things that the results are just incredible.
Learning to fly is hard, but incredibly rewarding
And it’s no different with this helicopter behind me here. You know, ten years ago, if you said, first of all, I own a helicopter, will even be able to think about flying it, then I thought you’d be crazy.
But with some time, dedication, hard work, effort and commitment and investment, it’s happened. And here it is behind me now.
The best student ever
It’s it’s no different to trading the amount of people that come to me and go, I’m just going to be your best student ever. I’m going to join your course and I’m just going to be the best student ever.
And they don’t join the course and they go off and do something else, you know, because there’s no real effort or commitment that and it’s incredible how often that happens, because for some people, like actually joining a course is just too hard. You know, they’ve got to learn something, get it, got to give up a bit of time to dedicate to actually making this work.
Whereas everybody seems to want the quick fix and the easy answer and you know, they go to forum sites and various other video sites and just think that they’re going to find the free answer and the Holy Grail there. The bad news is you’re not. So you do have to put some effort in. Now, I’m going to see if I can move this camera around.
Well, I’ll show you inside here, because, look, I’m not exactly mechanically minded, but I have to know all about this hydraulic system in here. I have to know about this turbine in here. You know, I have to know about the weather. I have to know about the law. I have to know about them. So I’m not doing a very good job of this.
I have to know about all these different things here. The mechanics of flying, aerodynamics and then all that I have to do even before I get inside the machine and even like get to start it. So this there’s a whole procedure you have to go through and the whole checklist you have to go through before you start. So there’s all these things that you have to do.
If you look inside here, I’m trying to see if I can show you inside the machine the amount of levers and buttons and dials and things in here. It’s it’s huge. And you know what’s going on in here.
Getting yourself trained
So you have to learn this properly. So to do that, you have to go and get yourself trained and know what you’re doing. Otherwise it’s complete dangerous and it’s that’s not going to happen. Trading’s exactly the same and you’ve got to put that time, effort, commitment into it and and learn what you’re doing properly. So I just wanted to, I suppose, make that comparison really, if you want to do it. Yeah. Anybody can learn how to trade. Just depends on how committed you are to doing it.
Properly dedicated you are to investing in yourself and learning a skill that like all things, if it was that easy, everybody would be doing it. No different to flying this helicopter, no different to teaching karate here is that easy? Everybody would do it. But the rewards, if you want to do it and you dedicate yourself to doing it properly, are enormous. Flying is the same, nothing beats it and trading’s the same. There’s nothing that beats it.
The TFTC Coaching Course
So look I put a link to our course if you are interested. We’ve been doing this for nearly 14 years, getting close to 4000 clients in 101 countries. And we know what we’re doing because it works. And it also doesn’t commit you to sitting at yours charts all day because we can go and do things like this.
So that’s it for now. I’m just going to finish this video. You know, I’m finished on a pre-flight and off for a fly. I see you next week, bye for now
Episode Title: #497: What Makes a Good Forex Trader?
In this video: 00:26 – Being self sufficient 00:42 – Nothing to see here 01:44 – Learning how to trade is exactly the same 02:07 – Putting in the effort reaps the reward 03:00 – Think of your trading is like growing a plant 03:16 – Get onto one of my webinars 03:38 – Choosing a broker – Blueberry Markets
You need to learn to grow as a trader. It’s no different to planting your own food like I’ve just done behind me here. Let’s talk about that and more right now.
Hey, the traders! Andrew here at the Forex Trading Coach with video and podcast number 496.
Being self sufficient
Now we like to be pretty self-sufficient here. We grow our own food. In fact, of this planted here in this brand new garden bed that I’ve just built behind here, some broccoli and some cauliflower and some garlic and some cabbages as we head into winter here.
Nothing to see here
Now, there’s nothing here to see. Right now, it’s just empty. You can’t hardly see the plants I put in, but that’s because it’s all new. And they need time to grow and to nurture. And we like to be self-sufficient. As I mentioned, with our own food. We like to avoid supermarkets as much as we can. We grow our own food around vegetables and fruit. We’ve got our own meat, our own fish, and yeah, we’ve got our eggs and, you know, everything you can possibly really want.
And that’s our choice. But it takes some hard work and dedication. But the rewards are massive because you feel better. Everything’s home grown. You know what treatments it’s had or not. It’s there to pick in season. And although it’s hard work and it takes some dedication and you get your ups and downs, you get your failures, certainly, you know, things go wrong, the weather and whatever it might be, something eats it and you’ve got to start again.
It can be frustrating. And it got me thinking when I was putting these plants in here, just that I’m going to make my weekly video and podcast on this exact topic about planting.
Learning how to trade is exactly the same
Because it’s no different from you learning how to trade. You know, when you start off you like this, you put all this effort in and you can’t see anything and you kind of wonder like you all that cost of building it.
I’ve just put six cubic meters of soil in here. Grown the plants from seeds, put them in, and I still can’t see anything. There’s no reward there yet, you know, there’s no plant, there’s no food yet, and trading’s no different.
Putting in the effort reaps the reward
You’ve got to put that time in that effort, in that commitment upfront. And yes, you will get failures.
There is no doubt about it. Things will go wrong, You’ll do silly things, you’ll lose money. You have great straight set ups that will lose money. And that’s just the nature of trading. But once you know what you’re doing, once you’ve had some success and some time in like the business. Like of these plants here, when they grow and I could show you trees up here of avocados and tomatoes and lemons and nut trees and figs and pumpkins growing up there and watermelon and all sorts of things and corn.
How well can I see behind me here there’s cabbage, there’s lettuce, there’s quail, there’s peppers, there’s all these things I can see behind the camera here that are growing because we put the time and the effort in, you know, previously to get them to grow to that stage.
Think of your trading is like growing a plant
So think of me trading like growing a plant, nurture it and put some effort in, help it grow and accept there’ll be a few losses and a few failures, but accept also that once you if you stick at it, the rewards are massive. So that’s my trading and gardening analogy for today.
Get onto one of my webinars
If you’ve not been on my webinar, there’s two sorts of webinars that I hold and one for experienced traders and one for new traders. I’ll put a link to both here on this page so you can jump on to one of those. You only need to attend it once. Just pick the time that suits you or you can actually go and watch a recent recording as well. If you don’t want to attend one of the scheduled sessions.
Choosing a broker – Blueberry Markets
If you’re looking for a broker, I can highly recommend Blueberry Markets. Fantastic broker there over in Australia. Go and have a look at them. Check them out. I’ve been with them for years and years. I’ll put a link to them as well on this page, so I hope that helps.
This is Andrew Mitchem here, the Forex Trading Coach. Enjoying the inside and enjoying the food, enjoying the sunshine and loving the trading. I see you this time next week. Bye for now.
#495: How Long Does it Take to Become a Profitable Trader?
In this video: 00:28 – How long does it take to become a good trader? 00:48 – How long is a piece of string? 01:45 – Be patient for long term success 02:16 – What should you do? 03:07 – Using your demo account correctly 04:15 – The next stage to trading live and prop firms 05:19 – Choosing a broker 06:19 – Like & Subscribe
How long will it take somebody to learn how to trade the forex market properly and turn into a profitable trader? It’s a question that everybody has. Let’s talk about that and more right now.
Hey, forex traders! It’s Andrew Mitchem here at the Forex Trading Coach with a video and podcast number 495.
How long does it take to become a good trader?
And that’s right, everybody wants to know, how long is it going to take me to learn how to trade properly? How long is it going to take me to be profitable as a trader, whether I know absolutely nothing or for some people they’ve been going around in circles doing this for years.
How long is it going to take me, especially if I’m starting a new strategy and a new course?
Well, the answer really is, is how long is a piece of string? But what I can tell you, in other words, there is no one answer. But what I can tell you is this The more that you are patient, the more that you put your dedication and time upfront into learning, the more that you forget about making money, the better you will be long term.
And what I mean by that is that so many people just charge straight in headfirst like a bull in a china shop. Just go, I want to make money or they paid for course. I want to pay off this course really quickly or they’re in debt or they’ve lost their job, whatever it might be. Everybody’s always focused on how much money they’re going to make.
And when you focus on the money that you’re going to make, you’re going to do things wrong. You’re going to do silly things, you’re going to take gambles, take big risks, because all you’re doing is focusing on the outcome of the monetary side of things.
Be patient for long term success
What you need to do is take your time and be patient, because I can promise you, if you do that slowly, carefully, methodically, almost in a boring way, and your long term chances of being a profitable and highly skilled forex trader are massively increase.
And I can tell you that because I’ve been trading the markets for nearly 20 years and I’ve been and seen it all from my own experiences and through the thousands of people that have come on board with us here at the Forex Trading Coach.
What should you do?
So what can you go and do? Well, first of all, if you’re learning a strategy, you’ve got to learn it properly.
You’ve got to get onto demo accounts, you’ve got to make your mistakes on a demo account, whether it be a money management thing or whether it’s a partial closing thing or trading the wrong direction, whatever it might be, use the demo accounts carefully and use them to your advantage. Now, the other thing you got to be careful with a demo account is you don’t open up too big an account size, a lot brokers will give you, let’s say 50,000 or 100,000.
That’s unrealistic for when you’re going to go live. So I suggest you open a demo account and try and get down to one of the smallest sizes that you can have, maybe sort of 10,000 or something like that, because then it becomes real when you go live and nothing really changes.
Using your demo account correctly
So once you’ve made all those silly mistakes of entering and exiting trades, you then need to use your demo as though it were real and you have to use it and carefully and properly.
Don’t just think, Oh, it’s a demo account. I don’t care that trade loses or I’m leaving that trade in over the weekend. I forgot to close. It works, doesn’t matter. It’s just a demo. Don’t think that at all. You’ve got to treat it like it’s real and you then have to become consistently profitable on that demo before I suggest.
Then you look at going live. When you do go live, then go to a small account. It doesn’t matter how much money you might have. You start with a small account and just carry on doing the same thing. Because when you go live, your emotions will definitely come into it, your head and your heart. Two things you have to control when you’re trading, but by that stage you should have eliminated all those silly things that you’re going to do on the platform.
But now you’re focusing on the trading and being consistently profitable on that small account, because when you have losing trades, it hurts when you have profitable trades, this joy and excitement, but you’ve got to try and bring those to almost to neutral. Then when you do that, you’ve got a few options.
The next stage to trading live and prop firms
First of all, you’re in like the 5 to 10% of people who are making money consistently. So congratulations. Secondly, you can then increase your account size. You could trade for other people. You can get on to prop firms and different things like that, which will then massively increase your returns. So that’s what I’m saying at the beginning. Do it patiently, Do it slowly. Don’t worry about how much money you making today, because I would much rather have a conversation with somebody.
And they said, Andrew, I’ll join your course. It took me six months or so before I felt like I was comfortable to go live and then another six months and now after a year I’m feeling really good and I’m making good, consistent gains. I’d much rather have that conversation with anybody than someone to just jump straight in. And after two or three months they’re blowing their account.
They don’t know what they’re doing. They’re losing confidence. They’re blaming the strategy, the system, the broker, me, everything but themselves. And so the long term person with a long term mindset will be the one who wins in this market. Right.
Choosing a broker
So you’ve done that. You’re understanding that you want to put your money with someone who’s a good broker, good, trusted, solid, reliable, honest broker.
Look no further than blueberry markets. They’re a fantastic organization, fantastic team of people. The based over in Australia. You can open accounts with them pretty much forever. You live in the world apart from the States and a couple other countries, but most other people can. They have the MT4 and MT5 trading platform. I’m now complete convert to the MT5.
I love it because not only is it have the built in extra time frame charts, but of course it has so many more markets to trade. And as a technical trader that just gives me so many more opportunities to get high quality A-plus grade trades set ups on a daily basis. So I hope that helps. Remember, don’t rush to trading and if you’re looking for a broker, consider blueberry markets.
I’ll put a link to them on here as well. So once again, this is Andrew Mitchem here at the Forex Trading Coach.
Like & Subscribe
Have yourself a great week or weekend wherever you’re watching or listening to this and any questions, please ask. Don’t forget to like and subscribe. If you’re on social media or YouTube and any questions you have for future editions just like this, send me an email.
Andrew@theforextradingcoach.com. See you next time. Bye for now!
Episode Title: #495: How Long Does it Take to Become a Profitable Trader?
In this video: 00:27 – What lot size should I use? 01:04 – Doing it all wrong 02:30 – Get a copy of my Lot Size Calculator script 04:35 – Losing trades will be equal money now 05:08 – Blueberry Markets is my broker of choice 05:50 – Future discussions
Calculating the correct size for your trader is vitally important to your trading success. It can make or break you as a trader. Let’s talk about that and more right now.
Hey there, traders. It’s Andrew Mitchem here at the first trading catch with video and podcast number 494.
What lot size should I use?
So a lesson for you for this week. I was approached by somebody via email a couple of days ago, not a client. And he said to me, Andrew, can you help me out? I’m really struggling with my trading. And he was just tearing his hair out, couldn’t really figure out what was going wrong.
Yeah, low win rate and was just losing trade after trade. And I said, look and show me some of your trade results. Maybe like export your trade history through to me and I’ll take a look at it for you to see if there’s anything obvious I can see to assist you.
Doing it all wrong
Now the thing that stood out so obviously, and of course I didn’t know his strategy, I didn’t know why I was entering the trades or anything like that.
But the obvious thing, the first thing that I looked at is that every single trade that he was taking had the same size and he was this placing 0.1 lots and he was placing on every single trade. It didn’t matter what the currency pair is, what the direction, what the stop loss size was, and or even different markets. Every single trade had the same 0.1 lot size.
And I went back to him and said, here’s an obvious flaw in your trading, because have you noticed that some of your losses are enormous and some of your gains are really tiny and when you have losses, they’re all over the place. There’s, you know, some big losses. There’s smaller losses. And same with your gains. You know, you might have a profitable gain, but it’s tiny.
And compared with the loss that you just take him on the last trade. And he said, oh, the reason I do that is because it’s easy. I put 0.1 lots on every trade. And I said, So what’s the reasoning? You know, apart from being easy? I said, Well, that’s all I’ve ever thought to do. And I suppose it’s easy.
And when you look online, people calculate their pips and they think that they’re doing well. If they have positive pips. And he just put the same size on every single trade.
Get a copy of my Lot Size Calculator script
So I said to him like, here’s the first thing you can do. Go to my website and download my lot size calculator. It works on MT4 or MT5 and it’s freely available to you.
And if you don’t already have it, I strongly suggest if you use the MT4 or MT5 platform, you go and download it. It’s a script and it’s been downloaded tens and tens of thousands of times over the last probably been on my site about 12 or 13 years. Now, unlike some calculators which are really slow and cumbersome to use, this is fantastic.
It’s a script and all you do is drag it onto the chart that you are trading right now. So let’s say you’re trading the EUR/USD. You drag the script on. The script knows your account size, the balance. It knows that denomination of your trading account, such as if you’re trading in the USD or JPY or NZD or GBP, whatever CAD, whatever it is that your account or denomination is, it knows and all you’re doing because you’re dragging it onto the EUR/USD chart.
It knows you’re trying to trade the US dollar, so therefore it knows the dollars per pip that you get paid on that particular pair in your currency of your account. So all you have to do is put it in the stop loss, stop loss in pips of that trade. It’s defaulted to half of 1% risk. But you can make that anything you like.
But what you do is literally put in the stop loss press. Okay. And it will tell you the exact size that you need to place on that trade. So if that trade goes wrong with the stop loss size that you’ve just told it, it will lose the default half of 1% of your account on that trade if that trade were to go wrong.
It’s so easy. It literally takes like 10 seconds, if that, to calculate it and to use it and it tells you the exact level you need. Very, very clever piece of software, highly recommended.
Losing trades will be equal money now
And what that would do and what I told this guy, what it will do for him, and it will mean that every single trade that you have will have a losing trade, will have the same risk level, the same percentage risk, or the same monetary loss if the trade goes wrong.
So it doesn’t matter if you have a trade on the EUR/USD with a 30 pip stop loss or a trade on the EUR/USD with a 125 pips stop loss, it doesn’t matter because every trade you will have equal and controlled and low and known risk really imporant when you do that.
Blueberry Markets is my broker of choice
So you’re either looking for a really top quality broker and you’re after an MT4 or MT5 broker out there.
I can highly recommend blueberry markets they based over in Australia across the ditch for me. I’m in New Zealand, but you can open an account with bluerberry markets It doesn’t matter where you live in the world. There’s a few countries you cannot. Unfortunately, the US is one of them, but there’s a few other countries. But for the vast majority of people listening to this and watching this, you can open an account with blueberry markets.
I’ll put a link to them on this page and on this post, as I will do so. So you can go and get a freely available my size calculator script. Do both have a look? They’ll be on this page.
Future discussions
So if you would like me to discuss anything like this, just like this guy did this week on future videos and podcasts, if you have any trading issues or any difficulties, anything you don’t quite understand.
All you need to do is send me an email to Andrew@theforextradingcoach.com or leave a comment here if you’re watching on YouTube or any other platform and I will definitely help you out by making a future video and podcast about the subject that you need help with to help you out the best I can.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week by for now.
Episode Title: #494: How to Calculate the Correct Lot Size
In this video: 00:25 – The best time to trade? 01:12 – Forget about the trading sessions 01:50 – Trade at the close of a candle 03:25 – I trade in 30 minutes a day of chart time 03:50 – Blueberry Markets use the correct charts 04:50 – 12 Monthly chart trades taken in March 05:28 – Like and subscribe
A lot of people get confused with not knowing what trading session is best for them to trade. Let me help you with that topic right now.
Hey, traders. This is Andrew Mitcham here, the owner of the Forex Trading Coach with video and podcast number 493.
The best time to trade?
Today I want to talk about trading sessions. When’s the best time for you to trade? Should you be trading the Asian session or the European session or the US session? And a lot of people get a lot of confusion going around that.
So the issue that I see is people think that they have to be there just at the European Open because that’s when the market is most active. But then for some people they’re at work or for some people that’s at nighttime. And so they feel that there has to be output like crazy hours of the morning or night and to trade properly.
Other people think that they need to be there for the US session. For me, that starts at like 2:00 in the morning. No way. I’m going to be there at 2:00 in the morning. Getting up, trading the US session. So the short answer is you don’t need to do any of that. But the issue is that so many people get confused with that.
Forget about the trading sessions
So the easy way around that is to forget about the trading sessions based your trading on the New York start of day charts. Now 5 p.m. New York time on a Sunday, the Forex market opens and it stays open for 24 hours until 5 p.m. New York time on a Friday. So that means at 5 p.m. New York time, every day of the week, the daily charts change over from one day to the next.
At that same time, the 12 hour charts change. The eight hour charts change. So do the six hour charts and down further from there.
Trade at the close of a candle
And so if you look at trading based on the close of a candle, that means you can trade. Doesn’t matter where you live in the world, what your time zone is. It’s why we have clients in 101 countries around the world at the Forex Trading Coach, and nobody has any issues trading our strategy.
And that’s why we’re not saying you need to be there at the beginning of Europe for the first 2 hours. That would be terrible. I could think of nothing worse than sitting glued, watching the charts, just sitting, waiting for something that might happen. The issue then becomes this You force trades or you think, Well, because I’m here right now, I have to make something happen.
Say you force trades and you do silly things. If you look at your charts at the close of a candle and you don’t even need to be there at exactly that time because we trade using limit orders. So we don’t need to have to be there. But if you do look at the close of a candle, let’s say on a four hour chart or a six hour, 12 hour daily, whatever it is you’re trading.
Have a look through there. Everything set. If you’re using any indicators, none of the levels are moving. They’re set because the candle has closed. And so that means that you’re not there trying to react in real time, you know, because something’s moved up or down a few pips or things like that, or you’re taking an indicator on a buy signal and then you find that 5 minutes later it then turns around and looks like it should be a sell signal and you get away from all that confusion.
You get away from that confusion of like a 15 minute chart says, Buy it an hour chart says sell. You get away from all that. And it also means you trade when it suits you.
I trade in 30 minutes a day of chart time
I personally trade in no more than 30 minutes a day actual chart time because quite easily two or three times a day I can scan through all my charts, all the currency pairs, all the timeframes that I need to look at in that time.
So if you do that, it takes you away from that mentality of feeling like you need to be there at different trading sessions. That is not a great way to trade.
Blueberry Markets use the correct charts
And so leading on from that, have a look. If you’re after a good broker at Blueberry Markets, Blueberry Markets are fantastic bunch of people, great brokerage, they offer MT4/MT5 charts and they do use the correct 5 p.m. New York Times start of day charts on their charts.
Just be careful if you with any other broker. I mean, more and more brokers finally are working at that 5 p.m.. New York Time is the start of your daily charts, but some still have what they call a Sunday candle, and it means that on a daily chart you’ll have six candles in a week and you’ll generally have like a candle, small candle, the beginning of the week.
The last two or 3 hours before the first candle of the week is properly starts. I would try and avoid brokers who offer charting packages like that is not great. You need five full complete days in the week on the daily charts and therefore your charts will start and the broker starts the new week at 5 p.m. New York time.
12 Monthly chart trades taken in March
I’m talking about also scanning through your charts really quickly. Yesterday, been sorry on Wednesday, start being the first of the month for March. I took 12 trades yesterday based off the monthly charts really easy one from once a month to scan through the charts. I saw 12 trades, which is really high. We don’t generally get as many as that, but all the set ups were there.
So guess what we did? We took the trades. I’m that’s it. That’s all I’ve done with them. Put the trades on and leave them. Let’s see how they go. So again, very short amount of chart time, make you analysis, take your trades, trust your set ups, trust your systems, put the trades on, let the market do its thing. So how that helps as Andrew Mitchem here at the Forex Trading Coach.
Like and subscribe
Any topics you’d like me to discuss on future videos and podcasts? Add them to the comments box like and subscribe to this video and feel free to share it around to any friends who are interested in progressing with their trading. Once again, thanks very much. I’ll see you this time next week.
This is Andrew Mitchem at the Forex Trading Coach. Bye for now!
Episode Title: #493: Which Trading Session Should You Trade?
In this video: 00:30 – Everyone wants to trade through a prop firm 01:15 – They don’t just hand out money 02:31 – You must preserve capital 03:50 – Don’t use a prop firm who insists on a time limit 04:58 – Trade a variety of markets and time frame charts 05:38 – Do not rush your trading 06:04 – Use a strategy with high reward:risk trades 07:02 – Use Blueberry Markets if you want a good broker 07:39 – Like & Subscribe and leave a comment 08:16 – Ensure you are profitable first before opening a prop firm account
In this week’s video and podcast, I’m going to give you some important tips of how you can pass a firm challenge and therefore make substantial gains for yourself from the Forex market. Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 492.
Everyone wants to trade through a prop firm
So everybody’s talking prop firms right now, aren’t they? You know, it’s the big thing. It’s a way that you as a trader do not need to put large amounts of cash or capital into your own trading accounts, whether you’ve got lots of money or whether you got no money. It does not matter these days because prop firms are there to help us to gain really good incomes through trading the markets, the forex market and other markets.
So what is a prop firm if you’ve not heard of a prop firm, it’s basically a firm out there online are lots of them. As always, there are a few good ones and there’s probably lots of not so good ones. So be selective. But basically it’s a firm that will allow you to trade on their capital for a profit share.
They don’t just hand out money
Now, of course, they’re not just going to go randomly giving out hundreds of thousands of dollars to people. They have no proof of bad. So there’s a charge to do it naturally. And also for most of them, there is a challenge to get through first on a demo account for maybe one or two challenges, depending on the level that you enter the challenge.
And before you can go into real money. However, we have some traders here at the Forex Trading Coach, some of our clients who are on substantial figures of $750,000 USD and more, and they are making incredibly good income through trading the prop firms and bypassing the different challenges. So think of it, if it was your capital, what’s the most important thing you’d like to know?
Well, of course you want to know. Can that trade are actual Trade. But also, are they a good trader and can they preserve my capital? That’s really what it’s about. It’s all well and good saying. “I’ve got a system with a 90% win rate or I’ve made 50% on my account last week”. But probably if you’re doing that, you’re gambling, you don’t know what you’re doing and you will almost certainly fail the prop firm challenges. So in order to pass a prop firm successfully, you need to do a number of things and I’m going to outline those for you.
You must preserve capital
First of all, as mentioned, preserve capital. So how do you do that? Well, you have to have low and controlled risk. You’d have heard me talk for years and years, about 14 years now, about I trade personally with no more than half of 1% risk per trade. That’s my personal level. Now, on a prop firm, you might want to go lower than that. You might want to trade, say, 0.25, a quarter of 1% risk per trade because the aim of a prop firm is not to lose their capital. Most of them have a challenge of, let’s say, making a 10% gain, and that’s all well and good.
But they have a drawdown maximum, most of them around 5%. So again, preserving capital is key. So if you think of it in simple terms, let’s say you are at five sorry, half of 1% risk with a 5% maximum drawdown, you can have ten trades, all losing in a row before you get to your 5%. Now, obviously, if you go down to 0.25, you’ve got more, more and more trades that you could have in a row losing before you get to that level. And if you strategy is any good, you of course, are going to have some good profitable trades in there as well. So really low risk quarter of 1% to half of 1%, Max, is where I’d suggest you look at your risk level.
Don’t use a prop firm who insists on a time limit
And so to get to 10% gain a lot of the prop firms and be careful with this because a lot of prop firms put a time limit on you getting to those gains.
I personally do not like that. I personally would select a prop firm who does not have a time limit on getting to that 10% gain. What you don’t want to do is get into the gambling mentality or let’s say you’re up five or 6% and you’ve got two or three days left and then you start doing silly things.
You may fluke it. You may get to that 10% by taking a stupidly abnormal high risk and just pulling it off. And you get there the trouble is you get onto a bigger account or you stop paying for more prop firms and you get into that same mentality and you’ll end up coming unstuck. So I would much prefer to look for prop firms who do not have a time limit on getting to the game. That’s really important. The other thing is also when I say risk quarter to half percent per trade. Don’t be like the majority of traders out there. We just put the same lot size on every single trade regardless. Don’t do that.
Trade a variety of markets and time frame charts
Have known controlled risk and know your size that you need to trade different markets because depending on the market conditions like you might find that the metal has been going really good.
Like yesterday we took a sell trade on gold and silver worked beautifully. You know, sometimes the metals are showing good set up, sometimes they’re not. Sometimes the forex pairs are, sometimes they’re not. Look at a variety of forex pairs as well and also look at a variety of timeframe charts. Give yourself the best opportunity because you don’t know next week what the market is going to show and give us.
You just don’t know. You might find that the day the charts went really well or you might find that the chances are not so good and the six hour chart are showing what’s a good set up. So give yourself the best all round chance here of success.
Do not rush your trading
And also don’t rush it, Do not rush it. Do not be forced into having to make X percent in X amount of time. Do not rush it because that’s not what professional traders do. You wait, you look for the high quality set ups and you take them when they show. If a lot show at the same time, take them and you know, if all of a sudden you’re getting like a day or two with not many trades, that’s fine. Also, trade what the market is giving you at the time.
Use a strategy with high reward:risk trades
I’m also you need to ensure that you have a strategy that has high reward to risk trades. That’s exactly what we have here at the Forex Trading Coach with most of our trades making a 2 to 1, 3 to 1, 4 to 1, sometimes a 5 to 1 reward to risk. Put that in simple terms. If you’re risking half of 1% on a trade and getting a 2 to 1 means you’re making a 1% gain if you’re at half of 1% risk and on a 4 to 1, it means you’re making a 2% gain on your account in just that one trade when it hits the profit target.
So you need to have that. So we can certainly help you with a proven strategy for trading. Have a look on this page or if you’re listening to the podcast, have a look somewhere on the page and you’ll find details to how we can help you with our proven online Forex trading coach course, which has been trading and helping traders for 14 years.
I’ve been personally trading for a lot longer than that, but we’re up to 14 years this year at the Forex Trading Coach, something we’re incredibly proud of.
Use Blueberry Markets if you want a good broker
Now lastly, if you’re out there looking for a good broker, I can highly recommend Blueberry Markets that based over the ditch over in Australia. I’m of course here in New Zealand. But doesn’t matter where you live in the world in most countries around the world, you can open an account with Blueberry Markets.
Fantastic, fantastic group of people, real good, honest, friendly people. You can get on the phone, you can talk to them. They’re incredibly responsive with emails, really good trading platforms on MT4. And now of course on MT5, a good variety of markets, good tight spreads. So have a look at Blueberry Markets again, I’ll put a link to them on this post and the podcast.
Like & Subscribe and leave a comment
Don’t forget to like and subscribe. If you’re watching on YouTube or any other or any other video channel and any questions, as always, leave them in the comments box and any any topics you like me, discuss on future videos and podcasts just like this one taught them. And let me know and I’ll be helpful and glad to the guide to cover those for you on on Future editions.
So this is Andrew Mitchem here at the Forex Trading Coach. I see this time next week, enjoy a pop firm’s be real low risk, high reward risk. Good strategy.
Ensure you are profitable first before opening a prop firm account
One thing I forgot to say, make sure that you are profitable first on a live account. Doesn’t matter what the size is, but be profitable on a live account before even thinking about top firms.
It’s there’s two things in trading you need to control. Once you head, once your heart in your emotions got to keep that under control and you got to know that you can trade properly, correctly, with low risk first on a live account before you put more money into something else. So otherwise you’re wasting your money going into prop firms.
They are fantastic if you know what you’re doing. I hope that helps. See next week.
Episode Title: #492: How to Pass a Prop Firm Challenge
In this video: 00:32 – How we made +2% on Bitcoin 00:49 – Most people are losing money buying Cryptos 01:59 – Here’s my trade on the daily chart and why 04:16 – Litecoin also hits the profit target for 1.5% gain 04:48 – Making money from crypto safely 05:50 – Consider Blueberry Markets if you’re looking for a good broker 07:03 – Get onto one of my webinars and find out about our coaching course
I’m going to share with you how we trade cryptos using a very low risk safe way, and also how yesterday I made over a 2% gain on my account just trading Bitcoin on one trade. Let’s get into that and more right now.
Hey there, forex traders! Andrew Mitchem here at the Forex Trading Couch with video and podcast number 491.
How we made +2% on Bitcoin
And I’m going to explain today on this video podcast how we trade cryptos and how just yesterday on one trade on Bitcoin, I made over a 2% gain with only a half percent risk on my account. So let’s get started.
Most people are losing money buying Cryptos
Well, Bitcoin, cryptos in general. Well, look, probably like yourself. I know a lot of people who have invested in them over the years and I know a lot of people, the vast majority who have either lost money or currently losing money by trading cryptos kind of more the traditional, if you could call it that on such a new market, but more the traditional approach.
Now, a lot of people that I know are still massively in loss because they got into cryptos like about a year ago, so that early to mid 2022, the price had come down a bit. It was a sort of 40 odd thousand dollars for Bitcoin. And and everybody said it’s going to head up to 100,000 and beyond.
So a lot of people kind of got into it. And those people have been absolutely stunning because, you know, it’s come all the way down to around that sort of 15, 16,000 level and now it’s starting to head back up again. But all of that in using the way that we trade, it’s kind of irrelevant because, of course, as traders, we can go long and short so we can buy and sell. So that becomes your first advantage.
Here’s my trade on the daily chart and why
But I want to give you a specific trade that I took just yesterday. So if you go and have a look at Tuesday, the 14th of February 2023, Daily Candle on Bitcoin. Have a look at that. And it was taken Wednesday the 15th and I’m recording this on Thursday the 16th. So go and have a look at the trade that we took yesterday based on the Tuesday’s close on the daily chart Bitcoin BTC/USD.
Have a look at that. You will see on your charts there. That there was a perfect bounce off the swing high from the 5th of November 2022. So back on the 5th of November the market went up, it formed a high and it dropped again. The market is then gone over that level and come back to that level and then using the Tuesdays candle, which is our closed candle with the confirmation of the bullish set up. It’s come back and use that high from the 5th of November 2022 as the low of the candle that we’re looking at trading which just the 14th all February 2023.
So we now have a candle pattern in the right part of the chart. Bouncing off a very strong major support or resistance now becomes support level so that we’ve got a confirmation candle with a reason to trade it. We have our trendline break and everything else that we’re looking for and we had room to move for the profit target was no obvious barrier in the way.
Guess what we did? We took the trade. Guess what happened? It worked. It retraced beautifully to a retracement level. So we took two positions on the one trade. I split my risk personally. I’d go half percent maximum per trade, so went quarter percent risk at the market with a market order that made a massive 5.2 to 1 reward to risk and my retracement order filled absolutely beautifully, perfectly and quarter percent risk on there.
That made a 3 to 1 reward to risk put the two together half percent total risk gave me a 4.1% sorry a 4.1 reward to risk half percent over that gives me a 2.05% account gain on just Bitcoin with a half percent risk total.
Litecoin also hits the profit target for 1.5% gain
We also took Litecoin LTC/USD and that’s still going really nicely. It’s almost at it’s profit target as I’m recording this right now.
I that could well be another set of one and a half. It’s not quite such a high reward to risk, but it could be about another one and a half percent account gain. Let’s assume it gets there. I risk 1% total on those two trades and I’ve made a three and a half percent account gain by trading crypto. But the way that we trade the forex market. So get back to the original topic for today.
Making money from crypto safely
It’s about how do we trade crypto safely? To me that is a far safer way because what I might find next week is I might look at selling Bitcoin or Litecoin or whichever crypto setting up. I don’t need a massive amount of money in the market.
I don’t need to go out there and spend 40,000 USD to buy this one Bitcoin. You know, I can just trade it in exactly the same way and profit from those moves in exactly the same way you can. The forex markets, the indices, the metals, the commodities and of course the cryptos. So really different way of trading it, but a very safe and effective way of trading.
More than that, you actually not only profiting, you’re learning this skill for yourself. It’s not all someone out there said that Bitcoin was going to go to 100 grand. It’s 40 or better bison. That’s a zero skill and that’s gambling. What we’re doing is with skill, with accuracy, with probability, and we’re getting the rewards from it.
Consider Blueberry Markets if you’re looking for a good broker
And if you’re looking for a really good broker to trade some cryptos, or any other forex or metals, etc..
Have a look at Blueberry Markets. Their based over in Australia, but pretty much wherever you live in the world, apart from a couple of countries, including the US, you can trade through blueberry markets. I’ve been there, I’ve met them, I know them, I speak to them probably every couple of weeks. I’m probably in contact by email a few times a week with them.
The feedback that we get from our clients at the Forex Trading Coach that we say, Go and have a look at blueberry and people who choose to go to blueberry.
The feedback is always outstanding. You cannot get better than that. You’ve got safety of funds, segregated accounts, fantastic people to deal with. Good portal MT4/MT5, a good variety of markets, good tight low spreads and yep just a highly recommended company to trust your funds with and to try to reach those blueberry markets again.
I’ll put a link to them here on this page. So that’s it for this week. Consider how we trade. It’s probably differently from just going out there and spending a fortune and hoping that things go up.
Get onto one of my webinars and find out about our coaching course
If you like more information, jump onto one of my free webinars if you’ve not been on them. I held two different sorts of webinars each week, one for new traders, one for experienced traders.
If you like to jump on the full coaching course, have a look up a link on here. Also just to find out about it, this from research. We’ve been on Fox Peace Army since 2009. Not too many people can say that. And we love doing what we’re doing and we love trading just exactly like we did yesterday. That literally that trade took me about a minute to look for and it took about 30 seconds to place.
And I ended up with potentially if the Lite Coin gets there with three and a half percent account gain for a minute or 2 hours worth of work. So try doing that elsewhere. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now
#490: 3 Tips to Instantly Improve Your Trading Results
In this video: 00:27 – 3 Trading Tips for you 00:55 – #1 Declutter your charts 02:40 – #2 Get onto the higher time frame charts 05:25 – #3 Control your risk and drawdowns 08:05 – Let’s recap the 3 trading tips 08:23 – Join one of my free webinars
I’m going to give you three trading tips which you can implement today. And these tips will massively improve your trading results. So let’s get into it right now.
Hey, there traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 490.
3 Trading Tips for you
And I want to give you a three tips today, which if you implement them today in your trading, they will, without doubt, improve your trading results.
And you will know if you’ve been trading for any length of time that you see out there, that 90 to 95% of all traders lose money. Why is that? Well, it’s because most people fail on these points.
#1 Declutter your charts
So let’s talk about point number one. So the first thing you can do to help improve your trading results is to declutter your charts.
More than likely, you will have lines and indicators and dots and arrows and squiggly lines and all over charts. And the brokers are incredibly good at promoting indicators. And when you go on to most forum sites out there, they are incredibly good at giving you strategies and formulas which involve far too many indicators. And basically most indicators out there lag time and they can only draw plot something on your charts from historical data.
And that’s the problem. They’re all a combination may be slightly more reactive or slightly slower, but ultimately what they do is tell you what’s already happened and just plot it on your chart in a in a nice pretty form with a few lines and dots, etc.. The problem is, is that most people get completely naturally confused and they get convinced that what those lines tell you is how you should trade.
And that has a number of problems in that everybody seems to think they’re going to find the holy grail of combinations of different time settings, etc. And when this line crosses that line, then the dot appears up here. That’s how you trade in when you should trade. The problem is, is that, of course, takes away all the skill of trading.
It takes away from looking at what’s happening in the market. It avoids you looking at the price and the really important that you should look at the price on the right hand side of the chart, because that’s the most important thing. It takes away you looking at currency strength and weakness. It takes away all those skills that you need to be a good trader. So the first point would be de-clutter your charts.
#2 Get onto the higher time frame charts
Point number two would be to get on to the longer timeframe charts. Probably you are trading too much and on too short a timeframe chart. That’s what most people do and that’s where they become. They fall into the trap of feeling that they should be trading all the time. And most people, when they start thinking, Well, if I go to the five or 15 minute time frames or dare I say the one minute time frames, I’m going to find more set ups.
I’m going to make more money because I can just scalp a few pips here and there. There are multiple issues with that and I don’t know where to start. So there’s the issues of you over trade. You spend far too much time, a chart. Every trade that you make, the spread becomes a massive part of your trade.
Because if you’re making like, let’s say four or five pips and the spread happens to be two pips on that trade, then you know, effectively your you made seven pips to make five or something like that where you’re making five, you’re really only making three and you’re going to get stopped out of trades all the time. So get away from those shorter timeframe charts because they will do no favors whatsoever.
Get on to the longer timeframe charts. Now, really longer timeframe charts would be probably something sort of 2 hour charts, 4, 6, 8, 12 daily, weekly and even monthly. But get onto those longer timeframe charts because if you look at, let’s say the daily charts, what that means is you can look once a day. It doesn’t matter where you live in the world, you can look at your charts once a day. At the same time, which when the daily chart changeover is 5 p.m. Eastern Standard Time, that’s New York time.
At that same time, we go and look through the 12 hour, eight hour and the six hour charts so we can cover four timeframe charts at that one time and then at 5 a.m. New York time, because that is then into a more active trading session. With the European session, we look at the two hour, the three the for the six and the 12.
So we’ve got five timeframe charts, all of that one time. You can do those two changeovers if they suit you if your time zone in under 30 minutes easily once a day and thanks you trading done. So really important that you do that and you look at the close of a candle if you’re looking at the close of a candle on let’s say a 12 hour chart, you can look twice a day.
If you’re looking at that on a five minute chart, you’re going to be just stuck there, glued your screen all day and night. And it’s not something you’re going to do with longevity or enjoyment. So longer timeframe charts definitely help and they’re more reliable and offer better reward to risk out of your trades as well.
#3 Control your risk and drawdowns
Point number three and control the risk that you take per trade.So many people don’t understand risk. If you look at prop firms, for example, one of the best ways of passing your prop firm challenge is to keep your risk low. You know, it doesn’t matter if you can make 20%, but the regain. But the problem is if you have a drawdown of 20% or 30% to do that, you’re failing your prop, Then why do prop firms do that?
Well, they want to preserve their capital. So as a trader, that’s your number one priority is to preserve your capital so we can talk about strategies and taking out the A-grade trades and all that type of thing. But if you don’t know how to control your risk and keep your risk low and equal per trade, it just completely disadvantages you and you’re going to get absolutely smashed and you will lose money and you will then maybe open another account or then eventually give up and blame the market, blame everybody else.
But the problem is, is you did not control the risk on each trade. So forget about making pips. Forget about the stop loss being an X number of pips, so your profit being an X number of pips just to get that put the stop loss where it needs to be for that particular trade. According to the pair you’re trading, the timeframe chart, the current market conditions, if there’s lots of activity or not, put that stop loss in the right place and then adjust your lot size to ensure that your risk is a set and known level that you are comfortable with.
For me personally, I never risk more than half of 1% of my account per trade. And then people go, Well, Andrew, how on earth can I make money if I’m only risking half of 1%? Easy! You just have to learn how to trade first. Once you do that with low risk, you can then get on to things like prop firms or managing funds for other people or whatever it is that you want to do.
Don’t worry about your account size today. Don’t worry about that sounding like a really low risk because it is a low risk deliberately. Because if you believe most people out there on the Internet land and YouTube and everywhere else, they will tell you to risk 3% to 5% per trade. That is utterly mad. Do not do that. Two or three trades your, you know, 15% down.
Think about it this way. If you get to 50% down on your account, in other words, you’ve gone from let’s say a 10,000 as an account to a $5,000 account, you now need to make 100% gain on your account size, which is now $5,000, just to get to break even. So you then start that mentality of gambling and it just becomes a big mess. Do not do that.
Let’s recap the 3 trading tips
So to recap those three important points that you can start doing today. Number one, declutter charts. Look at the price. Number two, get onto the high timeframe charts. Look at the close the candle. Number three, learn to control the risk you take portrayed and forget about Pips.
Join one of my free webinars
If you’d like more information, if you’ve not been on one of my free webinars yet, I held two different sorts of webinars, one for new traders, one for the more experienced traders.
I highly suggest to get on to one of those if you’d like, help with point number three about controlling risk. Have a look at my website for free lot size calculator that works on empty for an empty five and I will put a link to that on this video and podcast as well. And if there’s anything else that we can help you with here, Forex trading coach would gladly do that.
Send me an email Andrew@theforextradingcoach.com or put a comment if you’re watching YouTube on this video and I’ll be pleased to help you with your questions.
So once again, this is Andrew Mitchem here at the Forex trading coach. Have a great week ahead. And I see this time next week. Bye for now
Episode Title: #490: 3 Tips to Instantly Improve Your Trading Results
#489: Does Your Strategy Work Across All Time Frame Charts & All Markets?
In this video: 00:24 – Don’t use a strategy that only works on one time frame chart 00:57 – Things that experience bring 01:33 – The strategy that I developed 17 years ago and still use today 02:58 – Candle Patterns and Price 03:10 – Real life examples from this year 03:50 – H2 EUR/USD makes a 4:1 Reward:Risk 05:13 – The power of a trading community
Your trading strategy, if it’s a good strategy, should work across all timeframe charts and all markets. Let me explain more. Right now
Hey there, traders. It’s Andrew MItchem here, the Forex trading coach for video on podcast number 489.
Don’t use a strategy that only works on one time frame chart
Now, one of the things that fascinated me when I started trading almost 20 years ago was I would buy systems or view systems online or buy books, and people would say, Hey, this system’s really good. It’s fantastic, guaranteed to work, which of course it’s not.
But you know, it’s getting to work and you should only apply it on the pound US dollar or you should only apply it on 15 minute timeframe charts or five minute time frame charts. And I can never really understand why that was. But when you knew you kind of take on board what people say and they develop the systems, you kind of go with it.
Things that experience bring
It’s not until you develop some time, strategies, knowledge, experience, and I have your ups and downs that you go through. Do you actually realize that that’s not a good way of trading? But she soon find out that over optimizing and curve fitting, although it may look good in hindsight and you can make results, historical results look absolutely incredible.
You soon get to find out and realize that the reality is that that kind of over optimizing and curve fitting does never work in the real market going forward or doesn’t work consistently well.
The strategy that I developed 17 years ago and still use today
And so when I developed my own strategy, which we’re now talking about sort of 17 plus years ago, by the time I’ve been through the ups and downs of following other people and I wanted something that was real, that was going to work across all timeframe, charts, all currency pairs and all trading conditions, because you never know when you’re going to be in trending markets or rangebound markets.
You just don’t know in advance, of course. And now what we developed as we go into more and more markets available to us, we have more markets available to us, especially on MT5, is of course we can now trade into the crypto markets, the commodities, indices, metals and so the fantastic thing that I love about my strategy is not only does it work across all different timeframe charts and by the way, if you’re on MT5, you know how easy it is now to put on like six hour charts or two hour, six hour, eight hour, 12 hour charts, which of course in MT4 days we didn’t really have so much availability to those charts.
So not only does the strategy today were equally as well across all timeframe charts, we have a lot more forex pairs in play. You know, we’ve got some like Euro/Mexican and we’ve got, you know, US/Singapore and we’ve got Thai and we’ve got and you know, pesos where all these markets that a few years ago we didn’t have access to. Plus of course to go to all those other non markets.
Candle Patterns and Price
And the beauty of using price action by using candle patterns and candle shapes and where they appear within the charts is that can be applied across all timeframes, all markets. And that’s why the strategy does so well.
Real life examples from this year
Now let’s put that into a real example for you. Just last week I was saying how our daily chart trades had produced a 7.5% gain in the eight days for January that we’d been trading when I made last week’s video.
And we ended up having and great end into January and we’ve started off quite nicely in February as well. However, I have noticed this week that the majority of our trades have come from shorter timeframe charts, just the way that the market is, the conditions out there. We’ve had a few daily charts and we’ve taken two on the monthly on the February monthlies as well.
But the majority of our trades this week have been shorter timeframe charts. Now I want to give you a couple examples.
H2 EUR/USD makes a 4:1 Reward:Risk
Just yesterday I saw on our forum site someone is saying on the two hour charts there’s a couple trades setting up on the EUR/USD and the EUR/CAD as sell trades as reversal trades. Now I wouldn’t know how to look at my charts of that.
Well that pretty good. By the time I got to my charts, a few minutes had passed and passed the change over. Now if you go and look to our chart Euro US dollar the 8:00 candle 0800 hour candle on the 2nd of February. So it’s the candle that started at 8:00 and finished at 10:00. Don’t have looked it out in the charts you see a lovely reversal trade there. On that trade on a two hour chart trade.
I ended up getting a 4 to 1 reward to risk out of that trade. So in other words, half of 1% risk on that trade. Real low control risk, only half of 1% of my account risk. But I made a massive 2% account gain on that one trade. The euro Canadian made a 2 to 1. So that did really well as well.
So you put the two trades together. I made a 3% account gain on two trades taking that exact same time, all posted and written on our forum site by someone else. I didn’t even look at the charts at the time. I just happened to see that pop up on the Forum site. Went to look at the trades, saw the trades go Yeah, they’re fantastic.
Took them, profited. So what does that tell you? Well, it tells you that different time, different charts can be treated equally as well and also tells you about the power of a community and a forum site of like minded people. And that’s one thing we’re really proud of here at the Forex Trading Coach. Coming up in this April, we celebrate our 14th birthday here at the far trading carriage, something we’re massively proud of and we love doing what we do.
So if you have any interest in trading, different timeframes, different markets, but the same strategy, that’s the important thing with low risk, high reward to risk trades, just like those two trades I’ve just mentioned and like last week on the daily charts, come and have a chat with us here at the Forex Trading Coach. We’re here to help.
We’re friendly people, we’re real people. We trade from home and we do this because we love doing it and we love the community of traders. So I hope that helps. Don’t forget, if you see a strategy, if someone goes, you can only trade this on a one hour timeframe or whatever the timeframe is, or you can only trade this on the EUR/JPY or whatever the market is.
It’s likely to be curve fitted, over optimizing probably not a great thing to do. You need to be able to trade regardless of the time frame chart, the conditions and the set ups that the market is presenting to you. Just like the two examples from daily charts last week, shorter timeframe charts this week, just the way the market is.
But we’ve profited both times and that’s what makes this work. This is Andrew Mitchem Forex Trading Coach I see this time next week bye for now.
Episode Title: #489: Does Your Strategy Work Across All Time Frame Charts & All Markets?
In this video: 00:29 – Superb market conditions 00:48 – Our Daily chart trade suggestions 01:37 – The trades and their results from the last 2 weeks 04:00 – The performance that can be achieved 04:47 – Use this valuable knowledge
We have had an absolute flying start to the year with our daily trade suggestions up 7.5% right now in only a week and a half. Let me explain more about that and how you can achieve results like that right now.
Hey there Forex Traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 488.
Superb market conditions
Well, the market conditions over the last couple of weeks have been absolutely superb. Lots of good trends, lots of moves in the markets and from our point of view, lots of good chart setups on the timeframe charts that we look at, which are mostly the daily charts and the 12 hour chart, 6 hour charts, 4 hour charts, etc..
Our Daily chart trade suggestions
But I want to focus for now just on our daily trade suggestions so that based off the daily charts which we post once a day on our membership site, so all that finances matter where they live in the world can follow along with those trades. Look at the trades, the reasons why we’re taking the trade, the paper, the direction, a paragraph of the reasons why, plus the exact entry and exit levels, which are all taught in the course anyway.
But they just confirm what’s happening and give reassurance to people why they can earn while they learn and I’m making this on Thursday. So we only had three days of the trading week so far this week plus all of last week when we started for the year and already we are up 7.5% gain with only half a percent risk per trade. I want to explain those trades to you.
Our Daily chart trade suggestions
We started off last week with a 1.45% gain we had and we’re training some non forex markets and also a few minor pairs as well because we trade the pattern, not so much what the actual pair is. So let me explain to you the trades that we took last week. These were all there for people to follow and to get the exact same results.
By the way, it doesn’t matter where you live in the world. The US30, the US index, we made a 1.2% gain last week that we then got stop that on the Euro/Singapore. So we lost half of 1%. We had a US/Chinese Yuan, which is quite an unusual pair. Only one position got filled. We made .75 US/Mexican, one position filled we made half of 1% gain and we got to stop that 4% loss on the Nasdaq.
So a 1.45% gain last week. So we take two positions, one at the market, one over a limit order total between the two. I suggest a path of 1%. And that’s what I’m basing these figures on this week. Superb week, only three days completed so far. We are up 6.04% Aussie/US dollar on Monday made 0.9% Aussie/Franc on Monday made 1.12.
They were only on one position as well as a massive reward to risk the Pound/Canadian made a 0.6 gain. The Franc/Singapore had one. Stopped out and the market or stopped out profit target on retracement 4.52 US/Mexican traded that again on Tuesday 0.5% one position. Tuesday Aussie/New Zealand one position 0.8%. And yesterday, Wednesday we took a trade on Lead of all things.
Both positions fill both positions hit profit for 1.6% gain a total in just three days. This week 6.04%, no overall losing trades there at all. So just shows what can be achieved. Don’t forget this is just one timeframe chart. Plus of course we post trades on other timeframe charts. Our forum sites had some fantastic trades ranging from one hour charts through to 12 hour charts, and we have our live weekly webinars as well, where we generally take between about one and five trades depending on the market conditions when we’re on there live.
The performance that can be achieved
So it just shows what can be achieved when the market conditions are good. There’s lots of trades showing and we find that results are fantastic. Reward to risk is excellent. And if you’d like to know how to trade like this and don’t forget the trades that I’ve explained to you here are just trading just once a day. And you know, it takes no time at all to place those trades.
And already you’d be up 7.5% in just a week and a half trading of this year. Now try finding me seven and a half percent in in sort of eight days of trading day somewhere else that you’d find this year. The only thing I can see is seven and a half per cent is the inflation figure that’s going up and up and up. So investment wise, very, very difficult to achieve results like that.
Use this valuable knowledge
So not only are you achieving the results like that, you can then take those same skills and trade that for yourself on other timeframe charts as well, which of course we help our clients with as well. So it’s not just the return, it’s the knowledge base that you are learning that is so vital here.
So if you’d like to find out more details, have a look on this page somewhere. I’ll put a link to our five star coaching course. If you’re watching or listening on YouTube or podcast, don’t forget to like and subscribe so you don’t miss out on videos and podcasts just like this one. So this is Andrew Mitchem here at the Forex Trading Coach.
Let’s hope these are good conditions continue. We know that the strategy works. I’ve been teaching this for coming up 14 years this year. It’s well proven across all markets, across all time frames, across all different market conditions. Come and take advantage of it. If you’d like to make yourself a successful trader, I see this time next week bye for now.
Episode Title: #488: Our Daily Trades at 7.5% for the year so far
00:50 – So few people have any form of goals or plan
01:40 – You need to be able to see things differently
02:14 – Read Rich Dad Poor Dad
03:03 – Why we trade the Forex market
03:41 – Learning from 2022
04:23 – If you need help with goals and plans, just ask me
What are your trading plans and your trading goals and just your goals in general for 2023 and going forward from here? Let’s talk about that and more. Right now.
Hey there, traders. It’s Andrew here at the Forex Trading Coach with video and podcast number 487.
Happy New Year
First video and podcast for the year. Happy New Year to you. Hope you have had a fantastic Christmas and New Year break. I just got out the poll and I thought I’d make this video all about goals because, you know, one of my goals is to try and swim every day this year.
That pool right now is at 32 degrees. So if you’re in the States and in Fahrenheit, I think that’s right. In the upper 80s early 90s, incredible temperature for the water. So really enjoying that.
So few people have any form of goals or plan
Let’s get back to the trading, though. This morning. I was at a business group that I go to here in Nelson and a lady there who’s a business advisor was talking about how she’s amazed that so few people out there have any form of financial goals, any form of plan.
Basically, so many people are just living like day to day, paycheck to paycheck. And of course, that’s pretty dangerous in a good year. What potentially we might see ahead of us this year, globally, things are not looking great. That’s going to be really, really dangerous. Now, I’m definitely an optimist. I always like to look on the glass as half full, the bright side of life.
But you’ve got to be real as well. And this year, you know, not looking great for a lot of people, a lot of businesses as well. That’s the reality of it. But like all these things, there are so many opportunities out there, so many great opportunities for people to do well,
You need to be able to see things differently
Whatever it is that you’re looking at doing. But the trouble is you’ve got to be in that position to see them and have that mindset to be able to willing to open your mind up to to look at things differently, to like the standard type of thing. And you’re going to then be in a position to take advantage of something if you see it. There’s so many people that with the benefit of hindsight do really well. But of course in reality they don’t because they’re into things too late or they just don’t see things. We’ve seen that so many times. You know, just look at what’s happened in the world over the last couple of years and the vast majority of people just have followers.
Read Rich Dad Poor Dad
I was a big fan of Robert Kiyosaki. Years and years ago when I started investing in Robert Kiyosaki, he was always saying there’s opportunities everywhere the guy from rich that poor, that if you’re not read his books, just go read them.
That is fantastic. They’re still very, very relevant today. But, you know, just about the whole mindset of thinking differently, the whole concept that he brought in to his books about his rich dad being the business owner, I don’t work for X amount of dollars per hour. Out there looking at different opportunities, learning different skills, whereas his poor dad was the highly educated go to school, get more grades, go to university, earn a wage, work up the corporate ladder, all that type of stuff, which is we know and it’s not saying that’s wrong.
And I’m not saying that’s wrong because, you know, it’s not. But the reality is, if you want to sort of think differently, you kind of or you want to get somewhere, you’ve got to probably think differently to the norm. And so that’s basically what we’re saying.
Why we trade the Forex market
So let’s bring all this back to Forex. Why do we trade forex? Well, it opens up so many opportunities. It’s not dependent on so many other market conditions. The forex market, you know, you can buy, you can sell, you can now trade other markets as well as the forex market as well. It doesn’t require you to sit in their charts all day long if you know how to trade properly. Like the way that we trade 30 minutes a day, max is all you need.
So you can go and do things like go swimming and go and do things with your family and friends and travel and all those other things, you know, so you can go and do those. But, you know, it’s still like, Hey, we think you’ve got to do the hard work and the the groundwork first and you’ve got to do the basic right first.
Learning from 2022
But it all comes back to plan. And what happened if you’re trading already, how was 2022 for you? What did you do maybe wrong? What can you learn from what were you like to do differently this year? Have you changed that already? Have you created written a plan? You know what you’re looking for purely as a strategy? Money management, risk management.
Are you going to look at prop firms this year? What is it that you’re going to do? You’re going to get yourself educated in strategy that works and is proven, whatever it is, you know, you’re going to rely on an expert advisor. What is it that you’re going to do this year differently to make this year have a really good opportunity to be your best trading year yet if you got into trading at all? Well, it’s a prime opportunity to think about doing.
If you need help with goals and plans, just ask me
Goals and plans. If you need any help whatsoever, send me an email or add something to the comments box. If you’re watching on YouTube or email me. Andrew@forextradingcoach.com, anything you need help with. If you have any questions, if you have any topics or trading questions, anything that interests you that you’d like me to cover on videos and podcasts like this, which I’ll make weekly this year.
Again, just drop me a line, put something in the comments box below. If you’re on YouTube, don’t forget to like and subscribe or if you’re listening on a podcast, do the same thing. Let’s make this a great year for all of us. You know, we’re all doing this together all in the same boat role in the same industry, doing the same thing.
So anything that I can help you with this year, just let me know. That’s it for now. This is Andrew Mitcham here at the Forex Trading Coach. I see you this time next week bye for now.
Episode Title: #487: What Are Your Trading Goals for 2023
In this video: 00:30 – The last video and podcast for 2022 00:43 – Trading into 2023 01:33 – The bigger global picture 02:31 – Things we can control 03:18 – Christmas & New Year break from trading 03:49 – What are you going to do? 04:45 – If you need trading help & my free webinars 05:31 – Have yourself a great Christmas
Are you ready for a fantastic trading year heading into 2023?
Let me help you make 2023 the best year ever. Let’s talk about that a more right now.
Hey there, forest Trader. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 480.
The last video and podcast for 2022
This is the last video and podcast for 2023. I hope you like the kind of festive shirt, and it’s summertime here in New Zealand, and we’re all looking forward to a really nice Christmas and New Year break.
Trading into 2023
But this video and podcast is about 2023. And what is it that you can do right now to help yourself making 2023 the best trading year that you have had? How’s this year been? What have you learned this year? What have you done that’s like really silly? Maybe? What have you done that’s really good? You educated yourself in trading?
Do you have yourself a plan, a structure, a way of trading? Have you gained consistency this year? Have you gone on to prop firms this year? Maybe? What is it that you can take away from this year that’s been really good, or maybe something not so good that you can go, well, that was a bit silly. I shouldn’t have done that and try and avoid that same mistake going into next. So that’s what I want to help you about now.
The bigger global picture
So, heading into next year, like on a, I suppose, bigger picture, things are not looking particularly great, are they? We’ve got massive inflation all around the world. We’ve got interest rates rising. All around the world and we’ve got costs of, like housing and fuel and, delays in shipping and all these kind of just things are just not looking particularly great on a bigger global scale.
I know here in New Zealand, being an island nation, the time and the delays of getting materials here is getting worse and worse. There’s fuel shortages starting to just, disappear, the price of food has gone through the roof. There’s not the amount of tourists coming here that there once was, years ago.
And so all those things are kind of like sort of accumulating and snowballing to make 2023. Probably on a bigger scale, not look so good.
Things we can control
So let’s come back to things that we can control and that’s our trading, and that’s where you need to learn what it is you are going to do. Heading into 2023, are you going to decide to get yourself educated?
If you are who you’re going to go to, are you going to make some trading rules, some trading plans? Are you going to think about doing this properly? Are you going to think about low risk trades? Are you going to think about what is it that I can see on my charts that’s going to give me a high quality trading pattern? What time of day do I want to trade?
What pairs am I looking at trading? Am I’m going to look at non Forex pairs as well. Am I looking at trading, trading different timeframe charts next year? Am I going to look at changing brokers even next year? What is it that you can do?
Christmas & New Year break from trading
Because, here at the Forex Trading coach, we’re going to be taking a break shortly, and we are not starting our trading again until Monday the 16th of January. We’re going to have a decent break.
I think after the year that it’s been, norm trading wise, it, it’s actually really nice to have an end of year break. And again, being summertime here this time part of the world, it’s going to be a real great time of year just to catch up friends and family and just forget about the actual day-to-day trading for a while. But what is it that you can do?
What are you going to do?
Because our clients have just had incredible results. This. A lot of people are just making great consistent results. A lot of people have gone onto prop firms, so they’ve done the homework, they’ve done the prep work, the time learning the basics, and now they’re reaping the rewards.
So what is it that you can do? Because if you’ve got, say, two or three weeks off over Christmas and New Year, from whatever it is that you do use that time wise, don’t sit wasting your time watching rubbish on Netflix and stuff like that. What is it you can do? Can you do some research? Can you watch some videos, some webinars, some podcast?
Listen to some podcasts. Go back and look at previous trades and charts and your trading account and, and take away all this kind of information, and, and, and basically get yourself ready to run for 2023. So that’s, what this is about.
If you need trading help & my free webinars
If you need any help at all. Over the Christmas and New Year break. Look, we are on reduced hours, but we are around, so feel free to email me.
If you would like to get onto one of my free webinars, I hold them for new traders and experienced traders. Jump onto one of those. I can highly recommend you spend an hour and do that. But apart from that, look, we’ve had an awesome year. We’ve loved doing what we are. Results are amazing. Clients are just happy and doing really well, which is just such a thrill for us.
Our own personal trading’s been good. We’ve got an awesome team of, people helping our clients with a great community of traders, and that’s what it’s all about. And so look, we are looking forward to 2023.
Have yourself a great Christmas
We’re looking forward to a fantastic year, but on behalf of myself, my family, Paul. Mikalai, Mhel and the whole team of us here at the Forex Trading Coach, but we’re wishing you, your family, your friends, an awesome Christmas.
Have a fantastic New Year, and we’ll see you in 2023 to make that year the best yet for you. We’ll see you there.
Episode Title: #486: Are You Ready to Trade in 2023?”
In this video: 00:32 – My top 5 trading takeaways from 2022 00:47 – #1 Trade the Market that is Active 02:33 – #2 Trade What You See and Not What You Think 04:07 – #3 Get Yourself Educated and Part of a Trading Community 05:45 – #4 Be Consistent in All You Do 06:53 – #5 Enjoy Your Trading – Here’s How 08:05 – Next Week’s Video and Podcast
I’m gonna give you my Top Five Takeaways that I’ve learned from trading this year and how you can use those top five tips to aid your trading into 2023.
Let’s get into that more right now.
Hey there traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 485.
My top 5 trading takeaways from 2022
I want to give you today my top five trading tips and takeaways that I’ve taken from trading the FX market and other markets this year as we draw towards the end of 2022.
Let’s start with #1.
#1 Trade the Market that is Active
So #1 is trade.
The markets that are active . And what I mean by that is different markets have different conditions throughout the year, and of course you never know what those conditions are going to be ahead of time. But what you can do is you can see which particular markets are trending well at the time, which are moving, which have volatility, and therefore, which markets are giving you the best opportunities
Now that in the Forex market can be, sometimes some pairs go quite flat. Other times you’ll find that most pairs go quite flat. Other times everything seems to be moving. So as a phrase I used going back to my farming days of 20 plus years ago of “make hay while the sun shines”. I’m sure you’ve heard that phrase.
And it’s no different in trading. If the market conditions are active, things are moving, things are volatile. Great conditions there. That’s the time to be identifying trades. Now you go and look at the crypto market. This year, for example, there have been some massive, massive moves earlier in the year in the crypto markets.
But you go and look at the last month, you look at like, let’s say November, and now into early December. Most of the crypto markets are just completely and utterly flat. I haven’t taken hardly any trades on the crypto markets in the last, say, like almost two months now, because the market conditions have not been there yet.
The forest markets have been fantastic. The metals are starting to move. Oil right now is dropping a lot, so the other markets are showing some great opportunities. So trade the markets that are giving you the best trading conditions at that time.
#2 Trade What You See and Not What You Think
Take away #2.
You should trade what you see and not what you think.
Really important that you do that as a technical trader and not a news fundamental trader. I trade what I see on the charts, so therefore I’m trading what I’m seeing is actually happening, not what Andrew or someone else or someone on a news station thinks might be going to. and you see things have changed slightly when it comes to the news.
No longer do we get those massive great big spikes and big gaps and non-farm payrolls. You know, that’s jumping up maybe three, 400 pips in 30 seconds like it used to, some 10, 15 years ago. And when you think about what’s happening globally right now, like almost everybody’s sort of heading into.
Everybody’s got inflation. Everybody’s lifting interest rates. And so that differential between different countries, like you used to have a number of years ago, for example, when the Japanese interest rate was negative and the New Zealand was huge, it was like 6%, 7% or something, you know, it was always a massive differential.
Whereas today, everybody’s sort of moving in the same direction, so therefore you can’t go, ah, look, the unemployment. Country A is really bad because lightly, it’s the same in other countries. Or you know, my country might be going to lift the you know, let’s say you lived in the us, the US is gonna lift their interest rates, therefore the US is gonna be strong.
Well, no, because Australia’s lifting New Zealand’s lifting, Canada’s lifting, euros, lifting, you know the British are lifting, so it doesn’t really have a great deal of significance any longer. So you’ve gotta trade what you see on.
#3 Get Yourself Educated and Part of a Trading Community
Point #3
yourself educated and get yourself a trading system, a trading plan or mentor, and a trading community.
I cannot underestimate how important that is, and the reason I bring that into my takeaways from this year. Is that consistently throughout the year, I’ve received email, after email, after email, I see posts on our forum site, all these feedback just coming through with the same theme of, look, Andrew,
I joined you as a last resort, or, I joined your course, but didn’t really put a lot, lot of effort in up front and now I’ve gone back and revisited and now it’s going well.
You know, I didn’t know anything about trading. I’ve done exactly what you’ve said and it’s going really well. So, The community aspect, the strategy that works, the mentorship, someone to bounce ideas off, someone to follow someone, to watch a group of people all thinking the same. Right-minded people, all with the same goals and outcomes, all trading the same way.
Were none of this backstabbing and arguing and rubbish going on. That happens on almost every other forum. You’ve gotta have a community of like-minded people, sensible, smart, forward thinking, progressive people, but also people with knowledge and experience. And that’s what we bring to the table. And that’s why so many of our clients are just making incredible success from their trading.
Yes, there’s some effort required on your part, and if you’re not willing to put the effort in, then we are not the right people for you. But if you are and you want to make this work, we’re a good match. So that was point #3
#4 Be Consistent in All You Do
Point #4
be consistent in what you do. Show up, turn up, put in effort.
Look at the patterns that you want to trade. Understand what it is that you’re doing, and do it consistently. If the market conditions as in point #1, the market conditions are there, you trade the pattern, you trade your strategy, your risk is known. It’s low, it’s controlled. It’s the same throughout the.
You know, if you put in that consistency, that is when you will achieve results. If you are the sort of person that just sort of rocks up and go, oh, what’s on the charts right now, I’m gonna force myself to take a trade because I’m ready, or I can’t be bothered to see what it does, or it’s only a demo account.
It doesn’t really matter. Oh, I forgot to put a stop loss in. Oh, I got, you know, I, I put in 10 times the risk that I should have. Oh, look, the trade work, how lucky was that? You know, oh, someone on YouTube told me that cryptos were gonna be, you know, Bitcoin was gonna be a hundred thousand dollars, which by the way, is what they told you are gonna happen by last Christmas, and they look what it’s doing this year.
You know, if you are that sort of person, you’ve gotta change, you’ve gotta get that consistency back into your trading. So that’s a really important point.
#5 Enjoy Your Trading – Here’s How
#5
you’ve gotta enjoy your trading and you’ve gotta wake up each day looking forward to trading. You’ve gotta start the beginning of the week looking forward to getting back into it again.
And to do that, there’s a few things I think really helped. The first point would be only look at taking a trade on the close of a candle that allows you to know exactly when the market’s closing and when you can go and look at your charts. Number two, try to get onto the slightly higher timeframe charts.
It means that less is more approach. , your trading is more consistent. The quality of the information given on a higher timeframe chart. I mean, I go down to sometimes two hours in the odd time on live webinar, one hour charts, but the majority of my trading will be four hours, 6, 8, 12 daily, weekly, monthly.
And, and so that you know, you’ve got that nice blend of real long term, you’ve got slightly shorter. You’ve got your dailies where you can have multiple trades in a week, and then you’re going down when you can or when you want to have a look. You know, some of those sort of 12,8, 6, possibly four hour charts, but only on the close of a candle, maybe look at your charts.
Once, twice, three times max a day, you’ll do well. So I hope that helps. Next week I’m going to talk about your year in general and
what you can learn from your year of 2022 and how you can make 2023. For the best trading year yet. So looking forward to helping you with that next week.
Next Week’s Video and Podcast
But for now, have a great week ahead and I’ll see you next week.
For the last video and podcast for the year, bye for now.
Episode Title: #485: My Top 5 Trading Takeaways from This Year
In this video: 00:41 – Client makes 50% return in the last 8 weeks 01:17 – What has Brandon done that most others don’t do 02:00 – Effort and commitment 02:51 – Daily trades profitable every year since 2010 03:06 – Trades posted on our Forum site for clients to follow 05:03 – Check out Blueberry Markets and contact Ben Clay ben.clay@blueberrymarkets.com 05:55 – Make 2023 the year you make trading work for you
One of our clients has just made over a 50% return on his live account in the last eight weeks. Let me share details with you about how he’s done that and how you also can achieve similar results. Let’s get into it and more right now.
Hey there, Forex traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 484.
Once again, back outside and getting lots of good feedback about the nice New Zealand scenery. We’ll keep the outside videos going for a bit.
Client makes 50% return in the last 8 weeks
Look, I want to cover information regarding some comments left on our forum site just this morning by one of our clients called Brandon, who lives in Alabama, in the US. Brandon’s been with us for just over six months now. He said on our forum site today that he has made a greater than 50% return on his live account in the last eight weeks, which is fantastic news because everybody wants to make money out of trading. That’s what we’re doing it for.
Of course, as you know from the stats, that 90%-95% of people do not make money. Why is that?
What has Brandon done that most others don’t do
Well, what is it that Brandon has done that’s different? Well, I suppose, first of all, he’s finally got some education in trading. I’m going to read to you the exact comments that he posted earlier today. Brandon has said, “I’m feeling really grateful. I’ve been trading Forex for 10 years and have tried hundreds of strategies. This is truly the best way to trade. Consistency with this plus patience will produce results. My account is up over 50% in eight weeks since I committed to consistently showing up here every day to take every setup we talk about, the daily trades and my own scanning. Thank you so much to Paul and Andrew.” Effort and commitment
What does that mean? Well, he’s putting in some effort, which is great. He’s turning up to our forum site. He’s viewing our daily trades each day. He’s logging onto our forum site and seeing trades that we’re discussing throughout the day as well. That just shows that with that consistency and that bit of effort, and, first of all, taking the plunge to take an educational course, a well-rated one, it sounds like he’s done hundreds of different strategies elsewhere, but it’s finally working for him. That is awesome to see. There’s nothing more pleasing from our point of view than to see our clients succeed. When you think about it, if they do nothing else and just follow our daily trade suggestions, plus some of the trades put on our forum site, plus then learn how to do that for themselves and take a few trades for themselves, there’s really no way that you cannot do well.
Daily trades profitable every year since 2010
because every year, for the last 13 years, since I started posting my daily trading suggestions based on the daily charts, they have been profitable.
We also now post trades on weekly and monthly charts. Plus, on our forum site, we discuss other timeframe charts.
Trades posted on our Forum site for clients to follow
Now, no better example than that, than just yesterday, when I posted on our forum site, I posted five trades on the eight-hour charts and five on the six-hour charts. On my live webinar with our clients, those trades were open. They were doing really well, and we were looking at those trades. Several of them actually hit the profit target during the webinar. On the webinar, I also took two-hour chart trades. Out of those total of 12 trades, sorry, in total, 10 of them hit their profit target. Two were stopped out. So you can see how Brandon can do really well with taking the trades that we post, plus learning about those setups.
Remember last week I talked about trade the pattern. That’s all we did. That’s all I did on those trades. I traded the pattern. Is the pattern going to work every single time? No. Of course, it’s not. Is the pattern going to give you an edge? Yes, it is. Is the pattern going to give you high reward to risk per trade? Yes, it is. Do we promote low-risk trades on all your trades? Yes, we do. You put that together with the strategy, the consistency, the pattern, all the information we publish and give for our clients every single day, plus you get to learn to how to do this for yourself, and you can see how Brandon has done so well.
That’s how, here at the Forex Trading coach, we have turned people’s trading around. We do have that 5% to 10% of people out there who are doing really, really well. For us, luckily, it’s a very, very large proportion of our clients. But 5% to 10% of those people out there in the whole Forex world who make money, we have a very large percentage of our clients who are within that 5% to 10%. It’s really pleasing to see. That’s the information there regarding Brandon’s trading.
Check out Blueberry Markets and contact Ben Clay ben.clay@blueberrymarkets.com
The other thing I wanted to quickly cover with you is who to choose for a broker. Look, there’s lots of options out there, of course. One of the brokers that I’ve always consistently talked about, recommended, suggested you go and check out is Blueberry Markets. They’re a fantastic broker. I’ll put a link to Blueberry Markets on this post. If you’re listening to the podcast, you’ll find somewhere on here. Blueberry Markets. Go and have a chat with them. Contact Ben Clay. I’ll put Ben’s email address on the post as well. Contact Ben directly. That bypasses any of their other team. Just go straight to Ben. Say you’ve seen my videos or heard my podcasts, and Andrew suggested that you contact him. He will look after you. Look, you cannot get better than their service. If you want a good broker, have a look at Blueberry Markets.
Make 2023 the year you make trading work for you
Look, that’s all about what we’ve been doing this week. Trades have been going extremely well. Clients are doing incredibly well. If you want to make 2023 the year that you finally get on board and make some good trades and become profitable, then you know what to do. Have a look at our website, theforextradingcoach.com. Get onto one of our free webinars if you’re not already done so, and make 2023 the year that this works for you. Become part of us, part of the community, and join that 5% of people out there in the Forex world who do make money consistently and do well. Lots of other options in terms of prop firms and things like that. We can talk about that more and help you out there as well. I’ll see you this time next week. Bye for now.
Episode Title: #484: Over a 50% Return in the last 8 weeks
In this video: 00:37 – Trading the patterns 01:10 – Make your trading enjoyable 01:48 – The candle patterns we look for 02:18 – My favourite candle pattern 03:04 – Different time frame chart trades this week 05:05 – Trade the pattern
As a trader, it’s important that you learn to trade the pattern and do not make your trading too complicated. If you can do that, your results will be good. Let’s talk about that and more right now.
Hey, traders. Andrew Mitchem here at The Forest Trading Coach with video and podcast number 483.
Outside again today. Get some nice comments and feedback from people, just enjoying the outdoor environment here in Nelson, in New Zealand, and of course summertime here so nice to get outside.
Trading the patterns
Trading the pattern, it’s a really important part of trading and it can declutter your mind. It can make your trading far more enjoyable, far easier and definitely more profitable. Now what I mean by that is in so many things like compliance, red tape, overcomplicating things just in life in general, government policies, whatever it is that things are just in many ways just overcomplicated and trading is no different.
Make your trading enjoyable
And in order to make your trading enjoyable, I strongly believe that you’ve got to declutter your mind and make things a lot more simple.
And for me, it’s about trading the pattern. I do that regardless of the timeframe chart that I’m trading. So a lot of people come to me and go, “Hey, Andrew. What’s the best timeframe chart to trade? Should I only be trading daily charts? Should I only be trading hourly charts?” And to me, you trade the setup that’s on the chart at the time. And if it’s a good setup, you take the trade. If it’s not, you don’t take the trade.
The candle patterns we look for
So when I’m looking at a trade, I’m looking for a candle shape, candle pattern to form first to give me the confirmation that we could be seeing either a reversal pattern or a continuation pattern. So I trade those two patterns to start with. I trade reversals because if we’ve been in a big up trend, let’s say, we’re then seeing a bearish candle and we’re then turning around, looking for a down trend opposite with a buy trade then, looking for a down trend and it to turn around to go up.
My favourite candle pattern
My favourite pattern though is a continuation pattern, and that’s when we’ve had, let’s say, a big up trend. We’ve had a pullback and then we see a bullish pattern to go long again. So candle pattern is always number one to me. I like to see previous indecision or bounce at a certain level, a round number if it’s a buy trade bounce off a support level. I like to see room to move for the profit target. I love to see a round number to help protect my stop loss, things like that. If I’m taking a buy trade, I don’t really want to see my profit target above the last, say, swing high. I don’t need to have to make new ground, new high price to get to my profit target. That again just detracts from the likelihood of my profit target being hit. So all those things come into it.
Different time frame chart trades this week
But then it comes to the timeframe chart that you’re trading, and I want to give you three examples of trades this week. This is eight trades in total that I’ve taken this week. Seven have been profitable. Now, on our forum site on Tuesday at the 5 AM Eastern Standard Time changeover, on the 12-hour charts, I posted four trades; the New Zealand-US and Aussie-US, a US-yen and a franc-yen on the 12-hour chart trade. It took 10 minutes to scan through the charts at that time, and the 12-hour charts happened to be showing the right pattern. So again, I didn’t know at the time, was it going to be the four-hour charts, the six-hour charts, the 12-hour charts that were showing the pattern?
And when we went through the charts, there were those four charts on the 12 hours that were all showing high-quality setups. So guess what we did? We took them, and guess what happened? They worked and they were all profitable. And I can share those trades with you.
Also, on Tuesday actually, I was out in town, came back home and I saw someone posted a four-hour chart trade on our forum site, and it was a euro-New Zealand trade. On the four-hour charts, again, they traded the pattern. I saw the trade, took the trade, and it was a great profitable trade. And on Wednesday, we took four trades on the daily charts, and we had an aluminium trade or aluminium if you’re in the US, and that stopped that. And then we had the US-franc, US-Norwegian krone and the franc-Singapore dollar. A little bit of an unusual couple of pairs there, but they were again, showing the pattern. Guess what we did? We took the trades.
Guess what we did also? We posted those trades on our membership site with exact entry and exits for our traders to follow with the reasons why we’re taking the trade and it was to do with the pattern. And guess what happened? Those three forex pairs all hit their profit target. So again, it’s the pattern.
Trade the pattern
Trade the pattern regardless of the timeframe chart, almost regardless of the pair. If the pair that you see on your chart on the close of a candle is showing the pattern that you’re looking for, then take the trade. It will work.
So I hope that helps. Keep your life simple. Keep your trading simple. It’s far more enjoyable. You’ll do well from it. Any other trading topics that you’d like me to cover on future videos and podcasts just like this, just send me an email, andrew@theforextradingcoach.com. Happy trading, everybody. See you soon.
Episode Title: #483: My Favourite Candle Patterns to Trade
In this video: 00:28 – Take your time when learning to trade 01:33 – How I can help you 02:06 – Trading with low risk per trade 03:00 – Controlling your heart and your head 03:17 – Client makes +60% in 6 weeks 04:47 – Check out Blueberry Markets 05:16 – Today’s lessons 05:37 – Like & Subscribe
Hey traders. Don’t race to get rich through trading. It’s likely to end in tears. Let me explain exactly what I mean through my 18 years of knowledge and experience to help you right now.
Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 482.
Take your time when learning to trade
Came outside this afternoon, beautiful afternoon. And I wanted to talk about why you should not race to get rich through trading. You see, people get into trading and they think it’s going to be easy. They think they’re going to become super rich really, really quickly without too much thought or too much effort. And look, you can’t blame people for thinking that. I did exactly the same.
Give you a bit of a kind of funny story. 17, 18 years ago, I was pushing kids around in prams, push chairs, or walking the dog and not really being in the moment, and instead my head was in the how much money am I going to make through my trading kind of space. And I would be forever calculating while I was walking. Go, okay, so I start with 10,000 and then I double that, that’d be 20, and I’d double that. That’d be 40, and I’d double, that’d be 80. And I was trying to sort of figure out if I’m doubling my money every sort of month, how long it would take me to get to these magic high numbers.
And it’s a mistake that so many people go through. And like I said, I really don’t blame you if you are going through that or have done that because it’s exactly what I did myself.
How I can help you
But what I’m here to help you with is now after some 17, 18 years of trading full time, in fact coming up near 19 now of trading full time, I can offer you knowledge, experience, bit of wisdom to help shortcut things for you. And that’s what we do at the Forex Trading Coach. It’s not only about the course, and the strategy, which of course work, it’s about the realities of trading.
And yes, you can do really, really, really well from your trading, and I’m going to share with you a testimonial that I received just yesterday shortly, but it’s about the realities.
Trading with low risk per trade
And I quite often get asked by people saying, “Andrew, look, how can I make money when you only say trade half of 1% risk per trade?” And you got to remember, that’s not me saying you should trade half of 1%. That’s what I’m saying that suits me. And from my years of experience and knowledge, I find it a really good number. Now, if you want to go and trade 2, 3, 5, 10% per trade, go for it. It’s your money after all. I’m not here to say you have to do this. I’m here to say, if you want my help and knowledge, these are my suggestions. And I’ve always sort of used that figure because I find personally that figure is a really good low risk figure.
And when you look at prop firms around the world now, which by the way is a really good way for people to make money, once they know what they’re doing, a prop firm, all it really wants is, yes, it wants you to make some money, but it wants you to have low control drawdowns. So that’s exactly why the half percent risk per trade strategy, philosophy, call it what you want, is such a great thing because it keeps your drawdowns low.
Trading with low risk per trade
Now, I’ve always said in trading, there’s two things that you have to control. One’s your heart and one’s your head. If you can control those two in your trading, you’re on the way to doing really, really well because it’s all well and good, even with a fantastic strategy, you’ve got to be able to control your emotions to do this properly, and that’s why low risk trading helps.
Client makes +60% in 6 weeks
Now also wanted to share with you this testimonial that’s come through from a guy called Andrew who happens to live here in New Zealand also. And he said, “I’ve been with you six months, and initially, trading was quite slow. I was slow getting my head around it, and after a few months, I gave up, and it wasn’t working.” He then said, “I wanted to get back into it. So I’m glad that I have. I’ve now made a 60, that’s six zero, 60% gain on my account over the last six weeks following the process and just managing my trades a little bit more.” And he goes on to say about how he’s really enjoyed the support through us from Blueberry Markets, loves the live webinars, can’t get on them all, but they’re always great, love watching them and always learning something. We have a wonderful community here, and I’m proud to be part of it. Everybody is so supportive and knowledgeable.
So it’s really nice to receive messages like that. And I suppose the takeaway from that is a little bit like the theme with this, don’t go try getting rich straight away. Don’t rush to get rich. So like Andrew’s done there. Unfortunately, he sort of stopped and gave up initially, but he may have been in that same mindset where he’s trying to jump into it and become a multimillionaire in the first month or so, and it’s not going to work. So now he’s realised that, he’s back into his trading, he’s trading properly, he’s done the course, been through it a few more times now, been on webinars, and now it’s working. And that’s reflective in his 60% gain in the last six weeks there. And that’s on a live account as well. So that’s really good to see.
Check out Blueberry Markets
He also mentioned about the support of Blueberry Markets and our support, and Blueberry Markets, as you would know, is a broker who I strongly recommend people go and have a look at, check them out. Now, if you’re in a few countries around the world, most noticeably the US, you cannot trade through Blueberry Markets. If you are in the US, have a look at maybe the likes of OANDA. But for everybody else, I can strongly recommend Blueberry Markets will be a really good broker for you to consider trading through, great bunch of people, incredible support, great platform, lots of markets, especially on their MT5 platform as well.
Today’s lessons So I hope that helps. The takeaway from this is trading does work. Trading will work for you if you give it time, if you give yourself time, knowledge and stick at it. Of course, you need the strategy and everything else in place and you need support. And that’s where we come in here at the Forex Trading Coach. So I hope that helps. This is Andrew Mitchem here at the Forex Training Coach, and any questions, please just ask.
Like & Subscribe
If you’re watching YouTube, please like and subscribe. If you’re listen on the podcast, hope you’ve enjoyed it, and I’ll talk to you this time next week. Bye for now.
Episode Title: #482: Don’t Race to Get Rich through Trading
In this video: 00:25 – Today’s video and podcast 00:53 – A massive fall in the Crypto market this week 02:30 – Crypto Cash 03:11 – Trading Battle and my 2022 predictions have been correct 04:50 – Our Black Friday sale starts on 17th/18th November 06:16 – Check out Blueberry Markets 07:13 – This week’s summary
The crypto market has been crashing and tumbling this week. So how do you profit from that rather than take massive losses? Let’s talk about that and more right now.
Hey there traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 481.
Today’s video and podcast
A big list of things to get through today, including the big crash in cryptos and how you can profit from that. I want to talk about my 2022 long-term predictions that I made last year and how those have come correct. I want to talk about our Black Friday sale on this upcoming Friday, on the 18th of November. I want to talk about Blueberry Markets as my preferred broker. So let’s get into that.
A massive fall in the Crypto market this week
So cryptos; they have been tumbling. If you’ve been following cryptos, if you’ve been trading in cryptos, or you’ve been holding cryptos, you would have seen that this week we have had a massive fall in most of the crypto markets. So for a lot of people that’s obviously really, really bad news. But for us as traders, Forex traders but we can now trade cryptos in the same way because my strategy works across all markets and all timeframes and that does crypto pairs as well. So luckily for us, we have the ability of course to trade short or to sell something. We’re selling something that we don’t own. Unlike going out there and actually buying Bitcoin or Ethereum or something, we’re not doing that. We have the advantage of riding the market down if we’re selling it and profiting exactly the same way as if we were buying it and the market was going up.
Now, that’s one of the main things that attracted me to the Forex market getting close on 20 years ago, was the ability to sell something and watch it fall and profit from that, unlike say traditional buying shares or buying property or something like that, where of course you buy, hope, hold, hope it goes up kind of strategy.I wasn’t overly interested in that and that’s why I like the ability to make money, providing I’m on the right side, whether a market is going up or down. That’s the beauty of the way that we trade.
Crypto Cash
So with cryptos, for example, we’ve seen this week the likes of Bitcoin go from $21,000 down to $15,000. A massive, massive drop. We’ve seen Bitcoin cash go from 120 down to $86. We’ve seen Ethereum go from $1,600 down to $1,080. So massive, massive drops. Sure they might come back a little bit but the beauty is, as mentioned, we can trade them if they’re going up or down. We’re price-action based and that works across all markets without fail. That’s the beauty of it. So that’s why I like to trade the Forex market and now other markets.
Trading Battle and my 2022 predictions have been correct
The Trading Battle is a group online who came to me just over a year ago and I did a trading battle challenge on their website on a live feed that goes out on YouTube and other platforms. At the end of 2021, they asked me and all the other people on there to make a video without predictions for 2022. If you go back and watch my video from November or December of 2021, I was saying that my 2022 longer term prediction was for the New Zealand/US and the Australian/US to fall. That was based on what I could see on the longer term monthly charts. If you go and have a look at your charts from the beginning of this year to right now, you can see that pretty much the Australian/US and the New Zealand/US have just fallen the whole year. So it’s a combination of those two weakening, US strengthening.
But I could see that based on the monthly charts. So I’ve made a video update for them explaining what I was looking at a year ago and how that’s come true, and also how we can teach you to do exactly the same. Again, it doesn’t matter what the timeframe is, it’s just that this particular objective was more of a longer term what’s happening this year perspective. Those are the two currencies that I picked out. Go look at your charts and start at the beginning of January of 2022. Have a look at today. You can see that’s been a pretty good, fair reflection of what’s happened. So really pleased we’ve got that all in order.
Our Black Friday sale starts on 17th/18th November
Also, our third thing, our Black Friday sale is coming up. By the time you get to watch this on your Sunday or Monday, it will be on Friday. So Friday the 18th of November. It will be Thursday the 17th start time depending on where you are in the world. So if you’re in the US or in Europe, then the start time of the sale will be Thursday the 17th for you. For me over here, this side of the world over in New Zealand, the start time will be 9:00 AM my time, Auckland New Zealand time, on Friday the 18th of November. There is a countdown timer, so you can’t get it wrong. I’ve put various countries and various cities around the world on a page so you can see the exact start time in your start time so you cannot get it wrong. It’s a 12 hour dime sale. It is going to be the lowest price I’ve ever offered the course in coming up 14 years here at The Forex Trading Coach.
If you want to change your trading around and you want to get into it or it’s just not working for you and you want to make it work and get these longer term predictions as well as shorter time frame trades that we post, this is your prime opportunity. I’ll put a link here for you to register your interest. Make sure you jump on board. It’s a 12 hour sale. The price is starting crazily low and it’s going to increase every 15 minutes. So do not miss out, if that’s the thing for you that you want to change your trading around going into 2023.
Check out Blueberry Markets
Lastly, Blueberry Markets over in Australia. Great bunch of people, awesome broker, great pricing, great platform, lots of different markets. From what I’ve heard on the grapevine, going to get even better and bigger going into next year. Sounds like there’s a few developments coming along from Blueberry that’s just going to make them even better. Again, I’ll put a link to Blueberry Markets. Without doubt, they have the best customer service. Absolutely no question there. The amount of things that we’ve had people come to us and say, “Hey, Andrew, I can’t get this,” or “I can’t apply to this,” or “There’s something wrong here.” and I’ve gone to Blueberry directly and said, “Hey guys someone’s having an issue with their broker can you do this? And they go, “Yeah, sure, no problem”. Got it fixed and got people sorted, happy, within hours sometimes. It’s amazing how they operate. So I’ll put a link to Blueberry Markets here as well.
This week’s summary
So that’s a lot we’ve covered. We’ve covered the buying and selling of any market but cryptos you would have seen has fallen massively. We’ve covered the Trading Battle and my longer term predictions from last year coming really good this year. We’ve covered Black Friday this Friday, or Thursday depending on where you live in the world, and Blueberry Markets. Any content you’d like me to cover on future videos and podcasts, just ask. Send me an email andrew@theforextradingcoach.com. Hope you’ve enjoyed listening or watching, and I’ll see you next week. Bye for now.
Episode Title: #481: Profiting from the Crypto Crash
In this video: 00:24 – A lot of doom and gloom in the world right now 01:10 – Mortgage rates and Interest rates rise 01:52 – Pension funds are dropping 02:28 – What can you do about it? 02:50 – Live webinar discussing a variety of time frame charts 04:14 – Black Friday 2022 Sale – register here https://theforextradingcoach.com/black-friday-2022/
It’s time to start thinking about securing your financial future, regardless of how old you are, regardless of how wealthy you might be, and regardless of where you live. Let’s talk about this really important topic right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 480.
A lot of doom and gloom in the world right now
Thought I’d come outside this morning, early morning and record this video for you. There’s a lot going on obviously around the world right now with inflation going up, cost of living going up, job uncertainties, wages not keeping up with inflation, and a lot of property values starting to drop. In fact, I saw just this morning reading one of the UK online papers, they’re talking about potentially up to a 30% fall in their house prices. Property investors, maybe not such a good time now with higher interest rates and falling values if you already own property as well.
Mortgage rates and Interest rates rise
With mortgage rates going up and up, it’s making things harder and harder for people to afford property, and so therefore it’s not so attractive. Also, overnight my time, Britain has raised their cash rate from 2.25% up to 3%. That’s actually a 33% rise, huge. Just this week, the US have also gone from 3.25% to 4%, and on Tuesday, Australia went from 2.6 to 2.85. Other countries did something similar just a week or so prior, and that’s just this week, just those three countries.
Pension funds are dropping
We’re also getting news about pension drops, and I saw again on an English online paper here, this comment about my pension fund has plunged, wiping out almost all the gains over the last eight years. People are saying, well, their pension funds, if they’re coming up to retirement age, let’s say. Your value of your pension fund some eight years ago is pretty much where you are right now because of the lowering values and just the bad performance of pension funds. All this comes down to the very obvious, I suppose the obvious question, not the obvious answer, so much.
What can you do about it?
The obvious question of what are you going to do about it, and how can you change this? Because obviously this is just spiralling out of control on so many different levels.
To me, there is a relatively straightforward answer, and it’s to get trading or get educated into trading so you can try to figure out what you can do about this for yourself.
Live webinar discussing a variety of time frame charts
Now, just last night my time, I held a live webinar with our clients. We discussed a variety of timeframe charts, monthly charts of which we’ve got five trades on for the month of November. We discussed weekly charts, some daily charts, which we’ve taken about nine trades this week. 12 hour charts, eight hour and six hour.
With that in mind, that means that you can trade those timeframes in 15 to 30 minutes per day by looking at your charts two or three times easily. We’re not talking about sitting there looking at like one minute, five minute, 15 minute charts where you got to sit there all day and night just staring at charts, getting really stressed about your trading. Not that at all. We’re talking about making this practical that you can do this doesn’t matter where you live in the world, what time zone you’re on, what commitments you currently have with current employment or holidays or family, whatever it is, you can do this once you know what you’re doing.
On that webinar, I took a NZD/CAD trade and I took a EUR/USD trade. One is still in, the NZD/CAD still in profit right now. The EUR/USD actually hit profit in under one hour. We also had one of Wednesday’s daily chart trades hit profit on the GBP/CAD with the drop in the pound in the European session on Thursday, and that hit profit target as well.
Black Friday 2022 Sale – register here https://theforextradingcoach.com/black-friday-2022/
Also, just to let you know that on Friday 18th November, I’m holding our Black Friday sale. We do this each year and it just gives a lot of people opportunity to jump on board with us here at the Forex Trading Coach for a crazy low price. Now, we are holding our Black Friday sale one week earlier than the actual Black Friday, and so there’s a lot going on around the world with that whole time of year with Thanksgiving in the States and things like that. We’ve actually brought it forward. We’re bringing our Black Friday sale forward one week to Friday, 18th November.
If you are in the US or in Europe, that will be your Thursday, 17th start time. If you’d like to jump on board with us here at the Forex Trading Coach during that Black Friday sale, register your interest. Really important that you do that. I will put a link here so you can register your interest. There’s no commitment, it’s just purely register your interest so you can find out more about the sale.
It’s the full course. It’s everything that we have as the normal $2,497 US course. The Black Friday sale’s going to be nothing like that. It’s going to be a massive reduction. It’s going to be a 12 hour sale, and it’s really important that you do register to find out details about how you can take advantage of that.
It’s a crazy low price, and when you consider all the other options you have right now, plus it is massively disappearing and all your costs are going up and up and up. Do yourself a favour. Learn how to trade properly, learn how to look after your financial future and security by yourself. There’s no better time and more important time than right now.
Once again, register your interest for the Black Friday sale and I’ll see you this time next week with another video and podcast. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.
Episode Title: #480: It’s Time to Secure Your Financial Future
In this video: 00:32 – I’m joined by Ben Clay at Blueberry Markets 01:16 – Q #1 – Opening an account 02:09 – Q #2 – Methods to fund an account 03:45 – Q #3 – Banks having issues with opening a trading account 04:58 – Q #4 – What’s the smallest account size? 07:07 – Q #5 – Making a request for something different from Blueberry Markets 07:46 – Q #6 – New markets available to trade 08:55 – Q #7 – How secure are my funds if I don’t live in Australia? 10:02 – Contacting Ben Clay directly at ben.clay@blueberrymarkets.com
Andrew Mitchem:
Last week, I put some questions to our database and we’ve had some fantastic replies. We’re going to interview Ben Clay at Blueberry Markets and find out how Blueberry can help you as a forex trader. Let’s get into that and more right now.
Hi everybody. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 479.
I’m joined by Ben Clay at Blueberry Markets
We are very lucky today to be joined by Ben Clay, who’s the partners manager over at Blueberry Markets. Welcome along Ben. Ben, how are you?
Ben Clay:
Thank you. Very well, Andrew. Always a pleasure to be here. Thanks for having me again.
Andrew Mitchem:
Awesome. Well, just to recap, last week I sent an email out to our database asking for people to come through with a group of questions, knowing that I was going to interview you this week and to be able to put those questions to you. So, thank you very much for helping out with these questions that we have to ask you.
So first one is from Steve, and Steve says he’s never opened an account before. What is the process, and how complicated is it to set one up?
Q #1 – Opening an account
Ben Clay:
Yep, pretty straightforward. The application itself takes three to four minutes to complete on our website, and then you just need to upload the ID documents that it will request. Typically one government issued photo ID and then a proof of address that was issued in the last 90 days. And you can upload all that in the portal. The account’s typically open within a few hours, or 24 hours or so.
Andrew Mitchem:
Cool. So pretty straightforward, really. In terms of opening a demo, how’s that been?
Ben Clay:
That’s basically the same. You would do that straight on our website. There’s a section there that just says “Open a demo account.” That’s a lot faster. Obviously, you don’t need to upload any ID documents. But there’ll be two buttons on our website. “Open a demo account,” “open a live account,” and you can follow the steps there. And you can get demo accounts up and running within the client portal as well.
Andrew Mitchem:
Okay, awesome. No, I hope that answers that one for you, Steve.
Q #2 – Methods to fund an account
We have a question here from Gidivo, and it’s regarding funding the accounts. And this specific question was about can I fund on a MasterCard credit card and fund and withdraw that way? Because in some countries that’s possibly a little bit easier than going through online banking system. Can you let us know what sort of different ways someone can fund and also withdraw?
Ben Clay:
Absolutely. So MasterCard and Visa is completely fine. That’s probably the most common deposit method and withdrawal method we see. Typically, when you’re using a MasterCard or Visa to deposit, you would fund the initial amounts with Visa or MasterCard, and then withdraw that same amount back to the Visa or MasterCard. And then any profits can typically be sent via bank wire. We also accept crypto deposits if you have a US dollar denominated account, as well as bank wire, Scrille, Nettella. We had PayPal for some countries. Here in Australia, we have BPay and Poly Pay, as well as a few other additional methods as well.
Andrew Mitchem:
Wow. So quite a few. Now, just to help out with that, if you put funds across on let’s say MasterCard, do they have to come back via MasterCard? You can’t put funds across and start an account with MasterCard, and then withdraw it to a PayPal account? Or can you?
Ben Clay:
That’s correct, yeah. The funds typically have to be sent back to the same method of deposit, just for global anti-money laundering laws. And this is usually pretty uniform across most brokers.
Andrew Mitchem:
Yeah, yeah. No, I understand. Fair enough.
Q #3 – Banks having issues with opening a trading account
And a similar kind of question, we’ve had a question here from Salman, who says he’s in the past had issues with his bank. I’m not sure where Salman lives, but in terms of being able to put deposits through to a broker and the bank having potential issues with that, can you elaborate on that?
Ben Clay:
That’s an interesting one. Typically, the bank might reach out to the clients if they have made a deposit to check if they do want to make the transfer. It’s good and bad, I guess you could say. Good in the sense that they are usually just looking out to protect you to make sure that you are sending funds to a reputable company. So obviously, always make sure that you are sending funds to a broker that’s regulated and has a decent reputation and has been around for a little while, and funds are going to be held in a segregated accounts. But at the end of the day, they are your funds. So it’s not necessarily the bank’s business what you’re doing with those funds and you should be able to send them wherever you like. But it is a protection thing at the end of the day that banks will do. So sending to Blueberry Markets shouldn’t be an issue whatsoever, as we are regulated in multiple regions.
Andrew Mitchem:
Yeah, no, cool. Perfect. Thank you for that. I hope that helps for you Salman.
Q #4 – What’s the smallest account size?
Next question from Felix. Felix says, I’d like to know how much I can deposit to start with. So I suppose this is more a general newbies question. Once they go from demo, they get into live, maybe you could elaborate on account sizes, different account types, possibly, as well.
Ben Clay:
Yeah, sure. So as a beginner, I mean start with $100. That’s the minimum. Start with the minimum amount, especially if it is your very first live trade. If you’re going from demo to live, there is a very big difference in psychology. On the demo account, obviously there’s zero risk. You’re not concerned about the losses of trades. Whereas when you start with $100, you don’t even want to lose 10 cents on that account.
So start small. Start with the smallest lot sizes, even with $100 you can do micro lots and still give yourself a bit of free margins to play with. So definitely start small while you’re dipping your toes in. And then as you build your confidence up, you can start adding funds to the accounts.
And we have two different account types here at Blueberry. We have our standard and our direct account. The standard account is just going to have our regular spreads with no commission when it comes to currencies.
Andrew Mitchem:
Right.
Ben Clay:
It’s probably a good way to start, because you don’t have to worry about the commission charge, you’re just looking at the spread. And as soon as you paid off that spread, you’re in profit. Then the direct account goes from $1000 or more is what you can start with. That carries a $7 per lot commission when you’re talking about currencies. And we’ll have a reduced spread. So basically our raw spread direct what we get from our pricing providers.
Andrew Mitchem:
I mean, from my personal point of view, I think that once you’ve been trading for a while, you should get onto the… I personally prefer the commission account once you know what you’re doing, just because that nice tight spreads all the time. But yeah.
Ben Clay:
Yes.
Andrew Mitchem:
So beginning go the other way. Just pay the spread, and possibly a little bit more experience. Then go the commission route.
Ben Clay:
Exactly right. And it all comes down to preference, as well, at the end of the day. Whatever you’re comfortable with, whatever you’re comfortable with trading on. And unlike you, I prefer the other direct account at the end of the day.
Andrew Mitchem:
Yeah, no, fair enough. The nice thing is you have both.
Ben Clay:
Got both options, yeah.
Q #5 – Making a request for something different from Blueberry Markets
Andrew Mitchem:
Question here from Scott. And Scott says that he would like to have a demo account based in New Zealand dollars. I’m guessing he lives here in New Zealand, but he didn’t find that available. Is that something that you could set up if people have a request for different types of demo or even possibly live account denominations?
Ben Clay:
Absolutely. We do have Kiwi dollar based live accounts, but Scott, I’ll get that set up today for you. So you can have Kiwi dollar accounts on MT4 or MT5. I’ll make sure that’s done today.
Andrew Mitchem:
Awesome. And that’s why I love working with you guys, because you make things happen. It’s fantastic. It’s really good. You wouldn’t find many brokers do that.
Q #6 – New markets available to trade
Tim asks, are you looking at adding more markets to your MT4 or MT5 platforms? Either, I’m guessing more potentially forex pairs or others, cryptos, commodities, indices?
Ben Clay:
Yeah, absolutely. We’re always looking to build out our product range. We’re going to have some relatively large changes coming in the next couple of months, which we’ll keep all our clients posted about. But as a sneak peek, there’s going to be a lot more individual shares available, hundreds more.
Andrew Mitchem:
Right.
Ben Clay:
So we’ll be letting everyone know about that. We’re very, very excited about that. But as I said, we’re always looking to do what our clients are looking for. So if there’s any particular product that you’re looking for, reach out to us and we’ll look to see what we can do to have it added.
Andrew Mitchem:
See if you can get them added. Is there any difference between the MT4 and MT5 platform in terms of, is it now easier to add more markets to MT5?
Ben Clay:
Yeah, so MT5 typically has the ability to have a lot larger range of products, where MT4 is still relatively limited. It’s gotten a bit better, but MT5 is always going to be the platform that’s going to have a much broader range of products.
Q #7 – How secure are my funds if I don’t live in Australia?
Andrew Mitchem:
Yeah, no, cool. And last question here, this comes from Meg. Meg says, how secure are my funds with Blueberry Markets if I don’t live in Australia?
Ben Clay:
Great question. That’s one that she’d ask any broker you’re trading with. Absolutely. All our funds are held here in Australia in segregated accounts, in either Commonwealth Bank accounts or National Australia Bank accounts. So they’re two of the big four banks here in Australia. So no matter where you’re based in the world, that’s where your funds are held at the moment. And always segregated away from company operating funds. So in other words, Blueberry can’t touch those funds. If anything were to happen to us, the client funds stays segregated away from company operating day to day.
Andrew Mitchem:
Yeah, that’s massively important. Because on a personal level, I’m still waiting on funds from another broker that happened about probably three years ago, and we’re still only 50% back. So having that segregation’s massive.
Ben Clay:
It also goes back to always my point about trading with regulator brokers as well. The fact that we have regulation here in Australia means that there’s very strict guidelines that we have to abide by.
Andrew Mitchem:
Yeah, awesome. That’s fantastic. Ben, that’s covered the questions that have come through.
Contacting Ben Clay directly at ben.clay@blueberrymarkets.com
How would someone find you, contact you? What’s the next step if someone’s either thinking of starting forex for the first time or switching from an existing broker?
Ben Clay:
Yeah, awesome question. So blueberrymarkets.com is the easiest place to come find us. Andrew, you can post my email in the description.
Andrew Mitchem:
Yes.
Ben Clay:
Of the podcast. Anyone, feel free to reach out directly to me. I’m always available. I work very, very hard to make sure that my clients are satisfied, as does everyone here in our team. We have 24/7 live chat. And that’s on weekends, with targets for every single chat to be answered within 30 seconds.
Andrew Mitchem:
Wow.
Ben Clay:
So reach out to us, ask us questions. We’re always here.
Andrew Mitchem:
Awesome. Ben, I can vouge for that, because I know every time I email you I always get an answer really, really quick and it’s fantastic to see that hugely dedicated service. So it definitely helps with everybody’s trust and credibility. And I’ve been with you guys, pretty sure since the beginning, or very close to it, and always recommend you guys, because I know that the feedback that I get from my clients who go with you is always exceptional.
So thanks for your time today on this video and podcast. As mentioned, I will put a link through to Blueberry Markets and I’ll put Ben’s personal Blueberry email address on the linked description as well. So thank you, Ben, and look forward to catching up with you another time.
Ben Clay:
Thanks very much, Andrew. Always an absolute pleasure.
Episode Title: #479: Your Questions Asked to Blueberry Markets
In this video: 00:26 – How looking at different time frame charts will help your trading 01:01 – If we had focused on 1 time frame chart 02:14 – More trade examples 02:45 – More successful trades on my live weekly webinar 03:39 – A higher probability of overall success 04:06 – I’ll be interviewing Ben Clay at Blueberry Markets
I’m going to explain why we look at multiple time frame charts each day. Let’s talk about that and more, right now.
Hey there, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 478.
How looking at different time frame charts will help your trading
I want to explain why we look at different time frame charts and how it can really help you with your trading. This week’s a really good example, and this week we haven’t had a great deal happening on the longer time frame charts. We had no weekly chart trades, which is quite unusual. On Monday and again today, being Friday, we’ve had no daily chart trades. On Tuesday and Wednesday, we only had one daily chart trade, and on Thursday we had four. And of course, you cannot tell in advance what’s happening and why and what the market’s going to do.
If we had focused on 1 time frame chart
So if we had just focused purely on the daily charts this week and the weekly charts, we’d have had just six trades. However, we look at other time frame charts as well. But it doesn’t mean to say that you are taking lots and lots of time to do that because if you can trade once a day and have a look at the charts when the daily charts close, you can also look at the 12 hour charts, the eight hour and the six hour. That’s at 5:00 PM New York time. If you can also look at 5:00 AM New York time or any time after that, you can also look at two hour, four hour, six hour and 12 hour charts. And so because we take trades only at the close of a candle, I can quite easily trade once or just twice a day. It takes a maximum of 30 minutes to go through all those different time frame charts and give ourselves more trade setups.
Now, if you’re the sort of person that trades just one hour charts or just 15 minute charts or just daily charts, you are really limiting yourself because you don’t know what the market conditions are going to be. And that becomes quite a, not so much dangerous, but limiting factor on your trading.
More trade examples
So, some more examples. This week at the Wednesday, 5:00 AM time frame changeover, I’m on our forum site at that time. I posted five trades, two of them on the 12 hour charts and three of them on the six hour charts. Out of those five trades, four out of the five have been profitable, one’s still in and it’s in slight profit. So, so far we’re a hundred percent profitable success. One trade’s still to go on the 12 hour chart.
More successful trades on my live weekly webinar
And then last night, my time, on our live weekly European session webinar, which I hold, next week’s a US session webinar with Paul over in America, but I held the European session webinar last night, my time, European morning. And on that session I took two trades on the two hour charts. We took a New Zealand Swiss Franc two hour chart trade, which was very profitable, made a three to one reward to risk. Fantastic trade, hit the profit target in two candles or four hours. And I had a losing trade on the two hour US oil. So although one was profitable, the other lost, we’re still massively up because of our high reward to risk. But both of those were two hour charts.
I also took a four hour chart trade on the Australian Yen, and I took a six hour chart trade on the Euro Yen. Both were profitable, so three out of four profitable trades.
A higher probability of overall success
So it just goes to show, by looking at multiple time frame charts, you’re giving yourself a higher number of trades, a higher probability of success because you can fine tune to find the highest quality trade setup. So it’s really important that you don’t just limit yourself to just a handful of currency pairs or just one or two time frame charts. Be flexible because you have to be flexible because you don’t know what the market’s going to give you at that time. So, I hope that helps as a good lesson.
I’ll be interviewing Ben Clay at Blueberry Markets
Now next week, instead of making a video and podcast like this, I’m going to be interviewing Ben Clay at Blueberry Markets, and I’d like to offer you an opportunity to ask some questions to Ben and I can ask those questions on your behalf. So if you have any questions that you’d like to ask Ben at Blueberry Markets, about anything to do with trading or anything to do with brokerage, about them, about why they think they are a good broker, about anything, the way they operate, their history, anything at all to do with Blueberry Markets or anything to do with a broker in general, send me an email early next week to andrew@theforextradingcoach.com. In fact, you’ll get this on your Sunday or Monday depending on where you live in the world.
If you can send me an email within the next 24 hours or so, would be fantastic, with your question for me, or questions for me, to ask on your behalf to Ben at Blueberry Markets. Next week I’ll be making a weekly video and podcast just like this, but it will be the live interview of Ben. I’d love to ask some questions on your behalf, things you’ve always wanted to ask a broker but maybe didn’t know or didn’t know who to ask. This is your opportunity. Send it through andrew@theforextradingcoach.com and I’ll ask that for you next week.
Have a great weekend. Bye for now.
Episode Title: #478: Why We Trade Multiple Time Frame Charts
In this video: 00:29 – I’ve been watching the New Zealand All Blacks train 01:14 – Trader getting burnt out 02:19 – Watch last week’s video where I shared by trading day 03:03 – Do something that is proven 04:20 – The system makes life easier for the players 05:04 – Where you can find high quality training 05:25 – Looking for a good broker? 06:06 – Do you also like quality?
I’m going to talk about how you can train like the mighty New Zealand All Blacks and how you can be successful as a trader just like they are in world rugby. Let’s talk about that a more right now.
Hey there traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 477.
I’ve been watching the New Zealand All Blacks train
I’ve just been with my youngest daughter, Amber, to watch the mighty New Zealand all Black team train here in Nelson. They did an open training session this morning where everybody could go along and watch their final training before next week. They head off to Japan for the start of their Northern Hemisphere winter tour over there and then over to Britain. And I think they’re playing Scotland and Ireland and France and Wales. Great to see them, but from what I got out of it is to see how well oiled they are. A fantastic working machine that has proven success and also a machine that looks after the player welfare. So I’ll come back to All Blacks shortly.
Trader getting burnt out
I received an email this week from a trader who’s not a client over in the UK, and he was talking about burnout. And he was saying, Look, Andrew, why is it that you are still trading? What is it that you do differently to me, because I’m just getting exhausted. I’m burnt out. I’m that FOMO. He’s getting FOMO, the fear of missing out. He’s scared to leave charts, he’s fearful that he’s going to miss trades, all that type of stuff going on in his head. And I said to him, Look, well, before I can really help you, tell me how you are trading right now. And he came back and he said he’s trading a mixture of five minute charts and news trading.
So he is trading European mornings, he’s trading the US time, he’s looking for high impact news events. He’s stressed about being there. When do you put a trade on? When do you take it off? Looking at five minute charts all the time. And so it’s just constantly, it’s like a hamster going round on a wheel, it’s just never ending.
Watch last week’s video where I shared by trading day
And I said to him, Well, first of all, go and have a look at my video from last week. If you haven’t seen the video on podcast or listened to a video on podcast number 476. Last week, I shared with you a trading day when I traded just twice a day. And by the way, those trades did really well and I took you for a flight in my helicopter. So which would you rather be? Would you rather be just looking at your charts twice a day, taking trades and doing really well with low risk and low stress and doing things that you enjoy, or would you rather just sit there just, not quite 24 hours a day, but getting close. Like this guy in the UK. He’s just sitting, just lethargic, just not getting out and doing stuff, and the trading’s just taking over his life and it’s becoming a nightmare.
Watch last week’s video where I shared by trading day
So very easily, I was then able to suggest to him, he gets onto longer timeframe charts and gets a strategy that works, et cetera. That’s proven and it continues to work, and it looks after you as a trader.
So, I bring that them back to what I saw this morning with the All Blacks, you go in there, everything’s set up, it’s perfect. There’s all the training guys, the gear, the cameras, the drones, the players turn up, they do their warmups, they get into a little bit more intense work, some exercises, tennis balls come out for hand eye coordination. It gets a little bit harder, a little bit faster. And they have a system that works.
And that’s no accident that it works. And there’s no accident that the All Blacks have been one of the most successful sports teams of any sport anywhere on the planet in history and continue to be so, because their system of the training, the way that they play, the way that they bring new people through, the way that they support each other, the way that they’ve got the doctors, the medical people, they’ve got all the physios, they’ve got the fitness guys, they’ve got the dieticians, they’ve got, the whole thing is just run like clockwork. It’s very, very impressive to see.
The system makes life easier for the players
And so when the players come to do their job, which is the entertaining, and they’re throwing the ball around, it works because the system works. And you think about how you can become a successful trader like the All Blacks and continue to do it, not just a one hit wonder. These guys have been doing it since rugby started. They’ve been the best in the world. And so there’s a reason for that. And you bring that to your trading. And if you have a proven strategy that’s enjoyable, you’ve got people around you, you’ve got a system in place to safeguard you with low risk and high quality outcomes, you’ll get high probability trades and you’ll get good results. No different to the All Blacks.
Where you can find high quality training
So if you’d like to learn how to train and trade with the success of the All Blacks as a Forex trader, and also looking at your commodities, indices, cryptos, you know where to find us here at the Forex Training Coach. We’ve been doing this for 13 and a half years, and we have clients in 101 countries. Like the All Blacks, what we do is proven to be successful.
Looking for a good broker?
So if you’re looking for a broker, have a look at Blueberry Markets. This week I’ve had five other brokers contact me by email and LinkedIn. I turned them all down because all they’re after is just, how many people can you bring us? And that’s not what I’m about. I’m about suggesting that you look at a broker like Blueberry Markets, if you’re out there in the market looking for a new broker because they offer quality. They’re a good broker, decent people, good platform, good spreads, everything that you’re looking for. And so I like to work with quality. It’s why I like to watch the All Blacks play and train, and it’s why I like to work with Blueberry markets.
Do you also like quality?
So if you like quality, if you like success, and you like a proven strategy, then consider joining us here at the Forex Training Coach to take your trading to that next level. And we’re here to help.
I’ll see you this time next week. This is Andrew Mitchem, massive supporter of the New Zealand All Blacks and Forex trader. See you next week. Bye for now.
In this video: 00:31 – My trading Day & Helicopter flying 00:53 – Taking 5 trades on the D1, H12, H6 and H4 charts 01:47 – Trading done and Pre-flight done 02:21 – Flying from Nelson to Awaroa 02:41 – Check my trades and ready to fly home 03:23 – An H4 trade at the 5am EST changeover
Today I’m going to share with you my trading day. We’re going to start here taking some trades off the daily charts very shortly. Then I’m going to take you on a helicopter flight, where I’ll be flying myself, and then I’ll be back here to trade some more tonight. Let’s get into that and more right now.
Hey there traders, this is Andrew Mitchem, here at the Forex Trading Coach, with video and podcast number 476.
Taking 5 trades on the D1, H12, H6 and H4 charts
We’ve got a real special day lined up for you today. It is coming up to about 10 to 10:00 in the morning here. The daily charts are about to change over at my 10:00 AM, which is coming up to 5:00 PM New York time. I’m going to scan through the daily charts right now, and then I’m going to go through the 12-hour, the 8-hour, and the 6-hour charts, and I’m going to come back shortly and let you know what I’m trading.
Trading done and Pre-flight done
Righty. So here we are back again, just some 20 minutes later. I’ve been through the daily charts, the 12, the 8, and the 6, on the forex and non-forex pairs. This is what I am trading today on the daily charts. I am taking a trade on the Euro Swiss Franc, and also on the pound New Zealand. So both sell trades, Euro Swiss Franc, sell pound New Zealand, sell on the Dailies. I’m also taking a H4 chart trade on silver as a buy trade, a H6 gold trade against the US and a Euro Australian H12 chart trade. So all up I have got five trades that I’m taking now, and that’s it for the morning. Next stop helicopter time.
Okay, so we’re inside. All the pre-flights are done. Everything’s all checked in here, and we’re ready to start up in the next few minutes, going for a nice flight. Little bit like trading. You do your homework, you do your due diligence, you do all your testing, and then once everything’s been thoroughly checked, you take your trades. I’ve actually just checked the gold and silver trades that I mentioned earlier, they’re going really, really well, especially the silver trade. The silver H4 forex chart’s just going tremendously well. So, really nice to see. I’ll update you once we start flying. Talk soon.
Check my trades and ready to fly home
So just had a nice couple of hours with some friends here at Awaroa, which is north of Nelson. Beautiful, very remote place here. Got a bit of a landing spot here for us. And yeah, just checked my phone. We do have reception here, so just checked the phone, see the trades are still going really well. Actually, better than when I left. So heading back now, and then I’ll come back on when we’re at home tonight, looking at the changeover of the 5:00 AM Eastern Standard Time charts. And I’ll be looking at the 2 hour, 4 hour, 6 and 12 hours, and I’ll update you on the progress of today’s trades at that stage and hopefully take a few more trades. Talk to you soon.
Flying from Nelson to Awaroa
1500 feet flying out from Nelson going to Awaroa. Good day outside. quite windy though
but nice to see we’re up flying. We are getting ready to the beach. See you soon.
An H4 trade at the 5am EST changeover
Righty. So here we are, 10:00 PM. Just taking my last trades for today. Just one trade at the 5:00 AM Eastern Standard Time, which is New York time changeover, and that is a sell trade that we’ve just taken on the Aussie Franc on the H4 chart. So let’s see how those trades go. We’ve been talking about it here on our forum site and discussing it with other clients as well. So yeah, just really great to have the amount of traders on there all looking through the charts, and I’ve been through all the forex and non-forex pairs at the changeover, at the different timeframe charts, and a lot sort of almost trades, but only that one good enough trade to take, using the criteria that we have. So I hope that helps. Trading just twice a day, it’s taken me what, less than 30 minutes in total to look through all the charts, place the trades here today.
What do we have? Five trades earlier today, one now. Let’s see how they all go. But between the trades earlier today, the flying, trades now, you can see how flexible the system is. You don’t even have to trade at these two times, by the way. It’s just the two times that I choose to trade. But you can see how you can trade, still do normal things, whether it be a normal job, career, travel, family things, whatever it might be, flying, whatever it is that you like to do, you can do that and trade, the strategy that I’ve created and teach and trade, and been doing that, teaching for 13-plus years and trading for nearly 18 years now. Wow. Hence the grey bits. But look, hope that helps.
And any questions just ask. We’re here to help and we love what we’re doing, as you can see. Thanks again. This is Andrew Mitchem at the Forex Training Coach. Bye for now.
Episode Title: #476: My Trading Day & Helicopter Flight
#475: How to Best Use Divergence in the Forex Market
In this video: 00:26 – Using Divergence 01:27 – The 2 types of Divergence 02:22 – Reversals and Continuation Patterns 03:49 – Continuation Patterns are Higher Probability Trades 04:59 – Regular and Hidden Divergence 05:32 – Blueberry Markets for MT4 and MT5
Does divergence really work in the Forex market? And if so, how can you best use it? Let’s talk about that a more right now.
Hey, there Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 475.
Using Divergence
I want to give you a really good bit of trading information here regarding the use of divergence. And you’d know that if you’ve been following me for any length of time, I use predominantly candle patterns. I look at price action, I look at support and resistance levels and strength and weakness on the charts, as that to me is the most important information. However, there is one indicator that I use of the more traditional lagging indicators, and that is the stochastic indicator. And I use that in a few ways. It helps me to determine if the price is overboard or oversold.
And what that means is if the price is going up and up and up and it’s then overbought. If I were to see a reversal pattern, that means that it’s in quite a high probability part of the chart, that the price cannot keep going up forever and therefore it’s lightly to then pull back. And I can take a potential cell position, but I also use the stochastics to help me with divergence.
The 2 types of Divergence
Now, there are two types of divergence, those regular or standard divergence, and there is what we call hidden divergence. Now, in basic terms, divergence is when, let’s say the indicator is going one way, but in reality the price is going the other. And that causes a divergence. One thing’s heading up, the other’s heading down, and you get the opposite, like the conflict going on there. So that is a divergence. Now there’s sort of more specifics that we look at than that, whether we’re looking at that happening with the lows and the price getting higher or the highs and the price getting lower, different things like that.
But in basic terms, divergence means price going one way, the indicator suggests the price should be going the other way, and then you generally get a reversal or a continuation happening. So it’s a really good early warning system for you as well.
Reversals and Continuation Patterns
So two ways of trading it for me reversals. That is when you get regular divergence with the price coming off the bottom or the upper Bollinger Band area. So in other words, the price is either oversold if it’s at the bottom Bollinger Band or overbought. If it’s at the upper Bollinger Band and stochastics are either low below the 20 or high above the 80 level. And if you get that showing, then you have yourself a high probability chance of a reversal trade. Now of course, you cannot just say, “Here’s a positive divergence signal, the market’s oversold the price is going to go up.” It’s not as simple as that.
You still need the candle pattern and you still need it to come off the right price level. Strength and weakness is always important. If you get a trend line break, have you got a good place for your stop loss, plenty of room to move for your profit target? All those things that we talk about all the time are still massively important. But by piecing together all these little parts of the jigsaw, if you can then add a divergent signal on top of everything else that you see, that to me adds more and more quality, more and more probability of success for your candle pattern and your setup that you are taking. So I really like reversal patterns and standard divergence, but I love continuation patterns with hidden divergence. And the reason for that is this, continuation patterns to me are an even higher probability, safer way of trading.
And what we’re looking for in basic terms is this. Let’s say that the price has been moving up and it’s come off the bottom Bollinger Band back towards the middle Bollinger Band, and then we get a red, a hidden divergent signal. Let me get that right. We get a hidden divergent signal off the middle Bollinger Band, and we then get the candle pattern looking like it’s heading down again. So it’s come up to the middle Bollinger Band, and then we are then looking at trading it again. So in other words, down trend pullback, looking for the down trend to continue.
Continuation Patterns are Higher Probability Trades
That continuation pattern is by far a safer pattern than looking for a big down trend. And then looking to pick the bottom and looking for that reversal. Reversals look really cool on your charts if you can pick them. They’re really good, but they are slightly higher risk.
A continuation pattern means you’re trading with the main trend, but after a pullback has already happened. And so that becomes a safer pattern.
Regular and Hidden Divergence
So two different ways of using divergence, regular divergence of the upper lower Bollinger Bands looking for reversal trades. Hidden divergence, in my opinion, are far better, safer way of trading after a pullback to the middle Bollinger Band. And then looking at writing the main trend again. Have a look at those on your chart. If you’d like more information about that, then jump onto one of my webinars to the hold for new traders or experience traders, or just jump onto the full coaching programme where we can teach you properly everything that we look for.
Blueberry Markets for MT4 and MT5
And if you’re looking for a broker to choose for a demo account to get you started or you’re ready to go to a live account, my pick is always Blueberry Markets. They have a fantastic MT4 and MT5 trading platform available. Fantastic group of people. They also have a really good client portal where you can log in and you can trade change funds between accounts, you can open new accounts, withdrawal funds. Really, really quick fund withdrawal as well. So have a look at Blueberry Markets. They’re based in Australia and they’re really, really fantastic brokerage. I’ll put link to them on this video and podcast as well for you to check at Blueberry Markets and my five star coaching programme.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. Look forward to bringing you more trading tips and information next week. Bye for now.
Episode Title: #475: How to Best Use Divergence in the Forex Market
In this video: 00:23 – Do you lack capital to trade well? 01:20 – Control your heart and your head 01:46 – Learn how to trade first 02:56 – Understanding the markets 03:36 – Going to University 04:05 – Get yourself into Prop firm trading 06:05 – Blueberry Markets 06:38 – The Successful Trader System
Is a lack of trading capital one of your biggest problems that you face in order to become a successful trader? If that sounds like you, listen up, I’ve got some great tips and information to really help you. Hi, everybody. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 474.
Do you lack capital to trade well?
Now, if lack of capital is one of the issues that you have as a trader, I’ve just got some great tips to help you. Because every day, I get email from people that say, “How much do I need in my trading account in order to give up my job? How much do I need in my trading account to be able to pay for your course? I don’t have enough money. If I pay for your course, it’s going to drain my existing trading account. I don’t have any extra spare cash to put into it. I’m worried that if I start off with five or 10 grand, I don’t have anything else to add. I’m worried if I start with too much even, then I’m going to lose money and I’m going to be scared and not want to trade again.”
So it’s all these kind of money-related issues going round in the heads of pretty much everybody out there looking to trade.
Control your heart and your head
Now, I always say there’s two things you need to control in your trading, one is your heart and the other is your head. You need to get both of those two under control. To do that, you need things like a strategy. You need mentorship. You need assistance, support to know what you’re doing, low-risk money management, all those type of things. But the problem is if you haven’t got enough money to start with, people feel that none of that matters, whereas in reality, it should be the opposite.
Learn how to trade first
You see, to me, the most important thing right now for you to do is to learn how to trade. Your account size today, how much money you have available of your own personal money to trade within your account right now or even to look at adding to your account is completely and utterly irrelevant. It has almost zero bearing on whether you can learn how to trade properly.
You see, you flip it the other way around. You could come to me and go, “Andrew, I’ve got a million dollars. Send in my account and I’m ready to start trading. I’m a multi multimillionaire. I’m just going to throw a million dollars at it and see what happens.” You can guarantee that that person is also going to lose money, lose confidence, and give up trading. So it really doesn’t matter if a thousand dollars is a massive amount to you or a million dollars is a tiny amount, does not matter one little bit unless you know how to trade properly. So that’s why I say you this, the size of your account, the size of your capital, your wealth, all of that is completely and utterly irrelevant unless you know what you’re doing and how to trade.
Understanding the markets
So it comes down to understanding the market, knowing what to look for, and trading properly. Because you see, a lot of people go, “Andrew, you talk about a half percent risk. I’ve got a thousand-dollar account. That’s $5 I’m risking per trade and I might be making $10, $15. That’s not enough to live on.” Again, completely and utterly irrelevant. It does not matter today. The thing that you have to learn to do is to learn how to trade properly, consistent with low drawdown and high consistency, high reward to risk trades. If you can do that properly first, then you can make money from trading.
Going to University
Think of the learning process as like going to university. Think of it like an apprenticeship. You’re not doing those things. You’re not at uni and you’re not on an apprenticeship to be your end goal and to make all your money right then. You’re there to learn the steps to learn the process in order to better yourself to then fast-track yourself to be able to jump into that career or higher paying job or whatever it is that you are doing those skills or that learning for. Trading is no different.
Get yourself into Prop firm trading
How you can get there with trading is once you know what you’re doing, you can get into things like prop firms. Now, to give you an example, we’ve got one of our clients on a prop firm. He’s been doing it for about a year now. He’s up to $750,000 in just one account. He’s got multiple prop firms going by the way, but his biggest account is $750,000. If he can make a 10% gain on that account within the drawdown parameters that the prop firm have, that means he makes $75,000 US on that account. It’s not even his money. He’s on an 80/20 profit share, which means that if he makes the 10% gain or $75,000, he then is on 80% of that, which is $60,000 to him from just the one prop firm. Now sure he has taken some time to get to that stage and prior to that, he’s taken some time to learn the course, the strategy, the programme that I teach to get to that stage where he can then start at the prop firm.
It’s not a get rich quick scheme. It’s not going to fix everything in two minutes. You have to still go through the steps in order to get towards being good enough to go to a prop firm, but it just shows you that when you are good enough and you know what you’re doing, you can outsource your skills to things like prop firms, signal companies, whatever it is you want to go through. Prop firms is probably one of the best and easiest ways of gaining a large consistent return with someone else’s money, but again, you have to know what you’re doing first. You got to walk before you can run. But isn’t that incredibly exciting that once you’ve developed the skills, there are multiple ways out there for you to gain massive monthly returns and income without actually worrying about whether I’ve got $5,000 or $1,000 or a million dollars today. It does not matter.
So you can see the relevance of your account today, the size of your account right now, completely irrelevant. Learn how to trade first.
Blueberry Markets
If you’re looking at a broker to put any amount of funds through, start on a demo, work up some live accounts. Blueberry Markets, I can highly recommend them. I’ve been with them for years and years. I talk about them every week. Why? Because they’re good. They offer incredible customer service, great trading platforms, the MT4 and MT5 platform. Their MT5 platform has multiple markets, very, very tight, low spreads all throughout the day and night. I highly recommend them. I put a link to Blueberry Markets here as well.
The Successful Trader System
And also, I put a link to my five-star rated Forex coaching programme, the Successful Trader System, which has been running for over 13 years and helping traders right around the world just like you learn how to trade, understand what they’re doing, and then take it big once they know what they’re doing. Any questions? Send me an email, andrew@theforextradingcoach. If you have any topics or conversations or trading information you’d like me to discuss on future videos and podcasts just like this, just send me an email. If you’re watching, don’t forget to like and subscribe. Thanks again. See you next week.
Episode Title: #474: Do You Lack The Capital to Trade Well?
#473: Do You Think Your Government Really Cares About You?
In this video: 00:41 – A quote from Robert Kiyosaki 01:20 – It’s a good time to be alive 02:33 – Wanting more handouts 03:52 – Forex is a way to help you achieve cash flow 04:42 – Trades get posted on our Forum site 05:12 – Blueberry Markets
Are you waiting for your government to save you? Are you waiting to win the lottery? Are you ready to win on the horses? Or are you ready to leave that whole mindset behind and do something to look after yourself and protect your future? Let’s talk about that more right now. Hey there traders. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 473. Come outside again today, such a beautiful day. Couldn’t film inside at the charts.
A quote from Robert Kiyosaki
I wanted to read something for you and it’s come from someone who I’ve followed for years and years. You probably know him, a guy called Robert Kiyosaki, who wrote the Rich Dad, Poor Dad books, someone that I followed years ago and I credit a lot of the way that I think and finances, et cetera, to Robert Kiyosaki. So I’d like to read this. I haven’t asked for permission for this. This is just something he’s emailed through to his list of which I’m one of, so I’m going to read it out for you anyway, and I think it’s really relevant for us as Forex Traders. So here we go.
It’s a good time to be alive
Robert says, “We are all being bombarded with bad news, bad advice, and people telling us how bad things are. I don’t buy it. I’m tired of it. The media and the governments of the world are telling people that we need to be saved. I even feel they’re trying to control me. I’d like to offer a different mindset for you. Yes, we’ve all had challenges, but I’m optimistic, and I think this is a great time to be alive. And instead of telling you to wait for the government to save you, it’s time to save yourself. There has never been a more important time for you to stop wanting or waiting on the government or your employer or others to provide for you or your family and your financial future. They can’t save you. They won’t save you, and the truth is no one cares about your financial future like you do, or you should do. It’s time to save yourself. You know it and I know it. Take control of your financial future, get yourself educated, surround yourself for people who are doing the same thing and leave the victim mindset behind.” And I read that and I thought that’s such a short but powerful and true statement.
Wanting more handouts
The victim mentality and mindset’s everywhere. People were just after more and more handouts from governments. They think the government’s going to save them. They think they’ve done that with the health over the last two years. No, they haven’t. They think you’re going to get payouts from them. No, it’s your money after all. Everybody who’s paid taxes pays into it. All they’re doing is creating debt. If you think that some government retirement scheme or anything like that’s going to protect you, who knows by the time that we get to retire, there may not even be retirement funds. Some countries there aren’t anyway.
So what he said there is absolute truth. No one cares about your finances. You do and you should do, but no one else really cares. No one’s going to come running and protect you. No one’s going to come giving you this sort of golden handshake or this golden payout that you might think you are due. So what are you going to do about it? And that’s what I love about Robert Kiyosaki’s mentality and the way that he’s always sort of talked and got people to think for themselves, think slightly differently, think differently from the mainstream way of thinking, the way that you probably didn’t get taught finances at school. You’ve got to think slightly differently.
Forex is a way to help you achieve cash flow
And to me, Forex is one of those ways that you can achieve that. Yes, there are other ways there’s businesses, there’s properties, there’s all sorts of other things, but Forex in terms of cash flow and the ability to not work X number of dollars for so much time offers something that a lot of other businesses don’t offer. But having said that, you have to know what to do, and his last line said, “Get yourself educated, surround yourself for people who are doing the same thing.” And that’s where I think here at the Forex Training Coach, we’re different and we help so many people because we do have a community of like-minded people all doing the same thing, all looking for the same goals, and that’s where we help each other with our forum site, with trades that we post to each other.
Trades get posted on our Forum site
I’m forever finding trades on our form site that other people have put on there during the day. And I go, “Wow, that’s a good trade. I wasn’t looking at the charts at that time.” And I go and take the trade and profit from it. And it’s like, all I did was just got notified on the forum site. So look, lots of ways that we can help you to achieve your goals and to basically be self-sufficient, educate yourself, surround yourself with like-minded people who are out there trying to achieve things. So that’s my educational piece for this week.
Blueberry Markets
And if you’re looking for a new broker, somewhere to place your funds, I can highly recommend Blueberry Markets. They’re based over in Australia. We offer the MT4 and MT5 platform. I absolutely love their MT5 platform because it offers so many more markets for us to be able to trade and take advantage of. If the Forex market’s a little bit quiet, then you’ll find that the cryptos or the indices markets have been really good. And we’ve had trades this week on copper and natural gas and some of the American indices as well as the Forex markets. So have a look at Blueberry Markets. I’ll put a link to them on this video and post. Have a great week. I’ll see next week. Bye for now.
Episode Title: #473: Do You Think Your Government Really Cares About You?
In this video: 00:34 – Frustrated and ready to quit trading? 00:59 – One of our traders when from quitting to profitable in 4 months 01:33 – They gave it one last go 02:23 – Profitable on a live account and soon to join a Prop firm 03:10 – Don’t give up without trying the TFTC approach to trading 03:56 – Choosing a good Forex broker 04:36 – We’re here to help
Are you about to give up on the Forex market? Are you just finding that you’re frustrated, you’re wasting money, wasting time? It’s just not working. Everybody thinks you’re gambling, and you just think it’s a complete farce. It’s not for you. If that is you, this video is exactly what you need to hear. So before you quit, make sure you listen to this.
Hey there traders, it’s Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 472.
Frustrated and ready to quit trading?
Now, this video is especially for you if you’ve been trading for a little while and it’s just not working. You feel like you’re wasting your money, wasting your time. You’ve done courses, you’ve been through forums, and it’s just nothing’s happening. You’re constantly going backwards, you’re losing money. I feel the frustration. I’ve been there myself. It took me four years before I finally became profitable with my own trading.
One of our traders when from quitting to profitable in 4 months
But I want to talk about a client who I was talking to just yesterday. They first contacted me back in May, just over four months ago. And at that stage, they were ready to quit. They were ready to give up. It was just a waste of their time, really. It was all these things, these promises they’d seen online. They’d been on various forums, bought expert advisors, done various courses, indicators. You name it, they’d been there and done it. Like I had, and probably if this is for you, this video, you’d know exactly how they were feeling.
They gave it one last go
And so, they decided to give it one last shot. And after talking to a client of mine who’d been with me for about a year and a half, they decided to give it a go and they came on board at the Forex Trading Coach.
And we had a catch up yesterday, and it was very pleasing to have the catch-up and just see their complete change in attitude, their change in fortunes of how things are now working out for them. Because they’ve now got a clear strategy, they belong to a group, a community. They know what to trade, they know when to trade. They have information given to them on a daily basis to actually aid them with their learning process, with specific trades that are profitable. And the change is just incredible in four months.
Profitable on a live account and soon to join a Prop firm
And with this person, the last two months, they’ve been profitable on a live account and then they’re looking at going on to a prop firm at the end of September. So probably into the first week of October, looking at going on to a prop firm challenge. And now that they’ve proven to themselves, after a month or so of demo and then a couple of months of live personal account, live trading and results, that they’re ready to go to that next level.
And the webinar was just a fantastic, just a really good catch-up, and pleasing from my point of view. But from their point of view, you just wouldn’t believe the change in how they were looking, how they were feeling, how they were just energised, ready to take on the world because their trading was suddenly now working for them.
Don’t give up without trying the TFTC approach to trading
So if that’s you, if you feel like you’re at that stage where it’s just not working, give us a shot. Because it just happens so many times that people come to us and they go, look, this is just not working, I cannot make trading work. I think I know what I’m doing. And then after a while, they come back to us and go, look, I’ve learned more in the first day reading your course than I’ve learned in the previous however long they’ve been trading. And they finally have a strategy, they finally have an understanding of what’s happening in the market, to be able to look at the market and read what’s happening. So yeah, massive, massive change around.
I really encourage you to take a look and I’ll put a link to my five star rated coaching course. It’s been running for the last 13 plus years, so we kind of know what we’re doing by now.
Choosing a good Forex broker
If you’re looking at somewhere to go and place your funds, I can strongly recommend obviously start on demo if you are new or if you’ve been doing it for a while. Either way, have a look at Blueberry Markets. They’re a fantastic broker. They can take clients from pretty much anywhere in the world. There’s a couple of countries, including the US, who cannot trade through Blueberry. If you are in the US, have a look at OANDA. But for everybody else, Blueberry Markets are a fantastic option. MT4 and MT5, great bunch of people, and you’ll get looked after tremendously well.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach.
We’re here to help
Like I said, if you’re at that frustration stage, but we all have been there, we all know what it feels like, stick with it and come and just change things around and come and give us a go, because it works. See you next week.
In this video: 00:24 – What do we look for when looking for a reversal trade? 01:08 – Getting ready for a new trade 01:26 – What exactly are we looking for? 03:13 – Don’t forget to look at the price 05:00 – Bollinger bands give us more clues 06:45 – We trade Reversals and Continuation Patterns 08:30 – Blueberry Markets for MT4 and MT5 09:13 – Look at my 5 Star Rated Forex Coaching Program
What clues do we look for to suggest that a trend is about to reverse? Let’s talk about that and more right now.
Hey there, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 471.
What do we look for when looking for a reversal trade?
Want to talk about reversals today and what constitutes a good reversal, what do we look for to suggest that a reversal is about to take place.
You can use this in many different ways. You could use this, let’s say, you were in a buy trade and the market’s moving up beautifully. It hasn’t quite got to your profit target, let’s say, and you might see some form of indication that the market is about to reverse against your long or your buy position. That’s something that could help you to suggest to either get out of the trade altogether early, or maybe partially close from trade, or maybe move to stop loss. But there’s clues there that I’m going to talk about that can help protect that trade if you are already in a trade.
Getting ready for a new trade
If you’re not already in a trade and you’ve seen the market moving up and you’ve missed that trend, but all of a sudden, you now see a few clues that I’m going to mention that will help you to take a short position against that uptrend, then that is also a very good trading opportunity.
What exactly are we looking for?
What is it that we’re looking for? To start with, to make things easy, I’m going to be talking about a current uptrend and then a bearish reversal.
If we’re looking for a bearish reversal for me, I look at candle patterns and I’m looking for outside or engulfing candles. But I don’t just look at every single engulfing or outside candle go there as a sell trade. Absolutely not. There’s other things that we want to see.
If we’re looking for a bearish reversal, first of all, we need to see there’s been a good, strong prior uptrend first. The reason for that is not every uptrend can keep going obviously. Everything will stall and exhaust and then turn around. We’re looking for that turnaround because this is talking about reversal trades.
First of all, we need that good, strong prior uptrend. If we have a reason for that to look like it’s stalling, it could be an indecision candle such as a pin bar, hanging man, doji candle, where basically the price has gone up, formed a new high, and it’s come back and it’s closed near the low of the candle, or it’s an indecision candle it’s gone up, it’s gone down and it’s closed near it’s open, something like that is giving us an early warning system, basically. It’s saying after this big, strong bullish trend, all of a sudden, the next candle has given a clue that the market’s gone up, reached a point and it’s coming back, or it can’t decide whether it wants to go up or down any further. That’s our first indication. Then to get confirmation, then we need the bearish candle to come next.
Now, again, not every indecision and bearish candle is a setup. We need lots more. First of all, as mentioned, we need that prior trend. We need that exhaustion. Then we’re looking for other clues.
Don’t forget to look at the price
Now a lot of people fail to look at the actual right-hand side of the chart, which is the most important, and that is the actual price. You have to look to see why that indecision and then potential reversal has happened. Why has it gone up and gone no further? Why is it stored there? Looking at the price will give you a really good clue and indication of maybe that the indecision candle or the pin bar’s gone up and it’s hit a round number. Now I call a round number anything ending in 00 or 50 and so the price has gone up, hit that strong level. The sellers have now started to take over and it’s driving the price down. Now you have a reason why that candle formation is happening.
You could also look back across the left on your chart and you could go across and go, that’s interesting. The last time the price got to this level, it reversed. It’s gone and down its price action. It’s now come back and it’s formed an indecision candle and it’s exhausted at that same level that it did back on the left-hand side of your chart back previously, and look what happened back then. It dropped. You may go back even further and go, oh, the time before it got to that price. Guess what, it stalled and it’s dropped. That’s giving us the clue that that price level is a barrier and that the price for whatever reason of that currency or that market that you are trading cannot breach that level and go any further.
It may go slightly over and take out a whole heap of stop losses and get people in on buy trades, et cetera, that just generally lose money. But in general, that area, that region of the chart will be a level that the sellers have now, or the buyers are getting out, and the sellers are now seeing as a great opportunity to start driving the market back down again. So candle patterns and price, again, not just those things. There’s a few other things we’ll look for.
Bollinger bands give us more clues
For me, I look at Bollinger Bands and if that’s happened all around with an upper Bollinger Band, because we’re talking a bullish trend and then a bearish reversal, that gives me an extra clue.
I’m looking for things like trendline breaks. Has there been a break of that uptrend with the bearish candle? If there has, fantastic. Now we’re starting to build a picture here of what we’re looking for, for a quality grade setup.
Then on top of that, we’ve now potentially identified a good trade. We may have negative divergence, even better. We may have strength and weakness, even better.
But what else are we looking for? We still need room to move for the profit target. Have we got enough room so that you may have got your pin bar and engulfing bar, but you then might be now selling directly into a very strong support level. So you don’t want that. You want room to move so that the trade can then come down in your anticipated reversal direction and have plenty of room to move with not too many other barriers in its way or obvious barriers in its way at the time.
Also another thing to add to that is if our trade can have stop-loss protection, that will also help. It could be a pivot point. It could be a previous resistance area. It could be a round number. So you’re always looking to add more and more layers of protection to keep the trade from being stopped at, of course, but also you want to give yourself the best opportunity for the market to then continue downwards in your direction to get to your profit target without too many barriers in the way.
We’re building all this picture together, and that is what we’re looking for, for a bearish reversal. Of course, complete opposite if you’re looking for a bullish reversal. You want the prior downtrend, et cetera, exactly the same but in reverse.
We trade Reversals and Continuation Patterns
That’s one of the things that we teach here at The Forex Trading Coach. We’re all about trading two types of trades, reversals and continuations. You put those two patterns and those two sets of patterns together, you have yourself two very easy patterns to see, but two high probability patterns.
That’s what trading’s about. It’s about keeping things simple, easy to see. Is there a setup, yes or no? Take trade or move on. It’s as simple as that. That’s really what it comes down to. You get those high probability trades and then you add in things like the money management that we talk about and the limit orders to get high reward to risk. You can now start to see how we achieve very high rewards risk trades with high probability, but they’re easy to see. Of course, we only look to take a trade on the close of a candle so you know exactly when to look at your charts again.
All we’re doing is simplifying everything because people just overcomplicate things and just get far too much confusion with lines crossing over the lines and news events and all these other things that really are not necessary and will just cause you confusion and cause you losing trades and will then cause you to be frustrated and likely give up.
We’re about the opposite. We’re about wanting people to enjoy their trading, to enjoy their life, to make money, to look at the market quite simply and quite easily and say, “Yes, here’s a trade. This is how I’m taking it. Here’s a high probability setup. If it works in my favour, it’s going to make me 2, 3, 4 to 1 risk. If it gets stopped out, that’s trading that’s probability. I had a high quality trade set up at the time, but my risk and my loss is very, very low.” So that’s our philosophy for trading.
Blueberry Markets for MT4 and MT5
If it comes to for you to take look at a new broker or you don’t have a broker at all at this stage, I can highly recommend Blueberry Markets. They’re a fantastic broker. I’ve been there with them for years and years. I speak to them on a fairly regular basis. I’ve been over to Australia in the past and I’ve met up with them. Look, a lot of my coaching clients have been with them and go to them. A lot of just people that are just listening to the podcasts and the videos and go and check them out. I always, without fail, get exceptionally good feedback about their platform, their spreads, their team, and the way that they operate, which is why we recommend them. So have a look at Blueberry Markets.
Look at my 5 Star Rated Forex Coaching Program
Also have a look at my five star-rated Forex coaching course. It’s been running for over 13 years. We have clients in 101 countries right around the globe. It works because the strategy, as you can tell from listening to this and watching this, it’s simple, it works and people enjoy trading it because it’s profitable.
I hope that helps. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #471: What Makes a Good Reversal Trade?
#470: Now is the BEST time in 18 years to trade the Forex market
In this video: 00:28 – The best time to be trading the Forex market in 18 years 00:56 – I’ve seen all trading conditions in my time as a trader 01:23 – What are your trading options right now? 03:06 – Inflation and interest rates 05:00 – The cost of shipping 06:02 – What are you going to do about it? 06:43 – About to lose your job? 07:10 – Blueberry Markets is my broker of choice 07:35 – My 5 Star rated Forex Coaching Program
Right now is the very best time I’ve ever seen in the last 18 years to start trading the Forex market. Let me explain why right now.
Hey, there, traders. This is Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 470.
The best time to be trading the Forex market in 18 years
And I want to explain to you why I think after 18 years of trading the Forex market, right now is possibly the best and the most important time of why you should really strongly consider trading. If you’ve not traded yet, think about it seriously, getting into it now. If you have started to trade and it’s just not working, this is also for you because right now is the most important time. Let me explain why.
I’ve seen all trading conditions in my time as a trader
After 18 years I’ve seen all sorts of different things happen and conditions in the market, et cetera. All that has happened, presidents, different things have come and gone, troubles around the world, whatever it might be. COVID, all these things have happened. Okay. But right now, going forward, there looks to be, doesn’t matter where you live in the world, so much uncertainty.
What are your trading options right now?
Now, what options do you have right now if you’re looking for investing or just surviving? And I mean that quite seriously, because give you an example. This morning, I was listening to the radio station. And on there, there were two articles back to back which really made me wake up and open my eyes about what’s happening. And one of them was a local council guy talking about how they had invested their money. One of the local councillors here in New Zealand had invested quite a substantial amount of their cash and surplus funds into an investment firm. JBWere was the one, they mentioned it so I’m going to mention it. And how they had lost 6% in the last year on their funds through this expert investment firm.
An investment firm where they’re talking to them, explaining why that their portfolio gone backwards and all the different things happening in the world. Basically, giving all their excuses. But ultimately, the result is everybody who is a great payer of this particular local council, their funds have gone backwards. You take that and think about you doing the similar thing. You go and put your funds with these experts. And I’m not saying all of them, and I’m not even saying that the one I’ve just mentioned is particularly bad or good. I’m just saying they were the ones mentioned on this particular radio station this morning that I heard. And when you think about that, you have so little control yourself. You’re not really knowing what’s going on. That was the first news story.
Inflation and interest rates
The second story straight after that was another guy coming on, talking about all the doom and gloom that’s happening and coming regarding inflation and the cost of living. Now, again, it doesn’t matter where you live in the world, your price of food, your price of fuel, your price of just goods, commodity services has gone through the roof over the last few years.
And they were talking about the knock-on effect of that. And they were also talking about how to overcome inflation. All these global again, so-called experts who run these things are looking at putting interest rates up, which they’ve already done pretty much, most countries around the world over the last little while, last few months. But are likely to keep doing again. What’s that going to do? It means that people on mortgages, on home loans are going to come off of what has been traditionally some fairly low rates, all of a sudden, going onto massively high rates.
What does that mean for you? Well, it means, of course, your cost of living, your mortgage, your ability just to tread water to survive is going to cost a lot more. Add on top of that, the food, the fuel, the everything else, and you can see how it’s going to escalate. And then what that does is it leads on to your discretionary income. You’re going out to restaurants and cafes and cinemas and buying investment properties, or going on holiday or vacation, buying a car. Whatever it might be, all that becomes less and less ability for you to spend.
Which then of course, means that if you’re in retail or accommodation tourism or any of these knock-on effect businesses, whether you’re making them or selling them, there’s less people coming through the door. Therefore, you as a worker and an employee, are in less demand. And you can just see the whole bubble building here. And again, this is a global issue. This is not just me telling you about what’s happening in New Zealand. This is happening the world over right now.
The cost of shipping
Another example, just from yesterday, I was talking to a guy who imports helicopters here into New Zealand. He said that the costs that he got quoted last week to import a 40 foot container with a helicopter in it from America to New Zealand, from Long Beach, California to Auckland in New Zealand was 52,000 US dollars for one container. Doesn’t matter what’s in it. A 40 foot container, $52,000.
It was horrifically expensive. It was massively slow because everything’s just slowed down. And so, you then look at the cost of importing, or exporting, and shipping around the world or air freight. It’s just got horrific in terms of its cost and its reliability and its speed. All that again, combines to make things more expensive. And the knock-on effect means that you and I have to pay more for things. That is inflation.
What are you going to do about it?
Bring all of that back together. What is it that you are going to do about it? And that’s why I believe that the Forex market and learning how to do it or having a passive income and knowing how to do this for yourself today, right now, at the end of August 2022 is probably in the last 18 years, the most important and the best time right now for you to seriously consider learning how to trade the Forex market.
I’ll leave it with you there because I think that is a pretty hard hitting chain of events that are going on that’s going to affect everybody. It doesn’t matter where you are, what you do, how old you are.
About to lose your job?
Actually age, one more thing. My poor brother-in-law, who’s a great guy over in the UK. 58 years old, highly skilled, incredibly smart and good at what he does has just been made redundant. 58, what are you going to do with a high paying job to try and find another one? Nobody wants a 58 year old. And that again, is happening throughout the world. All these examples that I’m hearing all the time, it just keeps going on and on and on. Do something about it.
Blueberry Markets is my broker of choice
Lastly, if you want to put your funds with someone and start learning how to trade through a broker, have a look at Blueberry Markets. Look at their MT4 or MT5 platform. I prefer their MT5 platform now because so many more markets on there, the indices, cryptos, commodities. Plus the different timeframe charts like three hour, six hour, eight hour, 12 hour charts all readily available.
Have a look at Blueberry Markets. I’ll put a link to them here.
My 5 Star rated Forex Coaching Program
And I’ll also put a link through to my five star rated Forex coaching programme, which has been running since 2009. Clients in 101 countries have been on the programme over the last 13 plus years. You really need to consider it for yourself. I’ll see you this time next week. This is Andrew Mitchem with the Forex Trading Coach. Bye for now.
Episode Title: #470: Now is the BEST time in 18 years to trade the Forex market
In this video: 00:30 – Join my Facebook Group for a small monthly fee 01:12 – Content on the Facebook Group 02:30 – For less than a cup of coffee each day 03:23 – Take a look at Blueberry Markets 04:12 – Try us out on the Facebook Forex Insiders group
Would you, for a small fee of less than a cup of coffee per day, like to join my Forex Insiders Facebook group? If it sounds like something you’re interested in, listen up, I’ve got some great news to share with you.
Join my Facebook Group for a small monthly fee
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 469. And you’ve heard it right, a lot of people come to me and say, “Andrew, look, I’d love to join your full coaching programme, but right now I cannot afford it. And I’d like to see if there’s some way I can learn from you, but from a monthly fee instead.”
And so, as a result of that, a little while ago, I put together a small Facebook group, and it is different to the full coaching course, without a doubt. It is not the full coaching course. I just want to be up front and let you know, it’s nowhere near the level of the full coaching course, but for less than a cup of coffee price per day, it gives you an incredibly good course with a lot of valuable information.
Content on the Facebook Group
You see, there are around 30 videos on that Facebook group and they give you the breakdown of my strategy. Small videos, easy to follow, easy-to-learn videos. There are about 42 weekly video recordings right now, and each week going forward, I hold a live 30-minute webinar for the Facebook group. And on that session, we talk about trades that we’ve taken over the last week. We talk about different topics that people need help with. And we look at upcoming trades live in front of you.
And as mentioned, all the recordings get available or are available there for you to watch as well, plus every week going forward. On top of that, I also give you access to my daily chart trade suggestions and the strength and weakness analysis that I post each day on certain currencies, where I see as likely they’re moving up or likely they’re moving down, plus specific chart trades based off the daily charts for the reasons I’m taking the trade, plus the exact entry and exit levels.
Look, it’s really a great option for you if you’d like to maybe just check us out, see what we’re all about. You might have heard some fantastic things for us and you’re not ready to jump onto the full course, but this gives you that stepping stone for a small fee.
For less than a cup of coffee each day
Look, the fee is $47 for the first month, US, and then $97 a month going forward from there. When you think about that, it gives you everyday daily trading suggestions. It gives you the strength and weakness analysis. It gives you a live webinar each week, all the previous webinars and lots of videos on the now and going forward. So tonnes and tonnes of really valuable information, plus you can ask questions via the Facebook side as well.
So if that sounds like you, I’ll put a link here for you to jump on board and to follow along and to decide of it’s for you. I’ll leave it as that there for you to make that call, but it really is a good first option for people. And of course, it’s a monthly fee. You can cancel it anytime. It’s purely up to you. But for way less than a cup coffee per day, you can jump on board and learn how to trade properly.
Take a look at Blueberry Markets
Now, if you’re looking at somewhere to place your funds and somewhere to trade through, I can highly recommend Blueberry Markets and they are based over in Australia. They can take clients in most countries around the world. If you’re in the US and a couple other countries, then you cannot go there. If you are in the US, I suggest … a lot of our clients go through OANDA and talk very highly of them, but for everybody else, I also suggest you have a look and consider Blueberry Markets.
They’re a very good option and they have the MT4 and MT5 platform, fantastic customer service. You won’t beat them on customer service, actually. They are really, really good. Good segregated accounts, ASIC regulated within Australia. Basically, all the things you look for, for a good broker type spreads, the commission accounts, everything like that. So have a look at Blueberry Markets. I will put a link to them as well.
Try us out on the Facebook Forex Insiders group
But if you’re interested in finding out more about us, taking that first step towards probably at the end, the full coaching programme, that’s up to you, have a look at the Facebook group. It’s called Forex Insiders. It’s $47 for the first month to jump on board, check it out. I’ll put a link here. I’ll see you this time next week. Bye for now
Episode Title: #469: Come and Join our Facebook Group
In this video: 00:32 – Stop making these mistakes 00:48 – #1 Most traders lack a trading strategy 01:39 – #2 Lack of understanding about correct money management 02:45 – #3 You need high reward:risk trades 03:45 – #4 Knowing when to trade 04:33 – #5 What is the price?
05:39 – Blueberry Markets
06:20 – Contact me for future video topics
I’m going to cover the five biggest mistakes that I see most traders out there making and help you so that you can stop making those same mistakes and turn yourself into a profitable forex trader. Let’s talk about that and more right now.
Stop making these mistakes
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 468. I want to give you five really important points today and they are the five points that I see that most traders out there are making with the aim to help you not make those mistakes and therefore to improve your trading.
#1 Most traders lack a trading strategy
So, first thing I see, and these are really in no particular order is people don’t seem to have a strategy. They don’t know what it is that they’re looking for and therefore they’re just kind of trading on a bit of a hunch. They have heard something on the news, or they’re just randomly taking buys here and sells there or this indicator might cross over that one, but they don’t really know what they’re doing.
So I think a lack of a clear strategy is one of the biggest failings of most people out there. And to me, a good strategy means that you have full confidence in it. You know exactly what you’re doing when you’re doing it. And it will work equally as well across all different timeframe charts, all different markets, all different times of years, et cetera. So you need a good solid trading strategy. That’s the first thing that most people are failing on.
#2 Lack of understanding about correct money management
The second thing is that most people really do not have any idea when it comes to correct money management and people will just place a trade. I think MT4 or MT5 is defaulted to one standard lot. So they just press buy or sell one lot or 0.1 lots or 0.01 lots. They don’t really know about money management and how to correctly position your trade size. And the reason that people don’t know that is they don’t know where they’re putting their stop loss or anything like that in order to calculate that people don’t know that different currency pairs make or pay different amounts per pip, depending on what your account denomination is so whether it’s in US dollars or euros or New Zealand dollars or Canadian dollars, things like that. And if you’re trading the Euro-US with a US bank account, as opposed to the Euro-US with a New Zealand bank account, you’ll get paid different amounts per pip. So people don’t understand that and they just put random lot sizes on and not calculate that properly. The issue therefore is they don’t have controlled risk on their trades.
#3 You need high reward:risk trades
The third thing leading on from that is they don’t understand about high reward to risk trades. And therefore you find a lot of people will say, “Hey, I’ve got a 90% winning system, but I’m still losing money,” and that becomes the problem. People take lots of small little gains and then have one big loss and it wipes out all those small gains plus lots more. And then you have another loss and you’re massively going backwards. Then you might have a few small gains just to call yourself back and then another big loss.
So not understanding good reward to risk is crucial and also leading on from that. Most people don’t know how to get high reward to risk trades. They just don’t know what they need to do in order to do that. They might have just a crazy little stop loss possibly, but of course it’s going to get stopped out all the time. So understanding the need and also how to get high reward to risk trades is another big issue.
#4 Knowing when to trade
A lot of people don’t understand when to look for a trade and even what timeframe to look at. So people tend to trade when it suits them or when they put the kids to bed or they finish dinner or something like that. Or maybe before they go to work in the morning or on the lunch break, things like that, depending on where you live in the world and when the market’s active or not. People just don’t seem to know when to trade. That can lead to all sorts of confusion and it could lead to one timeframe potentially telling you to buy, another timeframe having you to sell, you’re trading simply because you’re ready not because the market’s ready. And it definitely leads to overtrading as well, where people just taking far too many trades simply because they happen to be at their computer at that time.
#5 What is the price?
And then lastly, people don’t look at the price. Why would you be a currency trader all having these currency pairs, having different values if you don’t look at the right-hand side of the chart and actually look at the price? It’s so simple because it’s there on every chart, but I bet you, most people don’t look at it. They don’t look at when the price last banks at that level and they don’t look at what the price level is. Has it reached one to one parity? All sorts of different things. Has it reached a ran number like 0.70 for the Aussie dollar, let’s say? The New Zealand dollar against the US 0.60 or something like that? People just do not look at the actual price.
Now, look, I’ve given you five points as a whole ahead more I could tell you about with candle patterns and everything else and ran numbers and all these other things and trend lines, et cetera. But those five points are five very big issues that most people make. And if you just solve those or some of those to start with, you’re going to give yourself a big head start.
Blueberry Markets
Now, when it comes to deciding where to trade through, one of the brokers I can highly recommend is Blueberry Markets. They’re over in Australia. Pretty much anybody anywhere can open an account with them except a few countries and especially if you’re in the States, sorry, you cannot open with Blueberry Markets. If you are in the states, have a look at OANDA, but for everybody else, if you want to trade with a good broker with great people onboard, great prices and spreads, lots of instruments, especially if you go to their new MT5 platform, I can highly recommend Blueberry Markets. I will put a link to them on this post and podcast.
Contact me for future video topics
And as always, if you have any questions, any topics you’d like me to discuss in future videos and podcasts, just like this one, just drop me line andrew@thefirsttradingcoach.com and I will personally reply to you and do my best to help out on future videos and give you lots of trading tips and information.
So I hope that helps take on board those five points, have a good look through our website of all the things that we offer. If you’ve not yet got our calculator, if you’re not yet been on one of our free webinars, just do it because that information’s there for you to use and to take advantage of and to help you with the trading.
So I’ll see you this time next week. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.
Episode Title: #468: The 5 Biggest Mistakes Most Traders Make
#467: The Trend Is Your Friend & How to Profit from it
In this video: 00:26 – Trading the trend 01:15 – Why did I take this trade on Silver? 02:57 – Can you trade reversals? 03:45 – One of the best FX brokers is Blueberry Markets 04:57 – Ask me questions 05:25 – Follow my free daily strength & weakness analysis
The trend really is your friend, so how do you profit from it? Let’s talk about that and more right now.
Hey there, traders. This is Andrew Mitchem here at The Forex Trading Coach with weekly video and podcast number 467.
Trading the trend
You’ve all heard the phrase, “the trend is your friend.” It certainly is. But how do you trade the trend? How do you make it your friend? How do you profit from it? That’s the most important thing, isn’t it? So I want to give you some actual live examples.
I was just putting everything together to make this video for this week, and right behind me on our forum site someone about 10 minutes ago at the top of the hour wrote and said, “There’s a great looking sell trade on silver on the one hour chart. XAGUSD on the one hour chart.” Went and had a look at my charts, go absolutely this is an amazing trade, taking it. It’s over my shoulder here, it’s dropping right now and it’s in profit already and I only put the trade on a few minutes ago.
Why did I take this trade on Silver?
Why did I take the trade? Well, as I mentioned the trend is your friend and it really is. So for this week I’m looking at shorts on silver against the US dollar. For today, I actually wrote a specific trade on the daily chart selling silver. When we also looked at the 12 hour charts, we had a fantastic setup. Guess what? Selling silver. Now, right now just a few minutes ago, there is a sell trade on the one hour chart on, you guessed it, on silver. So I’m trading with the trend.
Now if you look at the one hour chart for the last number of hours, it’s actually pulled back upwards. So there’s been quite a little bit of bullish momentum. But where did it stall? It stalled exactly at the $20.00 level, a massive, massive round number for silver. It stalled there, right on 20. It’s had indecision on the previous one hour candle, and the one hour candle that’s just closed just a few minutes ago, right behind me right now live, it has formed a strong bearish candle. We’ve had hidden negative divergence from off the middle Bollinger band below the pivot point, all things that we look for as well. Trend line breaks. Everything is on that trade right now.
But more importantly… I suppose, just as importantly, we have the setup on the one hour candle, but we have the short position there. We already have a short on the 12 hour and the daily. So in other words, we are trading with the trend.
Can you trade reversals?
Yes, you can take reversal trades and yes they look really quite cool and really quite dramatic on your charts. Yes, you can show a massive, massive down trend and you’re taking a buy trade against it, and yes they can work. But would you much rather take a continuation trade when you have everything all lining up. The bigger picture is lining up. You’ve seen that little pullback on the short time frame and then it’s the opportunity to ride it down again. That has to be the high probability way of trading. Right now, I’ve got a decent red candle behind me live. Right now the trade’s in decent profit.
So that’s how you can use the trend to make it your friend.
One of the best FX brokers is Blueberry Markets
Now talking about friends, if you want to a decent broker, and you want to go somewhere that’s friendly, and you want to go somewhere that’s good, and you want to put things in your favour exactly like trading. Do yourself a favour, go and have a look at Blueberry Markets. I’ll put a link to them on this page or podcast, whether you’re watching, listening. You can go and check them out. You’ll notice that last week I sent through an email, if you’re on my database, regarding Blueberry Markets and some of the great feedback that I’ve had from clients and people who are not clients through The Forex Trading Coach who have gone to Blueberry Markets, and the feedback I get without exception every time is fantastically positive.
So if you’re looking for a broker, go have a look at Blueberry Markets. They’re over in Australia. If you’re in America, sorry you can’t trade to them. But from pretty much most other countries around the world you can. If you are in the States by the way, the broker that we do recommend if you’re in America is OANDA. Have a look at OANDA, they’re a very good broker as well. But for everybody else, have a look at Blueberry. That’s it for this week. I hope you’ve enjoyed watching or listening.
Ask me questions
Any other questions that you have just send me an email. I’m more than happy to answer questions for you, talking about specific trades or topics that you have that you’d like me to discuss. Don’t forget, this is number 467 on my website, on YouTube, on whatever podcast you’re listening to. There are 466 other videos and podcasts just like this containing tonnes of really valuable and free trading information.
Follow my free daily strength & weakness analysis
Now talking of free, don’t forget that I do post free of charge every single day a very basic, simple form of what my clients get. But you can view it. It’s my daily analysis the strength, the weakness analysis, where you can trade with the trend, my friend. I’ll see you next week. I’ll also put a link to that on here as well. Bye for now.
Episode Title: #467: The Trend Is Your Friend & How to Profit from it
#465: Is the TFTC Program suitable for New Traders?
In this video: 00:26 – Is the TFTC Course suitable for new traders? 01:36 – Being new is a good thing 02:32 – More experienced traders are harder to un-teach 03:06 – You’ll spend so much wasted time learning by yourself 04:13 – Invest in yourself at the beginning 05:55 – 5 trades taken on our live weekly webinar 07:10 – Take a look at Blueberry Markets 08:37 – Give yourself the best shot at making trading work for you
Would our forest coaching programme be suitable for you if you are brand new to trading and you’ve never traded before, let’s get into that more right now.
Hey traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 466.
Is the TFTC Course suitable for new traders?
Now I’ve been asked recently by quite a number of people by email and in person here in Nelson about learning how to trade, and a concern that so many people have is that they’re brand new to trading. They know nothing about it, and they want to know how to take the next step. But there’s so much going on in their mind, like where do you trade through? Who do you put your money with? Is it us? Is it with someone else? How safe are those funds? How do you play to trade? What is it that you’re actually doing? Is it like stocks and shares? Am I buying crypto?
All these different things that people have going on in their mind, and it becomes like information overload. And it’s like anything new, you need to find a source where someone can hand hold you and take you through the suggested steps to make that process easier for you. And it is quite a straightforward, easy process. It’s just that if you don’t know where to start, it all becomes a little bit too much and you have too many questions. So therefore, it becomes too hard, so you don’t do it.
Being new is a good thing
Now, absolutely if you are brand new, you’ve never traded, but you’ve heard about trading. We can definitely help you 100%. Absolutely. We are the right place for you to come to, because we can take you through that step-by-step process. We can suggest some brokers to you, show you how to start on a demo account. What type of platform to look for, how to place your trades, let you know about what it is you’re actually doing. What markets are you trading, what’s the actual process, why are you buying or selling currency pairs together? You know, what is it that you’re doing.
And all that is before you actually start the strategy and the understanding, which is the main part of what we teach. But in my opinion, I think that if you are brand new to trading, you’ve never really traded before. You might have had a bit of a play on a demo possibly, I think you’re actually in the best position to make this work for you.
More experienced traders are harder to un-teach
Now, sure, it may take a little bit longer, like anything new but if you come to us and you’ve been trading for quite a while and you keep jumping system to system and you’re on this forum and that forum, and then this EA and then this indicator, those type of people become harder to teach because they’ve got so many bad preconceived ideas from other strategies and other systems. Whereas if you are new, you don’t really know anything. And so what we teach you is all you need to know, and you are learning exactly what you need to know in the right order. And from your point of view, that makes things so much easier because
You’ll spend so much wasted time learning by yourself
I can guarantee you that if you don’t find yourself a good strategy, good mentor, good programme, you’ll pretty much guarantee to spend several years going round in circles.
How do I know that? Well, I hear it all the time and I have done that exact same thing myself. I spent four years just going around and around and around. The next latest, greatest system, holy grail strategy, I was into it. The next latest, greatest expert advisor, I was into it. The next latest, greatest indicator and making tweaks to different settings on indicators, I was into it. And none of it worked, absolutely none of it worked.
You know, you pick up little bits here and there, but it didn’t really work. And that is your danger is the frustration. In terms of the time you will waste, the money you’ll waste, and you will likely give up or blame the market and it won’t work for you or you just lose funds.
And you get into forum sites, you find another great system, you have an argument with someone, it just turns to… It just makes it’s a big mess.
Invest in yourself at the beginning
And that’s why if you start by investing in yourself straight off, save yourself all that hassle, save yourself that wasted time and money, and get into a strategy and a system from day one.
The community of traders that we have is immense and I just cannot stress the importance of that enough. It is impossible for me to show you without you seeing what we actually do on the inside how important that is. The importance of following our daily trades each day, so you can follow along with specific trades. On Monday, by the time you get to watch this video and podcast it’s going to be the 1st of August, we will be posting not only our daily chart trades, but also our weekly chart and our monthly chart trades for people to follow along.
You get to see exactly why we’re taking those trades, exact entry and exit level. So you can go onto your charts, which we’ll look exactly the same as ours. Like behind me here, you have the same indicators and templates that I’ve developed that we all use. So we are all looking at the same thing at the same time. It doesn’t matter where you live in the world. It doesn’t matter what broker you use. We all have the same thing. And so, when you are seeing us take those trades and suggest those trades, you can go and learn, but also you can earn. And that’s how you build your confidence. Whether it’s on a demo account or a small live account, or eventually to a slightly bigger large account or a prop firm, however far you want to take it, by following along and seeing what we’re doing and why, and understanding that and training your eye in your brain to see what we are seeing. That’s how you develop into a good trader. Add on top of that, our live weekly webinars.
5 trades taken on our live weekly webinar
Just last night my time, I held a live webinar in the European session, I took five trades live in front of our clients. All five you can see why I’m taking them, you see the methodology, my thinking process, thought process of why we’re taking those trades this week on our forum site. I think we’ve had 20, 25 posted trades on there by ourselves and other clients on different timeframe charts. Again, you can go and see what they’re doing and why, and follow along and trade from those.
I’ve had about three trades this week that I’ve seen people post on the forum site that I go, “Wow, that’s a good trade.” I wasn’t looking at my charts at the time, but I got an email to say, somebody’s taken a trade on the four hour pound Aussie or something like that. And I’ve gone, “Yeah, I like that. I’m going to take it.” And I get a green light, I profit from the trade.
So all of that combined, plus the strategy and everything else we provide is what can help take you from brand new, knowing nothing about trading or where to even start to becoming a good and profitable trader quite quickly. So it’s really important that you invest time and money, in yourself. If you want to make this work, seriously want to make this work, that’s what you have to do.
Take a look at Blueberry Markets
And so the other thing you need to have confidence in is where you’re going to put your funds in terms of a broker. And that’s why we have a list of suggested brokers. But one of the highest recommendations that I can give is Blueberry Markets, have a look at them. They’re on my resources page and I know them personally. I speak to them probably once a month, I’ve been to Australia and visited them in the past.
And, look, here at the Forex Trading Coach we are all about making this work for people who want to come on board with exceptional service, exceptional product, exceptional quality, and integrity and honesty. And that’s what we are all about, and that is why I highly recommend and promote Blueberry Markets, because that is their ethic and their way of working as well. The feedback that I get from my clients and other people who are not clients, but who have gone to Blueberry Markets after hearing these videos and podcasts and go, “Andrew, Blueberry Markets have been fantastic. I’ve never seen services like it.” And there’s a lot of brokers out there that have got good platforms and good spreads, et cetera, but it’s everything else that Blueberry Markets combined to make them stand out above the rest.
So that’s what we try to do here, that’s what they do. That’s why we help each other and promote each other, because we know that if you come on board with us and you choose Blueberry Markets as a broker, you’re getting the best of the best out there.
Give yourself the best shot at making trading work for you
So, give yourselves a head start, give yourselves the best chance making this work. I’ll put a link to my video and course that’s been running, the programme has been running for 13 plus years. Clients in 101 countries, over three and a half thousand people have taken the exact same course. Jump on board, come and join us and make this work for you.
This is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week, bye for now.
Episode Title: #466: Is the TFTC Program suitable for New Traders?
In this video: 00:28 – Trading and travelling 01:25 – The World is slowly opening up again 01:57 – 30 Minute Trader Trip in 2019 https://theforextradingcoach.com/the-30-minute-forex-trader-updates.html 03:21 – I’m travelling and trading this week 04:32 – My strategy works 05:07 – Have a look at Blueberry Markets 06:12 – Get trading and travelling again
Can you travel and trade at the same time? If you can, if your system allows you to do that, then you have yourself a fantastic strategy. Let’s talk about that more right now.
Hey traders, it’s Andrew Mitchem here, the Owner of the Forex Trading Coach with the video and podcast number 465.
Trading and travelling
Now trading and travelling is something that if you look online, you see these images or these red flashy sports cars, and people sitting there with a laptop. And you see images of this lovely lady sitting on the beach with her charts open on her laptop. Can it be done? Well yes, but I mean you’re going to get sand in your laptop if nothing else.
So, the image that people portray of the flashy lifestyle, I would prefer to be more realistic about things. And the point of this video and podcast is to let you know that if you have a strategy that does not take too much time up of your day, out of your day, you can trade and travel. And look, there’s nothing better than being able to be travelling and doing things that you want to do and enjoy travelling. And at the same time, making money through your trading.
The World is slowly opening up again
Now, as the world’s slowly starting to open up, well it’s slowly over here in New Zealand. Sounds like the rest of you and the rest of the world are carrying on with things pretty much as per normal. So, well done you. But as things are starting to get back to some form of normality in terms of travelling and people going on holiday and vacation, the ability to do that, take your laptop with you, and to look at your charts once, twice a day, and to make money trading whilst travelling is such an appealing part of being a Forex Trader.
30 Minute Trader Trip in 2019 https://theforextradingcoach.com/the-30-minute-forex-trader-updates.html
Now back in 2019, if you’re following me back then you would’ve seen the videos. If you’re not, I actually still have the link on the homepage of my website and I’ll put a link under this video and podcast, so you can go and watch it again. But back then in 2019, I went over to France and to England with my family. And in the four weeks from leaving New Zealand to coming back, I recorded a series of videos of the trades that we took on just the daily and the weekly charts. All of the trades were posted from our website. So, you can go back and watch the videos of me with the trades in real time, taking them, seeing them on the membership side, et cetera. And as a result of being away and trading between 10 and maximum 30 minutes each day and of course, that’s travelling to New Zealand on a 26 hour flight each way as well.
But as a result of that four weeks of trading and travelling, we made a 12.79% account gain with very, very small draw downs. Really low risk of only a quarter to a maximum of half of 1% risk per trade and a 12.79% gain whilst travelling to the other side of the world and back. And enjoying lots of family and friend time and visiting the sites, et cetera. So, it shows what can be done.
I’m travelling and trading this week
And just this week, as I’m recording this, I’m travelling up to the north island. It’s my son’s 21st birthday. So, we’re heading up there to celebrate at the weekend. So, by the time you get to watch this, I would’ve already been there. But the point is, is that we can trade and travel and nothing changes. And that’s the beauty of it once you have a strategy that works. So, make sure that you have a strategy that allows you to live and enjoy what you want to do and make trading a part of that.
The danger, as I mentioned in last week’s video and podcast when I talked about people who just say, “Look, I’m just taking so much time out of my day and night watching charts, trading five, 15 minute timeframes.” That might all sound good and scalping and everything else but look, reality is not good. And you cannot do things if you’re forced to be at the charts all that time. And then the danger is that your trading takes over your life and then things will start not going well with your results. And then you’ll give up and you’ll blame trading and everything else, and it all goes wrong.
My strategy works
The reason why after 18 years I’m still trading and loving it and doing well from it is because we have a strategy that works and we can do all these things and trade at the same time. Just today, I took one trade on the daily charts and I’ve taken two on the 12 hours, one on the eight and two on the six hours all taken at the 5:00 PM, New York close of days.
It was not like I’ve taken any extra time throughout my day to place those trades, they’re all taken at the same time. And they’re all going along really, really nicely right now as I’m recording this.
Have a look at Blueberry Markets
Now, when it comes to brokers, talking or been nicely, brokers if want a really nice, good broker, good place to trade through, great experience in terms of customer service and reliability of their platform, their spreads, et cetera. Look no further than Blueberry Markets. They’re based over in Australia, but doesn’t matter really where you live in the world apart from a couple of countries, you can trade through Blueberry Markets. I’m loving being on their MT5 Platform because it just opens up so many more different markets like the indices, the cryptos, the commodities, and as well as that, a lot more Forex pairs on the exotic, et cetera. Plus of course, the ability on MT5 to really easily go between six hour charts, and eight hour, and 12 hour charts that were not standard on the old MT4 Platform.
So, have a look at Blueberry Markets if you are looking for a good broker and a good place to trade through. Great experience, I can guarantee they will really well look after you. So, I’ll put a link to them also on here. That’s it for this week.
Get trading and travelling again
If you can get back travelling again and you can trade at the same time, make money whilst you’re trading, fantastic. Don’t forget to have a look at the link, which I’ll put on here to that trip that I did back in 2019. Pretty amazing to do that and make 12.79% whilst away on holiday, just trading a few minutes a day. This is Andrew Mitchem here at Forex Trading Coach. I’ll see you this time next week. Bye for now.
#464: How Much Time Do You Spend Trading Each Day?
In this video: 00:25 – Results from my survey 01:31 – 2 easy fixes 03:18 – My first client trades MN1 and W1 charts 04:01 – I publish D1 chart trades every day 04:55 – Take a look at Blueberry Markets
How much time do you spend each day looking at your charts? I bet it’s too much. Let’s see how we can help you reduce that right now.
Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 464.
Results from my survey
Now, earlier this week, I sent out a survey to people on my list and I asked them what their biggest issue is in trading right now. And a lot of people came back with the answers that you would expect, with lack of strategy, not understanding money management, too many indicators, not knowing which way to trade, stop losses, all those type of things, but a point that came out, which was really, really quite common and quite scary in some ways, is that so many of you are spending so much time looking at your charts, glued to your computer screen, thinking that that’s the right way to trade. And pretty much everybody who wrote back who is, they’re not clients, by the way, these are just non-clients, but pretty much everybody that wrote back is either making a little bit, breaking even, and the vast majority losing. And there was quite a common theme between people just not making money, but spending way too much time trying to lose money. Not a good combination.
2 easy fixes
So two easy fixes that I have for you, which will absolutely change your trading around. Number one, look at the longer timeframe charts, without a doubt. Most people were saying, “Look, I’m scalping, and I want to scalp, and I want to take lots of trades, and take five-minute and 15-minute chart trades.” Just do not do that. Start on the longer timeframe charts. If you are struggling to trade, I’d suggest you wouldn’t do anything shorter than a four-hour chart. But look at the longer timeframe charts, at least look at the dailies once a day. That would be my first pick. Get longer timeframe charts, less chart time, more quality, less trades.
And the second thing is only look at your charts at the close of a candle. So you don’t need to be sitting there, watching every pip move up and down, worrying about a five-minute candle or a one-minute candle, stressing that it’s now green, now it’s red, and, “Oh my goodness, what am I going to do?” Don’t do that. Get on the longer timeframe charts, look at the close of a candle. If you are trading four-hour charts, you know when to look at your charts, you know when the market opens, you know when the four-hour chart closes because it’s four hours after it opens. It’s not difficult. And that blows me away, when people go, “Well, when do the four-hour charts change?” Well, look at when it opens, and four hours means it’s going to close four hours after that time. Again, it’s not difficult. People here who want to be currency traders in a professional business, but cannot work out a simple thing like when a candle opens and closes, you got to do your research, guys. And you’ve got to understand these simple, simple, basic things to get somewhere in your trading. So longer timeframe charts, look at the close of a candle. That will fix a lot of your issues.
My first client trades MN1 and W1 charts
But my very first client who I went over to [inaudible 00:03:05] in Australia, he owns a restaurant, and several restaurants, I think now, he still today, to this day, trades monthly charts once a month and weekly charts each Monday, and that’s it. That’s all he does. And he’s still trading some 13 years later after I flew over there and taught him how to trade my strategy. That’s it. He would be trading maybe 10 minutes once a week, that’s it. Still making money, still loving his trading, can do it with his work. So you do not have to be sitting there, spending like 6, 8, 10, 12 hours a day glued to charts, watching every pip move up and down. At least I suggest you get on to, and like I mentioned earlier, look at the daily charts once a day.
I publish D1 chart trades every day
Now, I publish for our full clients, our full coaching programme clients, trades based off the daily charts, each day on our membership site. They have been profitable every single year since I started in 2010. Every single year. There will generally be one to maybe five trades per day. Some days, there are no trades, Today, there were no trades. So instead, we then went through the shorter timeframe charts, and instead we published two six-hour chart trades for our clients to follow, because there were nothing and there were no setups on the daily charts. That’s just the nature of the market.
By the way, right now, because we’re in July, the market can tend to be a little bit quieter due to Northern hemisphere. Summer season, it happens pretty much every year in July, it gets a little bit quiet. So I strongly suggest that the less-is-more principle applies. You take less trades, higher quality trades.
Take a look at Blueberry Markets
Now, if you’re looking at somewhere to go in terms of where to place your trades, a broker, as I mentioned here, all the time, because they’re very, very good, they’re very reliable, every time I send people to them or suggest to people, “Go and check them out,” the feedback’s always 100% perfect, always is without fail. Have a look at Blueberry Markets. They’re based in Australia, but you can pretty much be anywhere in the world, apart from the states, and a couple of other countries cannot trade through them, but pretty much all other countries can. Have a look at their MT5 platform, especially because there are so many more different markets and instruments which you can now trade. The cryptos, of course, the commodities, the indices, and lots and lots of Forex pairs as well. I’ll put a link to Blueberry Markets on this page under this video and podcast and post, and I’ll also put a link to our full coaching programme, if you’d like to take your trading to that very top level with our help.
So this is Andrew Mitchem here at The Forex Trading Coach. Get onto longer timeframe charts. Look at the close of a candle. Don’t bother in-between, it will not help your trading, but get onto the longer timeframes and just look maybe 10, 15 minutes once a day. It will massively help your trading. Anything you need, just ask, andrew@theforextradingcoach.com, and I’ll see you this time next week. Bye for now.
Episode Title: #464: How Much Time Do You Spend Trading Each Day?
In this video: 00:27 – I love trading with Limit Orders 01:01 – They help to remove the emotion from my trading 02:48 – Examples of why I use Limit Orders 04:39 – Have a look at Blueberry Markets 05:39 – Start using Limit Orders for high Reward:Risk trades
As a trader, what are the advantages of using limit orders, and why do I use them so much in my trading? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at the First Trading Coach with video and podcast number 463.
I love trading with Limit Orders
Now I make no secret about it. I love using limit orders. I’ve used them for years and years. Been trading for 18 years, and probably around the last 15 years, ever since I discovered the power of using limit orders and how to use them properly within our strategy, they have made a massive, massive difference to my trading results. One of the reasons why I like using them is because you will pretty much always get a higher reward to risk than you would by entering, let’s say, at the market or a stop order. And I’ll explain with some examples shortly.
They help to remove the emotion from my trading
But I also like them because it helps take the emotion out of my trading, because I trade on the close of a candle. If I’m not there at exactly the close, it doesn’t matter, because on my trades, I’m looking for, let’s say, on a buy trade, I’m using a buy limit. So that means I’m buying when the price first drops. So if I’m not there, panicking and stressing about taking a market order and working out my correct position size and where my stop loss needs to be, and oh no, the market’s moved up, and I’ve missed out. I don’t do any of that because I see the setup, and then I can quite easily analyse where my entry using my buy limit needs to be, and my stop, my profit, work out the stop loss size, work out my position size, and it all takes literally… I use a script that does it all for me. But you can even manually do that in about 30 seconds.
And then you’re taking the trade based on a sound decision rather than an emotional reaction. I’ve got to get in. I’ve got to get in. So a lot of advantages there in terms of the actual practicality of your trading, but also the results, because your reward to risk will be so much better. Now, if you’re taking a buy limit and the price does not fill that limit and it just takes off in your anticipated direction, but without first filling the trade, that’s fine. You just miss the trade. You don’t gain anything, but you also don’t lose anything out of the trade.
And of course you can split your position like I do on my daily charts and my weekly monthly charts by taking part of my order at the market and part of it retracement. If I’m trading shorter timeframe charts, like 12 hours down to two hours, I take only limit orders because the amount that the price needs to move to get back to a limit order and fill it is less. So I love limit orders.
Examples of why I use Limit Orders
Now, as an example, if you took a market order trade with a 100 pip profit target and a 60 pip stop loss, that gives you a 1.6-to-one reward-to-risk trade. It’s an okay trade, and it’s going to give you a pretty good, reasonable reward to risk. Not massive, but okay.
You take the exact same trade, and you use a buy stop order, so that means to buy above the current price, the same profit target, the same stop loss, and let’s say instead of 100 pip profit target, 60 pip stop, you entered 20 pips above. That means you’re now getting an 80 pip profit target for an 80 pip stop loss. All of a sudden you’ve reduced your reward-to-risk to only a one-to-one reward-to-risk. However, using the way that I trade, you’re using a limit order. So now you’re going to buy if the price drops 20 pips from its current position. You’re not there waiting for it. You just put the limit order on and leave the trade. So now using the exact profit target, exact same stop loss, you now have yourself a 120 pip profit target for only a 40 pip stop loss.
And that means now, if your profit target gets hit … Don’t forget: The stop and the profit are identical. It’s just where you enter. You now get yourself a three-to-one reward-to-risk trade. So we’ve gone from a stop order of a one-to-one, a market order of a 1.6-to-one, to a limit order, to a massive three-to-one reward-to-risk. You can see the enormous change that that makes in your trading results. So I highly recommend that you consider using limit orders within your trading.
Have a look at Blueberry Markets
Now, if you’re looking at somewhere to trade, another high recommendation I can give you is, and all through my own knowledge and experience and what I see other people doing, is Blueberry Markets, a fantastic broker.
I’ve got to say that their MT5 platform is my preferred option now. For years and years, I was stuck on MT4, and only because I think it was really good platform with the way that we use it and our software that integrates with it. But MT5, I’ve got to say, in terms of the ability to easily analyse a lot more different timeframes, plus at Blueberry they give you a huge amount of instruments, different markets, non forex markets, plus more Forex pairs in terms of some exotic and minor pairs as well. But also, yeah, the way that you can nitrate the cryptos, the commodities, the indices. And we’ve been doing a lot of that recently, whereas the forex market’s been a little bit quieter. We’ve been trading a lot of more metals and some indices and selling the cryptos as they’ve been dropping as well. Doing well out of those. So I hope that helps.
Start using Limit Orders for high Reward:Risk trades
Give yourself some time to go and research into the benefits of using limit orders. Like I said, from my years of trading and knowledge and experience, I can highly recommend you use them. High reward-to-risk trades. Without doubt one of the most important things you can add to your strategy to make your overall profitability go from maybe just sort of break even, slight gain to some pretty substantial gains. I hope that helps. This is Andrew Mitchem here at the First Training Coach. I’ll see you this time next week. Bye for now.
Episode Title: #463: The Advantage of Trading with Limit Orders
#462: Can You Make Automated Forex Trading Really Work?
In this video: 00:28 – The advantages of automated trading 01:31 – We created and launched TFTC Pattern Trader in 2020 02:31 – We’ve automated my manual trading strategy 03:03 – Live account up +6.8% this week 03:35 – How it works 05:55 – Check out Blueberry Markets 06:45 – Please like and subscribe & email me your questions
Can you make automated Forex trading really work? It’s something that people have struggled with for years. Let’s talk about that and more, right now.
Hey there, traders. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 462.
The advantages of automated trading
Automated trading. It’s something that people have been looking to do properly for years and years. It’s something that has so much appeal because you can basically set it up, leave it, set and forget. It trades for you, five days a week, 24 hours a day. Just does everything. It sticks to the rules. It’s perfect. But as you probably know, if you’ve been trading for any length of time, and if you’ve tried automated trading, or if you purchased EAs or expert advisors, any type of robot system, you’ll probably know that it doesn’t work and that it has failed. And I’ve personally had so many attempts and trials and goes at making automated trading work over the years, and right through from TradeStation, probably about 15 years ago, through to getting people to write code for me, through to buying those bits of software that you can create your own expert advisors, and it spits out the code for you. Tried everything and none of it works.
We created and launched TFTC Pattern Trader in 2020
And so that’s why, about two years ago, we launched our own automated trading software, which does work. And we have overcome all of those issues that people have traditionally had issues with and problems with. And we are very conscious of the fact that the people have so many indicators and they over-optimise things and they make it look absolutely awesome in hindsight. And as soon as the day you put it live, it just fails. It goes downhill like a lead balloon. It takes your account out and it’s just a waste of money and time. So we’re very conscious of that when we started developing our software. It’s called TFTC Pattern Trader the TFTC, of course, for The Forex Trading Coach Pattern Trader. So have a look online, tftcpatterntrader.com.
I’ll put a link to it below on this post, so you can go and find it and have a look. By the way, there’s a free 10 day trial to the most basic version. You don’t get to trial the full thing, but there’s videos showing you what that does include.
We’ve automated my manual trading strategy
Now, one other things we did is we took my manual trading strategy and we tried to automate it as best that we can. And you’re never going to have everything exactly perfect because the human eye and the brain can figure out a lot of things that you cannot programme. But likewise, there are so many advantages of it, such as, it looks all of the time for you. It takes the trades to the set rules and the right risk management, et cetera. So there’s pros and cons to automated trading as there are manual trading.
Live account up +6.8% this week
But to give you an idea just this week so far, I am up 6.8% on my live account. I’m risking only half of 1% per trade, and I’m up 6.8%. I haven’t taken a trade. I haven’t touched a thing. It’s 100% automated and I’m up probably what my bank’s going to pay me in at least two years or three years. And I mean, I’ve made that in a week. Does it make that every single week? No, of course it doesn’t. But it can do that, when the conditions are right, for the bots that you’ve created.
How it works
So the software in general allows you to very, very easily, no coding required, create bots using my strategy on different pairs, different timeframes, different markets as well. And you can then trial that software. You can actually back test it, but also you can forward test. So for example, you could go and back test the last say five years. But four of those will be back tested and the most recent year going forward, it will walk forward using the results and the settings that it created effectively a year ago. So you can see how it would’ve performed over the last year or whatever timeframe you choose walking forward. Really, really cool feature that. And it just adds a lot more realism to the results.
To give you an example, we did an upgrade about seven months ago and the highest performer so far on a live account is up 43% on a live account. And the other beauty of what we’ve done is you can log in there and view the settings of any of the bots that other people have created. So for instance, you could just simply go and find the settings that the person who created the top performing bots, go and look at the stats and tweak them if you need to, the settings, or you can just simply go and copy those and create your own bot with exactly the same settings, and you will get exactly the same results.
Your MT4 or MT5 five trading account is built into the system. So there’s no external virtual server needed or windows updates or any of that type of thing. It’s absolutely bulletproof and a fantastic bit of software.
So as mentioned, there is a free 10 day trial to the most basic version, and you can just go and see how it works there. You can set it up so it’s manual, and so it sends trade alerts through to your phone on Telegram, or completely automated, or a combination of both. It really is, without doubt, the best automated trading software that I’ve ever seen, and I’ve been trading the Forex market for coming up 18 years now. It’s something that we developed knowing all the other issues out there. And of course, because it’s based on my manual trading strategy, the actual foundations are there with a core strategy.
Check out Blueberry Markets
One more thing to mention, if you are looking for a new broker, MT4, MT5 broker, I can highly recommend Blueberry Markets. They’re based over in Australia, but they can take clients in pretty much all countries around the world. There’s a couple of exceptions like the US, due to regulations, et cetera. But pretty much most other countries can trade through Blueberry Markets. So a great bunch of guys. I’ve been with them for years, ever since they started. I’ve met them personally. I speak to them from time to time. We’ve sent a lot of people there. We’ve suggested people go and have a look at them, and the feedback, every single time without fail, is exceptional. So if you’re out there looking for a new Forex broker, consider taking a look at Blueberry Markets. Test them out and trial them. I’ll put a link to them also below this video and podcast. So that’s it for now.
Please like and subscribe & email me your questions
Don’t forget to like and subscribe if you’re watching this on YouTube or any podcasts. Any questions that you have, feel free to email me personally, andrew@theforextradingcoach.com, and I will personally reply back to you. If you have any topics you’d like me to discuss on future videos and podcasts, just like this one, just drop me line and I’ll be glad to help you out, and to help you progress with your trading.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #462: Can You Make Automated Forex Trading Really Work?
In this video: 00:24 – You and your future 00:52 – Governments don’t really care 01:29 – Record inflation globally 02:27 – Tough for small businesses 03:47 – What can you do to future proof yourself 04:50 – Cryptos are getting smashed 05:08 – Get onto one of my webinars
It’s time to start thinking about protecting yourself and protecting your future. Let’s talk about that more right now.
Hey, traders. It’s Andrew Mitchem, here at the Forex Trading Coach with video and podcast number 461.
You and your future
I want to talk about you, your future, what you’re going to do about it to protect yourself and your family. You see, there’s a lot of scary things happening in the world right now. Depends what you believe. It depends if you believe that all these long-term agendas are real or not, and how it may or may not affect you. I’m going to leave that up to you to decide. I’ve got my personal opinions on that.
Governments don’t really care
And it’s out there for everybody to do their own research, but what’s for sure is that governments around the world don’t really care about you. And I think that’s quite a fair statement. The last two years around the world have shown that with enforcements, with mandates huge record expenditure, and that’s coming through now, that will affect everybody regardless if your beliefs, politically, or medically, or what you think agendas are coming. Without any question, what’s happening right now and going forward will affect everybody.
Record inflation globally
You see, we’re getting record inflation around the world. Prices going up. Food prices going up. Shortages. If you’ve got a better land, start planting, start looking after yourself. Record fuel prices, shortages of those, shipping costs, electricity shortages, and costs, being forced to go certain ways if you drive vehicles. All these type of things are quite scary for the way that everyday life has been affected. You add onto that high interest rates and lightly only to get higher. So your costs are going up, your mortgages are going up. Any loans, debt that you have is getting more and more expensive. So you put all that together and you probably treading water all going backwards, and again, lightly to get worse.
Tough for small businesses
Small businesses, it’s harder and harder for people to employ people with rules, regulations, increase, labour charges. Today in New Zealand, we have a public holiday today that’s never been had today. It’s the first time of this public holiday. Our government created it a couple years ago, and today it’s a public holiday. It’s estimated, from what I’ve seen and read, to cost the New Zealand economy $440 million today in businesses needing to pay staff time and a half, loss production, all those type of things. Well, if you are a worker, fantastic, you get yet another day off. But probably most people, through various things that have happened in the last year, have had so many days off anyway with coughs and sneezes and public holidays. But think of it from the business owner’s point of view and the economy’s point of view. Yet more costs, yet less production, yet more stress on the owner. And all of these things are accumulating. Like I said, if you are the worker, great. If you are the business owner, and you’re thinking about this from a bigger picture economy, point of view, not so great.
What can you do to future proof yourself
So what can you do about this? Because I see quite a uncertain future for a lot of people. And future proofing yourself, and for me using Forex to do that is a big part of what I do. You see, you’ve got to start somewhere. And think of the analogy of when was the best or when is the best time to plant a tree. Well, it was 10 years ago or 20 years ago. That’s the best time to plant a tree. If you’re not planting a tree then, well, when’s the next best time? Today. Get planting today, get started today, get in terms of go out there and plant trees, but also, from a financial point of view. And growing your own self, your own education, when’s the best time to start? Today. Get learning, get working on how you are going to future proof yourself. How are you going to create passive income? To me, there’s no better way than doing that than the Forex market.
Cryptos are getting smashed
And the crypto market now is getting smashed. So you’d like to start thinking about future proofing yourself and finding out how to do that. Have a look at what we offer. We offer a course that’s been running and a strategy that’s been working and helping thousands of traders for the last 13 years.
Get onto one of my webinars
So if you’ve not been on one of my free webinars for new traders or experienced traders, get onto one of those, pick the one that best suits you. If you’d like to set up an account with a broker, I can highly recommend Blueberry Markets. They’re based in Australia, but they accept clients in pretty much most countries, apart from the US and a couple of other countries. But for the vast majority of people watching this and listening, you can open an account with Blueberry Markets. Get onto their MT5 platform, where you can trade, not only a huge variety of Forex markets, but other markets as well. I will put a link to Blueberry Markets on this page post-podcast for you to find as well.
So it’s just something to think about. This whole future proofing yourself through the way that things are likely to go, do something about it today. Plant that tree today. I’ll see you this time next week. Bye for now.
Episode Title: #461: Protecting Your Future from What’s Coming
In this video: 00:25 – Outside in the middle of winter 00:40 – Massive moves in the markets this week 01:30 – Crypto’s are crashing 01:55 – What does this mean for us? 03:15 – Client makes +105% since April (in just 10 weeks) 03:54 – Blueberry Markets offer loss refunds 04:54 – Movements provide us with great trading opportunites 05:33 – Feel free to contact me directly
It’s been a week of rises and crashes. Great opportunities for us in the Forex market and in the crypto market. Let’s talk about that and more right now.
Hey, traders. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 460.
Outside in the middle of winter
Wanted to get outside. Beautiful, crisp winter morning here. Not sure if you can see the snow behind me, but we’ve got a good dusting of snow on the mountains behind. And it’s just a beautiful time to be outside. I’m hoping to go for a flight at the weekend and go and check out that new snow.
Massive moves in the markets this week
But back to the charts. Well, what a week it’s been. Just massive rises, massive crashes, depending on what markets you’re looking at. With the interest rates around the world, last week, the Australians put theirs up by 0.5% or 50 basis points, expected to be 0.25.
This week we’ve had the US, expected to go up by 0.5, went up 0.75, but the US then crashed, which is not what you’d expect, which is why we look at charts and not the news. The frank, when we were holding our live webinar last night, they put theirs up, expected zero change. It went up 50 basis points and the frank went massive, went through the roof. And then the British put theirs up by 0.25% as expected.
Crypto’s are crashing
Right now, Bitcoin, if you go back six weeks ago, back into the end of April, Bitcoin was about 40,000 US dollars. Today it’s approaching 20,000. It’s almost down to 20,000 as I’m recording this. Ethereum, a month ago, 2,200, today, 1,100. It’s halved. It’s crashed. It’s dropped by 50% in a month. Just unbelievable.
What does this mean for us?
What does it mean for us though? As traders, it means opportunity. There are opportunities everywhere with movements in the markets. And the thing is, it doesn’t matter whether I’m expecting the US to go up because they put their interest rates up and it went down, because on the charts, we were looking to sell the US anyway. And that’s exactly what happened. It doesn’t matter that Bitcoin and Ethereum are crashing, because we can sell them. When we see opportunities to sell, we can do that. In fact, about half an hour before I’ve started recording this, we’ve just taken a 12 hour sell on Ethereum because it’s pulled back a little bit yesterday and now it looks like it’s dropping again. Great opportunity to drive it down again and get out before the last swing low.
So opportunities everywhere. Forget the news. Just trade what the charts are showing you. And there are so many great opportunities because of course, we can go long and short. We can buy and sell. It’s not like we bought Bitcoin at 60,000 and spent $60,000 on a Bitcoin and now it’s worth 20,000 and we’re all going, oh my gosh, we’ve just lost 40,000. Not like that at all. It’s complete opposite. We’re just buying and selling it depending on what we see at the time on the charts. I’ll give you an idea.
Client makes +105% since April (in just 10 weeks)
A client of mine who has used our breakout strategy, which is a strategy that we use just once a week, he’s adapted it onto different currency pairs. And he’s sent me his myfxbook link. He’s up 105% since April. And we are now the 16th, 17th of June. So, in what’s that? 10 weeks, he’s up 105% on his account. He’s had a 12% draw down. That’s all he had, and 105% gain. So shows what can be done there. He sent me his myfxbook. Happy to send you a link to that, if you want to have a look at it.
Blueberry Markets offer loss refunds
And another thing to let you know about. Blueberry Markets have told me that they are holding what they call, a bit of a loss guarantee for new accounts, if you don’t have an account and you’d like to open an account with Blueberry Markets between now and the end of June. It’s not applicable to Americans or Australians, but most other people it is. And as an example, if you opened up a $1,000 account with them and you had, let’s say a $200 loss, they would refund up to 20% of your loss. Or in other words, the $200 back to your account. Find out about it. Just have a look at Blueberry’s site. Contact them. And it’s something that’s actually quite good, if you are looking at trialling them out and seeing what you think about them, because any losses that you have up to 20%, they will refund. I think they’ve got a maximum of $300 refund or something like that. But have a look at them. I’ll put a link to them below this post as well. So I hope that helps.
Movements provide us with great trading opportunites
Like I said, great opportunities out there with rises and crashes. Every time there’s movement, it provides us with multiple opportunities to trade different markets, different timeframe charts, all using the same strategy. Getting some great feedback from people. Clients doing really, really well, which is so pleasing to see. Yeah, you can trade long. You can trade short. You can trade different markets, using the same logic, by looking at the charts, trading what the charts are saying. The strategy works. It’s been proven for 13 plus years now. We’ve now got clients in 100 countries as well, by the way. Really proud of that achievement.
Feel free to contact me directly
So if you need any help with any trading information, drop me an email, andrew@theforextradingcoach.com. And I’ll see you this time next week. Bye for now.
In this video: 00:26 – Why I use candle patterns 01:01 – Brokers offer you multiple indicators 01:41 – I deleted everything and started again 03:13 – Not all candles are equal 04:08 – Candles show you what’s happening in the market 05:05 – Blueberry Markets as a good broker option
I’m going to explain why I trade using candle patterns. Let’s talk about that and more, right now.
Hey, traders. This is Andrew Mitchem here at the Forex Trading Coach with the video and podcast number 459.
Why I use candle patterns
This video is really important because it explains why I use candle patterns and why I believe you probably should do too, and how it will massively help you with your trading.
You see, there are different ways of trading. You can be a fundamental trader, where you’re predominantly looking at news events, political events, those type of things, or a technical trader. I’m a technical trader. But even when you become a technical trader, there are still so many different ways of trading. And most people unfortunately get caught up in the hype and the glitz and the glamour of too many indicators.
Why I use candle patterns
You see, the Forex brokers are very, very good at offering you just an enormous basket of indicators. And everybody makes the same mistake when they start trading, as they think they are going to find this magical formulation of indicators that no one else has found. There’s a magical combination, the right settings, that just no one else in the history of trading’s ever discovered before. And this is what’s going to make it work for you and why you should have lines all over your charts.
Look, I fell for it years and years ago as well. And it’s something that pretty much everybody who decides to be a technical trader will do so at some stage in their trading journey. So it brings me back to candles.
I deleted everything and started again
The reason that I became profitable is I got rid of all that mess on my charts, all those lines and arrows and stars and all those different things. You know what I mean if you’ve been trading with any form of indicators in the past. And I got back to candles. Why? Well candles tell me what’s happening in the market. They tell me where the price has reached to as a high, where it’s been as a low. So therefore natural support and resistance levels. It tells me there’s momentum. Is it moving upwards? Is it moving down? Is it indecisive? It tells me, when I look at what part of the chart the candle is in, whether there’s room to move. Do I have the ability to get to my profit target before hitting resistance levels as buy trades?
And also the thing that so many people fail to do is they fail to look at the actual price. Now we’re trading Forex pairs, or you might be trading commodities or cryptos, whatever it might be. If you don’t look at the price on the right hand side of the chart, then all you’re doing is basically following lots of squiggly lines on your charts if you’re a technical trader, with too many indicators. You have to look at the right hand axis of your chart and look at the price. Why did that candle get up to that level? Oh, it’s because it was a round number. Oh, look, it happened several candles ago, or several days ago, or weeks ago, it hit that level and it reversed. And so all those type of things are really important for you to consider when you’re trading with candles.
Not all candles are equal
Now, another great thing with candles is, like I’ve said, they can show you indecision. They’re not all equal. They’re not all saying you have to buy here or sell there. You could be in an up trend and all of a sudden there’s an indecision candle. And that then gives me two messages. One, if I’m already in a buy trade, look that buy trade may be coming to an end and it may not get to my profit target. And it may now be a really good idea to start managing this trade, maybe closing part of it out. There’s reasons why it may not continue up to my anticipated level. If I’m not in a trade and I’m seeing a big up trend, and then I see indecision that’s going, hey, there’s an opportunity here that if we get another candle that’s indecisive and then bearish, we could then be seeing this tip over. And therefore that becomes our selling opportunity. So that’s how you use the candles.
Candles show you what’s happening in the market
Also, they make life very, very easy for you to be easy to identify in a picture form, what’s happening in the market. Are there more buyers? Are there more sellers? And also it’s easy to then gain strength and weakness because you could go through all, say of your Euro pairs and go, well, they’re all heading up. So therefore the Euro is probably the dominant strength in this. And so you can use strength and weakness really easily as well.
And also, don’t forget we only look at making our analysis on a candle once that candle has closed. That again makes your life easy because you know when to look at your charts.
Now, talking of charts, on MT4 and MT5, we have custom built indicators and candle identifier software, along with support and resistance levels and pivot points, et cetera, that help myself and all of our clients to analyse the market in a far easier format.
Blueberry Markets as a good broker option
Now, if you’re looking for a good MT4 or MT5 broker, have a look at Blueberry Markets. They’re over in Australia. They can take clients from pretty much most countries around the world, apart from maybe the US and a few other countries. But for the vast majority of you listening to this or watching this, and if you are looking for a good MT4, MT5 broker, I highly recommend you consider Blueberry Markets. I’ll put a link to them on this post and you can go and check them out for yourself.
So I hope that helps with the candle patterns. Very, very important that you use candles and use them correctly. They will massively help your trading. I know they will. They completely changed mine around all those years ago. And I hope that helps. This is Andrew here at the Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #459: Why I Trade Using Candle Patterns
In this video: 00:24 – How much can you make from your trading 00:59 – Made a +1.5% gain during the live weekly webinar 02:03 – What if I had risked more? 03:35 – If you want to trade for Prop firms 03:50 – Being self-employed and being an entrepreneur 04:53 – We’ve never missed daily trades or webinars 05:10 – The next tennis great? 06:17 – Take a look at Blueberry Markets
How much can I make from my Forex trading? It’s a question that people ask me all the time. Let’s talk about that a more right now.
Hey traders, it’s Andrew Mitch here at the Forex trading coach with video and podcast number 458.
How much can you make from your trading
Question I get asked all the time is, Hey Andrew, how much can I make? And when you think about it’s such an open ended question. It has so many variables in his answer that you can’t actually give someone a real answer. What I can say is that it comes down to your dedication, your hard work, how much risk you take, what type of trader you are, what strategy you trade. There’s lots and lots of variables, far too many to talk about on here. But I’m going to give you a few general ones.
Made a +1.5% gain during the live weekly webinar
Here’s a great example for you just last night on my live webinar, where I hold with my clients, I ended up making a 1.5% account game. I took trades on the U.S., Singapore dollar 2 hour chart, U.S. Swedish Croner 6 hour, the German 30 index, 6 hour, and the U.S. dollar index 6 hour.
I actually had a buy trade that hit profit on silver against the U.S. on one hour chart in the session as well, but not including that one, because that was taken before we went live on the live trades that I took, that my clients could have followed copy taken. I personally made a 1.5% account gain, but I was only risking a quarter of 1% risk of my account, total per trade. Very, very small risk per trade, fantastic gains. And the reason I’m telling you that is when people say to me, Hey, what can I make? I go, well, I made 1.5% last night and they go, that’s okay. That’s not great. It’s not exciting. Think of it this way.
What if I had risked more?
If I risked 2 1/2% risk per trade 10 times what I risked, I would’ve made a 15% account gain in the night on the webinar in just two hours. Start thinking about that and you go, wow, that’s actually really impressive. A lot of people out there will tell you if you have a look on internet land and YouTube gurus and everybody else out there online that tells you how to trade. So many people will tell you should be risking up to 5% risk per trade. Let’s imagine if I did that, I would’ve made a 30% gain on my account just in the one night. And the danger of that is that so many people then get really excited when they hear 15% gaining in a day or a night, just on two hours or 30% even. And people get the wrong side of it and they go, wow, that’s just amazing. 30% in two hours. Where else can I do that? And while that is true, it all comes back to risk. And to me, you are far better off having that low controlled risk and being a consistent trader than you are to go 30% but 5% risk trade. It all depends on what suits you but my suggestion is you go low risk trade.
The trade is still the same, but it’s just that you are got so much more control there and consistency becomes such an important part of your trading. Now, if you are at 30% gain, but you risk 5% trade and a few trades go wrong, not quite so good.
If you want to trade for Prop firms
If you want to trade for prop firms, you’ve got to go low risk per trade because they’re interested in making sure your draw downs are very low. And that’s why so many of our clients are doing really well on prop firms.
Being self-employed and being an entrepreneur
But also I wanted to let you know about another thing as an entrepreneur as a self-employed person for pretty much my entire life. Apart from a couple of years, I can tell you that when you are self-employed people don’t see the down side of things. People don’t see the behind the scenes. People don’t see all the hours and hours of dedication, the ups and the downs, the working long hours, the weekends, the early mornings, the late nights, whatever it might be, the highs and the lows, the self down people don’t see all of that.
And to get anywhere as an entrepreneur, as a self-employed person, it can take a lot of time, effort, dedication, and determination to come through to where things are good. Is trading fantastic? Yes. Once you know what you’re doing. Is it just like the best thing you could do? Yes, it is. But once you know what you’re doing. Does it take time, effort, dedication to get there? Yes, it does.
We’ve never missed daily trades or webinars
Couple things with that in our 13 years at the Forex training coach, we’ve never once missed a live webinar for our clients, never once. We’ve never once missed a day of our daily trades being posted, not once at all. We have massive dedication and commitment to our clients because that’s what we do as traders and as teachers. That’s what we do.
The next tennis great?
Another analogy I’ve got is the French open it’s on right now. How many millions of people around the world want to become the person that’s in the French open final, but really how many of those people get the right nutrition, the right training, the right coaching, the right commitment, all that type of thing.
It’s very easy for people out there to go. I just want to go and suddenly become the best trader in the world. I want to go and make 50% in a day. Very easy for people to do that but the reality is that it’s only a few people that make it because they are the ones that have the dedication to learn properly and to make their trading work properly for them. I kind of hope that helps. It’s a bit of a bit of a long story to actually answering the question. How much can you make? Look, it’s unlimited of what you can make. Just depends on the variables of what type of trade you are. You’re going to take reversals, continuations, are you going to trade news? You’re going to trade the charts, what risk you’re taking with trade. All those type of things come into it and are really important.
Take a look at Blueberry Markets
Also, another important part of your trading is making sure that you have yourself a good Forex broker. I can highly recommend Blueberry Markets. I’ve been with them for years. I’ve sent so many people to them over the years, or suggested people go and look at them and all the time without fail. The feedback’s amazing. Have a look at Blueberry Markets, if you’re looking of a new broker, for MT4/MT5 they are a fantastic bunch of people, good platform, good spreads, good markets, etcetera, like that. And customer service that you will not beat. I hope that helps. And this is Andrew Mitch here at the Forex trading coach. I see you this time for next week. Bye for now.
Episode Title: #458: How Much Can I Make from Trading?
In this video: 00:35 – #1 Understanding Risk Management 02:26 – Download my Lot Size Calculator 03:02 – #2 High Reward:Risk Trades 03:59 – #3 Focus on a few Candle Patterns and Time Frame Charts 05:25 – #4 Forget Social Media and time wasting 05:57 – #5 Seek high quality trading education 07:22 – Bonus #6 – Blueberry Markets
I’m going to give you five tips that will massively help change your trading results around. Listen up for those five tips right now.
Hey, trader. This is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 457.
In this video and podcast, I’m going to give you five things that you can do right now today that will massively help change your trading around. Let’s get into those.
#1 Understanding Risk Management
Number one, you need to understand risk management. Everybody wants to see all the flash side of trading, all the results, et cetera. But in order to trade properly, you have to understand risk management and have to know how to control your risk. Because ultimately, one of the keys to staying in business and trading properly and trading long term is understanding controlled risk.
And it’s all well and good when you see people that say, “Hey, look, I made $100,000 in a month and I doubled my account in two weeks.” None of that really counts. It’s all just one-offs, if at all it’s true. But the important thing for you, because there’s two things I always say to people who are new that control your trading. One’s up here, one’s your head, the other’s your heart. You’ve got to get those two under controls, to your emotions, psychological, all those type of issues under control. And to do that, you have to have low and controlled risk per trade.
Now, most people out there all still, despite all these years of me banging on about don’t do it, people will still talk in pips. Forget pips. They will get you nowhere. They will not assist your trading. Do not worry about how many pips you make, lose, risk or anything like that. It does not matter. You try going down to the local shop and supermarket and go and buy something in pips. You cannot do it. Never have been able to, never will be able to.
What you have to do is yes, you can measure number of pips you’re taking on a trade, but that then has to relate to your position size. And so, it’s your position size that’s the key to your trade. And what that means is, if you use the right position size on each individual trade, you can trade all timeframe charts, doesn’t matter what the stop-loss is. Doesn’t matter what the currency period is, whether it’s a crypto or FX or metal, it does not matter.
Download my Lot Size Calculator
Understanding that is very important. I have a Lot Size calculator that will help you with that. If you don’t have it, I will put link on this video and podcast somewhere for you to get it. It works on MT4 and MT5. You simply drag it onto the correct chart that you’re about to trade. It knows the account size that you have. It knows the trade that you’re about to take in terms of the currency.
All you do is enter the risk that you want to take, and I recommend no more than half of 1%. And you enter the stop-loss of the size of the trade. It will tell you the lot size needed or the position size needed for that trade. Understanding risk management, number one, key.
#2 High Reward:Risk Trades
Number two, understanding that high reward to risk trades will be your friend. That is the way that you are going to make small little step back, big step forward, little step back, big step forward. That’s how you grow your account is by having high reward to risk trades.
You see people that go, “Hey, I’ve got a 90% winning system.” Wow. It means nothing. If they’re making less than their risking. It means nothing. You have to be making two, three, four times what your risk is per trade. That is how you will get ahead in your trading. It also means you do not need to have a 90% winning system. In fact, a 50% winning system with an average of, let’s say a three to one reward to risk on your profitable trades will make you a lot of money and will make you a consistent trader. That was number two, understanding high reward to risk trades.
#3 Focus on a few Candle Patterns and Time Frame Charts
Number three, focus on just a few candle patterns and focus on some timeframe charts that are showing the best candle patterns. Look for your trades at the close of a candle. Don’t worry about looking at a four hour chart trade if it’s only been open for one hour. Don’t look at a one hour candle at 20 past the hour. Forget it. Look when the candle closes.
And at that time, nothing else will change. All, any indicators that you use, any price levels, they’re all set. They will not move. When the candle closes, look for the patterns, making sure that you’ve got room to move for the trade, et cetera. And your stop-loss can be protected ideally by something like a round number or a previous high, previous low. But understand a few select candle patterns and then look at the timeframe charts that suit you. Don’t go trading daily and weekly charts if you think you like the high price or high paced action.
Likewise, forget trading five and 15 minute timeframe charts if you like to look at your trades just maybe once or twice a day. And therefore, if you are that person, you should be trading higher timeframe charts. Again, the pattern doesn’t matter. Or it doesn’t matter what timeframe you’re trading, it just depends on what suits you. But the pattern is the pattern is the pattern. It works once you know how to trade properly.
#4 Forget Social Media and time wasting
Number four, get rid of most of your time-wasting. There’s social media, searching through YouTube for all gurus, looking on different Forex websites for the latest, greatest system on different Forex threads and forums and things like that. Honestly, most of it is a complete and utter waste of your time. It will cause confusion. And it will take you away from the real thing, which is for you to develop something that works for you and to understand how to trade for you.
#5 Seek high quality trading education
And with that in mind, number five is about seeking education. Look, people are out there who have systems that work. People that have been trading for years and years who have proven to help thousands of traders. We’re one of the few out there that can offer that. We’ve been operating for now over 13 years. We have clients in 100 countries. We’ve got a 162 reviews on Forex Peace Army over the last 13 years, since 2009. Try finding too many others out there that can say that and help so many people.
Look, joining a group of like-minded people or trading the same strategy is absolute gold. It really is. It helps you because, let’s face it, you’re trading from home on a laptop, wherever you’re trading, wherever you live in the world. Probably no one else in your household has any idea of what you’re doing or what you’re trying to do. Most of your mates don’t, most of your family don’t. It’s something that takes the right sort of person, the right group of people to help you to progress. You need someone to bounce ideas off to ask questions to. And I think that’s a real important point of our trading community at the Forex Trading Coach, alongside all the other things that we offer. I think that’s something that can massively help all traders out them.
Bonus #6 – Blueberry Markets
And lastly, I said five. Let’s go for six points, give you a bonus one. If you’re looking for a good broker, have a look at Blueberry Markets. I mention them on all of my video podcasts. I’ve had more feedback this week from people that say, “Hey, Andrew, I’m so pleased that I’ve gone to Blueberry Markets. You recommended them. I’m absolutely blown away by how good they’ve been, their onboarding process, their support, their help, everything like that.” Have a look at Blueberry Markets if you’re looking for a new broker. Again, I’ll put a link to them on this post.
That’s it for this week. I said we’ll do five points. Given you six. Hope that helps. Stick to those five or six if you’re looking for a broker and they’ll help change your trading rate. Absolutely no doubt about it. I’ll see this time next week. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.
Episode Title: #457: My 5 Trading Tips to Improve Your Results
#456: Trader makes +7.25% gain trading the 15 minute charts
In this video: 00:35 – One of our clients makes +7.25% account gain in the week 01:20 – We only look for a trade at the close of a candle 01:54 – We don’t only trade the longer time frame charts 02:55 – Trade what suits you 05:05 – Take a look at Blueberry Markets 06:11 – Future trading topics
One of our coaching clients made 7.25% account gain last week, trading only the 15 minute timeframe charts. Let me explain about that and more right now.
Hey traders, this is Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 456. Something a little bit different this week, and I mentioned it at the end of last week’s video and podcast, and I’ve had a lot of people saying they’re really wanting to know more about this.
One of our clients makes +7.25% account gain in the week
I talked about a client who just the previous week made 7.25% on his account. On the previous video, I think I was mentioning he made about 8.5%, I think it was, but he actually had a losing day on Friday when I made last week’s weekly video. So for the previous week he ended up, of the five trading days, he lost Friday and made four profitable days Monday through to Thursday, for a total net gain of 7.25% trading with only very tiny risk of a quarter to a half percent risk per trade. And he did that by trading between 45 minutes and one and a half hours per day on only the 15 minute timeframe charts.
We only look for a trade at the close of a candle
And the great thing with the way that we trade is you only look at the candle close. And so you know that if you’re trading for 45 minutes a day, he could have looked at four different timeframe charts, or four different closes. And if he was trading for an hour and a half, he had six closes on the 15 minute timeframe charts to look at. So he did that for the five days for a 7.25% account gain, only on the 15 minute timeframes. And when you think about that, that’s pretty good.
We don’t only trade the longer time frame charts
And a lot of people think that we trade just the longer timeframe charts. And personally, I tend to trade two hours and above, that’s just what suits me. But the great thing is from your point of view, is that our strategy works. And from our client’s point of view, the strategy works. And what that means is you have the ability to trade whatever suits you. Just because I’m now explaining about a number of our clients that are now jumping onto 15 minute timeframe charts, doesn’t mean to say you should go and do that, but only if it suits you. Likewise, if I’m talking about trades on 12 hour charts or daily’s or weekly’s, or even monthly’s, don’t just jump onto those timeframe charts if they don’t really suit you. On those, you’ve got to be prepared for them to be in a little bit longer and just let them do their thing. On a 15 minute timeframe chart, you’re going to be expecting really that you have to dedicate an hour or so per day and sit and watch those closes four times within the hour. But it just shows what can be done.
Trade what suits you
And that’s the important thing, it’s trading what suits you. But also, it’s trading what the market’s giving you. If you want to trade 15 minute timeframe charts, and you say, look, I’m going to dedicate one hour a day to do this, look at four times, don’t feel that you have to take lots and lots of trades just because you’re trading short timeframes and you’re there for that one hour. You’ve got to trade when the setups are there. And that can be shown through in the results that the clients are getting. And with this guy making 7.25% gain in just five days, what he’s doing is he’s actually taking most of his trades which are continuation trades. And that’s the important thing.
If you’re trading shorter timeframe charts, don’t go for these massive reversals, and you’ve had a huge downtrend and you’re suddenly going to take a buy trade. Yes, sometimes they will work, but you’re far better off trading with the trend. That’s why we teach our clients and we post each day the daily analysis for where we see the likely strengths and weaknesses on certain currency pairs. We do exactly the same on the weekly timeframe charts as well, for the longer timeframes. But on a day-by-day basis if you’re seeing, let’s say, the Australian US dollar going up, and it’s been going up on your charts, the strength is with it and the Aussie’s looking strong all around, the US is looking weak, and you see a little reversal trade trying to trade the Aussie US down. It’s far less likely to work, even if it’s a good setup.
What you’re far better off doing is letting the uptrend do its thing. If you’re in it, fine. If you’re not, that’s fine also. But then let it come back, let it retrace, and then look for that bullish opportunity again and trade that continuation pattern. Because that is going to be your higher probability trade, trading with the trend after a pullback. But also, you’ve got so much lower risk, less risk on the trade. The probability of that trade working in your favour is so much higher than taking these really cool, dramatic looking reversals. They do look good, but they’re high risk. So I hope that helps.
Take a look at Blueberry Markets
Now, if you are looking for a broker to go to, I can strongly recommend Blueberry Markets. I’ll put a link to Blueberry underneath this video and post and podcast, whether you’re watching or listening. But just check out Blueberry Markets, go and just check them out. I really encourage you to do that if you’re looking for a good MT4, MT5 broker. The feedback that I constantly get, all the time without fail, is that Blueberry are awesome. Their customer service is amazing. People can’t believe how well that they look after their clients. It just blows me away all the time, which is why I like working with them, because that’s how we like to operate here at The Forex Trading Coach. It’s really important that we suggest people go to like-minded companies and people, because for us, the dedication, the enjoyment, the customer service, the making it work, all those things are highly important to us, and the integrity, et cetera. And that’s exactly what you’ll get from Blueberry. So have a look, check them out if you’re interested in looking for a new broker.
Future trading topics
Any topics that you’d like me to discuss like this on any trading subject topic at all, let me know, send me an email, andrew@theforextradingcoach.com. I’ll see you this time next week. Bye for now.
Episode Title: #456: Trader makes +7.25% gain trading the 15 minute charts
#455: Are You Still In Love with the Crypto Markets?
In this video: 00:26 – An Incredible Week in the Crypto Markets 00:57 – Billions wiped off the market in the last day 02:12 – 401k becomes the 301k in the US 02:40 – All is not lost 03:00 – We can buy and also sell Cryptos 04:23 – Are you looking for a good broker? 05:47 – Next week, how a client has made +6% gain in the week on the 15 minute charts
Are you still in love with the crypto markets, or has that love disappeared? What an interesting week it’s been. Let’s talk about this and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach, with video and podcast number 455.
An Incredible Week in the Crypto Markets
As a crypto trader, if you’re into cryptos, what a incredible week this has been. Probably not that great if you’re a traditional way of trading the crypto markets. I was going to be talking about short timeframe charts this week. We’ve had one of our clients taken 15 trades this week on the 15 minute charts, and he’s up over 6%. But I’m going to cover that next week because I really want to talk about cryptos being so topical right now.
Billions wiped off the market in the last day
So, what’s happened? Well, billions have been wiped off the crypto market just in the last few days. Ethereum has plunged by 20% in the last day, in the last 24 hours, 20%. Bitcoin in the last day is down 11%, and 200 billion has been wiped off the crypto market in the last day. 200 billion, with a B, dollars. Incredible. That’s just in the last day.
LUNA, it’s called ADA/USD, if you see it on your charts, it’s called LUNA. It’s down 99% in the last 48 hours. I’ve just looked at my charts. If you went back to the 5th of April of this year, just over a month ago, it was at $119, 5th of April. Today, 13th of May, it’s been as low as 0.001 of a dollar. I think that’s a 10th of 1 cent. So it’s gone from that on the 5th of April, $119, to today, 13th of May 2022, 0.001 of a dollar. That’s incredible.
401k becomes the 301k in the US
I’ve also read an article regarding the US Retirement Funds, called the 401(k), which they call it over there. I’ve seen people now calling it the 301(k), a bit of tongue in cheek, but the reason they’ve done that is because 7 trillion, with a T, $7 trillion has been wiped off the stock market just this year. And we’re not even in mid-May, so it’s not looking great, is it?
All is not lost
But as always, we try to find solutions to these things. It is not all doom and gloom if you learn to trade your cryptos or your other markets the way that we trade, and to trade them with the leverage through the Forex markets or through the Forex brokers. The reason for that is quite simple.
We can buy and also sell Cryptos
We can buy and we can sell. We can go long. We can go short. And we can do that on cryptos as well. So for example, if you saw Ethereum or Bitcoin or even LUNA dropping, and you saw a reason to take a short position or a sell, we can jump straight into the market, or a limit order, a stop order, whichever you want, but you can get into the market and you can sell that crypto.
And that is the difference with this, as opposed to going out there and mining, or going out there and spending what was last week about $46,000 for a Bitcoin. Today, it’s about 26,000, but you’re not actually going out there with that money or investing that amount of money. And you’re not with the traditional way, I say traditional, obviously cryptos are quite new, but with the way that most people trade cryptos is you’re out there just buying something hoping it’s going to go up. Not much good if you’ve bought LUNA at $119 about six weeks ago, and you thought, oh, I’ll just go and buy LUNA at $119. Let’s say you bought a hundred of them. Today, it’s worthless. But the ability to sell something that you’re not actually owning is what’s so different about the way that we trade and why we enjoy trading cryptos now that they’re available on a lot of these platforms.
Are you looking for a good broker?
Now, if you’re out there looking for a good broker that gives you the ability to trade cryptos and indices, commodities, and of course the Forex market, but to trade them in the way that we trade, I can highly recommend Blueberry Markets. But if you go to Blueberry Markets, go and choose and select their MT5 platform, because that has a lot more of the other non-Forex markets on it. I’ll put a link to Blueberry Markets on this video, post-podcast post, and you can go and check them out. Have a look, they’re a great broker, I’ve been with them for years and years. I’ve been with their MT5 platform now for quite a few months, really enjoying it, really enjoying the ability to trade these other markets as well. On different timeframe charts, you could trade say Bitcoin on a 15 minute timeframe chart through to a monthly timeframe chart, and everything in between. It’s really good to be able to do that on some of these charts, like 12 hour charts, which means you just need to look twice a day. Really good to do that.
So have a look at Blueberry Markets, MT5 allows you to trade those other markets. It’s a really good platform. And I hope that helps. Look, it’s not all doom and gloom out there. There are ways around these things, like with everything. Look at changing the way that you’re trading cryptos if you’re trading it like the more usual way of buying, holding, and hoping. There is far more to it than that, and we can help you with that.
Next week, how a client has made +6% gain in the week on the 15 minute charts
So this is Andrew Mitch here at the Forex Trading Coach, I’ll see you next time, next week, when I will be talking about how our clients made 6% trading the 15 minute timeframe charts this week, in only about an hour per day. I’ll see you next week. Bye for now.
Episode Title: #455: Are You Still In Love with the Crypto Markets?
In this video: 00:24 – Easter break 00:54 – Broker offers a great incentive 02:30 – Inflation continues to soar around the world 03:42 – How much has your wage increased in the last year? 04:27 – What are you doing to future proof yourself? 05:45 – Click on the link to join Blueberry Markets 05:56 – Join us at The Forex Trading Coach 07:16 – 11 trades posted today for our clients to learn and earn from
I found a broker for you who is willing to refund some of your losses on your live account. Let’s talk about that a more right now.
Hey traders. This is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 454.
Easter break
Hope you had a great break over Easter. We had a really good time where we had spectacular weather here in New Zealand, and we took advantage of that, myself and my wife, we flew down to Dunedin, which is close to the bottom of the South Island.
I did nearly eight hours of flying in the helicopter, for the week, and I had a great time. So I hope you had a great break too.
Now, something different, a number of things to discuss with you on this week’s video on podcast.
Broker offers a great incentive
The first thing is, I was talking to Ben Clay, over at Blueberry Markets, last weekend.
He’s put together a really fantastic offer, which I’ve never really heard of before. And I thought I’d just share that information with you.
If you open a new trading account with Blueberry, between now and the end of April. So you’ve only got this week to do this. And if you fund it with a minimum of $200, they will refund 20% of any losses that you have on your account.
So just check with them the exact terms and conditions. Say that you’ve seen this video or heard this podcast, and you’re interested in their offer.
But I’ve I heard of a broker before, that’s willing to refund a proportion of the losses that you make. So it could be something that’s really worth having a look at.
Now, I think there’s some terms and conditions. Like always, you cannot be an existing client with an existing account, and you cannot be in Australia or an Australian resident.
So there’s a few things to check through. But it has a lot of merits, that if you opened, let’s say, a $1000 account and took a loss, they’re going to offer to refund. And again, there’s maximum levels of refund, et cetera.
They’re going to offer to refund, I think there’s up to 20%, of your losses back to your account for you to use. So something very different.
As I was discussing with Ben, I said, “Look, I think this is something quite different. I’m going to share this with people who are on my video and podcast list.” So I hope that’s helpful for you.
Inflation continues to soar around the world
In other news, you’d have seen that inflation continues to rise around the world. Here in New Zealand, just yesterday, they announced a 6.9% inflation jump, which is the worst or the highest in 32 years.
And that’s continuing to happen right around most of the world. I think Britain was up to about 7%. I think America’s eight something. A lot of countries around the world are getting very, very high inflation levels.
From what I can see, certainly here in New Zealand, the way that they’re just printing money and spending money, left, right, and centre, you just wouldn’t believe how crazy they’re running the country right now.
This is probably only going to get worse. You add into this, the fertiliser cost, the shipping cost, food, transportation, everything else, labour wages, everything that’s going wrong with price increases right now, fuel, all et cetera, it’s just going to get worse.
So if you think the 6.97% is bad today. Yes. It’s the worst in 32 years. But I’m predicting, it’s probably just going to continue to get worse for most people.
How much has your wage increased in the last year?
So cost of living, wages. Has your wage gone up 7% in the last year? Just to maintain where you were a year ago. If not, what are you doing about that?
And I think that’s something that everybody, doesn’t matter what you do, what you want to think about doing job wise, investment wise, you’ve got to think about this. Because it affects every single person.
You just go and try filling up your car with fuel, as opposed to last year. I’ve just banked for about eight hours of about 1500 litres of jet fuel in the last week, going down there and back.
I can tell you, it gets very, very expensive. And it’s so much more than even what it was at the beginning of this year; just four months ago. So you’ve got to do something.
What are you doing to future proof yourself?
You’ve got to look after yourself, protect yourself. Trading, to me, is probably one of the best ways you can do that. We’ve just had a client who’s mentioned to me just on Wednesday, that he’s just passed his next prop test.
And he’s now onto a live account, prop trading. I think he was onto a $100,000 live account on prop firm. When he gets to the next level, I think he’s got to make 10% on that.
I think he’s on a 70/30 profit share. So he’s on for a $7,000 gain there every time he now makes 10%, and then he’ll be up to probably 200,000 on the next challenge.
All these ways that you can really future proof yourself with your knowledge of what you’re doing, how to do this, be able to do this for yourself.
Doesn’t matter what your trading account size is today. It really is irrelevant. So don’t get stressed if you think you can’t trade more than $1,000 of your money.
Learn how to trade first, get onto prop firms. And that’s just such a great way of increasing your own personal income through your trading.
And of course, you can then go and reinvest that back into your own trading and build up from there. Or get onto someone like Blueberry, and they’re going to look after you with any losses as per that promotion.
Click on the link to join Blueberry Markets
Going back to that Blueberry promotion, I’ll put a link on this video in podcast here, to Blueberry Markets, and just say, “You’ve interested in their promotion, you’ve heard it.” And they’ll look after you there.
Join us at The Forex Trading Coach
Last thing to mention on the 11th of May, or it’s the 10th, if you are in Europe, or America, or Canada. We are starting our 13th birthday sale. It’s going to be a fantastic sale this year.
A great opportunity for you to take advantage of jumping on board with us at a crazy low price. I’ll put a link to that promotion on here as well.
If you’d like to take advantage of our 13 years of teaching and my personally, coming up to now 18 years of trading the forex market full time, jump on board and take advantage of it.
It’s the full course, just at a crazy low price. We do this once a year for our birthday. This is our 13th year of teaching.
Have a look on the likes of Forex Peace Army, you’ll see reviews back to 2009. Very few other companies or people can say that they’ve been trading and have been reviewed anywhere on anything to do with the forex market, whether it be brokers, or education, or anything, for that length of time.
We’re really proud of what we have achieved and how many people that we’ve helped, and what we do in the forex market to give back with free information, plus the course for those who want to take it that step further and jump on board with our real professional help and information.
11 trades posted today for our clients to learn and earn from
Just today, we’ve just put on six trades on our membership site. Four on the 12 hour chart trades and two on the eight hour, plus five specific daily chart trades, with the reasons why we’re taking the trades the exact entry and exit levels, all for our clients to learn from and to earn from.
So I’ll put a link to Blueberry Markets on this page, this video, post and podcast, and I’ll put a link to the registration form, for you to look at and joining us on our 13th birthday.
So I hope that helps. Have a great rest of a week. This is Andrew Mitchem here at the Forex Trading Coach. I’ll see you next week.
Episode Title: #454: Amazing offer from Blueberry Markets
#453: Seeing Through the Chaos of The Forex Market
In this video: 00:25 – The markets are just chaos 01:17 – Doing nothing could be the best thing to do 01:57 – Traded the H8 and H12 charts instead 03:11 – We help our clients to demystify the charts 04:24 – You have to be able to act on what the market is telling you in real time 05:45 – Time to join us? 05:51 – Are you looking for a good Forex broker? 06:42 – How you can contact me
How can you easily see through the chaos that is the forex market? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach. This is video and podcast number 453.
The markets are just chaos
Now, the markets are just chaos. That’s really what they are. Lots of lines, lots of different indicators, lots of confusion going on, different timeframes, different currency pairs, different system strategies, just utter chaos. But as a trader, you need to be able to see through that chaos to actually read on the charts what is actually happening, and think, “Well, behind the scenes, what are these charts telling me is happening right now?” Are there more buyers in the market? Are there more sellers in the market? Is this a trade to take or not? How do I know which currency pair to look at? How do I know which timeframe chart to look at? What happens if the MACDs telling me to buy and the RSIs is telling me to sell? All those type of things. Utter, utter chaos going on in the market.
Doing nothing could be the best thing to do
And sometimes, the answer is to do nothing. Give you an example, just today, right now. The 8th of April on the daily charts, we have taken no trades today on the daily charts. Why? Because there are no good setups. We’ve been through all the forex pairs, all the metals, the indices, commodities, cryptos, everything. I do not see a single trade today on the daily charts. So, therefore, we’ve not taken any. We’ve had a great week so far. We’ve had four really good days of trading and had some good trades. And therefore, the answer today or the solution today, the strategy is do not take any trades because there are none.
Traded the H8 and H12 charts instead
However, we’re still taking two trades, one on the eight-hour Euro-Aussie and one on the Euro-Hungarian forint on 8-hour and 12-hour that we posted on our membership site for our clients to trade and to learn from. Why? Well, because out of all the different currency pairs, all the markets, all the timeframes, at the change of day leading into Friday the 8th, those are the only two setups that I see on the charts that are suitable to trade the strategy that I trade. And therefore, those are the only two that we’ve passed onto people. Why are they good? Well, they have the candle pattern that we look for. They’re bouncing at the right area that we’re looking for. They have some stop-loss protection that we’re looking for. They have room to move. They’re both sell trades. They have room to move before any next support gets in the way, any previous lows, pivot points, middle Bollinger Bands, all those type of things. So, we see on those two trades, are high-probability setups, and therefore they are the two we’ve taken. So, we’ve looked through of all the chaos, we’ve seen through all the chaos, the different lines, graphs, prices, everything that’s going on, strength and weakness on the markets. And we’ve come to the conclusion that they are the two best trades. So, that’s how we help our clients.
We help our clients to demystify the charts
We help demystify. We help you to see through the chaos that’s out there. And we say, “These are the trades that we are taking,” and why. And when you think about that, having that ability to follow along with someone and look, we’re not always right. No one’s always right, but those are the trades in real time that we see as the best two trades. So, we’ve given our clients our insight, our thoughts through the setups and our solutions, and our solutions are those two trades at the changeover of the day between the 7th and the 8th at 5:00 PM, New York time.
And so that helps to demystify, it helps to give clarity. They can see exactly what we’re seeing and why. They can see the candle pattern, the part of the chart that the trades occurred in, the reasons for the trade, all those type of things just helps you focus on what it is you need to look for, as mentioned, through what is otherwise utter chaos. And so we make things simple. That’s what we do. That’s our job as traders, as teachers, that is our job to make things simple.
You have to be able to act on what the market is telling you in real time
And as traders, you have to have things simple. You have to be able to see these things in real time and to be able to act on them. Otherwise, if you’re the sort of person that has a strategy that only looks great in hindsight, then good luck to you. It’s not going to work.
Years and years ago, I did a lot of looking into Elliot Wave theory and different things like that. And for me personally, when I read books or looked online of different waves and patterns and retracements, ABCs and all these things, all looked wonderful in hindsight, but you try looking at it in real time. Again, utter chaos. And so for me, it didn’t work, but the way that we now trade, the way that we use candle patterns and all those type of things that we teach, it works in real time. So, that’s where you need to get to. That’s why we hold live webinars each week. That’s why we post our trades each day. That’s why we have a forum site that discusses all these different setups. That’s why we have trading software, so we all look at the charts at the same time. We’re all looking at the same charts that you see behind me here with the pivot points on there with the candle identifier, with divergence. All the things we look for, we all see the same thing. And that’s where we have a fantastic community of traders, all helping each other out, all trading the exact same strategy and all doing well.
Time to join us?
So, if you’d like to be part of that, you know where to find us. Just email me, andrew@theforextradingcoach.com.
Are you looking for a good Forex broker?
Now, the other thing, if you are also looking for a good broker. As I mention, each week, because they’re so good, it’s Blueberry Markets. Highly recommend you have look at them, check out their website, ask questions. You can ask me questions about them. We have a lot of clients go through Blueberry Markets. They’re really good. Apart from if you live in maybe the US and a couple of other countries around the world, pretty much anybody else can trade through them. And I highly recommend them. I’ve been with them for years. Met them in person, speak to them every few weeks. Just good people, good platform, good spreads, good variety of markets in their MT4 and of course MT5 as well. So, have a look at the link that I’ve put here below this video and podcast, if you’re interested in looking at trading through Blueberry Markets. So, I hope that helps.
How you can contact me
Any questions that you have, any topics you’d like me to discuss on future videos and podcasts just like this one, I’m here to help. So, let me know what you’d like me to talk about. And if you have any trading issues, let me know, and I’ll do my best to help you out with those and cover them for you. So, I’ll see you this time next week. Happy trading, unravel the chaos, make things clear and demystify your trading. It helps so much. We can help you with that. You know where to find us. Bye for now.
Episode Title: #453: Seeing Through the Chaos of The Forex Market
#452: How to Make Great Returns if You Have a Small Trading Account?
In this video: 00:31 – How to make excellent gains with a small account 00:49 – The incorrect perceptions 02:07 – Questions from traders 04:00 – Losing traders blame the market 04:26 – What can you do differently? 05:06 – Trading on a prop firm account 06:08 – How much money do you need in your account right now? 07:11 – Choosing a Forex broker
I’m going to explain how you can make fantastic returns from your trading, even if you only have a small trading account today. Let’s talk about that and more right now.
Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 452.
How to make excellent gains with a small account
And I want to explain all about how you can make some exceptional gains and returns through trading the Forex market even if your account is very small. And ultimately your account size today does not matter, but let me explain more.
The incorrect perceptions
You see the problem is most people think you need a large account in order to trade and to make money from trading and eventually to make a living from trading. But there’s more to it than just that. And let me explain what I mean. You see the issue that I see everywhere is that so many people get into trading with unrealistic expectations, and they might come to the market with a thousand dollars account or $5,000 account. And they think they’re going to be able to live on that. And of course you can’t.
And so therefore to try and make some meaningful money out of that, they start doing silly things. They’ll start scalping the market, trading, making a pip or two on one minute or five minute charts. Some people will try news trading. Some people will try what called Martingale, which is when you basically double your position size all the time. And eventually one of those trades will win and make up for all the losses. Some people trade without stop losses. All these kind of crazy things that people do, which is incorrect trading, but they do it because they have a small account size to start with. So you can see the issue that people have.
Questions from traders
And I get questions all the time from people and they say, “How much do I need to pay for your course? Things like that. And people then come to me and go, “Well, how much am I going to make?” And I’ll give you a great example. Right behind me here. I’ve got a US Singapore 12 hour chart trade open. Okay. So I’ve got three trades open on my account behind me. They’re all on the 12 hour charts, all took yesterday, all on our membership site, all posted. And I’ve had three trades close, three still open. If I close them all right now on those six trades, I’ll be up 1.8%, but I’ve only risked a quarter of 1% on each of those six trades. So I’d be up 1.8% if I close them right now. I’m not going to because the three still open have got a little way to go to profit. I’ll probably be up around 2-1/2% total if they all hit their profit target for the six trades, quarter percent risk per trade.
Now some people looking at that and go, “2-1/2%, that’s not very exciting.” I look at that and go 2-1/2%, but with only exceptionally small risk per trade is incredibly good trading. But I could quite easily say to you here now that I’ve risked 2-1/2% per trade instead of a 0.25%. So I’ve risk 10 times the amount. And I could then go and say, “Well, if these trades hit profit, I’ve made 25% in a day.” And that would be true. But the issue is is that my risk is 10 times greater. So therefore my gain, because I’m a profitable trader, is also 10 times greater. But you see the issue where most people who don’t know how to trade is they’ll start risking 2-1/2% of their account per trade and have losses and probably have all six trades lose. And all of a sudden they, 12, 15% down on their account in one day. And that becomes the problem.
Losing traders blame the market
And the issue then becomes is they then start blaming the market. They blame everybody else. Forex is a scam. It doesn’t work. Someone else tells you, you pass that on to someone else. They think that Forex doesn’t work. And so you see the snowball effect once that happens. But the whole thing happens because of lack of education and they don’t know what they’re doing and they’re not thinking properly. And that all happens due to a small account size.
What can you do differently?
So what can you actually realistically do about that? The thing that we are finding, just so many of our clients are doing, once they know how to trade and once they’ve been with us for a bit is they’re trading through prop firms. And I’ve mentioned this on quite a few recent video and podcast, and I’m just in the process now putting together a worksheet of different prop firms and the advantages and disadvantages of different prop firms and different programmes that they each have. And we’re also working towards maybe having our own Forex trading coach prop firm as well. That’s a few weeks away, but when I get that information, of course, I’ll be letting you know.
Trading on a prop firm account
But to give you a prime example, one of our clients over in the UK is now trading on a $750,000 prop firm account because he’s gone through all the stages and been profitable all the way. He’s now on 750,000. When he makes a 10% gain on that, which is $75,000, he’s on a 70/30 profit share, which means he’s up for 52,500 US dollars when he makes 10% on that account. And once he gets to that next level, his prop firm is then going to double his account. He’s up to one and a half million. So assuming he then makes another 10% on that account, and there’s no time limit on there. He’s in up for $105,000 on the 70/30 profit share. In fact, I think he goes to 75/25% at that stage I think. I don’t think he’s quite 80/20. I think that’s another level again.But you see what can be achieved.
How much money do you need in your account right now?
So going back to the very beginning, how much money do you need in your account size right now? Doesn’t matter. The important thing is you need to learn how to trade correctly with low risk, low draw down, high reward to risk trades and realistic expectations. If you do that, and that’s where we come in. If you can do that with our help, you imagine being like this guy in maybe another few months, on $105,000, because he’s made 10% on the prop firm’s fund, on someone else’s money. He doesn’t need a the 1.5 million himself. He just needed to come on board with us, learn how to trade properly, put some time and effort in and go through the stages of the prop firm. And that’s just one prop firm, of course. So that is one of the very simplistic, easiest ways that you can turn your trading into very, very high quality returns. All comes back to learning how to trade first.
Choosing a Forex broker
And if you’re looking at somewhere right now for you to put your funds, whether you’re starting out on a demo account or going to a live account, I can highly recommend you take a good look at Blueberry Markets. You’d have heard me talking about Blueberry Markets for years now. The reason is they’re so good. The reason is their customer support is the best you will find. They now offer the MT5 platform, as I’ve mentioned in recent podcasts, and I’m finding it exceptional. Good spreads, lots of markets to trade, of course, on MT5 it’s easier to look at different timeframe charts, like 12 hours and eight hours, six hours, cetera like that. And just really decent people. Have a look at Blueberry Markets. I’ve put a link to them on this video and podcast so have a look there. And I mentioned to them if you join them that you heard about them through a podcast or video just like this, and they’ll look after you really well.
So I hope that helps. Just remember, your account size today does not matter. Learning how to trade properly does matter. Do that. The funds will follow. I’ll see you next week.
Episode Title: #452: How to Make Great Returns if You Have a Small Trading Account?
01:31 – Even more time frame charts now available on MT5
02:08 – How I analyse the market each week
03:14 – Trade only at the close of a candle
03:42 – Trade at 5pm EST New York Time
04:21 – Where is the best candle pattern showing?
05:25 – Have a look at Blueberry Markets when looking for a broker
06:35 – Subscribe and share this video
What’s the best timeframe chart to trade? You’ve got so many options now, and it can be very confusing, so let me help you with that and more right now.
Hey, traders, it’s Andrew Mitchem, here at The Forex Trading Coach with video and podcast number 451.
The best time frame chart to trade?
And I get asked the question every week, “Andrew, what’s the best timeframe chart to trade?” And that’s it. People get very confused. They want to know the best. The answer is really there is no one best timeframe. But as a trader, I believe that you need to look at multiple timeframe charts.
Now, the issue that a lot of people have is they might be seeing a potential buy trade on one timeframe. And you might have seen a down trend and the trend looks like it’s reversing. The market looks very oversold, and you’re thinking, “I’m looking for opportunities here to buy it back up again.” And that may be on, let’s say, a one hour chart. And then you go to a four hour or six hour daily chart, and it’s clearly in a down trend. And you’re going, “Oh, but I’m now looking at this being overboard and it looking like it’s going to fall. But when I click through to a different timeframe, it looks like it’s going to start rising.” And that complete confusion and you’re not really sure what’s happening in the market.
Even more time frame charts now available on MT5
And I suppose now with MT5, if you’re on MT5, you now have the option of far more built in timeframe charts that MT4 never offered. As an example, you can trade two hour, three hour, 6, 8, 12 hour charts that on MT4, they were never there a standard timeframe charts.
And so potentially this leads to even more confusion for people because they got even more timeframes to scan through and you can even go down to the number of minutes on MT5 as well. By the way, I suggest that you don’t trade anything shorter than a one hour chart ever. It’s just not worth it.
So you can see the confusion that people have there.
How I analyse the market each week
So for me, when I analyse the market each week, at the beginning of each week, I go through the weekly charts and I look at the anticipated strengthen and weaknesses on different currencies and the currency pairs. In other words, where I’m seeing on the bigger timeframe, likely movement up or down for that week. I do the same each day based off the daily charts as well. So I say that within the day, the next 24 hours, the euros looking really strong and the U.S. is looking really weak. Therefore, the Euro, U.S. dollar, I’m anticipating it’s going to go up. Doesn’t mean to say, I’m just simply taking a buy trade, but it means to say that I’m preferring buy trades if I see them.
If my weekly analysis suggests that the Euro, U.S. is heading up and my daily does, then I’m really ideally focusing on looking for buy trades on the Euro, U.S. on maybe a 12-hour chart or four hour, whatever it might be that you are trading, still according to your candle pattern. But you can see the issue that people have with the confusion of different timeframes and what they’re saying.
Trade only at the close of a candle
So I think it’s also really important that you only trade at the close of a candle as well. That stops a lot of the confusion. And at that time everything’s set. Any indicators that you are using, whatever it might be, stastics, MACD, RSI, whatever it is you are using, that is set. And those levels do not move once the candle has closed. And what you can also do at that time is save yourself a lot of time.
Trade at 5pm EST New York Time
Now at 5:00 PM, New York time, at the close of the day and the open of the new day on the Forex market, you can trade the daily charts, the 12-hour, the eight hour, the six hour, and the four hour. I probably wouldn’t go any lower than that at that time of the day. And at that time of the day, you can scan through your charts. Look at those five timeframe charts and do that really quickly. And then for me, I also try to look at 5:00 AM, New York time, whereas I can look at the 12, the six, the four, the three, the two and even down to the one hour charts because it’s in the European timeframe at that time. But it’s really important when it comes to actually picking which timeframe you’re going to trade.
Where is the best candle pattern showing?
For me, it comes down to which of those timeframe charts is showing the best candle pattern and the best overall setup at that time. And with that, I want the cleanest passing. I want the most protection for my trade. So it has my trade banks at a certain level. It does have say the pivot point to protect it. It does have a round number to protect it, all these things. I want as much protection around my stop loss as possible. So with the aim of if the trade starts to go against me, it doesn’t go through these barriers, these different levels and hit my stop loss. So I want protection around my stop loss.
Likewise, I want the least path of resistance to my profit target. I don’t want it to start having to go through, on a buy trade, previous swing highs, or round numbers, et cetera. I want to make sure it as little barriers as possible to get to my profit target. So it’s all about which timeframe chart shows me the best set up, the cleanest pattern at that time.
Have a look at Blueberry Markets when looking for a broker And when it comes to your actual trading itself, have a look at Blueberry Markets. I strongly recommend Blueberry Markets. I’m finding them really good. I’m loving their MT5 platform as well, by the way, with all the extra commodities and indices, the other additional more exotic Forex payers as well. And just the ability to scan through those extra timeframe charts very easily. I’ve just personally created two profiles, one for Forex and one for everything else on my MT5 account. And I’ve got a little script that basically says, “Make all of these 12-hour charts.” And it just goes and puts them all at 12-hour charts. Or, “Make all of these six hour charts.” If you don’t have that, of course you can just create different profiles for each timeframe chart.
But the ability to trade a lot more markets, the ease of going through lots of different timeframe charts and just a bunch of great people, really good people, fantastic customer service. Again this week, I’ve received emails from people saying, thanks for recommending Blueberry, finding that they’re really good and people are happy with them. So that’s very important when it comes to selecting a broker. So I hope that helps.
Subscribe and share this video
Feel free to share this video or pass it around to anybody who you know might be struggling with different timeframe charts and understanding that within the Forex market or any other market. And I’ll see you this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.
Episode Title: #451: What is the Best Time Frame Chart to Trade?
#450: All the Trading Tips You Need to Be a Successful Trader
In this video: 00:36 – Great feedback from my weekly videos and podcasts 01:13 – What’s kept me trading? 02:40 – You make it look easy 03:49 – I love trading the Forex market 05:11 – 3 trades and all 3 hit the profit target 05:55 – Valuable content for you on my videos and podcasts 06:49 – Prop firm trading success stories 07:49 – Choose Blueberry Markets and MT5 08:36 – Contact me for future trading topics
If you’re the sort of person that wants to learn how to trade a very low risk and consistent way of trading the Forex market and other markets, I really encourage you to go and review many of my previous weekly videos and podcasts, just like this one. Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 450.
Great feedback from my weekly videos and podcasts
We’ve reached another milestone. I really love bringing these weekly videos and podcasts to you and I love the feedback that we get because it helps so many people. Now, I first started trading back in 2003, a long time ago now. Back then there wasn’t really a great deal of information out there, especially related specifically to the Forex market. If I was learning about different indicators and chart patterns, it was mostly stock-related and I put it into the Forex market and I found that most of it didn’t really work particularly well.
What’s kept me trading?
But over the time you kind of develop your own things. I get asked all the time, “Andrew, why are you still trading right now and what’s kept you going through all that time?” Because when I look back at other people who were trading back when I started, almost none of them are still trading today. So I’m really proud of our longevity and our consistency. To me it’s the consistency that is the key; as a person, as a trader, as a company. So as a trader, I find so many people come to me and they say, look I want to become your best student. I want to become the best trader. I want to become a money manager. I want to become all these things. They give me all these emails for about a week or two and then they don’t take action or nothing happens. They go quiet. It’s like, well I suspect you’ve been on Google and you’ve learned Amazon drop shipping, or you’re going to create e-book marketing or you’re going to create something else. That becomes the biggest issue I find with so many want-to-be traders.
Without sounding rude people traditionally, most people, are quite lazy. People want things handed to them. You have to be able to do the work and you have to be prepared to do that hard work upfront.
You make it look easy
It’s all well and good to say, you make it look easy. But that’s because I’ve had years and years of going through that hard work process and that consistency to get to this stage. I bring it back to flying the helicopter that I fly again. When I was learning it was an utter nightmare. It’s so hard to learn how to fly a helicopter. But you watch someone who’s been doing it all the time and they make it look so easy. It’s so natural to them. It’s only because of their dedication and hard work and perseverance and investment in time and in themselves and their learning to get to become a good, safe operator of a helicopter. And trading the Forex market is no different.
So if you want to learn how to trade properly, invest in yourself, invest in your time, be prepared to do some hard work upfront. Be prepared for the ups and downs, the rollercoaster, that will inevitably happen. But stick with it. You’ve got to have enjoyment in it.
I love trading the Forex market
I love trading the Forex market. I love the fact we can now trade other new markets that I’ve talked about, such as the cryptos, the commodities, the indices that are now available to us. I love the ability to help people learn how to trade. I love the ability of what trading allows me to do in terms of time freedom, financial freedom, learning about the world, trading on my own terms.
When I developed my trading strategy some 15 years ago, because of course it took several years of going around in circles. I still trade that same strategy today. Why? Well, because it works. It allows me to trade two or three times a day with low risk, high reward to risk strategies. Doesn’t matter what timeframe chart I’m trading, doesn’t really now matter what market I’m trading. The pattern is what I’m trading and the pattern works. That’s the beauty of it. It becomes enjoyable, you’re learning about what’s happening in the world, why things are moving, what’s going on, and the ability to see that, take action, and see… In most cases because probability is a big part of trading of course, in most cases, not all, but most cases the pattern works and the result comes.
3 trades and all 3 hit the profit target
I took three trades yesterday: Aussie/US, Aussie/Singapore, and Euro/Aussie. They were highly Aussie-related, of course, for strength. I woke up this morning, all three trades green lights, hit the profit. That’s really rewarding to be able to see that on your charts, take action, see the returns. You can do that once you know what you’re doing. So consistency, you always have to be there. Don’t be one of those people that go, “I’m going to be really dedicated to this,” and then two or three weeks later you go, “I’m going to take a break from trading for a week or two. I’m going to go and do something else,” or, “I can’t be bothered to do this.” It’s not going to work. You have to have that right mindset.
Valuable content for you on my videos and podcasts
I’ve really enjoyed bringing you these 450 videos and podcasts. There’s a lot of very valuable content in these 450 free videos and podcasts that I’ve brought to you over the years. I encourage you to go and watch some of the previous videos or listen to some of the previous podcasts; whether you’re listening on Spotify, on iTunes, whatever it is you’re listening on, or you’re watching on my website, YouTube or any other platform, I really encourage you to go back and watch some of those previous ones. Because there’s so much great information in there that’s still very, very relevant. Just because they may have been filmed five years ago, or seven, or eight years ago, does not mean to say that they’re not relevant. You can still learn about low risk, money management, daily trading strategies, continuation patterns, ran numbers, all those things that we talk about. Go and watch some of that previous information because it will massively help you.
Prop firm trading success stories
Now, a couple of things to add here. One of the most recent updates that we are getting just incredible feedback from is prop firms and I’ve talked about that on quite a few of these recent videos and podcasts. I held a live webinar with our clients last night. I had two clients tell me about their prop firm success. One started on $6,000.00 demo, he’s now on to his first live account of $24,000.00 through a prop firm. The other person’s now on to $100,000.00 live account and he’s been through two evaluations and now every time he passes the next evaluation he’s doubling up. So I think he was on a 75% 25 profit share. So on his $100,000.00 making 10% he’s just made $7,500.00 for himself. He now moves on to a $200,000.00 account, do the same thing, there’s $15,000.00. Double up again there’s $30,000.00. So he can see the incredible gains to be made.
Choose Blueberry Markets and MT5
As always, a mention for Blueberry Markets. I’ve been using their MT5 platform as you probably know now for the last two or three weeks, really enjoying it. Really enjoying the MT5 as well, to be honest. It took a little bit of persuasion to get me there, but I’m really enjoying it. Blueberry Markets offer so many extra markets, more Forex pairs but more markets to trade. Of course, you have the ability to easily trade charts in terms of timeframes like two, three, six, eight, 12 hour charts that are not standard on MT4. So have a look at Blueberry Markets if you’re considering a new broker or changing brokers. I’ll put a link to them on this post. So that’s it. Enjoy the videos. Take advantage of them.
Contact me for future trading topics
If you want me to make videos on other topics and questions that you have about trading, just send me an email: andrew@theforextradingcoach.com and I’ll help you out with future information just like this. I’ll see you this time next week. Looking forward to making the next 50 to get ourselves to 500. See you next week, bye.
Episode Title: #450: All the Trading Tips You Need to Be a Successful Trader
In this video: 00:29 – Russian invasion of Ukraine 01:06 – Massive global inflation 01:48 – The price of fuel 02:56 – What can you do about it? 03:33 – Trading is one of the best ways ahead 04:14 – Fast tracking your trading income 05:09 – Clients making great returns via Prop firms 06:20 – Crypto trades make us +7.1% gain in 1 day 07:22 – Blueberry Markets are my broker of choice
The Russian war is affecting everybody, but let’s see how you can protect yourself from its downside effects. Let’s talk about that a more right now.
Hey traders, this is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 349.
Russian invasion of Ukraine
Well, obviously the Russian invasion of Ukraine is getting massive international news right now. And it doesn’t really matter whether you live in Europe and it’s relatively close by. You may even be in Ukraine itself. And obviously it’s a massive issue, or you could be in the US or South America, South Africa, Australia, New Zealand, you could be thousands and thousands of kilometres away from physically being there, but it still has an effect on all of us.
Massive global inflation
Now, over the last couple of years, obviously with the incredible amount of spending that governments have done around the world through handouts and cost of COVID, there’s all these massive, massive costs that have built up and there’s not been so much production.
What we’ve obviously seen over the last sort of, well, part of this year so far, is inflation going to massive record level. And now you add on top of that, the issues that have been created with supply chains and oil and gas prices from the Russian invasion of Ukraine, and you’re getting like a double whammy.
The price of fuel
Now, I know here in New Zealand, the price of fuel is just going through the roof. I know I put a lot of fuel in the helicopter to fly. The price has gone crazy. Obviously, for shipping here, everything has to be brought in because unfortunately no longer do we make anything here. So everything has to be brought in. The cost of international shipping, not only the time delays, but the cost of doing it, is through the roof.
I talk to people in America all the time, their fuel price is getting crazy. I’ve talked to people in Europe and they reckon that it’s now uneconomical for some people to put fuel in their car to go to work because the price has gone up so much. So all of this, the inflation cost, the cost of living, the fuel, all gets harder and harder to run your daily lives. Your cost of living. You pay your mortgages. Add on top of that places like New Zealand here, where we still have these ridiculous job mandates still due to COVID and people have lost their jobs because they’ve chosen not to get jabbed. So you’ve got so much spiralling out of control here.
What can you do about it?
What can you do about it? Well, you can go and ask your boss for a pay rise. Good luck with that. See how that goes. Probably not going to happen in many cases, probably not going to get the favourable answer that you’re looking for. You could go and win the lottery, go and win a horse race, but it’s not likely to happen. Is it? So the third way is what are you going to do about it yourself? What are you going to do to create a new source of income, a passive income, a side hustle?
Trading is one of the best ways ahead
And that’s where it always comes back to me that trading wins hands down every time. Sure, you can go and invest in some property, but you got to take on more debt. You have to find tenants, especially if it’s commercial these days. Not very exciting buying a shop in town in most places around the world with everybody online and not going to towns. So, property has some advantages especially if it’s like residential, but you still have lots of disadvantages. If you’re looking for income and you’re looking to gain a skill, then learning how to trade to me is without doubt the best way that you can do this.
Fast tracking your trading income
Now, also, when it comes to that is how can you then fast track the income that you make from trading? And over the years we’ve discussed selling signals and things like that, which can help. But more recently, you’d have heard me talk a lot about prop firms. Now, prop firm is where you trade for a prop for another firm. And after an evaluation process, they give you a fund and you have criteria to meet, but you then make profit on that. You then have a profit share. Now I’m in discussion with quite a few well known prop firms right now to see how we can work together to get some good deals for you guys for joining them. And I’m also working with some investors to see about creating our own, the Forex Trading Coach prop firm. And we are getting quite close on that as well. When I have more information, of course, I’ll be sharing that with you.
Clients making great returns via Prop firms
But with our clients, we have a lot of clients that are making incredible returns from prop firm trading.
Now, if you work your way up through the prop firms, then let’s say you get to yourself into the stage of trading a million dollar prop firm account, and you’re on a 70-30 profit share, when you make 10%, a million dollars round numbers means you made $100,000. Whether that takes you a week to do that or six months or a year, doesn’t matter, you’ve made $100,000. It’s not even your money. So on a profit share of 70-30 means that $70,000, 7-0, $70,000 of that $100,000 that you’ve just made is yours. Now, you can then continue with million dollar accounts. You might even, depending on your prop firm, go to a $2 million account. And next time you make a 10% return, 70-30, you’ve suddenly made $140,000 for you, not even your money to start with. So you can see how it’s important to learn how to trade first. But once you can do that, how you can soon fast track the returns that you make.
Crypto trades make us +7.1% gain in 1 day
Now talking of returns, on Friday of last week, I mentioned three crypto trades that we put on our membership site on the last video that I made. Go and have a look at it if you don’t see it. Those three trades by risking half of 1% on each. So if all three trades went wrong, you’d have lost one and a half percent. They made, because all three were profitable, a massive 7.1% gain on your account. 7.1% in a day on three trades. Today I’m taking three trades in one hour from now. It’s currently 4:00 PM, New York, Thursday evening. My Friday morning here. And I’m looking at taking three trades on the close of the daily chart. Let’s see how they go by the time you watch this. So this will be a good test. I’m taking a short position on the Euro Aussie, the Euro Canadian and the Euro New Zealand. So by the time you get to watch this, it will be your Sunday or Monday, and you can get to see how those three trades went. So those are the three that I’m taking on the daily charts for today.
Blueberry Markets are my broker of choice
And when it comes to looking for a broker to use, I can highly recommend Blueberry Markets. As mentioned last week, I’m now back onto their MT5 platform. I’m loving MT5, loving the ability to look through a lot more different markets and easy scan through different timeframe charts. But look, Blueberry Markets are great guys, great platforms, fantastic spreads. The best customer service you will find. I’ll put link to Blueberry Markets on here, have a chat with them. The guy I deal with is called Ben Clay, awesome guy. And they will help you out with anything that you need with your trading. So have a great weekend, look out for the three trades that I’ve just mentioned. By the time you watch this video, they would’ve happened. And I’ll see you this time next week. Bye for now.
Episode Title: #449: How Are the Fuel Prices Where You Live?
In this video: 00:30 – Trading More Forex Pairs and Non-Forex Markets 01:40 – Choice of many Metals, Cryptos and Indices to trade 02:14 – A Sell trade on Coffee on the Monthly chart 03:05 – How things have changed in 1 year 04:28 – Don’t be concerned with only your local currency 04:47 – Changed to the MT5 platform 05:39 – Trading with Blueberry Markets 06:00 – Client passes $100k Prop firm challenge
We now have the opportunity to trade markets other than the forex market and we’re having outstanding success at that. Let me explain more and how you can do the same right now.
Hey there trader, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 448.
Trading More Forex Pairs and Non-Forex Markets
Now being the Forex Trading Coach, we trade the forex market, no surprises there, but over the last year or so, most brokers are offering so much more. They’re offering a lot more forex pairs than we used to traditionally have. We’ve got Swedish Krona, Norwegian Kroner, Hungarian Forint. We’ve got South the African Rand, Russian Ruble. Not that you probably want to be trading that right now, but you know, there’s so many other markets out there. Currencies in Thai, all these others that… a few years ago, Singapore Dollar that you couldn’t trade. And so what it’s doing is offering us a lot more opportunities out there to scan through your charts and see, and take some trades.
But the other fantastic thing that we now have the opportunity to do, is to trade other markets other than the forex market. And over the last sort of six months or so, we’ve been getting into that a lot more because brokers are offering more. So therefore in the forex pairs, not only they’re offering just the standard pairs, there are a lot more.
Choice of many Metals, Cryptos and Indices to trade
When it comes to the metals, it’s not just gold and silver anymore. There’s a lot more there’s lead and platinum, titanium and all these other metals that you can trade. When it comes to cryptos, it’s not just Bitcoin and Ethereum, there’s lots more. When it comes to the indices, you’ve got the ability to trade so many different indices from around the world.
When it comes to the commodities, it’s not just maybe something like wheat like it used to be or soybeans, there’s so much more.
A Sell trade on Coffee on the Monthly chart
Give you a great opportunity and example of that is that, over my shoulder here, probably a bit hard to see behind me. I’ve just hit profit, just like a few hours ago on a monthly chart trade selling robusta coffee. Now you’re going to have a look at your charts. Robusta coffee on the January monthly chart close. I took a sell trade. We look for a retracement, we got a beautiful retracement. And right now today being the 4th of March, we have just hit profit right today. That’s made a 3.7 to 1 trade. I took it at the beginning of February when the January monthly chart closed for nothing with it since, and it just gone on hit profit. So it is literally a two minute see the trade, take the trade, forget about the trade. It just worked beautifully and it fell.
How things have changed in 1 year
Now, if I had been talking to you a year ago and said, “I’m making a sell trade or taking a sell trade on the monthly chart on coffee”, I wouldn’t have done it. I wouldn’t have been talking about that because we didn’t have the opportunity to trade markets like that. Over my other shoulder here, there’s a great example of the German 30 index, which we took and we talked about this on our client’s forum site. Last night my time at the 5:00 AM, New York changeover, the three hour and the six hour German 30 Index was setting up as a fantastic short position. And again, six months ago, I would never have been talking about things like that. And so it is really exciting that it’s giving us more and more opportunities because the important thing is that we are trading the pattern.
It’s the pattern that I’ve developed, the pattern that I teach and we trade with our clients. We’re looking for reversal patterns, continuation patterns, one or the other. And if we see the pattern, it now to us does not matter what the market is or what the timeframe is, because the pattern is what we are trading. The reward to risk the money management everything else that we’re constantly talking about here with low risk for trade, high reward to risk, all of that comes into it random numbers exactly the same, but it ultimately is the pattern that we are trading.
Don’t be concerned with only your local currency
I don’t really care about the New Zealand dollar just because I live here. If you live in Europe, don’t really… you shouldn’t really be worried about just trading the Euro just because you live there. It doesn’t matter. It’s trading what is setting up on the chart as the candle pattern at the time.
Changed to the MT5 platform
Now, something else new for me is that I have finally gone to MT5 been quite hesitant to change because I love MT4 and it works beautifully, but I was talking to Ben Clay over Blueberry Markets and he said like, “You’ve got to get over to MT5.” So finally I’ve resisted and I’ve gone and changed and I’ve got to say it was probably something I should have done a long time ago. We’ve been coding our software for MT5 for a number of years now for our clients to use, but stick-in-the-mud Andrew here likes MT4 but look, MT5 is fantastic. The ability to trade even more markets, the ability to swap timeframe charts very easily is really good. So yeah. Big, thanks to Ben over at Blueberry Markets for pushing me across to MT5. He’s been telling me to do it for a long time. I’ve finally done it. It’s really good.
Trading with Blueberry Markets
Look, if you want to trade through a really good quality broker, Blueberry Markets are fantastic. The MT5 platform has mentioned. It’s really easy to understand, really easy to just change different timeframe and charts and give yourself more opportunities on those other markets as well. So I’ll put a link to Blueberry Markets here.
Client passes $100k Prop firm challenge
One other thing I’ve just had an email just about half an hour before I made there’s a video from another one of our clients who’s just passed another $100,000 prop firm challenge. Now onto the next level. We’re just getting some fantastic results from people on the prop firm side of things. We’re looking at some really exciting developments there and within our next month or so, I’m going to have a lot of great opportunities for you with the prop firms as well. So hope that helps, feel free to like this video, share it around anybody you think who might be interested in looking at trading the forex market correctly. If you have any topics, any trades, anything like that you’d like me to talk about on future of videos and podcast, just like this one. Just email me andrew@theforextradingcoach.com. I see this time next week. Bye for now.
Episode Title: #448: Trading Crypto’s, Commodities and Indices
#447: This Is Why So Many People Are Trading Gold Right Now?
In this video: 00:32 – Talking Gold, Great Results and 12/13 Profitable Trades 01:11 – Russian invasion of Ukraine and how it affects the market 02:12 – Fear and Uncertainty 02:48 – A lot of trades are on Gold 03:30 – Uncertainty over the morals of the banks 04:25 – Very few D1 trades but lots of H12 and H8 trades 05:00 – Trading Long and Short 06:26 – Future proofing yourself 07:12 – Client makes 8% gain on a $100k account in the last 2 days
Why are so many people trading gold right now, and how does the Russian invasion of Ukraine affect us as forex traders? Let’s get into that and more right now.
Hey there, forex traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 447.
Talking Gold, Great Results and 12/13 Profitable Trades
Lots to get through on this session. I want to talk about gold. Why are so many people trading gold right now? Also, want to cover the amazing story I was told yesterday by one of our coaching clients who has just made 8% gain in the last two days, trading on a $100,000 prop firm account, and also want to discuss with you how we put, on our membership site, 10 trades yesterday. All 10 hit profit. I also took three trades on our live webinar yesterday, and two out of three also hit profit, so having some really good success there with our trades.
Russian invasion of Ukraine and how it affects the market
Elsewhere in the world, what’s happening? Well, over the last 24 hours, Russia has now invaded into Ukraine. Obviously going to cause a lot of turmoil, a lot of issues politically. It’s going to put up oil prices. It’s not going to help us with inflation. The US-Russian ruble has moved more today, in 24 hours, than it’s moved in the entire last 12 months. Great volatility out there, which, as traders, actually provides us with some good trading opportunities. You got to be careful that you don’t want to be seen that a war’s starting, and you’re taking advantage of it, but the wars do move things and the market is now moving. As traders, and as technical traders, we’re not so much interested in what the fundamentals are behind the scenes. It’s more what’s happening on the charts and trading those opportunities. We’re certainly seeing that come into the market right now.
Fear and Uncertainty
Obviously with war, there comes fear and anxiety and uncertainty. We’ve been through two years of this with COVID. Most of the world, thankfully, is now getting on with life. Here in New Zealand, unfortunately, we’re still stuck in the fear of the COVID situation and government control and everything else that’s going on. It doesn’t matter where you are in the world, there’s this uncertainty and that fear.
Oil prices, like I said, have gone up. Shipping costs have gone up. Inflation’s going up. Everything’s going up, becoming more and more expensive. Mortgage rates are going up, et cetera.
A lot of trades are on Gold
I was talking to Ben Clay over at Blueberry Markets earlier in the week, and he said to me, a very high proportion of their trading right now, that they’re seeing at Blueberry Markets, is on gold. It got me thinking of … This is prior to the Russian invasion, and it is like, why is that? Clearly, people are wanting to future-proof themselves, to stockpile the precious metals and golds and silvers, et cetera like that. You can see why, because of fear and anxiety and uncertainty, et cetera around the world.
Something like gold or silver is something that has value and will always have value. You see what people are doing.
Uncertainty over the morals of the banks
There’s uncertainty in the banks. I’ve just been on a webinar with some traders over in Canada, and they’ve said that the Canadian government are now starting to freeze accounts of people who have supported the trucking protests. The uncertainty there of, is your money really secure with traditional banks, so people are now getting back into buying gold. One of the great things with Blueberry is that you can trade gold, silver, lots of other sort of metals, commodities, et cetera. On their MT5 platform, they’ve got a massive array of different markets that you can trade, including lots of cryptos, et cetera, as well.
The other advantage that you have when you trade MT5 with Blueberry, as opposed to MT4, is that you have the ability to easily swap between lots more timeframe charts.
Very few D1 trades but lots of H12 and H8 trades
Yesterday on our membership site, we didn’t have any daily chart trades. The daily charts have been quite flat this week, not lots there, but we took six crypto sale trades yesterday, based on the eight-hour charts. We also posted two forex pairs on the eight-hour charts and two forex pairs on the 12-hour charts. All 10 of them hit their profit target. The beauty, if you go through someone like Blueberry, you are on MT5, is that you can have those different markets, those different timeframe charts, and see them very easily to be able to take advantage of them.
Trading Long and Short
The other thing, if you trade through the forex platforms, like with Blueberry Markets, is that when it comes to the commodities and the cryptos and the golds, the silvers, et cetera, is that you don’t have to just buy them. You’re not actually out there needing to spend 1900 US dollars on an ounce of gold, hoping that it’s going up, because you can buy metals or anything with leverage. Likewise, you can sell them. It’s not like, say, Bitcoin that you sell Bitcoin until you own Bitcoin, and then you need to spend 30, 40,000 US dollars for Bitcoin. The great thing of trading it on the forex markets is if it looks like it’s dropping down, like we had Bitcoin, Bitcoin Cash, we had Ethereum, Stellar, Litecoin yesterday, selling them. You don’t have to own them first to sell them through the Forex market, and that’s another beauty of it.
What I’ll do on this video and podcast, I’ll put a link to Blueberry Markets. You can go and check them out and have a look at their platforms, MT4 and MT5. I’ll also put a link to our video course page where you can find out exactly how we trade and exactly how we help other people around the world. We’ve got clients in 99 countries right now. We’re looking for that hundredth country to come onboard with us and give us the hundred countries, with clients around the world.
Future proofing yourself
Looking after yourself, future-proofing yourself is basically what a lot of us are looking at doing right now. With all the uncertainty, whether it be governments, whether it be COVID, whether it be war, whether it be inflation, whatever it might be, learning how to trade properly is one of the things that you can continue to do to future-proof yourself.
As mentioned a few weeks ago with inflation, unless your salary has gone up by four, five, six, seven percent, depending on where you are at in the world in the last year, you’re effectively going backwards. Something like trading can certainly help future-proof that, exactly like I mentioned at the beginning.
Client makes 8% gain on a $100k account in the last 2 days
Our client over in Hong Kong, who’s just made an 8% gain on a hundred thousand dollars prop firm account in the last two days. He’s on a 70/30 profit share, so he’s just gone and made $5,600 for himself in the last two days, and the prop firm money’s not even his money. It shows the amazing opportunities out there once you know what you’re doing.
I hope that helps, and I’ll see you this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.
Episode Title: #447: This Is Why So Many People Are Trading Gold Right Now?
In this video: 00:30 – Trading can be a lonely business 01:31 – We are big on creating a trading community 02:02 – Feedback from traders 02:21 – The webinars and the Forum site make the difference 03:50 – There are 5-10 trades posted per day 05:50 – Blueberry Markets are the best 06:45 – Any topics that you’d like me to discuss
Talking with other traders and being part of a like-minded community is a massive way to ensure that your trading is successful. Let’s talk about that and more right now.
Hey, traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 446.
Trading can be a lonely business
Now, trading, as you probably know, can be quite a lonely business. You’re probably trading from home, let’s say, and no one really understands what you’re doing, your wife, husband, partner, kids, parents. No one really knows. A lot of people don’t really care.
No one understands what it is that you’re really doing. They say to me, “Are you trading stocks or something like that, or share trading?” And that’s as about as much as they know. Family and friends, in most instances, are not that helpful when it comes to trading. As a result of that, you, as the trader, you sit there at home like me here with the computer and it’s just you and the computer and it’s quite lonely. It can be quite boring. It’s not a very good way of…
Especially when you’re new or you’ve been trading for a while and you’re getting real frustrated, it’s not a good way of ensuring success.
Trading can be a lonely business
Now, one of the things that we do at Forex Trading Coach is we are really big on our trading community and helping people in real time. When people have been with us for six months and then a year, we go back to them and say, “Look, what is it that you are doing now that’s different? What are your liking most about the course? Anything we can do to add to things, change things, improve things,” just to get constant feedback from people.
Feedback from traders
And without a doubt, the feedback’s very consistent, and the people love the strategy. They love the email support. They love the software. They love the daily trades. They can follow along. All that people love.
The webinars and the Forum site make the difference
But the two things that stand out in most cases are the fact that people absolutely love being on the live weekly webinars and they love the forum site. When you think about that, two of those are things that happen in real time.
They’re places where you can interact and be part of a community. Now, most online forums, and I know this from years ago with experience, are just dreadful. Absolutely awful places to be. It’s just taken over by a small minority of people. Systems come and go. They swap and change all the time. It just never ends well. It just doesn’t. Never does. What I love about our forum site is it’s for clients only.
We’re only talking and trading one strategy and everybody there is there with the same common goal, to be a good trader, to help other people to be profitable, and just to basically make this work for them. And that’s what we get. We have a live chat facility where clients can all chat and interact with each other. They can talk about trades that they’re setting up or anything at all to do with trading. We have specific threads on different aspects of trading. People in different geographical areas can all interact with each other. Each timeframe chart that we take trades on has its own specific thread.
There are 5-10 trades posted per day
To give you an example, most days there are between five and 10 trades posted on the forum site on various other timeframe charts throughout the day that you can go and see them. You can be notified of them. You can learn from them. You can profit from them. You can talk about them. And that’s the beauty of the forum site that we have, one strategy, one community. It just works. And then with our live weekly webinars, the two hour long webinar.
I hold a European session webinar one week, and then Paul over in America holds the US session webinar the following week. They all get recorded. So if you can’t attend live, then you can go and watch the recordings. We’ve got all the recordings back to 2010 available on our membership site as well. But again, a great way to ask questions in real time, to see us talking about trades, thinking about what we’re setting up, and our whole mindset about trading. You can ask questions live. You can ask questions and send them in prior.
We can talk about those questions and answers on those sessions for you, but it’s real time as well that makes the difference. It’s their ability to have one system, one strategy, one community, and different ways of learning and earning as well ,and helping other people by giving back and interacting. The more that people interact, the more that people post trades on the forum site, the more they help themselves, because teaching actually helps yourself, as well as giving back to other people.
Because you’re saying, “Look, this is what I’m seeing. These are the reasons. Here’s the setup.” You’re doing it in real time. You’re putting your neck on the line in some ways, but that’s the way that you have to be if you’re going to be a trader. It’s no good being one of those traders that just looks at hindsight trades and that doesn’t make you anything. You have to have the ability to be able to do this in real time. And that’s the difference.
All of that support, that help is what makes the forum site and our webinars just such an important part of the overall package of how we help so many people become successful.
Blueberry Markets are the best
Now, another thing that we always do in terms of wanting success is, of course, we want a good broker. Blueberry Markets would be the best broker that I’ve ever seen in terms of support and help. It’s a bit like the philosophy that we have. Yes, we’re global, but also we like to keep things personal as well. And that’s what I find with Blueberry Markets.
You can have that great interaction with them. Any help that you need, it’s just there. It’s straight away. It’s really good. A fantastic broker. A fantastic team of people to help you as well, whether it be their online chat or phone calls, emails, whatever, even their whole website, their client’s portal, everything there is set up to make it good and easy for you. If you’re out there looking for a new broker or a good broker to go to, I can highly recommend Blueberry Markets. I’ll put a link to them on this video and podcast post.
Any topics that you’d like me to discuss
Any questions that you have or any topics that you’d like me to talk about trading, anything to do with trading at all on future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com. Be glad to help out. If you have anybody that’s interested in trading, feel free to share and like this post, send it around to other people who you think would benefit from this as well, or listen to the podcast. I’ll see this time next week with more trading tips and information. This is Andrew Mitchem at The Forex Trading Coach. Bye.
Episode Title: #446: The Importance of a Traders Community
#445: How Using Limit Orders Will Increase Your Trading Performance
In this video: 00:29 – I use Limit Orders on all of my trades 01:12 – Limit orders are the key to high reward:risk trades 02:23 – Other benefits of using limit orders 03:00 – Client trading for Prop firm credits limit order with an improvement in his trading results 05:12 – Consider Blueberry Markets if you are looking for a good Forex broker 06:13 – Enjoy your trading more by using Limit orders
I’m going to talk about limit orders, why I use them all the time in my trading, and how they can help make a massive change in your trading results. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach, with the video and podcast number 445.
I use Limit Orders on all of my trades
Now, I want to talk about limit orders. I use them on all of my trades. They’re an incredible way of trading that will help you massively. So when you see a trade, you’ve got a few options. You can enter straight away at the market, and you’re literally pressing buy or sell, put your lot size in that you require, and you’re in the market straight away. You can use a breakout of a range that’s called generally a buy stop or a sales stop. A buy stop is to buy somewhere above the current price, and a sales stop is to sell somewhere below the current price.
It’s okay if you’re trading breakouts, etc., like that, but it’s not generally a great way in terms of increasing the reward to risk of your trades.
Limit orders are the key to high reward:risk trades
However, the key to trading successfully with high reward to risk trades is to use limit orders, retracement orders. So, I use buy limits to buy lower than the current price and to sell higher than the current price. Price is always moving around. It obviously moves up down, very rarely does it move sideways, but it’s always moving. And even if you get, let’s say, an uptrend, within that uptrend, you’re always going to get pullbacks. Nothing just goes dead straight line.
And so, very rarely will you see a candle on your charts, especially a good setup candle and especially one on the longer timeframe charts that just opens at the absolute low and just go straight up. Very rarely does that happen. It can happen from time to time, but not very often. Most of the time you will see a, let’s say, there’s a good bullish set up most of the time within the next candles formation. You’ll see the price drop first, and then go back up again. The opposite with a sale trade, you will see that the price will first get higher and then it will drop. That’s how we take advantage of limit orders.
Other benefits of using limit orders
Now the other great thing is apart from not needing to be there at the exact time the price hit your entry level, because you can just place your buy limit or your sell limit and basically leave the trade alone to get filled. The other good thing with it is it takes the stress and the motion out of your trading, because it’s not like the candles closed and you’re ready now, trying to get straight into the market on the mouse or the keyboard, or trying to work at your position size or stressed about missing the next trade, because we’re not jumping in straight away at the market. Makes a massive difference.
Client trading for Prop firm credits limit order with an improvement in his trading results
Now, the other thing is also, a client of ours, Ryo, who lives over in Singapore, he’s one of our many traders who are successfully trading through prop firms. He was interviewed by the group called the Five Percenters, and I’ll put a link to that interview on here so you can see it. He said that apart from the actual strategy and the coaching that we’ve given him, the thing that made the biggest difference to his trading performance was the knowledge that he has after doing the course, the use of limit orders, and how it made a massive difference to his trading.
When you think about it in simple terms, let’s say you had a very simple trade, you’re entering at the market with a 50 pip stop loss and a 50 pip profit target. That basically gives you a one to one trade in round numbers. Of course, there’s a little bit of adjustment for spreads and stuff. So you probably actually less than one to one, but let’s call it one to one. You could enter at a, let’s say you are buying, you could enter at a higher level, and therefore using the same scenario, you might end up with a 40 pip profit target using the same profit and same loss. You may, therefore, have a 60 pip stop loss. Now, you’re certainly below one to one reward to risk, and you’re at about 0.8.
And so, the other way of doing this is, let’s say in your buy trade, you bought at a level that’s below the current price and the price pulls back, gets filled, and then heads up in your anticipated direction. You may now have on the same trade, a 70 pip profit target, but only a 30 pip stop loss. That gives you a 2.3 to one reward to risk trade. A massive difference.
Let’s say you’re risking 1%, again, just for ease of numbers. On the stop trade, you might make 0.8% gain, but you’ve risk one. On the market order, you’ve made 1% gain, and you’ve risk one. The way I trade with limit orders, you’ve still risked that 1%, but you’ve made a 2.3% gain on your account. You see how that massively can increase your account?
Consider Blueberry Markets if you are looking for a good Forex broker
Talking of accounts, if you are looking at a new broker or you’re just getting into trading and you’re looking for somewhere to put your funds with a really good solid high performing brokerage, then I can highly recommend you take a look at Blueberry Markets. They’re based in Australia, but they have bases all over the place, and it doesn’t matter where you live, unless you’re in the US and a couple of other countries. Pretty much, everybody can open. Everybody else can open an account with Blueberry Markets. Really good guys. I know them personally, they’ve look out for our clients extremely well.
We have a lot of people that do trade through Blueberry plus, of course, other brokers as well. But if you’re looking for a good broker, I think that they will be one that you should seriously consider. Do your due diligence, go through and check them out. Contact them. You probably will not find better customer service anywhere, but go and do your due diligence, but check them out. I’ll put a link here to Blueberry Markets over in Australia as well on this post.
Enjoy your trading more by using Limit orders
So I hope that helps. Limit orders, retracement orders, they’re a fantastic way to massively boost your trading performance, to make your trading more enjoyable, more relaxed, and they will certainly change the way that you think about trading once you use them properly. Of course, you still need the setup candle and the right strategy, and we can help you with that. But once you’ve got that, limit orders are definitely the way to go. I’ll see you this time next week. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.
Episode Title: #445:How Using Limit Orders Will Increase Your Trading Performance
#444: How To Use Other People’s Money To Boost Your Trading Income
In this video: 00:25 – Boost your trading income by using other people’s income 01:09 – Prop firm trading 01:37 – What is a Prop firm? 02:50 – Once you know how to trade, the income potential is massive 03:09 – Ryo’s interview on the5ers 04:50 – The one thing that changed Ryo’s trading 05:44 – Are we a match? 06:25 – Have a look at Blueberry Markets 07:42 – Don’t rush out now signing up with Prop firms
I’m going to explain how you can use other people’s money to boost your trading income through your trading. This is really exciting. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 444.
Boost your trading income by using other people’s income
And I’m going to talk about how you can use other people’s money to massively boost the income that you make from your trading. This is something that’s just going to affect so many people and benefit so many people once you know what you’re doing.
So the best thing that I see about trading the Forex market is really your income is unlimited. There is no limit to what you can make through trading the forex market, but once you know what you’re doing. Now, traditionally, you could do things like trade for a few family and friends. You could sell trading signals. You could do things like that.
But more recently, there’s a lot better way of making money by using other people’s money.
Prop firm trading
And it’s a fantastic concept. And it’s called prop firm trading. Now I mentioned this on last week’s video on podcast. And I said I was going to put together a how-to guide listing and how you can go step by step and set up accounts or prop firm traders, and how you can make money through profit share. And I’m putting that together and I’ll let you know once that is ready.
What is a Prop firm?
But a prop firm is basically an organization where you can apply generally for a fee upfront to show them how well you can prove. And generally they have different challenges or different levels, different steps that you have to go through. But when you get to achieve those levels and you prove to them that you can trade through the rules that they set, whether it be leverage, drawdowns, number of days, closing over weekends, all those type of things. Different prop firms have different rules, but basically what the end goal is to get to is to use their money.
And you can trade like $50,000, 100,000. Some of them I’ve seen up to like two million dollars of their money when you get to the top levels. And if you are making X percent on that account, according to their rules, you are then on a profit share of those gains. And with almost all the prop firms, the profit shares, once you get to the higher levels are like 60/40, 70/30. I’ve seen some at 80/20. And so you get to keep, let’s say, 80% of the profits and they keep 20% of the profits, but it’s their money that you are trading.
Once you know how to trade, the income potential is massive
So you can soon see that once you know how to trade properly, and once you’ve been those different steps, challenges, to get to those higher level accounts that they can offer you, the income potential for you is incredible and you are trading other people’s money.
Ryo’s interview on the5ers
So just this morning, and this is the reason I’m making this video and podcast on this exact subject today is I’ve received an email from one of our clients called Ryo over in Singapore. And Ryo is a very, very good client of ours. He’s on all the webinars. He’s on our forum sites and a lot of homework, a lot of due diligence in terms of going through training, methodically asking questions. And he is now trading for a company called the 5%ers.
And Ryo sent me a link to an interview that they did with him. I didn’t even know about this until this morning. And I’m going to put a link to that interview on this video and podcast post, so you can go and see that for yourself. And they’ve interviewed Rio and they’ve talked about his style of trading and how he’s achieved, what he’s done, his whole background, his family work situation, et cetera, and his challenges that he’s faced in trading.
And one of the nice things that I’ve seen there from my point of view is that Ryo credits us at the Forex Trading Coach with changing his trading around. And that is so satisfying to see, because he’s gone and joined us and he’s doing really well on his own account. But because he is doing so well, he is now passing the challenges of these prop firms. And he’s credited a lot of his sort of background, his strategy through to us and what we’ve done to help him.
And from our point of view, as the coaches, that is just absolutely phenomenal. We are just so thrilled to see this because that’s what we do. We like to help people trade the strategy that we trade and teach, and for them to do well.
The one thing that changed Ryo’s trading
And Ryo’s mentioned on that interview that he’s done, the one thing apart from the strategy and the support that we’ve given him, the one thing that changed his trading around was using limit orders.
So go and have a read of that interview that is on the 5%ers site. Like I said, I’m going to put a link here that you can go and see that yourself. It’s really good. But what it shows is how anybody, any of you watching or listening, once you have a strategy or you come on board with us and you get to understand and trade our strategy, it just shows what can be done if you’re serious about trading. If you’re thinking that you’re just going to be a gambler and you’re going to… or you’re the sort of person that joins a course or a programme and then gives up a month later, then we are not the right people for you, and you are certainly not the sort of person that we have on board at the Forex Trading Coach.
Are we a match?
But if you are the sort of person that wants to do this properly and seriously with low risk, and read and listen and learn and ask questions and develop, then you are the perfect match for us and the strategy. And you are the sort of person that we want on board, because we know we can help you to achieve exactly the same that Ryo and lots of others just like him who are clients of ours are achieving.
So that’s something for you to consider. I’ll put a link to our course as well, so you can get to see exactly the same course. You can be on the same course, the same membership site, the same forum site as Ryo has done and is still currently doing.
Have a look at Blueberry Markets
The other thing I wanted to mention to you is I always get question into that brokers. Where should I go? Which broker’s a good one? I always come back to the same answer, because they’re just good, and those Blueberry Markets. It doesn’t matter where you live in the world, unless you’re in America or a couple of other countries, pretty much everybody else can have an account with Blueberry Markets. They’ve got servers all around the world. So if you live in Europe or other parts of the world, it’s just not Australia, New Zealand based, it doesn’t matter because they have service in different countries and 24-hour support, etc.
So Blueberry Markets would be one of the brokers that I think that you should seriously consider looking at if you want to get yourself a really good high-quality forex broker. If you get onto their MT5 platform, they’ve got all sort of other markets like the cryptos, the indices, commodities as well.
They’re just good people. I’ve met them in person. I talked to them sort of once, twice a month, just to keep in contact with them. Incredible customer service. You will not find better customer service. Just decent people, quality people to deal with, quality company to deal with. So, that’s Blueberry Markets. And again, I’ll put a link to them, to their website that you can go and check them out if you’re looking for a new broker. So that’s it for this week.
Don’t rush out now signing up with Prop firms
But it’s really important. Don’t just go rushing out and signing up with multiple prop firms. First of all, you have to know how to trade properly. If you just start signing up the prop firms, you’re probably wasting your money right now, unless you know how to trade. So learn how to do the trading first. Practice it on a demo account. Practice on your personal small account. And once you can prove to yourself that you can trade properly, then look at the prop firms. Do it in that order, because it will save you time, it will save you money, and it’ll make it a lot more enjoyable.
So I hope that helps. Check out the links that I put on here. And if you feel that this video and podcast will benefit other people, feel free to share it, like it, and subscribe. And I’ll see you this time next week. Bye for now.
Episode Title: #444:How To Use Other People’s Money To Boost Your Trading Income
#443: Inflation Is Now at Levels Not Seen for 30-40 Years
In this video: 00:27 – Massive Inflation rates around the world 01:21 – Are you going backwards? 01:46 – What can you do about this? 02:42 – Most people only buy Crypto’s 03:15 – Weekly Indices trades hit their profit target 03:36 – Do you wish to know more about Prop firms? 05:44 – Trade with Blueberry Markets
Around the world we’re now experienced inflation levels that we’ve not seen for the past 30 to 40 years. What does that mean for you? Let’s talk about that a more right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 443.
Massive Inflation rates around the world
Now you may have seen a very hot topic around the world right now, many economies is in inflation and how high it has got. In the US, they’ve just announced that their inflation rates has reached 7%. That’s the highest seen over there since 1982. Here in New Zealand 6.3% is the level economists are talking about. That’s also the highest that we’ve seen since the mid 1980s. Over in Canada, 4.8%, throughout the Euro Zone, 5%. In the UK 5.4%. So very high inflation rates. What does that mean? Well, obviously the cost of living is going up massively.
It’s something that has been predicted for the last year or two. And it’s here right now. You’ve noticed things like food, fuel, housing, all the expensive things in your life are going up faster and faster and faster.
Are you going backwards?
So if you are on wages, what does that mean? Well, wages for a lot of people are pretty static, fairly constant. So it means that if you’re in the US and inflation’s gone up 7%, and your wage has not gone up 7%, you’ve effectively gone backwards from this time last year. It’s costing you more of your wage to buy the same thing effectively, you’re heading backwards.
What can you do about this?
And what can you do about that? Well there’s different investment methods and obviously cryptos, and we’ll use Bitcoin as an example as something that so many people have talked about over the last few years. So imagine how you feel right now if just over two months ago, you purchased Bitcoin for $69,000 and this week it’s worth $33,000. Not great. And so for me, the thing that I love about trading the Forex market of course is we have the ability to sell. And we can still trade cryptos and we do, and I’ll give you a great example with just last week on our membership site, we published a sell trade on Ethereum.
We were selling on the daily chart and within two days we’d made a 3.2 to 1 reward to risk trade. In other words, we risked half of 1% on the trade, and we’ve made at 1.6% account gain by selling Ethereum.
Most people only buy Crypto’s
And the way that most people are getting into cryptos is you can only buy. And the beauty of the Forex market and the ability to sell something is what makes it so different and so good to me because of course not every chart keeps going up and up and up.
Bitcoin, Ethereum right now are perfect examples. So not only are we gaining some great gains on the Forex pairs, we’re now also looking at the indices, the cryptos and the commodities.
Weekly Indices trades hit their profit target
Just this week, I published three weekly chart indice trades, which have all hit our profit target. So the patterns that we trade, the method that we trade is proven to work across so many different markets, and that’s the beauty of it. Now, two more things I want to mention to you.
Do you wish to know more about Prop firms
One, we are getting a lot of our clients who are now getting involved with prop firms and doing incredibly well. You may have seen some emails from me recently about some of our traders that are making some fantastic gains by passing the different challenge levels involved with prop firms. Now, I’m thinking about putting something together to take you through step by step, walk you through the process of which prop firms to look at, how to start with them, how to get through their challenges with our trading strategy.
And if that’s something that you’d be interested in finding out more about, just send me an email, andrew@theforextradingcoach.com and let me know that you’re interested in. It’s something that over the next month or two, that I’m looking at developing because of the huge success that our clients are having. But also there’s so many people out there that come to me on a regular basis and go, “Andrew, I’d love to join you, but my account is $1,000 dollars, I cannot make enough money to live on it. And I can’t afford to pay your course by making money out of my trading account.” And I see that as an issue that so many people have. My reply to that has always been, you need to learn how to trade first. You know, baby steps first, learn to walk before you can run. And it’s so true, but the reality is for a lot of people is they think that they’re going to pay for the course out of their $1,000 dollars trading account, which you will eventually, but of course, you’re not going to live on a $1,000 dollars trading account.
So the ability to first of all know how to trade is the most important thing. But then if you can then trade other people’s money, i.e. the prop firms, knowing that you’ve got a good solid trading strategy, which is what we provide, that’s how you can massively accelerate the income that you make from trading. That’s what so many of our clients are doing, and that’s what I’m looking at putting together. So if that interests you let me know, and I can put something together to help a lot of you out there.
Trade with Blueberry Markets
Lastly, when it comes to your trading funds, there’s no better place in my opinion, to put your funds than Blueberry Markets. Now, of course you, you need to do your due diligence. Don’t just take my word for it, you’ve got to go out there and do your due diligence. Look at brokers, look at options. Look at the safety of funds. Look at their track record, all those type of things. But the thing I love with Blueberry Markets is their customer service is fantastic. Their platform is reliable, it’s stable, and you get great spreads, great service, great people to deal with. I’ll put a link to Blueberry Markets. They offer the MT4 and MT5 platform, I’ll put a link on this video and podcast post and contact them if you are out there looking for a high quality Forex broker to trade with, and of course you can trade cryptos through them as well.
So that’s it for this week. And I hope that was helpful. I’ll see you this time next week. Bye for now.
Episode Title: #443: Inflation Is Now at Levels Not Seen for 30-40 Years
#442: Why the Daily Chart is the Best Time Frame Chart to Trade
In this video: 00:31 – When to trade and which time frame chart? 01:04 – Not watching your charts all of the time 01:50 – Trade the MN1 and W1 charts too 02:13 – Spend 10 -15 minutes once a day 03:08 – Trades from this week 04:01 – Sell trades on the H8 charts 04:26 – Summary of when to trade 05:07 – Feel free to share my trading information
If you had to pick one timeframe chart and one time of day to trade the forex market, when would that be? Let me explain more about how I trade and why I look at the daily charts at 5:00 PM New York time. Let’s get into that and more, right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 442.
When to trade and which time frame chart?
Now, questions I get asked all the time is, “Andrew, so many different chart timeframes out there, which one’s the best, and when should I look at my charts?” So the easy answer for me is you should try and look at the daily charts each day. It’s something I’ve done for the last 14, 15 years, and it’s something that’s very repeatable. It’s easy to do. It doesn’t take much time. It’s profitable, and it is consistently reliable because the daily charts contain so much information.
Not watching your charts all of the time
It also means that you’re not sitting there waiting all day and night watching charts. It also means that you’re not leaving trades open for days upon days or weeks upon weeks. So it has a perfect blend for me. Now, if you cannot get to your charts at 5:00 PM New York time, doesn’t matter, because the way that we trade, we use limit orders, anyway. Now we have coaching clients in 99 countries, all around the world, all on different time zones, people with different jobs, different times they can get to their charts, whether it be work, family, sport, all these different restrictions. Not everybody around the world can be there at exactly that time. But that is the time when the daily charts close, and then the new day opens.
Trade the MN1 and W1 charts too
At the beginning of each month, the new month opens at 5:00 PM, New York time, on the first of each new month, and the beginning of each week, the weekly charts open as well. So if you can be near your charts around that time, 5:00, 6:00, 7:00, 8:00, 9:00, 10:00 PM, New York time, depending on what that time is for you, that’s going to be the ideal time to go and look at your charts for the daily charts.
Spend 10 -15 minutes once a day
Now I can scan through the daily charts using all the forex pairs, and now we also look at indices, cryptos and commodities, and I can go through all the daily charts in around 10, 15 minutes. And I do that now on a regular daily basis. But also you don’t have to trade just the daily timeframes at that time. You see, at that same time of day, I then go through and look at the 12 hour charts, the eight hour charts, the six hour and the four hour. So you can scan all those four timeframe charts plus the daily. At the beginning of each week, you can do the weekly as well. And that gives you so many opportunities.
Now, realistically, you can do all of that, completely, easily in under 30 minutes a day. Absolutely. Absolutely, simply to do in under 30 minutes a day. And that gives you so much in terms of timeframes to look at, but also means you can trade just once a day.
Trades from this week
Now, I’ll give you some examples of trades that we’ve taken this week on the daily charts. We’ve had a trade of all these, being published on our membership site, by the way. Ethereum. So we’re getting into the cryptos. We had a loss on Ethereum and I’ve got another trade open at 2.7 to one right now. We had a daily trade on the US Yen. It’s open at 2.6 to one right now. We had a Canadian Yen that had a loss. So these losses are half of 1%, by the way, small losses. We had a Singapore Yen, 2.3 to one. We had two trades on the Euro US dollar. One made 2.9, one made 2.8. So we’re up big, big amounts this week just by trading those daily timeframes.
We also yesterday had a soybeans daily chart trade buying soybeans. Go and have a look and see what Thursday the 20th of January’s set up was like, and see what happened. We had a great profitable result there.
Sell trades on the H8 charts
Just today, I’ve taken two sell trades on the eight hour charts, Aussie US and Aussie Yen, all taken at the 5:00 PM New York time zone. So it means that we can look just once a day, but we can trade multiple timeframe charts. It also means that, especially when you get to the daily charts, our reward to risk is extremely good and our risk per trade is very low.
Summary of when to trade
So in summary, if you wanted to look at your charts just once a day, have a look anytime after 5:00 PM, New York time, when the daily chart changes. And if you wanted to look at one timeframe, stick to the daily timeframe charts. It’s suitable for all people, all levels of experience. If you are slightly more experienced, you can go down to some of those shorter timeframe charts and have a look as well, if that suits you. If you want to go the other way, then get into weekly charts and even monthly charts. But for me, the absolute perfection, the reward to risk is there, the amount of time you’re in the market, all those type of things, the absolute perfect timeframe continues to be and always has been the daily charts.
Feel free to share my trading information
I hope that helps. Any questions, send me an email, andrew@theforextradingcoach.com. If you have any friends, family interested in trading, feel free to share this podcast or this video with them. Subscribe if you’re on YouTube and I’ll see you this time next week. Bye for now.
Episode Title: #442: Why the Daily Chart is the Best Time Frame Chart to Trade
#441: Planning Your Trading Year to Ensure Success
In this video: 00:24 – The first video for 2022 – Making this a good trading year 01:23 – What are you going to do differently this year? 02:37 – Providing a template to help achieve trading goals 03:19 – Trading with Prop firms 04:22 – What size account should you have to start trading? 04:51 – Which FX broker do I recommend? 06:15 – Trading in 2022 is off to a great start
What will you be doing differently this year to ensure that your trading is better than last year? Have you got a plan? Let’s talk about that, and more, right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 441, the first video and podcast for 2022.
The first video for 2022 – Making this a good trading year
So welcome back, hope you’ve had a good Christmas and New Year break. And now that we’re into trading for the year, I just wanted to discuss a few things to help you into this year. You see, you heard the phrase doing the same thing over and over again and expecting a different result or a different outcome is basically the definition of insanity. It’s a common phrase, I’m sure you heard it. And it’s very true. And it’s exactly the same when it comes to trading. Now,
if 2021, or before, was not good for you, doing the same thing this year moving into 2022, and we’re already getting into mid January now already, doing the same thing and expecting a different result is obviously not going to end well, it’s the definition of insanity.
What are you going to do differently this year?
So what is it that you’re going to do differently? What have you done so far this year to create a plan, a trading plan, a realistic trading plan as well, trading goals as well? And again, make it realistic. Look at what you did last year that was good. What did you do last year that was not good? What do you need to change? Whether it be with the way that you trade, your strategy, your mental approach, your business approach to it, your position sizing, timeframes that you trade, directions that you trade, all those type of things. Timeframe charts, when you trade, what’s realistic for you around other things that you do in your life? So you need to sit down and come up with a plan, and plan to succeed. Because if you don’t, then the year’s just going to disappear. As I mentioned, we’re already midway through January already, and if you don’t do anything, we’re going to be into February, March, April, and you’re going to go, “Oh my goodness, another year’s disappearing on me and I’m still getting bad results.” So a really good opportune time now, in early January, to sit down and have a good think about that.
Providing a template to help achieve trading goals
We did exactly this last night on our live webinar with our clients. And we provide them with a template and I shared my exact trading goals and my trading plan, when I’m going to trade, when I’m not trading, what happens if I get a run of bad trades, what happens if I see setups that are against the daily direction, all those type of things, what am I going to do at those times? And so having all that written down, not so much set in concrete, but at least that you’ve got it written down that you know that if something happens, good or bad, you’ve got an idea of what you’re going to do about it, rather than just reacting at the time. So that’s really important, so just wanted to discuss that.
Trading with Prop firms
Another thing that we also discussed was the amount of our clients now trading with prop firms, and it’s really, really exciting to see. We had four clients last night who talked about prop firm trading and how well that they’re doing. We had one client over in Hong Kong who’s now just passed the first test of a year long test with a prop firm. He’s now trading, well, he’s passed the 25,000 test, he’s now onto the 50,000 account test. Doing really well, with low drawdowns, passing the test really quickly. We’ve got two others who are in the $100,000 mark and are doing nicely. And another client who is up to $700,000 across a combination of different prop firms that he’s trading for, trading $700,000 worth.
What size account should you have to start trading?
And it’s a question, we get asked quite a lot. A lot of people say, “Hey look, what size account do I need to start trading? What size account do I need to take your course,” all those type of things. And to me, it doesn’t matter. The important thing is that we are teaching you how to trade. There are so many other ways to make money, even if you don’t have a particularly large account yourself right now, but only once you know how to trade. And that’s the important thing. And that’s our job is to teach you how to trade, that’s the important thing.
Which FX broker do I recommend?
The other thing that you need to know, is when you’re starting off, or at any stage during your trading, is where do you trade through? Where do you put your funds? Which broker do you look at? What is it that you should be looking at when you’re searching for a new broker? And the broker that I always come back to as one that we just recommend you have a look at is Blueberry Markets.
I’ve been with Blueberry Markets for a long time now. I know them, met them personally, have discussions with them quite often, with their team. Look, they’re a good bunch of people. We’ve had a lot of our coaching clients that have gone to them and done very well through them. And they only have good things to speak about them. Ultimately, for you, it’s where you want to put your funds. I’m just giving you a suggestion of, if you’re looking for a good broker, then Blueberry Markets is certainly one that I think you should consider. If you live in the US then you cannot trade through them, but most other countries you can. And it’s important that you’re comfortable with your decision. Do your due diligence, but Blueberry would be certainly one that I would consider if you’re looking for a good broker to trade through. What I’ll do is, I’ll put a link to them on this post so you can go and check them out for yourself.
So that’s it for this week, first video and podcast back for the year, sitting outside, it’s a nice summertime day here and back into our trading and loving it.
Trading in 2022 is off to a great start
Doing well, had some good trade results so far on the weekly charts for the year. Daily charts are going really nicely, and a few shorter timeframe charts are just starting to come in. We’ve had some good, not very many yet, but a couple of trades on 12 hour charts. We’ve had some six hours, four hours, and a few people have been posting a couple of two hour charts as well. Still early days for the year, but market conditions are pretty good, and we’re looking forward to a fantastic 2022. But as I said right at the beginning, for you to get a fantastic 2022, put a bit of time and effort in upfront right now, make your plan and set your goals and stick to them. If you need our help, you know where to find us here at The Forex Trading Coach, and I’ll see you this time next week. Bye for now.
Episode Title: #441: Planning Your Trading Year to Ensure Success
#440: Reviewing the Year of 2021 and Trading in 2022
In this video: 00:29 – Overview for 2021 00:57 – The situation in New Zealand and why I love trading 02:32 – Importing, holiday travellers, and rental properties 03:40 – Trading Cryptos 04:22 – Our year at TFTC 06:02 – The changes we’ve made in 2021 08:05 – Our Daily chart trade performance results 09:12 – Looking forward to trading in 2022 10:03 – Thank you for your support this year 11:03 – Have a wonderful Christmas and New Year break
How was 2021 for you? Let’s do a review of the year, and find out how we can make 2022 an even better year. Let’s talk about that and more right now.
Hey, traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 440.
Overview for 2021
This is the last video and podcast for the year. Just wanted to have a bit of a reflection just in general and trading wise of how the year has been. A lot of people around the world obviously still affected by the C-word, the virus is still causing issue. A lot of people obviously still can’t travel, can’t move around the place.
The situation in New Zealand and why I love trading
Here in New Zealand, just really bad things happening. Government mandates, a lot of people lost jobs, a lot of restrictions, a lot of division, a lot of mental health issues. A lot of families being split by opinions for vaccination and not vaccination. Kids can’t do a lot of sports if they’re not vaccinated. All these really, really bad things going on.
When it comes back to thinking about trading, I consider myself so fortunate that luckily… It all affects me, but I don’t have to consider it for my day-to-day work, my job, being self-employed and working online. And I know it’s not just New Zealand that has these issues going on right now, it’s obviously affecting a large part of the world, and forever changing government rules and mandates and you can wear a mask and you can’t, then you should then you shouldn’t. It’s just crazy what’s happening. But it comes back to, for me, one of those massive benefits of why I’m very fortunate and consider myself very lucky to trade from home and to trade the Forex market. Because you can carry on and do what we’ve always done. All these new changes don’t really affect us too much in a day-to-day work environment, anyway.
Importing, holiday travellers, and rental properties
So the other thing that I noticed that’s happening a lot, especially here in a country like New Zealand when we’re very isolated and very dependent on important, very dependent on overseas travellers, is that we still now for two years in a row have virtually zero overseas travellers here. So that’s affecting people like with hotels and rentals and holiday accommodation and helicopter companies and hire car companies, and all these different people that I know that are just badly, badly affected. We can’t travel ourselves anywhere because you just cannot get back into the country, even if you could get out.
So those are issues are around. Interest rates are rising. Inflation’s going up, and that’s happening right around the world as well. And so all of that comes back to, again, the Forex market and how good it is. So I don’t want this to be a doom and gloom review of the year. But I want it to be this is the reality of what’s happening for a lot of people around the world. But also why the Forex market is a good option for so many people to consider.
Trading Cryptos
Now, a lot of people of course wouldn’t been into cryptos in the last year, and sure, cryptos like Bitcoin have gone up and up and up and gone very nicely. However, you look at the last one month, a month ago, Bitcoin was at $69,000.00 US dollars. Right now as I’m recording this, it’s in a month down to $47,000.00 US dollars. Now you imagine if you actually physically went out there and spent $69,000.00 and today that $69,000.00 has dropped to $47,000.00 in just a month. That’s not good. So, again, it comes back to the stability and the reliability of the Forex market.
Our year at TFTC
Within the Forex market, here at The Forex Trading Coach we have had a great year, just a fantastic year. Lots of people coming on board, lots of new traders, lots of people discovering the power of prop firms and gaining large incomes from their trading; some have gone full-time. But a lot of people once they’ve mastered the art of trading and making money with low draw downs but steady, consistent gains, which is all we do and teach, they’re discovering the ability to sell signals, to get people to copy what they’re doing, and especially prop firms.
I had an email from a guy just this week who’s now managing $700,000.00 in a prop firm. He said he cannot believe how good it’s going. When he started with me, he was earning… I forget his figure, but it wasn’t very much. He did tell me a very small amount of money on his wage. Now he’s finished that and he’s trading for prop firms and earning considerably more. When you think about that, that’s what gives me the buzz as a coach, and it’s seeing people who come on board, who take on the system, who stick to the system, that contribute, the rewards and the gains that they get are just outstanding. We’ve now proudly have over 3,200 on board with us at The Forex Trading Coach, and we have active clients in 98 countries right around the world. So for something that started just under 13 years ago, we’re immensely proud of those numbers and for the consistency that we have.
The changes we’ve made in 2021
Now, things that have changed this year… Because we’re always evolving. Things that have changed is when I’ve just mentioned cryptos just now, I’m not rubbishing cryptos. We trade cryptos, but we trade them on the Forex market in and out of the trades within a few days or a few weeks depending on what we’re trading. Just a few weeks ago, we took a sell on the weekly Bitcoin chart about two or three weeks ago. It made an incredible 13:1 reward to risk. Absolutely massive. 0.5% risk on that trade, 6.5% gain on your account. All the while, while selling Bitcoin, all while those people who actually went and bought Bitcoin at $69,000.00 are pulling their hair out, while we’re making money as it’s falling. So we’ve got a lot more into a lot more Forex pairs as well, some of the more exotic pairs like Euro/Norwegian Krone, US/Singapore, those kind of Forex pairs. We’ve gone into a lot more this year, generally on the longer timeframe charts because the spreads can get a bit big on them. But if the pattern’s there we’ve been taking them.
We’ve been into a lot more of the commodities, a lot more of the indices and the cryptos. Because the reversal and the continuation type trades that we take, and we’ve been trading for years and years on the Forex market, now we’ve discovered work equally as well on these other markets as well. So that’s a really exciting change for us, and just shows the progression that we’re always after whilst keeping the amount of chart time to a minimum. Because what we’re doing is we’re just scanning through a lot of these other markets just once a day off the daily chart to once a week off the weekly charts. Once a month even off a monthly chart. We’re not there, say like trading Bitcoin, on an hour chart. We’re not doing that. We’re still trading in our 30 minutes a day, but looking at far more options because the pattern is the pattern is the pattern. That’s the important thing. The market that we’re trading or the currency pair or whether it’s gold or [inaudible 00:07:49] or Bitcoin, it doesn’t really matter. The pattern is what we’re trading.
Our Daily chart trade performance results
Just to summarise with our performance for just our daily charts and our weekly and monthly charts, these have been posted on our membership site each day. The daily charts are right now about 25%, just over 25% for the year, with 0.5% risk per trade. The weekly and the monthly at 17%. But then we’ve got a lot of other timeframe charts… And those are set-and-forget results as well by the way. But a lot of other timeframe charts. We’ve got people that are making three figure returns in the year and doing extremely well, like doubling their accounts in a year. But with low draw downs. That’s the important thing there. So you mix in other timeframe charts, like four hours, six hours, 12 hour charts, many of which we’ve put on our membership site, on our forum site, and have on our live webinars. We put all that together and you look at all those things that have not been good this year around the world, and how trading can give you such a massive edge once you know what you’re doing.
So I hope that helps. It’s a bit of a summary, good and bad, of the year. Because the reality is, that’s what it’s been like.
Looking forward to trading in 2022
Heading into next year, more and more markets will be there for us to trade and we continue to look for those markets to trade. We continue to take our same low-risk trading strategies. If you’d like to come on board with us and make 2022 just a special year, it’s just a great time to get into trading for yourself. When we do finally get to travel a bit more, you can still trade and travel with your laptop, with a phone as a hotspot. It just gives you so many more options than the traditional property investment or certain jobs or people who have lost their jobs, mandates, whatever’s happening in your world. Seriously consider the Forex market, because it is a very, very unique and special market. So that’s it for me for this year.
Thank you for your support this year
Just like to say thank you very much for watching my videos, for listening to my podcasts. I get some awesome stories from people, they’re driving or they’re jogging or whatever it is they’re doing and say, “Hey, I listen to your podcast or I watch your YouTube videos.” Thank you to all those people who do that. Thank you to all those people who have asked questions throughout the year. Thanks to all of you who if you’ve been on some of my free webinars or downloaded my calculator, which is a great tool by the way, or you’ve read my e-book, or you just asked me questions in general. If you’re a current client of ours, either through our pattern trader software or the Facebook group, or a full coaching course client, really awesome to have you on board with us here at The Forex Trading Coach. We love what we’re doing, we love getting people to progress and to achieve things. That’s what we’re really after.
Have a wonderful Christmas and New Year break
So that’s it. Have a fantastic… If you do get a break over Christmas and New Year, have a fantastic time away. We are looking at doing a little bit of travelling and hoping to do as it’s summer here in New Zealand, quite a bit of flying, quite a bit of swimming, quite a lot of cooking on the barbecue. I loved smoked food on the barbecue. Yeah, just looking to have a bit of a break. We start trading again on Monday, 10th of January, and my next weekly video and podcast will be at the end of that week. So have a great time, a relaxing time, enjoyable time, for your Christmas and New Year break, and I’ll see you in 2022. On behalf of all of us at The Forex Trading Coach, that’s myself and Paul over in America, Mikalai over in London, Mel and Kim over in the Philippines, awesome to have you as part of the time. Thank you for everybody once again. We’ll see you next year. Bye for now.
Episode Title: #440: Reviewing the Year of 2021 and Trading in 2022
#439: What to look for when choosing a Forex Broker
In this video: 00:26 – I’m joined by Ben Clay at Blueberry Markets 01:15 – What should you look for when choosing a new Forex broker? 04:46 – How easy is it to add and withdraw funds 06:40 – How safe are the funds? 07:30 – How long have Blueberry Markets been operating? 08:20 – What trading platforms do you use? 09:20 – Can I trade Crypto’s with Blueberry Markets? 10:47 – Will you be adding even more tradable products? 11:58 – Do your charts open the new day at 5pm EST New York time? 13:20 – What makes Blueberry Markets different from the others?
Andrew Mitchem: What should you look for when you are searching for a new forex broker? Let’s that talk about that and more, right now.
Andrew Mitchem: Hey traders, Andrew Mitchem here, at The Forex Trading Coach with video and podcast number 439.
I’m joined by Ben Clay at Blueberry Markets
Andrew Mitchem: In today’s video and podcast, something a little bit different for you. We’re joined here by Ben Clay over Blueberry Markets to talk about brokers, what to look for and what you should look at for when you’re deciding to choose a new broker. Ben, welcome along. Good to have you here.
Ben Clay: Thank you very much, Andrew. Always a pleasure.
Andrew Mitchem: Good to see you. I think Ben, it’s been about a year since we had our last catch-up like this. Looking forward to lots of developments and exciting things happening out there with Blueberry.
Ben Clay: As am I, thank you very much.
Andrew Mitchem: Now good stuff. Ben, last week, I asked some of our listeners to ask a group of questions really, that they have always wanted to ask a broker. I said, “I’ve asked them on their behalf as we were having this catch-up.” I’ve got some questions here. I’d like to run through them with you.
What should you look for when choosing a new Forex broker?
The first thing someone said, what are some of the things that they should be looking for? What are the things they should be mindful of when they’re out there searching for a new broker? Obviously, there’s so many brokers out there online. They all claim to be good. They all claim to be legit. What is it that maybe just give us a list of some of the things that they should look for?
Ben Clay: Yeah, absolutely. For me, personally, the first thing that I’m always looking at is reputation.
Andrew Mitchem: Yes.
Ben Clay: What the public is saying about that broker, online reviews, do your absolute diligence when it comes to searching and looking through the reviews. Usually, you’re going to find that there’ll obviously be some poor reviews out there for every broker. You get a pretty good idea when you look through the whole catalogue of what people are saying about them.
Andrew Mitchem: Right.
Ben Clay: Next, I would say licencing and where the broker is regulated, that’s always going to be a very important one. There are some good brokers out there, who don’t have regulation. That’s not to say that they’re all bad, but when a broker’s regulated that gives the client some protection, at the end of the day. There’s someone they can go speak to if they’re not happy with the resolution from the broker. That’s very important because things do go wrong, at times. It’s not to say that we’re a perfect broker, whatsoever, but I think it comes down to how you handle those client complaints and knowing that you can actually go somewhere and speak to someone if you do have an issue that the broker hasn’t resolved. That’s a big one for me.
Ben Clay: Lastly, I would say, customer service is really, really important. Test it out and that’s not just with us. That’s for any broker. Jump onto their live chat, give them a call, ask them some questions and see how you’re treated. I think those three things there, the reputation, the licencing, and customer service are definitely the things that I’d be looking for when searching for a broker.
Andrew Mitchem: Yeah. Cool. Thank you for that. One thing, just to add to that, I find with your customer service, your online live chat people, I don’t know who they are or where they’re based even, but I just find them very knowledgeable and I get the answers straight away. I think there’s nothing worse than whether it be a forex broker or anything you’re out there trying to search for a product and they just give you a generic copy-paste answer, or they, what’s your name, email address and we’ll get someone else to find it for you and your guys always give the correct answer straight away and you get off the chat after just a few minutes go well, I’ll fix the problem.
Ben Clay: Well that I’ll pass that on to our head of the client’s experience because that’s something that we’ve focused really hard on. We actually have targets and goals to have live chats answered within 30 seconds, questions answered within 30 seconds, email responses within 30 minutes. As you said, not just generic responses we’ve built out our own knowledge base internally in the company so that everyone has access to that and everyone knows how the whole company works, no matter what department you’re in and on top of that as well, we have customer service that’s 24/7. [crosstalk 00:04:06] So even on the weekends when the markets at markets are closed, you can reach out and get in touch with people. So I really appreciate that. That’s something that we’ve worked very, very hard to get to and it hasn’t been easy, but we have a really dedicated customer service team that we’re really proud of.
Andrew Mitchem: Yeah. Good. Well, it’s look, it’s working well, I can just say that from my own personal experience as well.
Ben Clay: Always, always good to know. Thank you.
Andrew Mitchem: Yeah, it is. That’s excellent. Ben, next question here.
How easy is it to add and withdraw funds
Someone said, “how easy is it to add and withdraw funds and what payment methods do you offer?”
Ben Clay: Another great question. One question that I’m always blown away that I get asked and I was surprised at how often I would get asked this was, “am I allowed to withdraw profits?” That’s what I used to get asked by clients all the time, which would just astonish me.
Andrew Mitchem: Yes.
Ben Clay: I mean, yes, they’re your funds. You can withdraw them whenever you like. There’re no issues whatsoever. Withdrawing is very easy with process withdrawals within 24 hours during business days. And it usually takes one to three days to hit the accounts. In terms of adding funds, we’ve added a bunch of different payment methods now so it’s really nice and easy. We’ve actually added USDT, so tether crypto funding, which you can do through Ethereum. We also now have PayPal, which has been really, really a positive far [crosstalk 00:05:22] as well as… Of-… yeah, that’s been a big one for us. Then of course credit card, bank wire, skrill, Neteller, dragon pay, and we also have faster pay. So [crosstalk 00:05:34] we’ve got plenty of different options to withdraw and deposit from and we make sure it’s nice and fast and easy.
Andrew Mitchem: Yeah. It’s not like the old days when you had to do the whole bank deposit and even head down the bank. I remember in my first days with not with you guys, but long before, it was a it was a slow process.
Ben Clay: Yes, yes. We’ve tried to make it as fast as possible. I think with global banking changes, everyone needs to be on that same page. There’s no point delaying withdrawals or anything along those lines. As a broker, that’s one of the most important things and it was probably the most frequent question I got asked was, “how fast do you process your withdrawals and how easy is it?” So, it’s important to us to make it nice and easy.
Andrew Mitchem: Yeah. And again, from personal experience, I find it’s sometimes the same day and that’s different country as well. So really good.
Ben Clay: Absolutely. I’m glad.
How safe are the funds?
Andrew Mitchem: And safety of funds, obviously great to be able to get your funds back out, but how safe are someone’s funds when they’re there and they’re actively trading with you?
Ben Clay: That’s another good question. One, that’s going back to the first question you asked, that’s a question you should always ask the broker that you’re [inaudible 00:06:37] board with as well. How are my funds held? What guidelines do you go by? So being regulated here in Australia, we have very strict guidelines to follow. All our funds are held in segregated accounts here in Australia and what that means is they’re kept separate from the company funds, operating day to day funds. So obviously there’s always risk in where you’re holding your funds in any financial institution but, the fact is that we hold them separately from our day to day operating funds. So if anything is to happen to blueberry markets, those funds are held separate, so to speak.
Andrew Mitchem: Cool. Well that’s good to note.
How long have Blueberry Markets been operating?
“How long you been operating?”, that’s another question that came through.
Ben Clay: Okay. We’ve actually gone just past that a five year anniversary, so just over five years around five and a half years now. We’re very, very proud of that. It’s been a long five years. When I started here, we had four employees and now we have close to 50 [crosstalk 00:07:32] around the world. So we’ve had a lot of growth and I think you’ve been with us since the very early days, I think 2017 [crosstalk 00:07:38] when you first joined us.
Andrew Mitchem: Yes.
Ben Clay: So you’ve been with us along for the ride.
Andrew Mitchem: Yeah. Wow. That’s, that’s good to know. I came over and met Dean, must have been close on that beginning time. It seems [crosstalk 00:07:51] like probably close on five years ago now.
Ben Clay: Yeah. I think we’re due to come over and and meet you this time around trip over.
What trading platforms do you use?
Andrew Mitchem: Yep. That’d be awesome. Nah, good. Platforms, MT4, MT5, your main platforms?
Ben Clay: Yes. So we’ve got MT4 and MT5, obviously they’re all available on web and mobile platforms as well. So you can use them on mobile, just download the apps there. We haven’t seen a need to branch out too much more on the platform side of the moment. Everyone seems to still love MT4 and M5 and I’m still an MT4 MT5 proponent myself. I’ve been using them for 12 years now.
Andrew Mitchem: Yes.
Ben Clay: So, so those are the platforms that we have but, if anyone has any preferences or platforms they want to add, always come to us we’re always open for suggestions.
Andrew Mitchem: Yeah. Cool. I find that MT4 and MT5 covers probably 90% of most traders out there.
Ben Clay: Yeah, exactly. Right. And on that as well, MT5 has the ability to have a lot more products than MT4 previously had, there was server restrictions. So now MT5 can have hundreds of products on there, which has been good for us.
Can I trade Crypto’s with Blueberry Markets?
Andrew Mitchem: Good. I think that sort of ties in nicely with the next question about cryptos, because I’ve had some people say, “I can’t find cryptos on Blueberry markets” and they can on other brokers. Interested to hear your answer to that one.
Ben Clay: Again, back to the platforms, we have all those products in our MT5 platforms. If you can’t find them speak to your account manager, you can actually request an MT5 account from your client portal, just request an additional account and we’ll get you set up with an MT5 platform, which has 10 crypto pairs on there. We’ve also added 200 Australian shares and we have 50 of the top U.S. shares, Google, Amazon, Facebook, and so on. That’s been a big addition for us this year as well.
Andrew Mitchem: Oh wow. So on MT5 only for those new additionals. Can you trade those on just a normal forex MT5 account? Can you…
Ben Clay: Yep, absolutely. So all those products should be there, if you don’t see them as a little trick. If you do have an MT5 account and you don’t see all those products, go to your market watch where you see all of those products listed and right click on any pair in there and then just hit show all. That will bring up literally every single product that we offer.
Andrew Mitchem: Wow. Well, that’s good to know. So it’s MT5 if you want to go those extra, non forex market
Ben Clay: Absolutely.
Will you be adding even more tradable products?
Andrew Mitchem: So with all those that you’ve mentioned, I doubt this next question’s going to have an answer then because it seems like you’ve got a lot already but, the question was, “will you be adding even more forex pairs, cryptos, commodities and indices?” It sounds like you’ve already got lots there already.
Ben Clay: Well, we do have a lot of products, but that’s not to say that we’re not open to adding more for sure.
Andrew Mitchem:</strong Right.
Ben Clay: We always take suggestions on board. So if there’s certain demand for a certain product, then absolutely we’ll be looking to add more as I said, MT5 has a lot less limitations. I’m hoping in the next year that whenever we do this video again next that I’ll have some updates with a bunch of new products as well. Again, if anyone has any suggestions, don’t hesitate to reach out to us and put those forward.
Andrew Mitchem: Wow. That’s really good to know because not only do you have a whole lot of extra markets to trade, but you’re also willing to add additionals if the demands there.
Ben Clay: Absolutely. Absolutely. We try and do what the people want at the end of the day. So come forward to us and, and let us know and we’ll take care of it.
Andrew Mitchem: Perfect. A question here, and I think this is a very… What would be the word people underestimate the importance of this one.
Do your charts open the new day at 5pm EST New York time?
Someone said, and they may have seen a lot of my videos, but they said, “do you have five days in your week on the charts and do your charts open at 5:00 PM New York time?” I’m guessing they’re talking about the forex markets.
Ben Clay: Absolutely, that’s something as well that was very important to us and same with the previous brokers. I’ve worked out, to be honest, I don’t understand why you would want to run on any other timeframe. That’s the timeframe that gives you the correct data and we’ll give you five daily candles through the week. The markets don’t trade on Saturday, Sundays. So that’s how it should be shown and that’s how we’ll always show. It does get a little bit tricky around daylight savings changes, but we always make sure that we keep them at 5:00 PM New York open.
Andrew Mitchem: That’s right. That’s what I’ve always taught people. If you work on, doesn’t matter where you live in the world, if you work on 5:00 PM New York time, it’s the start of the new week and the start of each new day. People say, “how do I find out?” Well, for me, it’s quite simple. If you’ve gone to a daily chart, there should be five candles in the week and if you then scale down to a one hour chart, the new day starts with the zero, zero candle on your one hour chart will be 5:00 PM New York time.
Ben Clay: Exactly. That’s a good way to look at it. And also it’s either going to be GMT+2 or GMT plus three, depending on whether New York is on daylight savings or not. So you can do a quick Google search as well and what is GMT+2 time at the moment, if it matches your platform then you know that, that broker’s running on that same timeframe.
What makes Blueberry Markets different from the others?
Andrew Mitchem: Yeah, absolutely. No, that’s good. Last question here, Ben, someone has said, “what makes you guys different?” Like we said, right near the beginning, most brokers think they’re the best broker, but what genuinely makes you guys different?
Ben Clay: That’s a question that I always get excited to answer. I guess we do have extremely competitive spreads and lightning fast execution, which a lot of brokers do. There are a lot of great brokers out there, but I really think that our customer service is what separates us at the end of the day. It’s something that we’ve worked so hard on and something that we’ve thought we saw a gap in the market while there are a lot of good brokers out there, and a lot of good brokers offering amazing customer service. We’re focusing on offering the best customer service in the world when it comes to brokers, not just being there, but being there for every single person that comes along and making sure that any issue is resolved in a real speedy timeline.
Ben Clay: I think that’s been what’s separated us and what’s helped us grow to the level that have in such a competitive industry. So I’m really, really proud of where we are and I think if that’s something that’s important to you and I think it should be important to everyone is good customer service and knowing that something does go wrong, you’ve got someone there to talk to. So every single client of ours had their own personal account manager, no matter where you are in the world, you’ll have someone there to speak to. And of course we have that 24/7 live chat. So as well as a good range of products, amazing spreads and fast execution, it’s the customer service that really separates us from the other brokers.
Andrew Mitchem: Yeah and once again I see that all the time, I hear that all the time, which is why I’ve always had Blueberry markets for the last five years as my preferred broker on the website. For that reason that I know if I send people to you or people I suggest… I never send people, I will say here’s a group of brokers who I think are good. You can find out which ones you think are the best and for them…
Ben Clay: Yeah.
Andrew Mitchem: Then it’s people making their call. But everybody that goes to you, the feedback is always exceptional around, this was easy, this was good to set up adding funds for drawing, especially the customer service. So yeah. Look, thank you for doing that. And it’s great to be associated with you guys within the Forex market when there’s so many choices for people, but so much that’s not good. It’s great to be associated with someone who is good.
Ben Clay: Yeah, and I really appreciate that kind of feedback, that’s something that’s really important to us. The same goes for you at the Forex trading coach, I’ve known you for a very long time and I hear nothing but positive feedback from your clients, with the service and the products that you offer. So I really, really appreciate all the hard work you put in to supporting Blueberry as well.
Andrew Mitchem: Cool. Thank you, Ben. Awesome to talk with you. Thank you to everybody who has sent in questions and look forward to catching up with again this time next year. We’ll do another one.
Ben Clay: Sounds good to me. Let’s not leave it as long next time.
Andrew Mitchem: Sounds good. Thanks Ben. Take care.
Ben Clay: Thanks Andrew. Bye-bye.
Episode Title: #439: What to look for when choosing a Forex Broker
In this video: 00:29 – You need more than just theory from a book 01:06 – What our clients get out of our live weekly webinars 03:19 – Another example from my experience of flying 05:02 – Send me your questions for the brokers 06:23 – Trading and Flying in real time
Reading a book about trading will only get you so far. In order to learn how to trade correctly for yourself in real time, you need much more. Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 438.
You need more than just theory from a book
Now, when you read books, you’re only going to get so much information. Sure, they can be good to give you some good background information, some grounding, understanding what to look for and candle patterns, that type of thing. But in order to trade correctly, independently, and in real time, you need something more. And that’s why here at The Forex Trading Coach we offer our clients our live two-hour trading room webinars every week. I hold the European session, and Paul Tillman, who works with me in the U.S., holds the U.S. session the following week.
What our clients get out of our live weekly webinars
When our clients attend those sessions, they get something really special out of all of them. You see, because they’re live, they’re not pre-planned, they’re not scripted in terms of knowing what’s going to happen. We are not covering up trades that maybe don’t work. All those kind of things that you could kind of think elsewhere would probably happen. Because they’re live, they real time, we’re talking about trading, we’re seeing trades, and we’re taking trades. That’s how you can then learn. Because, you have to do this for yourself. You have to put the theory into practise and have chart time and real-time thinking time in order to do this properly. And that’s the beauty of the webinars. Because, we really encourage our clients to interact with us on those sessions. They’re real time so we don’t know what’s going to happen. If we see a trade set up, of course, we go, “Yeah, I’m taking the trade.” We don’t know whether it’s going to be a profitable trade or losing trade because it’s real time.
But, what the client gets out of it is our thought process, our understanding, the mental sort of structure that we go through in terms of analysing a chart and seeing a trade in real time and taking it and why we’re taking it. And that’s the bit that’s invaluable. You see, you can do that and practise that and follow along in real time whilst watching the webinar, and it gets you into that mentality of what to look for, what to do, in order to make yourself a successful and independent trader. Now, sure, we have ways that our clients can follow us and copy what we’re doing in terms of our daily trades, things like that, things that we post on our forum site, but the webinars are just invaluable because they’re all happening right now. You can talk about that, you can discuss it, you can get the whole picture, and that’s the key.
And so, by doing that, you’re going to make yourself a far better trader, by attending those kind of webinars, and seeing or listening to what we are thinking at the time.
Another example from my experience of flying
And I’ll give you an example that I’ve experienced in my life. As you probably know, I fly helicopter. Now, when I learn to fly, I ask my instructor about hovering, because it’s one of the hardest things you can ever do with any machine ever. It’s so difficult to learn how to hover a helicopter. I nearly gave up so many times when I was learning how to hover. It’s incredibly hard. And I wanted to ask my instructor what I needed to do. I was paying a lot of money to him per hour, and it was just not working for me.
He said, “You’ve got to just feel it.” I’m quite numerical. I like numbers and patterns and structure, a little bit why I like trading. And he said, “No, you just got to feel it. You just feel it.” And I was getting more and more frustrated and angry because I wanted to almost like read the book or be told what I’m doing wrong. And I wasn’t getting that answer. I was getting, “Oh, you just got to feel it.” And the reason he said that is a hundred percent correct. The reason you say that is because you do have to feel how to hover. Every situation will be different. The way that the helicopter, the wind, all sorts of different things change. You are actually constantly making adjustments and feeling it. And so, no book can ever teach you that. Yes, you can read books about how to fly helicopter, and you might even watch a video on YouTube or something, but it’s nothing compared with really doing it and feeling it and doing it in real time. And that’s exactly the same as trading and why when you jump onto live webinars like we hold with our clients, that’s the difference. I hope that helps.
Send me your questions for the brokers
One other thing that I want to discuss with you and to get your feedback on is on next week’s video and podcast, I’m going to be interviewing Ben Clay at Blueberry Markets. If you have any questions at all that you’d like to ask to a broker, take this opportunity to send those questions to me, and I will ask on your behalf any questions that you have. I’ll put them to Ben on the interview on the webinar and the podcast for next week. Anything you’ve ever wanted to ask a broker, it doesn’t have to be specific to Blueberry. It can be anything. But if you’ve got specific questions as well for Ben and the Blueberry, anything at all, email me, andrew@theforextradingcoach.com. Just put in the subject line “Blueberry Question,” and I will ask your questions to Ben on your behalf.
It’s a great opportunity for you to find out more about a broker, what they do, how they operate, anything you’re thinking of wanting to know, whether it is account questions, withdrawal, spreads, whatever it is. If you’d like to ask that question to Blueberry, let me do it for you next week on next week’s session. I look forward to receiving your emails about that.
Trading and Flying in real time
And I hope the analogy of the learning to fly and the live webinars resonates with you because it really is so important. Yes, theory is great, but there’s nothing like doing it in real time and that practise of doing that in the market or in the hover, depending on which you’re flying or trading. Both very, very difficult to master, trading and flying, but both incredibly rewarding once you can and you’ve put that effort in and that time and that money and that dedication. You’ll get massive amounts of value from both. I hope that helps. I’ll see you this time next week with that interview with Ben. Bye for now.
Episode Title: #438: Reading a Book Will Only Get You So Far
In this video: u9s2tw5e 00:23 – Most traders do not understand lot/position sizing 00:45 – The way most people trade 01:43 – Each pair pays a different amount per pip 02:36 – I’ve made it easy and quick for you 03:00 – How the heart and the mind affect your trading 05:15 – High reward:risk trading strategy 06:40 – Download the calculator today 06:57 – Are you looking for a good Forex broker?
What lot size or position size should you take on all of your trades? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 437.
Most traders do not understand lot/position sizing
Now unfortunately most traders out there do not understand the importance of position sizing or lot sizing. They don’t understand the importance, they don’t understand how to do it, and they don’t really understand why they should do it. But if you don’t understand that, it’s going to make a huge negative effect on your trading. And let me explain what I mean.
The way most people trade
You see, most people focus on making pips and they really don’t understand the importance of low risk controlled trading. And someone would generally place a trade, it doesn’t matter what the currency pair, what the timeframe chart, what the size of the stop-loss is, it doesn’t matter what their own currency account is. They’ll just place a trade at one standard lot per trade, or 0.1 or 0.01 depending on the size of your account. But they’ll just go and place the same lot size on every trade. In fact, most people will just go and place the same stop-loss on every trade regardless of the trade or the market conditions or anything. And when you think about that it’s just utter madness. Why would you do any of those? But that is probably what 90% of all traders out there are likely going to be doing.
Now if you’re listening to this thinking, “Yeah that’s what I do.” Then you really need to listen to this next bit because it’s highly important.
Each pair pays a different amount per pip
You see the issue with the Forex pairs is that each currency pair has a different payout per pip. It depends on what the currency is. It also depends on what your account denomination is. So if you’ve got a US Dollar account, then your payout per pip, let’s say the Euro/US Dollar, will be different to my account that may be in New Zealand Dollars, or someone else’s account that may be in Euros or Pounds or Canadian Dollars. It’s all different. So you really need to understand that.
Now the problem is, for most people that’s just too difficult to work out. It’s like this sort of big calculation that you need to figure out. So most people don’t do that. They’ll just go, oh I’m just going to put 0.1 lots on this trade. And the next trade? I’m just going to put 0.1 lots on the trade. That’s the problem.
I’ve made it easy and quick for you
Now I’ve made it very easy for you. I have a free lot size calculator that works on MT4 and MT5. Just select the right one, by the way, when you download it. It’s freely available on my website. I’ll put a link to it on this video and podcast post so you can find it. If you don’t have it, definitely download it. It is invaluable and you should be using it on all your trades.
How the heart and the mind affect your trading
Now, what you have to think about is this: when you have variable losses, it starts to play with your emotions. The two things in trading that affect you, one’s your head and one’s your heart. You have to control your emotions. Now, the way I trade is I have a maximum risk of half of 1% of my account per trade. So what that means is this: let’s say I had a $10,000.00 account, it could be $10,000.00 or £10,000.00 it doesn’t matter. 10,000.00 something in my account. If I’m risking half of 1%, that means I’m risking $50.00 per trade, or £50.00 per trade. 50 per trade. So half of 1% of $10,000.00 is $50.00.
So that means I know when I take a trade, regardless of the currency pair I’m trading, it could be the Euro/US Dollar, it could be the Australian/New Zealand Dollar, it could be on Bitcoin, it could be on copper, it could be on gold, it could be on the Canadian/Yen, it doesn’t matter. Whatever I’m trading, it doesn’t matter what the stop-loss size is, the currency I’m trading, or the timeframe chart. I know that the most I will lose if my trade were to go wrong is $50.00, or half of 1% of my $10,000.00 account.
Now when you think about that, when you have losses… And let’s face it, everyone will have losses. I have losses, our clients have losses. Everybody will have losses, okay? What you want to do is make sure that your losses are controlled and a known amount and consistent. It’s no good on a $10,000.00 account taking a $500.00 loss and a $100.00 loss and a $5.00 loss and a $300.00 loss. It’s just all over the place. You cannot have trading like that. You have to have controlled, known stop-loss and risk per trade before you even take the position.
Now to get that, what you have to do is adjust your lot size, and that’s where our calculator comes in. Saves you doing all the working out and the numbers and the calculating. It tells you the exact position size or lot size you need to place on that trade. And so that’s the beauty of it.
High reward:risk trading strategy
Now, if you can have like we do a strategy that has high reward to risk trades, in other words you might be making two times your risk, three, four, sometimes we have five times our risk. It means that for your $50.00 loss, if your trade’s profitable you might be making $100.00, $150.00, $200.00, or even $250.00 gain for your risk of $50.00. And that’s how you will make money consistently and long term in trading. Your losses are small, little, controlled losses. Your gains are big.
So you basically step; a few little losses, a few big gains. Make a massive move. A loss, a big gain. Couple of losses, another gain. And that’s how you’re going to make your growth of your account while controlling your emotions in your trading. Because if you can control your emotions, you can control your strategy and the way that you trade. You’re not just interfering and fiddling with a trade because you see it’s a little bit of profit, I’m going to close it. Why do people do that? Why do people always close for a small amount of profit when there’s no need to? But they take the full loss? That becomes the issue. So you’ve got to flip that around. If you can do that, you can do that with low risk and you can do that by adjusting your position size or your lot size to ensure that all your trades are known, controlled, and low.
Download the calculator today
Download the calculator if you have not done so. It is going to be a massive step forward for your trading and to help you, 1) with the ease of it, and 2) with the calculation and the control. This is Andrew Mitchem here at The Forex Trading Coach. Hope that helps.
Are you looking for a good Forex broker?
Lastly, I need to mention about brokers. I get asked about it all the time. If you are after a high quality, really really top service in terms of customer service, reliability, ease of getting your money back out as well, Blueberry Markets over in Australia. Have a look at Blueberry; I’ll put a link to them as well on this video and podcast. There’s also a link on my website. Go and check them out if you’re looking for a really good option to consider a safe place to put your funds, and a really good quality broker to deal with. Blueberry Markets in Australia. Have a look at the link. I can highly recommend them. I’ve been with them myself for years, and we’ve sent thousands of people to them. They are all very pleased with Blueberry. So I’ll see you this time next week for more trading tips and information. This is Andrew Mitchem here at The Forex Trading Coach. Bye for now.
Episode Title: #437: How to Easily Calculate Your Position
In this video: 00:28 – Trading Non-FX pairs 01:02 – Getting into exotics, cryptos, commodities and indices 01:45 – Clients enjoy trading the same strategy but on new markets 02:15 – Trades taken and posted on our sites recently 03:11 – Lots of new opportunities now available 03:38 – The same money management principles still apply
Let’s talk about non-Forex markets. Can you trade them? How do they work? And can you use the same strategy? Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 436.
Trading Non-FX pairs
Now I want to talk about trading non-Forex pairs, because it’s something that we’ve been getting into a lot here at The Forex Trading Coach. And I’m talking about things like indices, commodities, and cryptos. But go back to the beginning: do we trade them? Yes, we do now. But we’ve not done that for a very long time, and the reason is we are The Forex Trading Coach. So therefore naturally we’ve been focusing on Forex pairs because the Forex markets offers us so many great opportunities. We’ve got different currency pairs, different timeframe charts, and it’s worked absolutely fantastically.
Getting into exotics, cryptos, commodities and indices
Now a little while ago we’ve gone into a few more of what we call the exotic pairs, things like the Swedish Krona, South African Rand, Singapore Dollar. Some of those more sort of minor exotic pairs. And they still do work, there’s great opportunities on them. The downside is though that some of those exotic pairs tend to have quite wild and wide spreads at times over the day when the market’s not that active. And that can become sort of negative for trading some of those more exotic pairs.
So what we’ve done is as more and more of the MT4 and MT5 brokers around the world have offered a larger variety of markets, we’ve got into those as well.
Clients enjoy trading the same strategy but on new markets
And a lot of our clients are loving trading these different markets, because the thing is the strategy that we trade and teach works across them as well. And why does it work? Well, because it’s based on sound principles and price action and candle patterns and all the other things that we put together, support resistance. And the beauty is it doesn’t really matter what Forex pair you trade or what market you trade, the strategy works. Because the pattern is the pattern is the pattern. And you know, give you some examples.
Trades taken and posted on our sites recently
This week I’ve taken a trade, and we put all of these trades I’m about to mention have been on our membership site and forum site, I’ve got a trade on the US 200 on the index there as a buy trade on a daily chart. And that’s worked absolutely beautiful. We had last week trades on the ASX 200, the JP 225 that was this Monday. Last week HK Hong Kong 50. We’ve had trades posted just yesterday on six hour charts on our forum site on UK and US oil. Today, I’ve taken a trade on gold, and last week we had trades on copper, Bitcoin, and Ethereum. So it’s just in the last two weeks.
So it just shows the opportunities out there. And that is because the strategy works because it’s good, sound principles of how to trade, how to read charts.
Lots of new opportunities now available
And the beauty that I’m finding from my point of view is it’s suddenly opened up all these extra markets. And if we’re trading just once, twice a day, it doesn’t really take an extra couple of minutes to scan through gold and silver, a few commodities, a few indices, and a few cryptos. You can do it all in maybe two or three minutes extra, once maybe twice a day and that’s it. That’s the beauty of it.
The same money management principles still apply
Now, it still comes back to the same principle. All of our trades are low controlled risk and known risk, and again I go back to what I say all the time, for me personally I never trade more than half of 1% of my account on a trade. When I split my positions like I do most of the time with a limited order and a market order, I’m trading a quarter of 1% at market, quarter of 1% at a retracement order. But a total of both trades get filled and both trades get stopped out half of 1% loss. So on a $10,000.00 account, the most I’m losing is only $50.00. However, because of the way that we trade and the way that we use our stops and our profit targets, including on the cryptos, the indices, and the commodities, our reward to risk is still extremely high. So we’re making between a two and a five, sometimes up to a 5-1 reward to risk. So low controlled risk, high gains per profitable trade, but you can trade any market that suits you.
So I hope that helps. Something a little bit different, but we’re getting more and more into these markets. We’re really excited by it as well, by the way, because we’re seeing great trading opportunities on them as well. So if the Forex markets are just a little bit slow maybe sometimes, and that happens with all markets, we now have the option at looking at some slightly newer markets as well. Still trading well, still making great money. If you’d like to know more, send me an email andrew@theforextradingcoach.com, and you can find us on our website, www.theforextradingcoach.com. I’ll see you there. Bye.
Episode Title: #436: Can You Trade Non-Forex Markets?
In this video: 00:26 – Today’s Topics 01:00 – How to quickly scan through your charts 01:55 – A candle pattern off a Bollinger band 03:03 – A Continuation trade 04:31 – When to scan your charts 05:14 – Who would you suggest as a broker? 05:55 – Register for our Black Friday Sale (it’s 1 week early on Friday 19th November) 07:07 – Don’t forget to share this video and podcast
I’m going to share with you some tricks and secrets of how to scan through your charts really quickly, to save yourself time on the change of a candle. Let’s talk about that and more, right now.
Hey, forex traders, it’s Andrew Mitchem here. I’m the owner of the Forex Trading Coach.
Today’s Topics
And I’m going to explain to you how you can look through your charts really quickly and to identify potential new trade setups. More about that shortly.
At the end of the video I’m also going to explain about our upcoming Black Friday sale, which we’ve got in a few weeks time. So if you’ve been looking at joining us, that could be a great opportunity for you to save a fortune on joining us with the crazy low prices that we’ll be offering for Black Friday. More about that shortly though. So back to the trading.
How to quickly scan through your charts
So a question that a lot of people have is they say, “How can you scan through charts really quickly and identify high probability trade setups?”
So a question like that came through from Mark this week and I said, look, I’d cover that on a video and podcast for him. And for me, it’s quite simple, the market can either move up, down or sideways. It cannot really do anything else. And with my strategy, it’s also relatively simple. So we’re either looking for reversal trades or continuation trades. And that’s it really. It really is as simple as that. There’s two different ways of trading. And to help me identify what part of the chart the price is in right now, and whether it’s likely to be a reversal or a continuation trade, I use Bollinger Bands. Standard Bollinger Bands have an upper band, a middle band and a lower band.
A candle pattern off a Bollinger band
And if I see a candle pattern and setup that I’m looking for, that’s coming off either the upper band or the lower band, then for me, that’s a reversal signal.
And what I mean by that is let’s say the price is near the upper Bollinger Band and you’ve had a good, strong up trend, and then you see the reversal signal. So like a bearish outside bar or engulfing candle, and it looks like the price is then going to drop. If it comes off that upper Bollinger Band area, after a prior trend, then quite likely the price is going to reverse. The opposite of that being if you’ve had a good, strong down trend and then you see a good strong bullish candle off the bottom Bollinger Band, that’s a likely reversal. Now, not every time you get that, it’s going to be a trade setup. We’re looking for other things like prior exhaustion bounces a round numbers, pivot points, trendline breaks, all the other things that we look for. But just in terms of identifying what part of the chart you’re in right now, a Bollinger Band can be an extremely powerful and useful, easy to see tool. So, really scanning through charts instantly, that will help you.
A Continuation trade
If, for example, you see a pullback from the upper band to the middle band, and then a bullish signal, that is a continuation trade. Likewise, if you see a pullback from the bottom Bollinger Band back towards the middle Bollinger Band, and then the bearish candle, that is a likely continuation back down again. So reversals and continuations are great ways of trading the market. It means you only need to look on the close of a candle. And if you see that right setup near either the bottom or the top bands, reversal signals, somewhere near the middle Bollinger Band, continuation pattern. Instantly, that means I can scan through my charts and go, no, no, no, yes. Potential trade, write it down, come back to it. No, no, no. Yes. Things like that, just real simple way of doing that.
And then all you need to do is you can use your strength and weakness analysis, or you can come back to the trades that are showing potential setups, and then you can go and analyse them slightly more in terms of other barriers for the profit target not to be hit. Is there some way to protect the stop loss? All these type of things that we then look at, but you can very quickly dismiss, probably 95% of the charts that you see, because there’s nothing setting up. And then you may have a few trades that you can go back and analyse a little bit further.
So that to me is an instant, quick scan through my charts on the close of a candle.
When to scan your charts
So I do that once week, the beginning of each Monday on the weekly charts, once a day on the daily charts, twice a day on the 12 hourly charts. And depending on when you’re around, maybe two times, sometimes three on the eight hours or six hour charts.
You can go right down in the European session on our forum site, we always talk about two hour charts, one hour charts. When I trade live on our weekly webinar, I’m trading on anything from one hour charts up to 12 hour charts. So it depends on what timeframe suits you, but very simple on the close of a candle to scan through multiple timeframe charts, different currency pairs, and quickly analyse what’s setting up or what is not. So I hope that helps with that.
Who would you suggest as a broker?
When it comes to trading and you’re looking for a broker, because all the time people say to me, “Hey Andrew, what’s a good broker?” A really good broker that I can strongly suggest you consider is Blueberry Markets. Now, of course, it’s up to you where you place your funds and it’s up to you to do your due diligence. And Blueberry Markets will be one of those brokers that I strongly consider you take a look at. Write to them, see how good they are with their customer service, do some reviews online. But I’ve been with them for years. I personally met Dean and Ben over in Australia, and some of the other team when I was there a few years ago. They’re really good guys, very good brokerage to consider.
Register for our Black Friday Sale (it’s 1 week early on Friday 19th November)
And finally, as I mentioned at the beginning, our Black Friday sale. I’m going to put a link on here where you can register your interests in our upcoming Black Friday sale. It’s going to be something that’s just going to completely blow you away with what we offer. We do this every year, of course, for Black Friday. It’s just one of those times of year where it’s basically this completely stupid, crazy, low, giveaway price to get access to the course.
So, if you’ve been thinking about joining us, you’ve been thinking about joining this massive community of great trading, like-minded people that we have, and don’t forget we’ve been doing this nearly 13 years. We’ve got over 3,200 trading clients in 98 countries at the last count. If you’d like to join this amazing community of people, all trading the same system, all there helping each other out, day after day, it’s a good opportunity for you. So, I’ll put a link here for you to register your interest, and after that, we’ll send you more information about how you can join us for the Black Friday sale.
Thanks again for watching or for listening. Any questions, send me an email, andrew@theforextradingcoach.com.
Don’t forget to share this video and podcast
Anybody you know who’s interested in trading, feel free to share this video or podcast with them, and I’ll see you this time next week.
Bye for now.
Episode Title: #435: How to Scan Through Your Charts Quickly
#434: How Much Money Do You Need to Invest in the Forex Market
In this video: 00:24 – How much should I invest? 00:50– When I started trading 01:25 – You don’t need a lot of money but you do need to learn how to trade 02:30 – Take a look at Blueberry Markets 03:20 – How do I make a living from my trading? 04:07 – Trading with a Prop firm 04:50 – Other ways to earn income from your trading 05:50 – Get onto one of my free webinars to learn more 06:33 – Feel free to share this video and podcast
How much money do you really need to invest in the Forex market to make it worthwhile? Let’s talk about that and more, right now.
Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 434.
How much should I invest?
I got asked a question this week by a guy in the US and he said to me, “Andrew, how much money should I really need to be investing into the Forex market to make it worthwhile? To make my time worthwhile to do this?” And it’s an interesting question, because most people think you need a large amount of cash in order to be a good trader, in order to make it worthwhile.
When I started trading
And when I started trading some 17 years ago, I thought I would need like hundreds of thousands of dollars. And because I lived in New Zealand, I thought that I would need to put like a $100,000.00 on the New Zealand/US dollar and wait for it to rise or fall, and let’s say it was at 70 cents wait for it to rise to 75 cents, take that money out and then go and do the same thing again. That’s what I thought Forex trading was. And I think a lot of people do the same thing; they think you need a large amount of money, large amount of capital, in order to make any significant gains.
You don’t need a lot of money but you do need to learn how to trade
Now, the great news is the reality is far from that, it’s the complete opposite. You don’t need a lot of money, but what you do need to do is learn how to trade properly. With that, you need to realise that there’s two things that affect you with your trading: one is your head, and the other’s your heart basically your emotions. And if you can control your emotions by having very low-risk trades and high reward to risk trades, things you hear me talking about all the time, the great thing about the Forex market is you use leverage. With leverage, you only need small movements but you need to have good, consistent, steady gains with low risk and low draw down. So small losses lead, reasonably large gains. That’s the key to making your trading work. You need a strategy to actually be able to do that.
Then when you look to live with real money, I suggest somewhere between $1,000.00 and $5,000.00 or pounds depending on where you live in the world. And there’s lots of other ways that you can make money through your trading, and I’ll talk about that shortly. But one thing that I would strongly suggest if you are at that stage where you’re ready to go to real money to a live account.
Take a look at Blueberry Markets
Have a look at Blueberry Markets over in Australia. They’re a great broker, highly successful brokerage team, great people. You will not find better customer service out of a broker. I challenge you to find a better customer service anywhere. They’re fantastic. Really look after their clients. Decent, honest broker. Good, tight spreads. Regulated, everything that you need. So unless you’re in the US and I don’t think you can open an account with them, there may be a few other countries around the world, but pretty much all other countries can open a live account through Blueberry Markets. Check them out, I’ll put a link here as well.
So once you go live, and you understand the emotions of trading on real money… Because losing money hurts. You get great emotions in a positive way when you have some gains.
How do I make a living from my trading?
But you’re thinking, okay how can I make a living out of $1,000.00 to $5,000.00 on my account? Even if I made 100% in a year, I might be making $5,000.00. I can’t make a living, Andrew. That’s not an issue. What you can do then is you can do what a lot of our clients use is they use prop firms. A prop firm is where you start with a relatively small amount of money, of someone else’s money, another company’s money, on a profit share basis, using their rules, draw downs, et cetera. That’s where you need assistance like ours that has good steady returns with low risk and low draw downs. What you can do is you can build up to accounts; some of them are in the millions of dollars, I believe. But I know a lot of our clients are trading prop firm accounts in the hundreds of thousands of dollars.
Trading with a Prop firm
Now let’s say, for example, you’re at $100,000.00 with a prop firm and you’re a 60-40 revenue share, so you keep 60%, they keep 40%. And let’s say you make 10% in a month. You’re not going to do that all the time, but for round numbers let’s call that 10% in a month. That means you’ve just earned $6,000.00 in that month for knowing how to trade, and it’s on someone else’s money. Well, you start doing that on several prop firms and then you’re proving to them that you can trade and you move up to $200,000.00 or $300,000.00, whatever it might be. And you can see there how you can start to gain quite substantial incomes through not even trading your own money.
Other ways to earn income from your trading
Now on top of that you might want to invest some of that back into your own account. You could start trading for a few friends and family possibly, of course look into that legally to see what the regulations are wherever you live. But you can sell trading signals, you can have copier accounts, you can do all sorts of things. But you’re just trading once. You’re only trading on one account and behind the scenes you can have the set up to copy on other accounts all these kind of really cool features. But it’s no extra work for you, whether you’re trading on a $1,000.00 account or a combined million dollar account.
But the thing is, the question at the beginning was how much do I need to invest? Well, you need to invest your time and some money to learn how to do this. But once you can do that, your actual own real money that you invest doesn’t have to be that big for some quite incredible returns. So there are ways to do this, it all comes back to knowing what you’re doing, knowing how to trade first. And that’s where we can step in and help you.
Get onto one of my free webinars to learn more
So each week, if you’ve not been on my free webinars we hold a free webinar for new traders and a free webinar for the more experienced or frustrated pulling your hair out ready to give up type trader. There’s lots of those out there I know. So it doesn’t matter which you’re on, pick the right webinar for you. I’ll put again a link to both on this post here. Jump on to one of them, look what we do, how we can help train you, teach you. Come on board with our community and make this work for you. So I hope that answers the question. I hope that surprised you as well in a good way, that you don’t really need a great deal of your own money to do very well out of this. Again, it comes back to the power of knowledge. That’s really what it is. And I hope that helps.
Feel free to share this video and podcast
Feel free to share this video and podcast with anyone who you think may be interested in getting into the wonderful world of Forex, or people that you know that are just frustrated, it’s not working. We can definitely help. This is Andrew Mitchem at The Forex Trading Coach, I’ll see you this time next week. Bye for now.
Episode Title: #434: How Much Money Do You Need to Invest in the Forex Market
In this video: 00:23 – Common phrases and trading Forex 00:55 – Trading becomes boring, and you make mistakes 01:27 – 2 perfect examples from this week’s trading 02:37 – This week’s Daily trades 03:24 – Just be patient and wait for the setups 04:07 – Trade when the conditions are good 04:52 – Take a look at Blueberry Markets 05:36 – Get onto one of my free webinars to learn more
You’ve heard the saying, “It never rains, but it pours.” The same happens in trading. Let me explain what I mean right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 433.
Common phrases and trading Forex
I want to talk about a couple of analogies you may have heard of. You’ve heard the phrase, “It never rains, but it pours.” You’ve heard the phrase, “May hay while the sun shines.” They are exactly applicable when it comes to trading. What I mean by that is you have to wait for the right trading conditions. Now as traders sometimes that can be our downfall, and it’s a big mistake that so many people make and fall into that trap.
Trading becomes boring, and you make mistakes
You see when you’re not trading it’s pretty much boring. You’re not doing anything, and the issue then becomes is you start breaking your rules. You start forcing things to happen that you should really do. You start taking B-grade set ups, simply because you want to take something. It’s very hard to force yourself not to do that. But if you can get yourself to trade the conditions of when the high quality trade setups show, you will without doubt do so much better from your trading.
2 perfect examples from this week’s trading
Now just this week, I’ve got two perfect examples to share with you. So last night, Thursday night my time, I held our live weekly client’s webinar; a two hour live session where we trade live. I trade the European session. The following week Paul Tillman trades the US session and then back to the European session with me the week after. So last night, not a lot happened for the first hour and 50 minutes. Now we were covering previous trades, we were discussing trades that a few people had open and some very good trades. We were showing some good weekly and monthly chart trades. We had lots happening, but nothing really was going on live in the market.
Then leading up to the end of the session where we look at the 12 hour and six hour and four hour and two hour charts, we took one six hour chart trade and three on the 12 hour. Two of those hit profit already, and two are still open and in excellent profit. So nothing happened in terms of live real trades in the market for almost all of that session until then end, and then there was lots happening.
This week’s Daily trades
This week on the daily charts, we’ve had the same thing. Up until Thursdays, from Monday to Thursday, we posted just one trade. Now, most days we trade between about one and three daily charts. But up until Thursday, for four days of this week, we posted just one trade on the dailies. We had a really good weekly chart trade that hit profit, but only one trade on the daily charts. That was on oil as well. So we’ve had no Forex pairs for the first four days of this week. Today, Friday, we are the 22nd of October. We have posted 11 trades on the daily charts; one on Bitcoin as a crypto trade, as a sell, and 10 Forex pairs.
Just be patient and wait for the setups
So the point being is just be patient. Just wait for the setups. The setups will come, it’s just you don’t know when. So that’s why you have to be patient. If the trades are not there, don’t force anything, don’t take anything. Likewise today, and going back to the “It never rains, but it pours,” today is one of those days. It took us so long to write the daily trades up today with all the reasons why we’re taking the trade, the exact entry, the exact exit, et cetera and then actually placing the trades. 11 trades were placed on the daily chart trades today.
Trade when the conditions are good
So, “Make hay while the sun shines.” It’s a true phrase. When the conditions are right, just get out there and do it and make it and profit from it. If conditions are not good, don’t take them. And if you can overcome that mental hurdle and obstacle in your trading and learn to have patience and learn to wait, then… So that’s all about waiting, but also don’t procrastinate. So when you see the conditions, get in there and take the trades. Don’t go, “I’m not sure, I’ve only taken one I don’t want to take too many this week.” Don’t think that. If the trades are there, you take the trades according to your strategy of course. So I hope that helps. Feel free to share this video with anybody who you think may be interested in trading.
Take a look at Blueberry Markets
One more thing: don’t forget of course Blueberry Markets. Wonderful broker, lots of people are going there now. A lot of people watching these video and podcasts and see me talking about Blueberry… I’ve had a couple of phone calls just the week from people saying, “Hey look. I’m not in Australia. Can I trade with Blueberry?” Yes, you can. You can trade with Blueberry in a lot of countries around the world. Really decent broker. I’ve used them for years. I know them, met them in person back in those days. Remember those days when we were allowed to travel and go on aeroplanes and go to a different country? Back in those days I met Ben and Dean over in Australia. Neat guys, great company. If you’re looking for a decent broker, consider Blueberry Markets. I’ll put a link to them on this video post and podcast.
Take a look at Blueberry Markets
And by the way, if you’ve not been on one of my free webinars, I have webinars each week designed especially for new traders, and another one especially for the more experienced trader. Just pick the webinar time that suits you the best start time, or you can choose to watch a previous replay if you’d like to watch one straight away on demand. I’ll put the links to both of those two sessions on here as well. So I hope that helps. Be patient in your trading, wait for the right setups. When they come, take them profit. Do well from the market. That’s how you trade. I’ll see you this time next week. This is Andrew Mitchem at The Forex Trading Coach. Bye for now.
In this video: 00:30 – I’ve received a lot of emails from people who might be losing their jobs 01:17 – A lot of new rules around the world about mandates 02:02 – You should consider trading Forex 03:22 – I’m serious about trading and how to I made a decent return? 04:54 – What the prop firms want 06:22 – You need to know what you are doing first 06:42 – The mini course will re-open in 1 month from now 07:35 – It’s only going to get worse for many people
I want to talk about why you should maybe look at considering being your own boss, and learning how to trade Forex properly. It’s very topical right now and very important. Let’s get into it right now.
Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 432.
I’ve received a lot of emails from people who might be losing their jobs
Came outside today, it’s a beautiful day out here. I want to talk about… I’ve just been receiving a lot of emails. You might think it’s a controversial subject, you may not. But I think it’s important to discuss it because not many people are. It’s all about what’s happening around the world right now with COVID injections, vaccinations. Not only that, it’s more the knock-on effect of what’s happening with so many people with these jobs being mandated that people need to be vaccinated. I’m not here to debate the vaccine; I’ve got my own opinions. But as a trader, I think it’s important because so many people have been emailing me saying, “Andrew, I’m potentially losing my job.”
A lot of new rules around the world about mandates
Here in New Zealand especially, and it sounds like Australia as well, a lot of rules are coming in that people will be losing jobs if they’re not double vaccinated.
Like I said, I’m not here to be pro or against it. What I am here to say is that it’s probably the choice that people are finding that they’re going to be without that’s for me probably more the issue. The choice to do what they want and how it affects their jobs. So that comes back to why I’ve probably been receiving so many emails over the last week or two as it’s becoming more and more prominent. And it comes back to…
You should consider trading Forex
I’ve said to these people you’ve got to consider something like trading. But don’t just do it just because it’s a quick fix, because it’s not a quick fix. Don’t think that you’re going to sit at home and be lazy all day and get up when you want. It’s not that at all. You have to work hard at it. It’s hard. There’s ups, there’s downs, there’s good times, there’s not so good times. Like anything. But it does allow you to have some more control and freedom and to be your own boss.
I think that’s the point that a lot of people around the world right now that people are picking up on, the extra value of trading. Getting away from some of the more traditional lines of work where you are told what to do and when to do it. I think that’s one of the beauties that trading offers. Like I said, it’s not easy. It takes effort, it takes hard work, it takes dedication. If you think you’re just going to waltz into trading and suddenly become a multimillionaire by this time next year forget it. You’re in the wrong choice. Or certainly don’t come knocking on our door, because we’re not prepared to assist you if that’s your mindset. You’ve got to have the correct mindset to make this work properly and put that hard work and dedication upfront.
I’m serious about trading and how to I made a decent return?
But leading on to that, people have said to me I want to sort of get into this a bit more seriously now. I’ve kind of been forced into it, or things are changing around the world. I want to look at this trading a bit more seriously. And a lot of people come to me and they go, well the problem is my account’s not big enough. How on earth do I look at giving up my job if that’s what it comes to? And trading properly?
Well, to me it’s always been the same story that I’ve got back to people. It’s that you have to learn how to do it first. You have to learn to run before you can walk. Don’t expect to be an expert overnight. You have to learn upfront to do this properly. But then, when you can, the actual size of your account, how much money you’ve got to invest in this, really doesn’t matter too much. Leading on from last week’s video and podcast where we talked about prop firms briefly. Again, I’m not here to promote any particular prop firm. I’ve got no affiliation with any prop firm at all. All I do know is that I’ve got a lot of clients now who do know how to trade properly and have said look, my account’s not big enough to really get anything out of this too much now they know how to trade. Yes they can grow their account and maybe they can add some funds to it.
What the prop firms want
But these prop firms, they’re after people exactly like the people… The strategy that I’ve taught and used for 15 years now. Been teaching it for 12. What we’re after is some good common sense, low-risk trading. Low draw downs, no one wants stupid, ridiculous draw downs. No one wants gamblers. In fact, I had a guy this morning that said, “I’ve got $250.00 can I make $250.00 every week?” I said no, you can’t. I don’t want to know. We’re the wrong people if you think we’re going to help you gamble your money and double your account in a week, go somewhere else.
But you know, the prop firms. We had a client I was talking to last week who’s now managing over $100,000.00. Well, you think about that, that’s just one prop firm. And he’s only relatively new at this and he’s up to $100,000.00 already. He’s making 10% per month and he’s on a 60-40 revenue share. He’s on $6,000.00 extra per month than he had a few months ago when he started and joined us. The thing is that you can do that… If you prove you can do that, you can make that as passive income month after month. You can get to a bigger account with the same firm. You can open accounts with other firms. You can sell trading signals. You might be able to manage funds for people. There’s all these things you can do. But none of it requires any real extra work because you’ve actually taken the trade just the one time. It just gets split over multiple different platforms.
You need to know what you are doing first
But it all comes back to you need to know what you’re doing first. So there are many, many ways around this where you can get to do this properly and do this on a more serious level and get a really good substantial return from it. But it’s about educating yourself first. So I hope that helps.
The mini course will re-open in 1 month from now
We’ve had great success with our mini course that’s been launched this week. We’ve now closed the mini course. We’ll look at opening it up in about a month or so. I’ll send you more details if you’re interested in that. If you’re interested in the full course, that’s probably the place you really need to be if you want to do this properly.
If you’re interested in knowing where to put your funds, one of the best brokers I can recommend is Blueberry Markets over in Australia. I’ve been dealing with Ben and Dean over there for years now, ever since they set up. Neat bunch of guys there. The whole team are really good. Customer service is outstanding. Great platform. MT4 and MT5. Good spreads. Just really decent bunch of guys if you want to put your funds in a good reliable place. So it’s Blueberry Markets, I’ll put a link to them on this post as well.
It’s only going to get worse for many people
So I hope that helps. Like I said, I don’t want this to be a controversial post in any way. It’s not that. Don’t take it the wrong way. If you think I’m anti something or not or pro something, it’s not that at all. It’s just that there’s obviously a lot of people around the world now that are getting very concerned, and this offers a potential change in direction for them. Like I said, my inbox is getting just inundated daily with very concerned people and it’s probably just going to get worse, to be honest, as these mandates come in around the world in more and more industries. So I’ll just say, just look after yourself to start with. Consider trading if it’s for you. It’s not for everybody, but if it’s for you you know where to find us and we’re here to help. Thanks for watching. See you this time next week.
#431: Client Makes a 40% Account Gain in September
In this video: 00:31 – This week’s content 00:54 – A client makes a 40.05% live account gain in September 04:23 – Trading at a Prop firm to make great passive income 05:35 – Our TFTC Mini Course is now live 07:01 – Take a look at Blueberry Markets if you want a good broker 08:30 – Share and Like this Video
I want to explain how one of our clients made an incredible 40% gain on his live account in September with just a 6.3% drawdown. Let’s talk about that more right now.
Hey, folks, traders. It’s Andrew Mitchem and I’m the owner of the The Forex Trading Coach. This is video and podcast number 431.
This week’s content
Lots to cover on this week’s video and podcast. We want to talk about the guy who’s just made 40% on his account in September. I also want to introduce you to our new mini course that has just gone live on Facebook and give you an opportunity to join that for this week only with a 50% discount for new people onto that course.
A client makes a 40.05% live account gain in September
But let’s start with the exciting news that I following on from last week’s video on podcast about the client called Brett, who is in South Africa. He made a 40.05% account gain on his live account, quite extraordinary. But I’ve been through all of his trades. They’re actually opened here behind me, sent me a screenshot of his MT4 account, all the trades, the profits and losses. I went through them and the biggest drawdown he’s had there was a 6.3% drawdown, quite extraordinary. Very low controlled risk.
He said to me he only trades once, sometimes twice a day, and that’s the 5 PM New York close of day, where he looks at the beginning of the week the weekly charts each day of the daily and the 12 hour charts. So that’s going to take him what, 10, 15 minutes once a day. Then a few days in the week, generally Tuesday, Wednesday, Thursday, he’ll look at the 5 AM changeover as well. So he’s looking just twice a day, absolute maximum half an hour per day and he’s made a massive 40% gain.
Now, he’s mentioned when he emailed me a couple things that have just really changed things for him. Number one, he did some one-on-one tuition with Paul Tillman. Paul has been working with me for quite a number of years. He teaches our clients one on one online. He also holds the live U.S. webinars for me every second week and he also moderates the forum site. An incredible trader, fantastic coach, great way of explaining everything. Brett’s taken some tuition with Paul and he said that was just fantastic, money well spent just to get to that next level.
He’s also using our Place Fibo Order Script, which is a script for MT4 and MT5 that he literally drag onto the chart. It places your entry and exit levels with retracements, profits, et cetera, controlled risk. Makes placing a trade absolutely simple. No calculating lot sizes, no worrying about does this stop in the right place, or if you move it, do you move your position size or anything like that. It just does everything for you. It’s a fantastic script.
He also mentioned the value that he has placed in our interactive videos that are on our membership site. So our interactive videos are videos where one of our clients, Nick who lives over in Dubai has made them for us. Nick’s made these videos in realtime when he’s seeing a trade setting up and then you have to go through the video and you have to basically select the right answers of the questions when the video pauses in order to progress through the video. So it was almost like taking trades in realtime live, looking for the pros and cons that we’re looking at and then progressing through the video.
There’s a lot of them on our site from different timeframe charts. Brett mentioned how incredibly valuable they are. The last thing he mentioned is the forum site and how much he’s getting out of that by interacting in realtime with like-minded traders or talking about the one strategy. So put all that together with these low risk, the just once, twice a day trading, when you think about that, to be able to have very low controlled drawdown of to 6.3% but a 40.05% gain in the month, quite extraordinary. So well done Brett and would love to see what your October figures come out like as well.
Trading at a Prop firm to make great passive income
So talking about great trading performance, we held a live webinar last night. Had some awesome feedback. One of our clients, Brian over in the UK, he was telling me how well he is doing on a prop firm. We got talking about that, about what a great way if you have a strategy with low risk but high reward to risk trades and you can make good, consistent gains with low drawdown, that’s exactly what those prop firms are looking for. He’s already trading six figure accounts. He said it all comes down to the quality of the strategy that we’ve taught him to be able to do that and to meet the criteria that the prop firms are looking for.
So if you are out there going, “Well, my account’s quite small. I don’t know if I’m going to make any money out of this.” Forget that. There are so many other ways that you can make money from trading, from selling signals or going onto prop firms like Brian’s done. The size of your actual live trading account doesn’t really matter. The thing that does matter is can you trade or not, can you trade properly with controlled risk. If you can do that, which is what our strategy teaches you, there are just a multiple other ways of gaining passive income through your trading without any extra work. That’s the beauty of it. You using someone else’s money. So that’s that one.
Our TFTC Mini Course is now live
Third thing I want to cover, our mini course. We’ve had massive demand from people saying, “Look, I’d love to get just a small version of your full course,” whether they feel that they cannot afford the full course or whatever it might be, but they want something a little bit sort of quicker and a little bit sort of more, I suppose, social media based. We’ve put our very mini course. It only contains my daily trades and we’re going to do a live video, interaction video once a week and I’ll make a video with a specific tuition there once a week as well.
It’s all based on Facebook and it’s just a fraction of the normal course fee. Doesn’t contain everything of course, but it’s going to contain enough to get you really into a good position and you can follow my daily trade suggestions on that. For this week only until Friday, we are offering a 50% discount on that. After that, it’s going to be back up to its full price from there onwards. But if you want to take advantage of that, and by the way, the price that we’re offering, it’s just a tiny amount for what you get.
But not only that is, if you start now this week, we’re going to honour that price forever as long as you want to stay on that mini course, regardless of what the price for everybody else gets to. So if you want to take advantage, now’s your time to do that.
Take a look at Blueberry Markets if you want a good broker
Lastly, I’ve always getting asked, like multiple emails per week, “Andrew, what’s a good broker? Someone that doesn’t like sort of hunt my stop loss, someone I can trust my funds with, someone that’s going to look after me.” It’s the same thing I say every week, have a look at Blueberry Markets, consider them. Look, they’re not the only broker out there.
There’s many brokers out there, but if you want one that we’ve just had a great relationship with, sent hundreds and hundreds, probably thousands of clients and non-clients also, people that have opened with them over the years and the feedback’s always the same. It’s always, “Wow. I wish I did this sooner. I wish I’d got rid of my current broker and went to Blueberry before now.” All those type of comments. So look, Blueberry Market’s a very, very good option for you to consider. If you’d like to know more details, I’ll put link to Blueberry Markets on this post as well.
So that’s it for now. Don’t forget, trade results, what can be achieved with low drawdown with our strategy. Think about maybe something additional, not just your own account size like a prop firm, but only ones you can trade. Have a look at the link I’ll put here for our short, small minicourse on Facebook. That’s live right now when you watch this video and take advantage of the early bird offer and consider Blueberry Markets if you’re wanting yourself a really good, secure Forex broker.
Share and Like this Video
That’s it for now. I’ll see you this time next week. Don’t forget to share, like this video, send it to people who you think are interested in trading properly. I’ll see you next week for more trading information. Bye for now.
Episode Title: #431: Client Makes a 40% Account Gain in September
#430: Look Left, Look Right and then Look at Your Profits
In this video: 00:25 – How looking left and right will make you safer 00:58 – Don’t only look to the right 03:23 – Blueberry Markets receive great feedback 04:11 – Client makes +40% in the month by risking just 0.5% per trade 05:31 – Please share this video
When you’re trading, you need to look left, then look right, and then look at your profits. Let’s talk about that more, right now.
Hey there, traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 430.
How looking left and right will make you safer
And I want to talk about looking left, then looking right, and then looking at your profits. What do I mean by that? Well, as a child, we’re always taught by our parents, aren’t we, to look left and then look right before you’re crossing the road or anything like that? And it prevents you from having problems. And in trading it’s exactly the same, yet nobody does it, or very few people do it. Our clients do it because we teach them how to do this. And we talked about this on a correspondence with all our clients just this week, and we had really good feedback. So I wanted to share this whole concept with you.
Don’t only look to the right
And in your trading, most of us look at the right-hand side of the chart, because that’s where you take a new trade from. You’re looking at the price level. You’re looking at the candle pattern, maybe whatever indicator you’re using, but most people look at the right-hand side of the chart. But what a lot of people don’t do is they don’t look then across to the left-hand side of the chart and see what’s already happened, because that can give you an even higher quality trade signal, or it can prevent you from taking a trade that may look okay, but has some obvious previous price action back to the left-hand side, that should make you not take that trade.
Now, when you look back to the left or right, you’re looking at support and resistance levels, looking at swing highs, where’s the price previously bounced at? Have I got enough reason here for my trade to be able to get in a buy trade up to its profit target? Are there any levels back to the left-hand side or ran numbers, previous areas where the price has hit that might actually prevent my price or my trade from getting to its full profit target? Likewise, you can use price action back to the left, to look at swing lows, let’s say, or swing highs, and now we’ve come and bounced at that level and formed our bullish candle, looking for our by trade. So again, you’ve got a reason why your setup’s good. You’ve got a reason why your profit target should be good to get to your profit target, but also you can use that same principle back to the left. Look at previous swing highs and lows and ran numbers to see, have you got any protection for your stop loss?
Because the trade’s not just about seeing the good setup, it’s about saying, well, this may be a good setup, but it could take you out as a stop loss first and then go and hit your profit target. Of course that’s no good. So what is in the favour of this trade in terms of our stop loss being protected, to allow the trade to develop over time, to then get to our profit target. So all these things you can use. So looking left and looking right, is a great habit to help you becoming a good, successful profitable trader, looking left and looking right and forgetting to do that can get you hit by a bus. So make sure you do it.
Look, the reality is in trading, just so many people don’t do it. They clog up their charts with too many lines and indicators and half the people don’t even look at the price. But look left and look right. You look at what’s previously happened and what is happening right now. It will massively help you. Two other things I want to mention.
Blueberry Markets receive great feedback
One about Blueberry Markets. We’ve just continued to get such great feedback about Blueberry Markets. You’d note over the last couple of months, I’ve mentioned them on these videos and podcasts because they are just a really, really good broker. Now you’ve got choice to go to whichever broke you like and do your due diligence. Just really important that you do that. But if you just want the feedback that I’m constantly getting from so many people, right around the world, just consider Blueberry Markets as an option, if you’re looking to set up a new MT4, MT5 account with a different broker, I can highly recommend them. Their customer service is outstanding. Everything about them is very, very high quality. So that’s Blueberry Markets. I’ll put a link to them on this post, that you can go and find out more about them.
Client makes +40% in the month by risking just 0.5% per trade
The last thing is, now I’ve just heard about this an hour before I started making this video and podcast, from a client of ours, who’s just emailed Paul Tillman, who works with me over in the US, and he told Paul that this client has made a 40% account gain in September with risking only half of 1% on his trades. 40, four zero percent gain. And September’s just closed, and it was trading just the 12 hour charts, the daily and the weekly. I don’t have all the details yet, which is why I can’t expand on that. But by this time next week, don’t miss next week’s video and podcast. You’re not going to want to miss this because I’m going to find out the trades that the guy took and how he’s done this, what he’s done, to use what we teach and just on those three timeframes and to get to a 40% account gain in just one month.
So I’ll find out more over the course of the week, and I’ll let you know on the update next week. Like I said, you won’t want to miss it because if you can learn how to do that, you’re sorted with your trading, aren’t you?
So, this is it for the video. Hope you’ve enjoyed it. And don’t forget to look left and right, whether you’re crossing the road or you’re trading, it will help you in both instances. I’ll see you this time next week.
Please share this video
Don’t forget to share this video, like it and send it through to anybody who you think may be interested in trading. I’ll see you this time next week. Bye for now.
Episode Title: #430: Look Left, Look Right and then Look at Your Profits
#429: Trading in a Covid World, plus a 7.5% Account Gain in a Day
In this video: 00:25 – Everything’s changed with Covid over the past 18 months 01:00 – Debate around masks, vaccines, lockdowns and passports 02:28 – Where to from here? 03:48 – Most issues disappear when you trade Forex 04:50 – Trader makes +7.5% gain in a day 06:00 – Are you looking for a good Forex broker? 07:15 – Send me your questions 07:31 – Feel free to share the video and podcast
We’re now traders in a COVID world. What does that mean for us as traders going forward, and how can you take advantage of it? Let’s talk about that a more right now.
Hey traders, Andrew Mitchem here, the Forex trading coach with video and podcast number 429.
Everything’s changed with Covid over the past 18 months
Well, obviously the last 18 months or so everything’s changed for virtually everybody, it doesn’t matter where you live in the world with COVID and all the effects of that. And it got me thinking about trading the Forex market and how good it really is and what advantages that we have going forward. I wanted to share some of those with you. And this is for you, it doesn’t really matter where you live in the world, it doesn’t matter whether you’re a business owner, an employee, or an employer. Let me explain what I mean.
Debate around masks, vaccines, lockdowns and passports
So right now there’s obviously a lot of debate around the world with masks, with vaccines, with vaccine passports, lockdowns, all those things are still going on, and depending on where you live in the world, different countries, slightly different rules. Here in New Zealand, we’re still in lockdown mode. I have no idea why, but we still are. It’s badly, badly affecting so many people business wise, emotionally wise, it’s not good.
And so if you’re, let’s say you’re a landlord and you own a shop in a town somewhere, anywhere in the world. So obviously, over the last 18 months, it’s been lockdowns virtually everywhere, and as a landlord that’s going to be pretty tough ind going forward, that’s going to be pretty tough because less and less people probably wanting to have cafes and shops, et cetera, in towns.
And so as a landlord, what do you do? If you’re the business owner, if you own the shop or the cafe or whatever it might be business in town, you’ve had lockdowns, you’ve had people not coming into work, and so you’ve had that issue. If you’re an employee and you work those places, then obviously, for a lot of you, if you cannot work at home, you’ve been badly affected as well.
Now if that’s what’s happened, and we can’t change a lot of that, but let’s have a think about going forward from here.
Where to from here?
Let’s face it, most people don’t like wearing masks. Personally, I think they’re horrible things. I’m very lucky I work from home and I hardly ever have to wear one. Now if you’re the sort of person, if you’re an employee, you’re now going to be having debates over masks, wearing them all day, and now vaccine jabs, and whether you …
And this is not about pros and cons or saying what my opinion is, my opinion to you doesn’t matter. The point is that people are going to get very strongly one way or the other. You might think that masks and vaccines are the answer and they’re fantastic. Likewise, you might think that masks and vaccines are just control and a waste of time.
But the problem is going forward, if you’re the boss, you’ve got to deal with this. You’ve got to deal with staff with different issues. If you’re the employee, you’re going to be happy if you are working with people who are or are not vaccinated, depending on your point of view. If you’re the person walking around town, going to a shop or a cafe, and you’re against vaccines and mass, are you really going to go into town and spend money to go and sit in a cafe, or they may not let you even in the cafe.
So there’s all these issues going on here. Now it’s probably going to get worse for quite a while until everybody sorts out what’s happening.
Most issues disappear when you trade Forex
Now bring that back to trading, and why I want to talk about that is to say, well, trading the Forex market, it gets you around all these issues, doesn’t it? You can work from a laptop. You can work from home. You can work remotely. If you’re in America or Europe where you’re lucky enough to now be able to travel again, that’s fantastic.
You’d have noticed that a couple weeks ago, Paul Tillman, who works with me, he was off in Florida for two weeks. He’s just been up to Philadelphia last weekend. They’re able to travel. A lot of my family over in Europe, they’re all back travelling again. So the Forex market allows you to do all these things, but if you’re here in Australia or here in New Zealand, where you’re kind of more stuck down and we’re still locked down on and can’t do things, can’t move anywhere, the Forex market allows you to continue to work and continue to do well and invest well. And that’s where I see the big benefit of trading the Forex market.
Trader makes +7.5% gain in a day
I wanted to give you an example from one of our clients posted on our forum site just last Friday. He made a massive 7.5% gain in the one day, last Friday, and that was risking just a quarter of 1% per trade, 7.5% gain in a day. He’s posted all the trades for us to look at, for our clients to look at on our forum site. He’s had some great gains and a few losses, but overall, he made with controlled low risk 7.5% in one day.
Now going back to the business owner, going back to the landlord, imagine trying to make 7.5% in a year for some people, especially if you’re looking at rents and rates, or if you’ve got investment properties. You make a 7.5% yield in a year, you’re doing really well. This guy made 7.5% with very low controlled risk in one day. And not only that, he has the skills to do this day after day. Sure, it was a good day, and is it going to happen every day? No, but it shows what can be done.
Are you looking for a good Forex broker?
Now lastly, if you’re out there looking for a good Forex broker, I mention these guys often because they’re good. We get tons of good feedback all the time from people who go to them and try them and really enjoy them, and that’s Blueberry Markets. They’re based over in Australia. They can take clients from pretty much anywhere in the world, unless you’re in the U.S. and a few other countries, but for most other people have a look at Blueberry Markets in Australia if you are interested in changing brokers, or you want to start up with a new broker, a good broker. Highly recommend them, great customer service, really, really good brokers. I’ll put a link to Blueberry Markets on this video and post and podcast.
So I hope that helps. Like I said, going forward, who knows what’s going to happen, but it’s probably going to be pretty tough whichever side of the fence you’re sitting on regarding the whole COVID situation. Who knows how long it’s all going to last for. One thing we do know for sure is that if you know how to trade the Forex market properly, you can make some really good money and achieve a lot and enjoy the comforts of not travelling and/or not having to go to work and choose what you do when you do. It’s a big bonus.
Send me your questions
So I hope that helps. Any questions that you have, email me, reply to this video podcast post if you’re seeing the email. If you’re not, send me an email to Andrew@theForextradingcoach.com. If you have any questions you’d like me to cover, any trading topics on future videos and podcasts.
Feel free to share the video and podcast
Let me know. Anybody you think might be interested in this, feel free to share the video and podcast, and I’ll see you this time next week. Bye for now.
Episode Title: #429: Trading in a Covid World, plus a 7.5% Account Gain in a Day
In this video: 00:26 – Rich Dad Poor Dad email 02:24 – Unrealistic expectations 03:28 – Live webinar with Ryo Chong – come and learn 05:30 – Where to invest your funds? 06:50 – Register for the webinar on 25th September
I’m going to talk about why you should focus on becoming an investor for yourself and not a follower. Let’s talk about that and more, right now.
Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 428.
Rich Dad Poor Dad email
And I have received an email this week from a guy I’ve been following for years. You probably heard of him, Robert Kiyosaki from Rich Dad, Poor Dad. I’ve been following him, read all his books and think that he just offers some really good, sound, sensible, common sense advice. I’d like to think that I do the same. But I’d like to read an email and a quote from him that I think relates to so many Forex traders out there, and it’s all about investing and why you should learn to invest for yourself. But he asks the questions, do you really want to invest? And what he means by that is, he says that every day he receives emails from people, he talks to people and he says, basically, a lot of people are just too lazy to invest.
And instead, they want him to tell them what to do. And he said, “That’s not investing at all, that’s just simply following instructions.” He goes on to say, “That when people want to invest in something, what they really mean is they want someone else to tell them what to do.” And he says, “Do not follow that path, instead, focus on becoming an investor.” And it’s what I tell people to do all the time. It’s what I’ve been saying on these last 428 videos and podcasts, just like this. And it’s great that he says exactly the same thing. Because like he says, he finishes up by saying, “When you are an investor, you know how to choose your own,” he’s talking about the stock market, but same thing with currencies, “You know how to choose your own stocks. You will know how to determine your profit goals, how to manage your risk, and so much more. When you are an investor, you will possess a life skill that no-one can take away from you.”
Now, just think about that for a second. That’s so true, isn’t it? And that’s why I constantly say that good education is the cheapest thing you can do if you want to become a good Forex trader.
Unrealistic expectations
Now, I had a guy email me just this week saying that he’s got about a thousand dollars to invest, and he expects out of that to learn from me and make a thousand dollars every week. And it’s like, “Do you really think that’s going to happen?” And I can bet he will be the sort of guy that all he would want to do is just follow and follow and follow. Now, that’s great, and as part of the course, we offer that ability to follow. We post our daily trades, our forum site trades, et cetera, our live webinars, and that’s exactly what we do. But leading on from that, our aim as Forex coaches, is to help you become independent profitable Forex traders, whilst learning from us along the journey. And that’s part of the community that we have.
But ultimately, in order to invest properly as yourself, you’ve got to learn to stand on your own two feet and do this properly for you. And that’s the difference between someone that makes it and someone who doesn’t.
Live webinar with Ryo Chong – come and learn
Now, leading on from that perfectly, is that next Saturday on the 25th of September at 2:00 PM Singapore time, I’m going to be holding a live webinar and a masterclass with one of my best new clients. His name is Ryo Chong, he lives over in Singapore, and hence why we’re holding the session at two o’clock in the afternoon on Saturday, Singapore time, live. We’re going to be sharing with you all about how we trade. And more importantly, Ryo is going to be sharing with you how he started his Forex journey, how it wasn’t working, how he then joined us, the work, the effort that he goes into on a daily basis since he’s joined us to learn the course, learn the strategy. And now, in just under five months, he is achieving incredible results. He’s posting on our forum site multiple times daily with profitable trade after profitable trade.
And he’s going to be sharing with you on this live webinar exactly what he’s doing. Now, if you’d like to jump onto that webinar, it’s invite only via this video and podcast. We’re deliberately going to keep it small. We’re asking people around the Asia area, the Singapore, Malaysia, Vietnam area, if you want to jump on that, we’d love to see you on there. But on this video and podcast, I’m inviting it open to everybody else to email me and I’ll put a link on this video and podcast so you can join in on that live webinar. We’ll be restricting numbers, hence we haven’t really promoted it too much outside of Asia right now. But if you’d like to jump on that live and learn from myself and Ryo for about an hour on Saturday, please just click on the link that you’ll find on here.
Where to invest your funds?
Now, lastly I want to talk about where you invest your funds. I can help teach you how you trade, what to look for, when to enter, when to exit, risk management, reward to risk, all those things, and we’ll cover that with Ryo, as well. But when it comes to where to place your funds, somewhere that’s safe, that’s reliable, I can honestly tell you that Blueberry Markets will be one of the best places you can look into. But don’t just take my word for it, do the investigation, do the due diligence for yourself. All I can tell you is I have sent hundreds and hundreds of Forex traders to Blueberry Markets over the years. And the feedback, the response, is the same every time. It’s, “Wow, these guys are awesome. They made the onboarding process simple. Their follow-up, their service, is simple.” And to test it, just give them a call. Give them a call, phone them up, send them an email. And the response time will be just so quick, it’ll blow you away. Answering the questions will be awesome.
And so, if you want a safe, good, reliable place to trade on the MetaTrader 4, MetaTrader 5 platform, Blueberry Markets is just one of the top choices you could make. And again, I’ll put a link to Blueberry Markets on this video and podcast.
Register for the webinar on 25th September
So that’s it for me this week, I look forward to seeing you on the webinar with Ryo and myself live Saturday, the 25th of September. And again, I’ll put a link on here. I hope that helps. And remember that, again, as coaches, our aim is to help you along and, sure, we’re following, definitely, definitely follow what we do. Follow how we trade, that’s your learning process. But ultimately, our aim is to make a really good, independent, successful Forex trader out of everybody who joins us. That’s our aim, that’s what we achieve. I’ll see this time next week, and this is Andrew Mitchem at the Forex Trading Coach.
Episode Title: #428: Become an Investor, Not a Follower
In this video: 00:26 – Trading while away from home 00:53 – Trading in less than 30 minutes a day 02:09 – Amazing feedback about Blueberry Markets 02:48 – Credit offer on our Echo Trade Copier 03:46 – Paul Tillman on holiday/vacation in Florida and trading 04:45 – TFTC Pattern Trader and Echo Trade Copier 05:35 – Get in contact with Paul Tillman regarding one on one tuition
I’m going to talk about how you can trade whilst on holiday or vacation, and show you how Paul Tillman’s been doing just that for the last two weeks in Florida. Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 427.
Trading while away from home
That’s right. I want to talk about trading while you’re away. And Paul’s been over in the US trading, with his family on holiday or vacation as they call it, for the last two weeks, spending time at Disney World. And I’m going to cut to a video in a couple of minutes that Paul has made, especially for you. Stood outside of Princess Castle with his Mickey Mouse ears on, making a video just for you, for this week’s video and podcast. So we’ll get to that shortly.
Trading in less than 30 minutes a day
But the thing I want to cover is he’s done that whilst trading in less than 30 minutes per day. And Paul explained how he’s done that. And the reason is, is because we only look at the close of a candle for a new trade. Give you a quick example. Wednesday of this week, we posted six trades on our membership site on the daily chats, all in to profit. Four of them have closed for full profit as I’m talking to you right now. Two still open in profit. Yesterday, being Thursday, no daily trades. Happens sometimes. The market was a little bit quieter, but I took a 12 hour and a six hour at the 5:00 PM, New York close, and profit out of those as well. And clients follow these as well, by the way.
Just last night my time, I took five trades on our 12 hour charts at the 5:00 AM Eastern Standard Time, change over, all in profit and it just shows what can be done, but just really it’s about less is more. Quality of trades, taking them when you see them, knowing when to look at your charts. When you see the setups, knowing exactly how to enter and exit. It’s the same principle. It’s low risk trading, but high reward to risk trades.
Amazing feedback about Blueberry Markets
So just wanted to also, before we go to Paul, give a quick shout out for Blueberry Markets over in Australia. The feedback that I’ve been getting from people who have never traded through them, and now gone through to them over the last few weeks, has been unbelievable, just constantly good feedback. And people don’t really compliment brokers, do they? It’s very rare. Everybody’s quick to moan at a broker, but not many people compliment a broker. And I’ve got a very high number of emails, people saying to me, “Hey Andrew, you recommended me go and look at Blueberry and consider trading through them and I’ve done it. And it’s fantastic, and it’s a really enjoyable process. And I appreciate you letting me know about them.”
Credit offer on our Echo Trade Copier
One thing, also, at Blueberry, as I mentioned last week, I’ve managed to twist their arm and I’ve got them to extend their credit offer on our Echo Trade Copier account. So if you want to have your account traded automatically or auto-magically, as I like to call it, at the same ratio as my own master account, then Echo Trade Copier is the place to go. And Blueberry Markets will give you a credit for a new account for up to 12 months credit of our Echo Trade Copier service once you open a new account with them and fund it. So it’s a really great opportunity. Right now we’re up about 30%. Great opportunity for you to grow your account, basically for no charge. How good is that? Blueberry Markets, I’ll put a link to them and that offer on this video and podcast.
So that’s it for me right now. I’m going to stop the video and go straight over to Paul. Who’s over in sunny Florida, and I’ll see you this time next week. Here’s Paul.
Paul Tillman on holiday/vacation in Florida and trading
Howdy, traders. Here I am at the Princess Castle in Orlando, Florida. Here with my family, here at Disney World and coming live to you today.
So, I want to talk to you about trading and how you can do that in just a little bit of time and how I’ve done that this week. So I’ve been on vacation with my family this past week, and I’ve still been able to trade all the important Forex times, 30, 40 minutes a day. You can get daily charts, weekly charts, all in timeframes you can still do in Forex. We’ve got hundreds and hundreds of clients who are trading the market. They’re on our forum site, they’re on our webinars, and you can do this all in just 30 minutes to an hour, a day. You can do six hour, eight hour, 12 hour, daily, weekly, monthly, all of the important steps that you need.
And the great thing about it is the fact that I’m on vacation right now, spending with the family, and I can still trade the Forex market.
TFTC Pattern Trader and Echo Trade Copier
In other news, we have our TFTC Pattern Trader software where clients are using their bots and extracting great percentages. Are also using Echo Trade Copier, which is our trade copier service. We’re up nearly 30% in eight months time.
So, in other news, we’ve got several updates going on with the webinars and the forum site. Clients are just coming by the droves, hundreds and hundreds, each month, each week, and who were trading the Forex market, just like we are. So during the day, we’re here at the Disney parks, I can get on my computer, go check the daily charts one time a day, 10 minutes, and then I’m done for the day, if I only trade the daily charts.
So, I can go back to enjoying vacation, enjoying time with family, and so can you.
Get in contact with Paul Tillman regarding one on one tuition
So if you are interested in that, in our automated software, either with TFTC Pattern Trader or our trade copier software with Echo Trade Copier, or our course in general, I’m Paul Tillman. I work with Andrew. If you are interested in the course or any of those other things, even our one-on-one coaching, I’ve got hundreds of clients who have taken advantage of the one-on-one coaching, we’ll get on a Zoom session and talk about any trades or questions, anything you want to discuss for an hour. And many clients are taking a big, huge advantage of that. They’re making big gains, they’re refining their trading, and it’s very enjoyable to teach and see clients improving.
So, that’s all for now. I’m going to get back to vacationing with the family. This is Paul Tillman with the Forex Trading Coach, obviously Andrew as well. And we’ll see you again for another topic next week. Goodbye from sunny Florida.
Episode Title: #427: How to Trade while on Holiday/Vacation
In this video: 00:29 – The perception that you need a lot of money to trade 02:46 – I’m looking at starting a lower cost course. Are you interested? 03:54 – Blueberry Markets will extend their Echo Trade Copier offer 05:15 – A new video from Ryo on our Testimonials page 06:09 – Great new reviews on the FPA site 06:52 – Live trades on live webinars, 4/4 Profitable trades 07:52 – Get involved
I’m going to explain to you why you actually don’t need money in order to trade properly. Let’s talk about that and more, right now.
Hey traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 426.
The perception that you need a lot of money to trade
I’ve got six things I want to talk to you today about, so lots to cover. First thing is about the common perception that people have. They think they need a lot of money in order to trade. The reality is, you don’t. Sure you need to learn how to trade, but in terms of having a massive account size once you know how to trade, you don’t need to. A lot of things you can do.
One thing you could do is have a subscription service and sell trading signals, exactly we do for our Echo Trade Copier. You charge $50, $100 a month, and people can follow you automatically and you can build up your account size that way. But another way that a lot of people don’t realise is the massive amount of emerging prop firms out there. And what that means is, for some of them they may charge you a small amount to get started, and they may give you then a small amount of funds and you have to prove to them that you can trade by making X percent with the restrictions they have in place, with low draw downs, et cetera.
And then over time, if you’re good, they will then increase that amount of capital that they will allow you to trade on their behalf. And then for some of them, there may be a 50/50 split. So if you’re something like up to $100,000 account, and of course you could do this on several different firms as well, but let’s say you had a $100,000 account, you’re making, let’s say 10% in a month. What’s that? That’s $10,000. You’re doing a 50/50 split on revenue. You could be $5,000 a month from different prop firms, earning for yourself. And that way, you can then invest that back into your own personal trading fund and trading account and earn on that as well.
So, many ways that you can do it. Don’t just think, “Oh, I’ve got $2,000,” or, “I can’t do this. I don’t have enough in my account.” A lot of people say to me, “Hey Andrew, if I bought your course, I don’t have any money left in my trading account to trade with.” But it’s just the wrong way of thinking. You have to learn to trade first. You’ve got to invest in your education and yourself first. All the prop firms signals is fantastic, but once you know what you’re doing, and that’s the important thing. So, get the process right to start with.
I’m looking at starting a lower cost course. Are you interested?
So, that leads me on to point number two. I’m thinking about starting a low cost course. So, for less than the price of a cup of coffee each day, I’m looking at having a group of people together with a completely different smaller membership site with some trading videos, still with access to my daily trading suggestions as well. It’s something that, I think there’s a lot of people out there that would like that kind of thing. Let me know if you’re interested. If you are, just send a reply or email me, andrew@theforextradingcoach.com, or just send reply to this email that you get the video on, or the podcast on, and just let me know if you’re interested. It’s something that I’m looking at starting up in the next few weeks if you’re interested. Just be a small, so maybe like a Facebook group membership type course, but a lot lower costs than the normal course. And like I said, for less than a cup of coffee per day, plus you get my daily trades. If you’re interested, please just let me know and I can then send you details when we have something put together.
Blueberry Markets will extend their Echo Trade Copier offer
Point number three, I’ve been talking with Ben Clay over in Melbourne, over in Blueberry Markets. And I’ve asked them if they can extend the credit system that they have for our Echo Trade Copier service, and they’ve agreed to. It was ending at the end of August, and I’ve asked them if they can extend that, which they have agreed to do for the next few weeks. So, if you’d like to take advantage of the Echo Trade Copier service that I have, it’s averaging about 4% gain per month with very low draw downs.
Echo Trade Copier automatically trades on your empty four, empty five account, via signal start. And if you open a new account with a Blueberry Markets using the link that I’ll put on this page, Blueberry Markets will credit your account with the equivalent monthly fee for the copier service. So, that’s a really good thing, and thank you to Blueberry for extending that offer. I’ve been with Blueberry Markets for many, many years, find them a fantastic broker to trade with, and I’ve sent hundreds and hundreds, if not thousands, of people to them over the years. Fantastic feedback all the time. Great customer service, you will not beat their customer service. So, that’s point number three.
A new video from Ryo on our Testimonials page
Point number four, I’ve added a video to our testimonials page, and again, I’ll put a link through to that on this video and a podcast, with an interview that I held last week with Ryo. So Ryo joined us back in about April. He lives in Singapore. His trading is just incredible. He’d been through a couple courses before he joined us here at the Forex Trading Coach, but some of the trades that he’s posting on our forum site are just amazing. He is doing so well. It’s a 45 minute interview. I really encourage you, if you’ve got any interest at all in learning how to trade, whether you’re new or experienced, just get to watch it. Go and watch it, because it’s Ryo talking about his journey, his experience in trading, and what he’s currently doing now to get such amazing results. That’s on our testimonials page.
Great new reviews on the FPA site
Point number five, we have had some really nice reviews on Forex Peace Army over the last few weeks, and we’re now up to 156 reviews, I think it is, at about 4.8 stars out of five over the last 12 plus years. Go and have a read of those as well from some people who’ve been with us for over a year. I think three out of the four most recent reviews have been with us for over a year. So these are not reviews from people who just bought the course last week and are on a demo and think, “It’s amazing because I’m learning something. These are people who started well over a year ago, they’re trading live, and they’re doing really, really well. So, go and have a look on the Forex Peace Army site at those reviews.
Live trades on live webinars, 4/4 Profitable trades
And point number six, I want to just give you an update about a live webinar I held just last night in the European session with our clients. I posted four trades, took four trades live on the session. All four trades hit their profit targets. A buy trade on the Euro/US dollar, a buy trade on the British pound/Japanese yen, and also a buy trade on the six hour chart on the Canadian/Swiss Franc. So that’s three and there was one other… Oh, that’s right, we took an oil trade as well. There was an oil trade on West Texas, I think it was. West Texas or Brent Oil. Six hour chart as well, one of the two oils there, and that also hit the profit target.
So, all those trades were posted and shown on a live account, taken in real time, showing the reasons why the exact entry and exit levels, all of them hit their profit target. Lots of green lights when I woke up this morning on my trading account, which is very pleasing to see.
Get involved
So, if you want to be part of this, come and have a look at what we do every day, how we help traders from right round the world, clients in 98 countries over the last 12 years, over 3000 people on the course doing really well and loving it. So, we’re here at the Forex Trading Coach, and we look forward to seeing you this time next week.
If you do have any questions you’d like me to cover on future videos and podcasts, just email me and I can add those to the list for future events. And feel free to share if you’re watching the video or listening to the podcast with friends, family, anybody who you think would benefit from learning how to trade properly. I’ll see you this time next week. Bye for now.
Episode Title: #426: Why You Don’t Need Money to Trade
In this video: 00:22 – Are you brand new to trading? 01:01 – You can do well from trading, if you know where to look 01:58 – Start with a small demo account 03:53 – Choosing a good broker 04:40 – Echo Trade Copier is at +30.7% in 6 months 06:32 – Tips for new traders – find the right people 07:24 – We’ve helped over 3000 traders from 98 Countries over 12 years
How do you start out as a brand new Forex trader? let’s talk about that and more, right now.
Hey, traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 425.
Are you brand new to trading?
And I want to make this video for you if you are brand new to trading or if it’s something you’re just looking at getting into and you don’t really know where to start because the Internet’s an absolute minefield. There are so much information out there online about Forex trading. Unfortunately, most of it’s not particularly good, and most of it’s written by people who are not really traders. So you got to be a little bit careful out there. And it’s almost like if it’s too good to be true, just don’t go there.
If it’s all showing you flash cars and Ferraris and people sitting on their laptop on the beach, don’t go there.
You can do well from trading, if you know where to look
But the good news is, is that you can do extremely well from Forex trading, but you just need to know how to get there first. So when you start out, it looks flashy. There’s flashy results, there’s flashy indicators, there’s all these cool things. But just take it back a step and treat it real. I really encourage everybody to do research. Don’t just jump in head first and think you’re going to become a millionaire by next week, because you’re not going to make that work. It’s going to end very, very badly. Do not treat it as a gamble either.
Now, if you think about starting something new, new sport, hobby, whatever it is, job, anything at all, you’ve got to start at the beginning and find someone to help you, coach you, and that’s important as well. You’ve got to have support around you, and there’s nothing better than basically to sort of fast track yourself by getting some good help and good support.
Start with a small demo account
Now when it comes to the charts, I would suggest that you get onto a demo account and you start with a small demo account. Don’t start with $100,000 demo account because reality is, is that for almost everybody, you’re never going to start with $100,000 live account, so don’t start with a demo account of that size. It’s just going to fall you and get you into a false sense of security.
Look, I made that mistake myself 17 years ago. Back then, there weren’t people like myself helping other people like you out there and giving you the realities of training. So I’ve made all the mistakes. Trust me. It took me about four years of going round and round in circles making these mistakes and I can help shortcut those for you. So when you get onto a demo, treat it like it’s real money and try and work out what’s actually happening in the market. Look at candles, what they’re doing, what they’re telling you. Look at correlation between different currency pairs. Look at the price on the right-hand side axis on your charts and just see where the price is moving to and why, where it’s stalling, where it’s changing around, see how different timeframe charts interact with each other.
What time of the day do different things happen, and what’s happening at that time in New York or in London, and actually figure out what’s happening and why. If the Australian and U.S. moves up, does the Australian yen move up with it? Does something like the pound Australian then move down at the same time? So you’re getting the correlation, you’re understanding strengths and weaknesses. So there’s a lot you can do to help train your eye, to start you trading, by getting those basics understood first. Look at things like round numbers. Oh, the price has stored at a 00 level or 50 level. Funny that, because that’s the psychological bounce level.
So then you’ll start to build that picture up of why things are moving and where they’re likely to go to and why. So really important that you do that.
Choosing a good broker
Now, moving forward from that, when you get onto a live account, you’ve got to, of course, choose yourself a good broker. One of the best recommendations I can make is Blueberry Markets over in Australia. They can take clients from almost every country. It cannot take clients from the U.S., unfortunately, and that’s a licencing regulation thing. But if you’re not from the U.S., Blueberry Markets would be one of the best brokers I can suggest. Very good customer service, good platform, MT4, MT5. Really good guys. Got security view funds there. All the things that you need when you go to a real account. And I’ll put a little link through to Blueberry Markets on this video and podcast for you to go and have a look. Just say that you’ve been watching my videos and podcasts, and they’ll really look after you there.
Echo Trade Copier is at +30.7% in 6 months
Other things you can do is you can follow along with our trade copier, Echo Trade Copier. Right now, in six months, that’s up 30.7%, 3-0, so 30.7% in six months, so something that you can do like that to help boost your account. And again, I’ll put a link to Echo Trade Copier. It’s 100% automated copying, and if you go through Blueberry Markets in the next week or so and open a new account with them, and they will credit your account with the Echo Trade Copier monthly fee as well. So again, I’ll put a link through to that.
And lastly, I want to share with you a couple of comments that have come through, one by email one on our forum site, just to share with you, as a new trader, the importance and the value of support. Now, the first one here is from Percy. Percy said, “Andrew, I’ve just completed my one year with you since I joined the Forex Trading Coach.” And Percy went on to explain, to start with, it took a bit of time to get going and things went really well, then they fell away. And he said to me here, “In the last 90 days, I’ve made 17.3% gain,” on his live account, in the last 90 days. So, that’s pretty impressive, and it just shows with support and with help and with a strategy, how he’s done that groundwork, done that hard work, out front, learnt things, and now he’s flying. 17.3% in the last 90 days. That’s fantastic.
Add a comment here from Jayden. This came through just overnight on our forum site. Jayden said, “Hey, I just want to say a massive thank you to both Andrew and Paul. I’m so grateful to find such great mentors who answer questions and go over everything in detail. You really have transformed my trading and you’ve made me persevere through something I never thought I would achieve. I owe you a lot. You are both amazing and patient mentors.”
Tips for new traders – find the right people
So anybody out there that’s new, do not underestimate the value of good support, good strategy, people to follow who know what they’re doing. And I’ve mentioned this before. You’re going to play a new instrument. You’re going to go and get taught by someone who knows how to play their instrument. Seven or eight years ago, I learnt how to fly helicopter. I went to the best people I could find to teach me.
A few years ago, I wanted to play squash. I went to a professional coach to help teach me the best way, because it’s money spent in yourself, in your education, in your safety, in terms of trading, in terms of your finances, your safety of your funds, the enjoyment of it. If you’ve got an interest in anything and you want to do it well, seek out the people who can help you the best.
We’ve helped over 3000 traders from 98 Countries over 12 years
And that’s where, for the last 12 and half years here at Forex Trading Coach, we’ve helped over 3,000 trading clients from 98 countries to help them succeed as far as a Forex trader, and then an independent Forex trader. Sure, with our help to start with, so they understand what they’re doing, and ongoing support like Percy here and Jayden, but our aim is to help you become an independent and successful Forex trader. Low risk, high reward to risk trades so you can do this yourself.
And look, there’s nothing better. If you want our help, you know where to find us, here at the Forex Trading Coach. I’ll catch you this time next week. Bye for now.
Episode Title: #425: Things to Know as a New Forex Trader
In this video: 00:26 – Lockdowns and how we can trade as normal 01:05 – Follow us trading on the Daily chart trades 01:50 – Posting trades every day of the trading week 03:36 – August D1 trades at +12.1% in 3 weeks 04:20 – Client in Singapore takes 5x H2 chart trades and all 5 hit their profit targets 05:33 – We post MN1, W1, D1 and other time frame chart trades 06:14 – Trading at Blueberry Markets 07:25 – Free access to Echo Trade Copier via Blueberry Markets
I’m going to explain to you how our daily trade suggestions on our membership site are making our clients profitable. Let’s talk about that and more, right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 424.
Lockdowns and how we can trade as normal
Coming to you from yet another lockdown in New Zealand. One of the great things with trading is whatever these governments are doing, clearly not working, trading from home it doesn’t really matter we can just carry on with our lives. It’s a great opportunity if you are stuck at home, obviously Australia’s in lockdown again right now and who knows what’s happening here because I don’t think anybody does, if you ever want to get to a stage where you can forget all that and just enjoy making a really good income from home, Forex is one of those few options that you have.
Follow us trading on the Daily chart trades
So let’s talk about the daily trades now. One of the issues that traders have when they start is they don’t know really what to do. They lack strategy, they lack confidence. The self-doubt. There’s not really a lot of people you can ask when you’re developing a strategy or even following someone else’s strategy. It becomes a problem, because you start doing things wrong, you start adding things or bringing in a bit of a system that you used to do. It just develops into a big mess, really. Self-doubt comes in and you start losing trades and you give up. You go through the whole cycle again. If you’ve been trading for anything length of time you know exactly what I mean.
Posting trades every day of the trading week
One of the things that we offer at The Forex Trading Coach, and have done so since 2010, is every day of the trading week, five days a week, we post specific trades based off the daily timeframe charts. Great thing about the daily timeframe charts is it gives us one, two, three trades a day most days. It also means it doesn’t matter where you live in the world, you can place the trades. It doesn’t matter what timezone, what work commitment, or anything. Whether you’re in lockdown or not in lockdown, you can place these trades. We’ve got clients in 98 countries, active clients in 98 countries, and no one has an issue because of the way that we place the trades using limit orders.
So one of the advantages of that is that you can go to your charts, you can see the trades that we’re placing based on our updates each day on our membership site. Now we talk about the specific pair that we’re trading, the direction that we’re trading, two or three sentences about why we’re taking that trade, plus the exact entry and exit levels. Now, it does a number of things. Obviously if we get that right, all the clients earn money. And that’s great. We’re placing the trades ourselves, and of course we aim to get profitable trades. But the other thing is, and it’s often an overlooked part of it, is that is training your eye to actually see the set up. And it’s in real time, so we’re not hindsight traders, we’re not economists. I’m not telling you what happened yesterday. We’re saying this is what we’re trading today and why and here are the entry and exit levels, which is of course what you learn in the course anyway. So that helps you to develop confidence.
August D1 trades at +12.1% in 3 weeks
To give you an example, if you’d taken the trades that we posted just in August, and here we are today on the 20th of August, just at 1% risk per trade, you’d be up 12.1% for a month. Now think about that. 12.1% for the month in three weeks on a live account that you’ve been trading, and all you’ve done is followed what we’ve done on one timeframe chart. So of course it’s going to give you confidence because you’re making money and that’s great. Your draw downs are absolute minimal, but also you’re learning to see the strategy. You’re learning to see the pattern. You’re learning to understand more about that and have confidence to see the pattern, see the trade, take the trade. And so that develops onto something else.
Client in Singapore takes 5x H2 chart trades and all 5 hit their profit targets
Now a prime example was an email I’ve just printed out, sorry it’s a screenshot, of the webinar that we had yesterday and it also mentions our forum site. And on here, we’ve got a client called Ryo over in Singapore. He said, “Hey Andrew, the Euro/Pound, US/Yen, and Pound/Yen two hour chart trades…” That by the way he posted on the forum site, “…Have hit profit. The Singapore Yen and the Pound/Franc not too far away.” Then he posted another update a little while later and goes, “Pound/Franc also hit the profit target and jackpot. Now all five have hit profit.” So that’s on the two hour charts. Using exactly the same strategy, exactly the same entry and exit criteria, exactly the same pattern, here’s a client taking five two hour chart trades by himself and they all hit profit.
So you can see the advantage of learning the strategy having someone to help you and the confidenc e that comes with that. It just all develops into an overall package that the person gets to understand. And it all comes back to the daily trades. Now of course we post monthly chart trades.
We post MN1, W1, D1 and other time frame chart trades
And by the way we’ve got five trades going behind me here on the monthly charts all in profit right now. We post weekly charts and we post offline charts when we see them happening as well on our membership site and on our forum site. Plus of course we take trades live on our live webinars. And other people, other clients like Ryo here, he’s posting some amazing trades as well by the way, he’s just doing so well. It’s really pleasing to see. But other clients are posting trades in real time when they see them on our forum site. So you put all that together and you’ve got such a massive choice of trades that you’re taking and profits are just incredible. So you can see how that works.
Trading at Blueberry Markets
Now, one other thing to mention… Now of course it’s all well and good having a strategy and knowing how to trade and having profitable trades. But you then need to find yourself a good broker to place your trades with and place your funds with. One of the brokers that I use and recommend are Blueberry Markets in Australia. Been with Blueberry Markets for years now. I speak to Ben Clay who’s one of their head guys probably once a week. I’ve met Dean Hyde over in Sydney back in those days. Remember those days when we were allowed to go on aeroplanes . We certainly can’t here, anyway. Hopefully where you are in the world you’ve actually got a bit of a normal life coming back again. But yeah over in Sydney a few years ago I met Dean. Good guys. He owns the company as well, by the way, which I think is a massive plus. It’s not one of those massive organisations where it’s completely impersonal. It’s completely the opposite; it’s very personal when you’re dealing with Blueberry, and I think that’s important as well. So you’re dealing with real people who understand the market, who own the company and I think that’s a big, big plus for Blueberry Markets.
Free access to Echo Trade Copier via Blueberry Markets
If you want to know more about the offer that Blueberry Markets are offering to give you access to our Echo Trade copier service for free, you’ve got until the 30th of August to jump on board with that offer. And they’ll credit you with the monthly fee for the Echo Trade copier service. I’ll put a link on here on this video and podcast for you to find out more. So once again, this is Andrew Mitchem here at The Forex Trading Coach. Don’t underestimate the power and the value both monetary and emotionally of following someone and doing that on a regular basis to help take your trading to the next level. If you’d like to find out more, have a look on our website theforextradingcoach.com, and we’re here to help. See you next week.
Episode Title: #424: Making Money from The Daily Chart Trades
#423: Preparation is the Key to Your Trading Success
In this video: 00:21 – Hard work and preparation pays off 01:47 – It’s the same in learning how to trade 01:59 – The planting of 1500 trees 02:43 – Trading on a demo account – the ups and the downs 04:05 – Once you’ve done the hard work, the rest is the easy part 04:30 – Daily trades up +11% gain in August, plus feedback from a new client 05:30 – Blueberry Markets will fund an annual subscription to Echo Trade Copier 06:50 – Sharing some of the tree planting images 07:46 – You must take action if you want to succeed 08:36 – Contact us if you really want to learn how to trade properly
Some preparation and some hard work up front are the keys to your Forex success. Let me share details with you and explain more right now.
Hey, traders, Andrew here with video and podcast number 423.
Hard work and preparation pays off
Brought you outside. I want to share a few things for you that are non-Forex related and then show you how they blend in and can help you with your trading. So here we are outside and little bit hard to see here, but over the last few months, myself and my wife, we’ve cleared one of our steep sidling gullies here. I’ll show you more in a minute with some more pictures. And this was just scrub. It was just utter rubbish, full of bramble, gos, really high, just full of utter rubbish. We’ve cleaned it out. We’ve cleared it. And over the last three weekends, myself and my wife, we have done all the hard work ourselves. We’re planted 1,500, that’s 1,500 plants here over the last three weeks. It’s been hard. It’s been dirty. It’s been wet. It’s been cold at times. The ground’s slippery, but we’ve done all the preparation. We cleared everything first. We did that boring groundwork. And when you’re doing that preparation, there’s not a lot of reward in it. There’s other things you’d rather be doing. Let’s face it. But the preparation is key. If you don’t get the preparation right, then all the subsequent work that you do with the planting, it’s pretty much wasted.
It’s the same in learning how to trade
And when you think about it, trading’s exactly the same. If you don’t do your groundwork, if you don’t learn something properly, if you don’t put the time and the dedication into it, then the rest of it’s pointless.
The planting of 1500 trees
We then moved on to the planting. Little bit more exciting when you’re doing the planting. You can actually see you’re making some progress and then we’re putting all these covers, to stop rabbits and everything else happening here. So the trees have a good chance of growing, good success rate. Let’s see in here. There’s heaps of them. There’s 1,500 of them here we put in. It’s basically restoration of gullies back into native plants, so it’s good for the birds, good for the environment, good for the land good for everything really. And it’s just totally useless land otherwise.
But the reason why sharing this with you is that once you get into the planting and the trees, you can something happening.
Trading on a demo account – the ups and the downs
And it’s a little bit like getting onto a demo account. You start to put things into practise, you can see some action. But the thing is, and I’m going to share with you some of the slopes that we’ve planted a little bit later, is this is again, this hard work, and you’ve got to do it properly. I’ve been slipping down this bank here being covered in mud, here getting rained on. Again, it’s hard work, but you’ve got to keep going if you want to get there. And if you really want that goal of trading properly, of seeing this grow, whatever it is, you’ve just got to keep going. It’s quite hard when you’re putting in 20, 30 plants and then you go back and pick up another hundred and then you see there’s hundreds more still sat there, ready to go. And you’ve got to do it all.
Like I said, myself and my wife, we’re putting in every single one of these. We’ve made all these cardboard coverings here. We put all those in as swell. Lots and lots of hard work and dedication. But if you get that right, and it’s the same with your demo account, you learn, you do your preparation, you learn on your demo and you get it right, then the rewards are massive. It’s like this. Give this a couple of years. and the rewards here will be` massive. This will just be this beautiful, incredible bush here.
And it’s the same in trading. It’s the same in trading that once you have done that prep work, that hard work.
Once you’ve done the hard work, the rest is the easy part
The rewards are massive. And the rewards long-term don’t require a lot of work. It’s like with my trading. I can trade in under 30 minutes a day. And it’s like this, once we’ve done this now, there is a little bit of work maintenance here and there. But 99% of it’s done now, it just needs to grow. And this is the same with your trading with your account. It just needs to grow once you know what you’re doing. Give you some examples here.
Daily trades up +11% gain in August, plus feedback from a new client
We’re up over 11% on our daily trades in August. And we’re not even through two weeks in August yet. I want to read this also from Billy Jo. Billy joined us a few weeks ago. She said that before she started trading, I was entering trades too late, moving my stop loss too quickly, or taking profits too early. I was having trouble putting everything together. I was making it too complicated. My confidence was becoming low. I was hesitant getting into trades for fear of losing.
Now, she’s been with us for a few weeks. For this month of August, I’m up 5%, which I’m really happy about. I’ve taken some of the trades suggested on the daily trades with the majority being winning trades. I’ve stuck to mainly daily in four hours and a couple of one hours. Really liking the rules, really liking the system, very easy to follow. Same thing. Do the work, join the course, get some support. It works. So just wanted to cover that one with you as well there.
Blueberry Markets will fund an annual subscription to Echo Trade Copier
One other thing before I show you around here. Been talking with Dean and Ben at Blueberry Markets, the broker in Australia. They’re going to fund for you in trade credit the equivalent of our Echo Trade Copier monthly fee. So if you want to have your account traded for free, basically copy our Echo Trade Copier account, let me know, and I can send you a link and I’ll put a link on next to this video and podcast for Blueberry Markets. There’s a special link. It’s $84 US a month covers the Echo Trade Copier fee.
Now, if you want the next three months or 12 months, depending on opening an account with Blueberry Markets, they will credit you that equivalent amount for the next three or 12 months, depending on the size of the account that you open with them. Couldn’t be easier. I was showing our clients last night an account that I personally got with the Echo Trade Copiers, been open for two months and it’s up just over 11%. You can have that same trades and same exactly the same ratio copied on your account, basically for free if you’re interested in opening a new account with Blueberry Markets. Like I said, I’ll put details here, let me know about it.
Sharing some of the tree planting images
I’m going to just going to stop now, turn the camera around and share with you some of the things that we’ve done.
So here’s another hill, as you can see up there, that is really steep. And as I said with the trading, lots of slipping, lots of up, lots of down, keep going. If I can scroll around here, this is what it was like. This is after it’s been killed. It was really, really high. All that was what this looked like. We’ve now cleared this out and made it beautiful. It’s going to grow absolutely magnificently, exactly the same as your trade-in account can do once you know what you’re doing.
And here’s some more of the plants, all coming in through here. So as you can imagine, give this a few years. This is just going to be absolutely magnificent. Really cannot wait to see the results of what we’re going to get here.
So I hope you’ve enjoyed having a look around here and seeing what we are trying to achieve with a bit of hard work, bit of dedication.
You must take action if you want to succeed
But one thing I want to finish on, you’ve got to take action. There’s people all around the world that protest about stuff, write things on Facebook and complain and moan about everything. Just take action. If you’re interested in things like the environment, no good moaning about it, just do something, go and plant some trees, go and help something, go and clean something up. To me, actions speak louder than words.
And it’s the same with trading. so many people think they’re just going to be this fantastic trader or they get stuck on, they’re fantastic on forums. Great advice or they’re stuck on demos and they’re frightened to go gone to a lot of trading. The reason is for that is because they just don’t take action and do things properly.
Contact us if you really want to learn how to trade properly
If you want to learn how to trade, come and find someone like ourselves at the Forex Trading Coach who do this properly, who teach people, who have got a track record, who have been doing this for years and we know what we’re doing. We know what works. We know how to help people. Just take action, whatever it is you do, because that’s the only way you’re going to get somewhere.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see this time next week. Bye for now.
Episode Title: #423: Preparation is the Key to Your Trading Success
In this video: 00:25 – You have a choice 01:37 – My choice 13 years ago 02:22 – Sharing some of our results with you 03:54 – Our choices helping traders each day 04:20 – Join us for 3 monthly split payments – a 2 day sale this week 04:47 – Who to choose as a broker?
Every second of your life, you have a choice, are you going to move forwards, move backwards, or stay the same? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 422.
You have a choice
And we’ll talk about an email that I’ve received this week from somebody who I follow and watch online. And the guy said in his email, he said, “look, you have a choice. Every time you wake up, you have a choice. You choose who to listen to for advice. When you’re young, you listen to your parents, your friends, your enemies even. You choose to hit the snooze button on your alarm. You choose to make a certain amount of money. You choose to be angry or you choose to be sad. You choose to basically do everything you like. And that’s the great thing, because we all have choices. We’re all different.
But the important thing is, if you want to get ahead, you’ve got to make those right choices. Because like I said at the beginning, do you want to stay where you are? Do you want to move backwards? Which a lot of people are doing, especially right now around the world. Or do you want to be like only the few and not be like the majority and move forward. And it doesn’t matter whether that moving forward could be a time freedom, it could be financial freedom, it could be just choosing to be happy. It could be all of them, but I really believe that if you know how to trade the Forex market correctly, you can certainly get all of those and more. And so, like I said, it’s all about choice.
My choice 13 years ago
And, for me, 13 years ago, one of the choices I made after I started to become profitable was I was going to create the world’s best Forex coaching course, and that was one of my goals.
I think we’re pretty close to that. You never stop learning. Everybody’s continually learning if you want to go forward, but we have something that works and has helped so many thousands of people. And that was one of my goals, and we continue to do that and we continue to love what we’re doing with our own trading and with our coaching. So there’s goals all over the place and there’s choices all over the place.
Sharing some of our results with you
Now, interestingly enough that what we have on here is that I wanted to share with you a few results from this week because some of the results are going to blow you away. This is just a printout from my daily trade suggestions on Wednesday of last week, the 4th of August. So on here, we posted two trades on the daily charts. One hit the profit target really quickly on the Euro-New Zealand dollar. The second one also made profit, but it took a little bit longer. But on this post on this day, I said to our clients on our forum site, we talked about trades and we posted these in real time, by the way.
Pound-Canadian on the 12 hour chart hit profit target. We had eight hour charts on the franc-yen, euro-Aussie, Pound-yen, Pound-New Zealand, and silver. Made huge profit on those. There was a four hour chart trade posted by one of our clients on the U.S.-franc. And I myself posted two trades, one on the Euro-Franc two hour and one New Zealand-franc two hour. Both again hit profit. And for the Wednesday itself, we posted two trades here. One on the six hours, one on the 12 hour, plus two on the daily. Now, not only that, on the Tuesday trades here, we had the Aussie-Canadian hit a 3.2:1 reward to risk end of day. Canadian-yen 2.5, euro-yen 2.1, and Pound-Aussie had two positions on there. The retracement order hit 2.9:1, made 2.9:1 in the market order, 2.3:1. It just shows what can be achieved there, and that’s achieved just in one day. And that’s what I mean about choices.
Our choices helping traders each day
Our choice is to help people, it’s to take those trades ourselves, of course, and our choice is to get up each day and to help people looking through the charts, taking our own trades, growing our own accounts, and helping thousands of traders right around the world. And so that’s our choice and that’s what we choose to do and why we do it, we love it. Now, following on from that, a few more things.
Join us for 3 monthly split payments – a 2 day sale this week
This week coming, I’m going to be doing something I’ve never done before. I’m going to be holding a sale for two days and I’m going to give you the opportunity to join us on split payments. Three monthly split payments, never done that. Not three individual monthly split payments. And you can join straight away after just one payment to get the full course, get into it, get learning, get taking trades like that, and then that’ll pay for your second and third payment. So that’s a choice there.
Who to choose as a broker?
And lastly, a choice about where to put your money in and where to trade. And so when it comes to brokers, I’ve tried many brokers over my, what, now nearly 17 years of trading. And so choices of brokers, it’s, it’s up to the individual to do their own due diligence, of course, and to decide what works for you. But if you’re after a broker who I use and I’ve used pretty much since they started and I’ve sent hundreds and hundreds of people to as a recommendation, never get any issues, never get any problems, just get positive feedback from the trading point of view, and especially the service point of view that’s Blueberry Markets over in Australia. You can open accounts in various denominations, such as Australian dollars, New Zealand, U.S., yen, Canadian, euros, pounds. I believe everything regulated within Australia.
I’ve met Dean, who’s the owner of a Blueberry, in Sydney a few years ago, talked to Ben Clay quite regularly on Zoom, and they’re just a good bunch of guys. Good, honest guys. It’s hard to find that in the Forex market these days. There’s a lot of companies out there all the time just after your money just offering you crazy, crazy things, but you try getting your money back, if you make some money, see how hard that is with a lot of those brokers. Blueberry Markets, every time I go to withdraw funds, I do it online, I do it on my login. Next day, even though it’s an overseas transaction, it’s there in my account. So good spreads, fantastic people, good service, Blueberry Markets. If you’re looking for a good broker, I highly recommend them. Again, a choice. You have choices everywhere. You can go to whichever broker you like, but it’s one that you should seriously consider if you’re looking for a good broker in the Forex market.
So I hope that helps. This is Andrew Mitchem here, outside enjoying the beautiful winter weather here. Not bad for the middle of winter here in New Zealand, a glorious day. Make some choices and make sure you take that choice to go forward. It’s worth it. It’s good. See you next time. Bye for now.
In this video: 00:27 – When should I trade? 00:51 – How I used to trade many years ago 01:27 – Do what works for you 02:35 – Some examples of when I trade 04:00 – This makes trading enjoyable 04:13 – Where to put your funds and why I use Blueberry Markets 05:22 – How and where to trade 05:44 – Share and like this video and podcast
How do you know when to look at your charts and when you should and should not be trading? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem at The Forex Trading Coach with video and podcast number 421.
When should I trade?
I want to talk about a very important topic. I get asked this very often, and it’s all about when should I trade. Now of course, the answer for you will be different to someone else; it depends where you live in the world, what your available time is, what type of trader you are. There’s lots and lots of variables. But I want to give you some examples and hopefully help you to decide when the best time is for you. I’ll share with you when I trade myself.
How I used to trade many years ago
So years ago, I used to be looking at the charts all the time, looking at every pip movement up and down on five minute charts, one minute charts. All that crazy kind of stuff. And then I got into news trading and I thought that’s going to be the way to trade. But living in New Zealand, most of the news announcements were in my night time or early hours of the morning. So I was getting up at like 2:00, 3:00, 4:00 in the morning and looking for straddle trades, trading US news announcements. Of course it didn’t work. But it had some merit and some logic, well I thought it had merit and logic at the time.
Do what works for you
So it comes back to you have to develop something that works for you and it has to be realistic. And that’s why some 17 years later I’m still trading, because although I went through that experimental stage early on, I then very soon discovered that if I’m going to trade properly and I’m going to do this properly and I’m going to do this professionally, I need to do something that works. So for that reason, I then started to understand candle patterns and strength and weakness analysis. And when you understand candles, what you realise is there is no point in looking at a candle when it’s mid-formation. So what I mean by that is I only look at a candle and make a decision on whether I’m taking a new trade or not once that candle has closed and completed. Because then nothing else moves. Then you can make your analysis. A lot of benefits to that. Less stress, you know when to look at your charts, and if you trade the way that I trade using retracement limit orders you don’t even need to be there at that exact time when the candle changes.
Some examples of when I trade
So to give you some examples: the daily candle will close and the new day opens at 5:00 PM New York time. That’s Eastern Standard time. At that time, I personally look at the daily charts because that’s when I write my analysis. And I also at that stage look at the four hour charts, the six hour, the eight hour, and the 12 hour charts. So I can look through those five different timeframe charts, it takes me 10-15 minutes to do all of that once a day. And of course at the beginning of each week you can look at the weekly charts, scan through those in five-10 minutes. The beginning of each month, you can do exactly the same on the monthly charts. So you only need to do the monthly charts once in a month. Very, very easy. The weekly charts once a week. Very easy.
And then it depends on your available time. So for me personally, I might look at the close of a six hour chart during the day just once, and then the eight hour chart just once if I’m available. And then for me personally, I then look at the 5:00 AM New York changeover, where I can look at the 12 hour, the six hour, the four hour, and because that’s also the European session with a bit more activity, I look at the two hour and the one hour charts as well.
But all up, I can do all of that easily in under 30 minutes per day. It’s knowing when to look. If you’re not there, it doesn’t matter because the way that we trade uses retracement orders. You don’t have to be there stressing about being there at that exact time.
This makes trading enjoyable
So it makes life easy. It makes it very controllable emotionally. You know when to be at your charts, when not to be, and it makes planning very easy. So that’s how you do the trading.
Where to put your funds and why I use Blueberry Markets
The next thing you need to know is okay, so you know how to trade or you’re developing a strategy that works nicely. It’s where do you put your funds? I think that’s also a very important point. Now I’ve been with Blueberry Markets for a lot of years now. I find that their service is exceptional and unlike any other broker I’ve ever dealt with ever. Their service is exceptional, their spreads are very, very good. Their level of customer service is just absolute top-notch. Their platform’s great. They’re based in Australia. You can open accounts in various currencies. They’re ASIC regulated within Australia. There is so much going for Blueberry Markets. Now you look online; there are just brokers everywhere. There’s still brokers popping up all the time. My email behind me here gets inundated daily with different brokers asking me to promote them. I don’t promote any of them. I only promote the brokers who I use, and I can tell you without doubt Blueberry Markets are one of the very, very best brokers. Without doubt, you won’t beat their customer service. It is exceptional.
How and where to trade
So if you want to know more about how to trade, come and talk to me. Find details on my website. If you want to know where to trade, I highly suggest you consider looking at Blueberry Markets. And to help you out I’ll put a link to Blueberry Markets on this video and podcast post. So hope that helps. This is Andrew Mitchem here at The Forex Trading Coach.
Share and like this video and podcast
Feel free to share this video, this podcast, with anybody who you think may be interested in learning how to trade properly and future-proof themselves and look after their financial future. And I’ll see you this time next week. Bye for now.
#420: Have You Received Your Inflation Bonus Yet?
Jul 25, 2021
Have You Received Your Inflation Bonus Yet?
Podcast:
#420: Have You Received Your Inflation Bonus Yet?
In this video: 00:25 – Inflation is about to take off 00:56 – Why is inflation rising and what does that mean for you? 02:14 – Do you have a 4% pay increase? 02:36 – What can you do about this? 03:03 – Look at our recent Monthly chart trade results 03:45 – Our +5.5% gain from just 3 trades 04:11 – Talk to us
Have you received your inflation bonus yet? If you haven’t, you need to start asking for one. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 420.
Inflation is about to take off
Now every way you look, everywhere you read right now everybody is talking about how inflation is going to go crazy all throughout the world. Certainly here in New Zealand, that is the case. Our annual inflation has just risen, released last week, 3.3%. The highest in over a decade.
In the UK, I was reading that they are projecting within a few months their inflation to be up to a 4% massive, massive inflation. Why is that happening?
Why is inflation rising and what does that mean for you?
Well, just look at what’s happening around the world with even here in New Zealand, just a shortage of good labour, good staff is a big, big shortage problem. There’s a shortage of materials, there’s a shortage of food being picked because of the shortage of staff, and it’s all to do with obviously COVID and the knock-on effects of that.
You look at what we’re doing right here. We cannot get enough people into the country. They’re not letting people into the country to come here and work, and as a result of that we’re seeing food wasted. There’s food through orchards and cropping all over the place that’s just wasted. It’s absolutely criminal. What’s happening with that is the food is getting more and more expensive, and there’s all this wastage all over the place, because orchardists, et cetera, cannot pick.
Same with housing, you cannot find a builder. They’re so rare at the moment, because everybody’s tied up doing work. So therefore if you want to build it, you have to pay stupid money for it. There’s a lack of product coming into the country, so therefore there’s a lack of material and therefore the price goes up, because if you want it, you have to pay for it. Supply and demand, simple economics.
So, that’s what’s happening here. It’s probably going to be happening exactly where you are and it’s happening right around the world, or shortly will be if it’s not already doing so.
Do you have a 4% pay increase?
So, what does that mean for you? Well, if you’re in the UK, that means if you don’t have a 4% rise in your income, you’re effectively going backwards. Here in New Zealand if you don’t have a 3.3% rise in your income from this time last year, you are going backwards. The cost of living is getting higher and higher and probably for most people wages are not keeping up.
What can you do about this?
So, that brings me back to trading and why I trade and why I suggest that most people, if you have that interest, you should at least put some of your investment through trading the Forex market, but of course only if you know what you are doing. I want to give you three examples of three trades that we’ve taken on our membership site, because people say to me all the time, “Look, I don’t have time. I’ve got jobs to do, family, et cetera.”
Well, that’s fine, so do most people.
Look at our recent Monthly chart trade results
The reality is why don’t you have a look at what we’ve posted on our monthly charts? We have two trades closed on July’s monthly charts already. The Australian dollar, US dollar made a four to one reward to risk, the US Canadian made a four to one reward to risk. Two fantastic trades. We’ve also this week had a trade from June’s monthly chart trades on the Euro Australian dollar that made a three to one reward to risk.
All put on our membership site. The three trades would have taken you less than two minutes to have placed, and that’s it. Absolute no-brainer. They’re all on our membership site anyway for people to follow and copy.
Our +5.5% gain from just 3 trades
Those three trades alone with only half of 1% risk per trade, very, very tiny, would have made you a 5.5% gain on your account from just those three trades. 5.5%, three trades, two minute’s work, or if you got your 4% wage increase because of inflation. It makes you think, doesn’t it?
I know which way I’m going, I’m going trading every day.
Talk to us
If you would like to take advantage of these conditions and what we do, what we teach with our high reward to risk low risk strategy, come and talk to us. We’re here at The Forex Trading Coach, and this is what we do, this is why we help people, that’s what we achieve. I’ll see you this time next week. Bye for now.
Episode Title: #420: Have You Received Your Inflation Bonus Yet?
#419: Trade When the Conditions are Right
Jul 11, 2021
Trade When the Conditions are Right
Podcast:
#419: Trade When the Conditions are Right
In this video: 00:23 – Knowing when to trade 00:48 – Why I trade candle patterns 01:42 – Don’t trade if the market is flat 02:39 – Look at this week’s trading charts 03:15 – Our results from this week 04:40 – Get onto one of my weekly webinars
When conditions are right, get trading, make profit, and enjoy it. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 419.
Knowing when to trade
Now, trading conditions are hard to judge; it’s hard to know what kind of conditions we’re in right now. But one of the hard things I think people find with trading is they struggle with waiting and they struggle with being impatient. People just really want to take trades all the time because they think that’s what they have to do. For me, there’s a few easy ways around this.
Why I trade candle patterns
For me, it’s why I look at candle patterns. Because a candle pattern will tell me if it’s in the right part of the chart whether I have a suitable trading opportunity or not. It’s why I only look at my charts two or three times a day on the close of candles. I’m not there being impatient feeling that because I’m at my computer and I’m at the mouse and I feel I have to keep clicking. You know, you’ve got to get away from that impatience that people have with trading.
Unfortunately I see it all the time that people just take too many trades, and there’s a big, big problem. And you can see why; it’s exciting to trade and you want to trade so therefore you trade. But always look at the conditions. It’s why I look at round numbers. It’s why I look at room for moving to my profit target, it’s why I look at different timeframe charts as well. It’s why I assess strength and weakness. So I’m giving myself a high probability chance of a successful trade.
Don’t trade if the market is flat
Now, if the market’s flat and if the market’s not showing anything, I simply move on. I come back and look again later when the next candle closes. But if there’s nothing there, don’t take anything. Don’t just pay your broker lots of spreads and probably in taking losing trades. Because it’s so hard to climb back from that. You’ve got to have profitable trades that outdo your losses plus make some more and so that’s a real hard part of trading for so many people.
You can always find a trade if you go down to a shorter timeframe chart. You’re looking at real short timeframe scalping kind of positions. But that’s not what most people are about, and it’s not enjoyable for me, certainly. I don’t think it’s an enjoyable way to trade. You’re far better off being patient and looking a few times a day and then taking a trade with high reward to risk. Not this stressful feeling that you’ve got to watch every pip move up and down situation.
So when trading conditions are not there, they’re not right, don’t trade.
Look at this week’s trading charts
However, have a look at this week’s charts. Now Friday of last week was the US monthly employment data, so things were pretty quiet. Monday was Independence Day in America, so things were pretty quiet. But then Tuesday, Wednesday, Thursday we’ve seen some exceptional conditions. So just four days into the week so far as I’m recording this right now on my Friday morning, we have had some great trades. If the market is showing the conditions, you see the trade, you take the trade, you profit from it. Because that’s what you have to do when the market is giving you these opportunities.
Our results from this week
To share with you some trades from just this week my daily chart trades on our membership site – don’t forget all these trades are just with half a percent total risk per trade, very, very small risk – we’re up 2.8% on closed trades on our daily chart trades that have been published trades for our members to follow. I’m up 2% on our monthly trades that are still open right now, taken at the beginning of July. I’m up 2.2% on all other timeframe charts that I’ve taken myself this week. And our Pattern Trader software, our auto bot software, and also our Trade Copier service called Echo Trade Copier, is currently up 1.6% for this week so far.
So you put all that together and you think, well we’re only four days into the week when I’m recording this and Monday was a public holiday in America, so that meant most of Monday and part of Tuesday was not much happening anyway. Put all that together, and you can see that when the trading conditions are good, you see the trade, you take the trade, you profit from the trades and like I said at the beginning you enjoy it. Because you’ve rewarded yourself by being patient when market conditions were not there, you’ve been very profitable when the conditions are there. That’s how you trade. That’s the psychological aspect about it. You’ve got to be patient when it’s time to be patient, and when it’s time to take trade you’ve got to get in there and take those trades.
I hope this helps. This is Andrew Mitchem at The Forex Trading Coach.
Get onto one of my weekly webinars
By the way, if you’ve not been on one of my webinars make sure you jump on one. We hold webinars each week and you can also get an on-demand webinar recording as well. Especially for new traders, there’s one type of webinar if you’re brand new or relatively new to trading, jump on that webinar. If you’re more experienced then jump on the webinar for what I call the Frustrated Traders, for people that have been there, tried it, it’s just not working, they’re ready to give up. If that’s you, jump on that more frustrated trader webinar and I’ll give you some helpful tips and information, depending on whether you’re new or been there for a while and frustrated. I’ll put links to both of those webinars on this page somewhere so you can find them as well.
Have a great rest of the week. I’ll see you this time next week. I hope that was helpful, bye for now.
Episode Title: #419: Trade When the Conditions are Right
#418: Incredible Returns from Our Trading Bots
Jul 04, 2021
Incredible Returns from Our Trading Bots
Podcast:
#418: Incredible Returns from Our Trading Bots
In this video: 00:27 – TFTC Pattern Trader Updates 01:13 – Updates coming in August 01:59 – Our top bot traders 03:18 – 2 weeks free trial available 03:30 – Traders making great returns and enjoying knowing how to trade 04:17 – My trading blend of manual and auto trading
I’m going to give you some updates from our TFTC Pattern Trader software, and also talk about some very happy coaching clients.
Let’s get into that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 418.
TFTC Pattern Trader Updates
Now, I want to give you an update, first of all, regarding our amazing bot trading software called TFTC Pattern Trader.
I’ll put a link to it on this page, so you can go and get yourself a free two-week trial to that software.
Now, the software basically allows you to create different trading robots using my strategy across different timeframe charts with different criteria, and allows you to back test those trades, and also, then, when you’ve created a portfolio of bots that you like, to take those trades on a live account, that you have your MT4 account built into the software.
So you don’t need any extra VPS. You don’t need any expert advisors, you don’t need anything like that. It’s all integrated together.
Updates coming in August
Now, in early August, we will be having some new updates and upgrades to the system. It’s already incredibly amazing.
It’s going to get even better. We’re going to have new functions, like the ability to forward test, as well as just back test, which is going to be a massive improvement yet further.
We’re going to also have the ability for people to fine tune different indicators on different timeframe charts, plus you’d have the ability to use the built in virtual server and built in virtual account to have it in different currency denominations and start at different account sizes, to make it realistic, to see what returns the bots would have created, and back test and then forward test and then going into live trading.
Our top bot traders
Now, just to give you some examples, our top 20 leaderboards, that’s the top 20 returns from people using the software already, all 20 of those people have made actual returns of over 20%.
Now, they’ve been using it for different lengths of time, but the top person right now is at 76% gain from their bots.
Now, don’t forget that they’ve created these bots using a simple strategy, simple to do, and they’re running this on live accounts, and they’ve made 76%, all with low drawdown as well.
And the top annualised return, so, this person hasn’t made this yet, but they’re projected to, according to their current figures, they’re up to make 221% gain on their account in 12 months, according to where they are so far, with their actual live account returns.
Quite amazing returns when you think about that, and don’t forget, it’s all automated, or you can manually opt to take trades or not via Telegram when you simply get the trade sent through to you, you can see the trade and you decide yes or no on Telegram app, and it automatically places the trade there onto your trading account, or it can be completely, 100% automated.
So it’s quite amazing returns that people are getting there.
2 weeks free trial available
As I said, there’s a two week free trial that we can give you to the basic version of the software. Just go to TFTCpatterntrader.com. And as mentioned, I’ll put a link on this post, as well.
Traders making great returns and enjoying knowing how to trade
Now, last thing I want to comment about is, two clients last night on my webinar, John, over in the UK said, “Thanks for the webinar. Great as normal, I’m learning a lot, and hopefully on my way to consistency after so many years of trying.”
John’s just been with us for about a month and just changing his trading around, some of the comments that he sent through were just amazing about how he’s finally now starting to understand what it is he needs to look for within his trading, and Sean, who is from here in New Zealand, Sean said, “The course is amazing. I’ve learned more through the webinars and the forum, which definitely complements the course. I highly recommend it.” And for June, he made over 6% percent on his account gain.
So, just shows what’s happening.
My trading blend of manual and auto trading
So, for me, the answer for trading going forward, is to have some manual trading, and some bot trading, some automated trading.
And our bot trading is still working on my trading strategy, but it just frees you up even more time and takes even more emotion out of things.
So, look, if you want to know about the coaching course, have a look at theforextradingcoach.com.
If you want to know about our pattern trader software, which really is the best automated trading software out there anywhere… I’m not just saying that because we’ve developed it, and helped create it. I’m saying that because I genuinely believe it. It’s like nothing else out there.
Have a look at TFTCpatterntrader.com. Any questions, send me an email andrew@theforextradingcoach.com, or leave an email or comment on this post.
If you’re on YouTube, leave a comment. Don’t forget to share and like the video, send it through to any friends you may have who are interested in making some great returns through the Forex market.
Once again, this is Andrew Mitchem here at The Forex Trading Coach. I’ll see this time next week. Bye for now.
Episode Title: #418: Incredible Returns from Our Trading Bots
In this video: 00:22 – Crypto currencies or Forex? 00:45 – The advantage of Forex 01:39 – Bitcoin crashes 50% in 2 months 02:53 – Emotions when trading live 03:49 – Forex is the clear winner
Are cryptos a good investment? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with the video and podcast number 417.
Crypto currencies or Forex?
Now there’s obviously a lot of talk and a lot of speculation around right now, about cryptocurrencies, and are they a better way of trading than trading the traditional forex market? And with all these new things, everybody thinks that the next thing’s the best thing, but for me, there are so many reasons why trading forex is so much better than trading cryptos.
The advantage of Forex
To start with, forex is stable. It’s been around for years and years now. It’s stable. You can trade it fundamentally. So you can look at world events, news items. You can trade it technically, you can look at your charts. You can trade it with a combination of both. As you know, I’m a technical trader in the forex market, and so what I see on the charts tells me what’s likely to be happening and where I can put my entry and stop loss and profit targets, et cetera, to gain my low risk, high reward trades that we trade.
And so for me, that’s a huge advantage, and world events move the forex market. And you only need to know about eight different currencies, the main currencies, and that’s it. So there’s a lot of advantage there. You’ve got stop loss protection, you can trade different timeframe charts, you know exactly when to look at your charts, et cetera. So all those benefits that you just do not get in the crypto currencies.
Bitcoin crashes 50% in 2 months
Take Bitcoin for example. Just two months ago, Bitcoin almost got to 65,000 US dollars for one Bitcoin. Today, two months later, right now it’s at 33,000. That’s almost a 50% drop in the value of Bitcoin. And that’s something you just do not get in the currency markets. You imagine if you went out there and just bought a Bitcoin and paid nearly 66,000 US dollars or 65,000 US dollars, and today it’s half that value. That’s clearly not good.
But the thing is, how do you trade that? And the beauty of the forex market is you can trade the forex market and you’re in and out of trades relatively quickly, depending on what type of trader you are within a few minutes, a few hours, a few days sometimes, the odd time a week or so. But you’re in and out of that market without those big gaps and those big gaps up, big gaps down and all of a sudden your Bitcoin’s gone from 33,000 down to 25 or maybe 33 up to 38 or something. Big gaps up and down are very, very dangerous emotionally. And you cannot really put stop losses in place, and it’s really hard to control what’s happening when you get those gaps.
Emotions when trading live
So to me, you’ve got to remember that when you trade live, anything live, it’s very, very different. The whole could’ve, would’ve, should’ve scenario, all sounds great in hindsight, “Oh, I should have bought Bitcoin when it was $2,000 and then I should have sold it at 65,000.” But thing is, did you really do that? And so when it comes to real money, it’s a lot harder than the would’ve, could’ve, should’ve theory, because it’s real. It’s real money. It’s your hard earned cash. It’s an investment. You’ve got to make a decision and you’ve got to stand by that decision as your cryptocurrency right now, over the last two months has just done nothing but drop. When you get out, do you lose money? Do you accept a loss? All those things, really, really difficult when it comes to real money.
So theory of cryptos, absolutely fantastic in theory, of all these different ideas and different currencies coming out.
Forex is the clear winner
The reality is, if you want a good, safe, steady return with a good investment proven market, absolutely the forex market without doubt wins completely and utterly in my opinion.
I hope that helps. So again, difference between theory and reality. It’s a big one when it comes to actually putting your money, putting your neck on the line.
I’ll see you this time next week. Bye for now.
Episode Title: #417: Are Cryptos a Good Investment?
In this video: 00:31 – Feedback from our live weekly webinar 01:23 – How to achieve time freedom 02:00 – I look at the charts twice a day 03:04 – The beauty of trading Forex 03:27 – Commit to learn at the beginning 04:14 – 2 trades taken live on our webinar 04:36 – How to take the next step
Time freedom. It’s something everybody is searching for. Let me share with you now how Forex Trading can help you achieve the time freedom that you’re looking for.
Hey traders, it’s Andrew Mitchem here at the Forex Trading coach with video and podcast number 416. And I want to talk about time freedom on today’s video and podcast.
Feedback from our live weekly webinar
But first, I just want to share with you an email that I’ve received from a new client who attended my live webinar just last night. And by the way, I took two trades on the one-hour chart and the two-hour chart. Both were profitable on the webinar, made our clients a lot of money.
Received this from John. “Hi, Andrew. I’ve been in many live sessions over the last few years. In fact, hundreds from … Won’t read the company name out, but a well-known Forex course.
And today, with you was by far the best. It was simply sensational. It looks like after so many years of frustrations, dead ends false starts and false dawns. I’ve found the right organisation and mentor,
and it comes as a relief having thrown in the towel a while ago exhausted and depressed” that’s from John. So just wanted to read that out for you. It’s just recently been received.
How to achieve time freedom
So back to time freedom. We all have the same time. It doesn’t matter where you live in the world, how old you are, how much money you’ve got, whether you’re male, female, what your job is, it does not matter. Everybody has the same amount of time and it’s how we use it that is the most important thing. And I want to share with you why I believe that once you can understand trading and once you’ve trade properly, how it’s more than just like the monetary side of things that is important. It’s the time side of it, it’s the freedom that it provides.
I look at the charts twice a day
For me personally, I commit to looking at the charts twice a day. If I do that, I can trade full time, look through ample charts and make some great returns. And so what that allows me to do is to choose what I do the rest of the day, whether that be something that wants to be freed up time for you know, you might want sort of more time for either other work. You might want it for sports, recreational, family, whatever it is you do. I live on 11 acres here, it takes quite a bit of looking after you know, we do all this ourselves, myself and my wife.
So I need time to go and do those type of things. I fly a helicopter, you know that takes time and commitment for learning and training and actually doing the fly. So I like to do that. I like to play sports, we’ve got five children, you know it takes time to do all the running around for kids. Being the taxi service, the mum and dad, taxi service for children and all and commitments and schoolwork and all those types of things. So all takes time out of your day.
The beauty of trading Forex
And the beauty of trading is that because I know when to look at the charts and for me, it’s 5:00 AM and 5:00 PM, New York time. And that’s the only time I look at my charts.
I know what free time I have during the rest of the day and night to decide on what to do. And so that to me is one of the benefits.
Commit to learn at the beginning
Now, of course, when you start trading, you’ve got to commit to extra things like John with the webinar there, he’s on the webinar for two hours yesterday as were a lot of our clients. And yes, you need to commit because that’s like educational. That’s building up your knowledge in real time to get that stage where you can trade either sort of part-time if you want to or full time, some people get to that full-time stage and that’s when you really make that true financial and time freedom break.
And you know, obviously not a lot of people get there, but it takes time and dedication. You’ve got to start somewhere. So exactly like John, jump onto something that works, jump onto something that’s proven. And with people who are actually trading live.
2 trades taken live on our webinar
Like I said, I took two trades on my live account in front of our clients. They were taken on the webinar and by the time we’d finished the webinar, they both hit profit. You know, people could take those trades follow along with that in real time and profit from those positions that we took, there is no better way to learn than to follow someone in real time with their trading.
How to take the next step
If you’d like to know more, just reply to us or send us an email, Andrew at theforextradingcoach.com or find my details on our website. We look forward to helping you to gain more time freedom in your life. Bye for now.
In this video: 00:23 – 2 announcements to inform you about 00:39 – Our new traders app 02:02 – The next FX Insiders webinar 03:20 – Recap of the 2 announcements this week
We’ve just launched our first ever trader’s app. Let me show you how you can get a copy right now.
Hey traders, Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 415.
2 announcements to inform you about
Got two very important announcements to make for you today. First one is about our new trader’s app, and the second one is about a live webinar that I’ll be holding this week and I’d love you to attend that because you’re going to learn so much from it.
Our new traders app
So number one, our new trader’s app. We have launched our first ever trader’s app for the public to gain access to the free information that we post each day on our website. But it’s just going to be available for you nice and conveniently straight through to our app. Right now it’s only available on the IOS or Apple App Store, but very shortly we’ll have it available for Google and Android. So all you need to do is search up the Forex Trading Coach Mobile, I’ll put a link on this video and podcast about it.
Now really cool app, very easy to use. It sends you a link to the updated daily free information where I publish the strengths and weaknesses of currencies each day and different currency pairs where I’m looking for them to predominantly look for buy-trades or sell-trades for that day.
That information comes through to you on the app now. You can also get access to all of my now 415 videos and podcast, the weekly videos just like this one. You can register for one of my webinars that I hold for new traders or experienced traders each week. You can also register for our ebook or our lot-size calculator that works on MT4 or MT5. So that’s the app. Have a look on the App Store and look on the link that I’ll put on this podcast and video.
The next FX Insiders webinar
That’s the first thing. The second one: on Wednesday the 16th at 7:00 AM my time here in New Zealand, which could be your Tuesday so have a look depending on where you live in the world, it could be your Tuesday, it could be early hours of Wednesday. There’s a link on the page that I’m going to give you anyway to register for my next Forex Insider’s Webinar. Got a lot of people already registered. We do have to put a restriction on it because it’s a live session.
But it’s going to be a really good webinar. It’s going to be about how you can increase and boost your profits plus also save yourself time by using our clever way of using retracement orders and limit orders to enter into trades. So it definitely will boost your profits, it will increase your reward-to-risk of your trades, and it saves you time because you don’t need to be there at the time that the price gets to your entry level.
So I’d love to share with you some more information about how we do that and how that can help benefit you. So there will be a link on here; make sure you register for it. Like I said, limited spaces. It’s a live webinar. Make sure you jump on it and take advantage of that information that we are sharing with you.
Recap of the 2 announcements this week
So two things: number one, if you are on the Apple phone IOS get a copy of our new app. If you’re on Android just got to wait a tiny bit longer but it’s coming. Point number two, make sure you register for the webinar that I’m going to be holding this week and get the start time correct in your local start time.
If you’re in the US, it’s going to be your Tuesday sort of afternoon/evening time. If you’re in Europe, it’s going to be your Tuesday evening also. If you’re in Australia, it’s going to be early on your Wednesday morning and 7:00 here in New Zealand start time.
So I look forward to sharing with you how you can boost your profits, save time, increase your reward-to-risk on that webinar. Hope that helps, I’ll see you this time next week. Bye for now.
Episode Title: #415: Get a copy of our Traders App
In this video: 00:23 – Keep it real 01:04 – We fail to recognise the effort required to succeed 01:32 – A trading example 03:22 – You need to understand the market 04:42 – You need dedication and hard work
As a Forex trader, you need to learn to get real. Let me explain more right now.
Hey, traders, Andrew here at the Forex Trading Coach with video and podcast number 414.
Keep it real
Now, this is going to be all about getting real, keeping it real with your expectations. So, what we see online is everybody’s success. We see lots of money being made in trading. If we’re into sports, we see great sports men, great sports women out there having success, scoring the runs, taking the wickets in their cricket, winning grand slams in tennis, scoring tries in rugby, scoring the goals in soccer.
With musicians, we see the great guitarists, the amazing singers, the drummer, all those type of things. We all see their success and we go, “Wow, wouldn’t it be amazing too?”
We fail to recognise the effort required to succeed
But the problem is, is we don’t see the hard work, the blood, sweat, tears, the dedications, their failures, their commitments behind the scenes to get to that level of success. Trading is no different. Trading does take work, dedication, commitment to learn how to do this properly. It is no different from being a fantastic singer or tennis player or whatever it is that you follow.
A trading example
A great example of that was something that I got sent just yesterday. Someone sent me a link to this Expert Advisor, so this robot that trades gold. I looked at it briefly and I thought, “That looks okay,” and it had some quite good success. It was up 22% by taking these buy trades automatically on gold. Now this morning my time, which is now Friday, the 4th of June, gold has crashed. It’s dropped quite a lot overnight, had a big fall. Biggest fall it’s had in quite a long time. I looked at the results of this Expert Advisor this morning, it’s now on its equity at 3.4% from mid-20s just yesterday. So, it’s had about a 19% drawdown just today.
Now the reality is, is you cannot absorb that, and so unfortunately most people won’t see that, they’ll just see it as … they won’t see it’s an equity drawdown, and so they won’t understand what they’re looking for. So they think they can pay their $200 and off they go and this thing’s going to magically trade for them, but there’s no work involved in that, there’s no understanding involved in that. That’s the downside when you make things too easy.
So I just wanted to highlight that, because I’ve seen it just an hour ago. Looked at the updated results and it’s crashed. So, the problem is with that is they are not understanding the basic principles of trading, they’re not understanding controlled risk, because those trades on that Expert Advisor, they’re still open. If gold crashes again today and next week when you’re watching this video, that 19% drawdown could be 20%, 30%, 40% drawdown, who knows. That’s the problem when you don’t know what you’re doing or you’re relying on someone else and you don’t know how their system works.
You need to understand the market
So, the whole let’s get real thing, you’ve got to understand the market. Now to be perfectly honest, we’ve had a pretty tough last few weeks on most of our charts. The market has not been kind to us, but we have very low controlled drawdowns and we have low-risk on our trades. We’ve seen personally the longer timeframes, the weekly and the monthly charts and the short timeframes, the one, two hour charts, four hour charts had some great trades on those, but in between, the six, eight, 12 hour charts and the daily charts have not been that good in the last few weeks, but we’re real about that.
Not every trade will be profitable, not every week will be profitable. Sometimes you may even get a month that’s not profitable, but you have to be real, you have to have those expectations of that could happen. But the difference with the way that we trade, because with good traders and we understand risk and reward and low-risk portrayed, and the way that we teach, is that if we have a few weeks that are not so good, our drawdowns are tiny. We’re not going to suddenly lose this Expert Advisor 19% overnight, you cannot absorb that. So, the let’s get real thing is that trades will not always work, you have to be real about that.
You need dedication and hard work
The dedication and the hard work and the commitment is real. You can’t just buy something for 200 bucks, stick it on a virtual server and expect it to work miracles, that’s not real. So understanding how to trade is the reality, understanding the commitment. I held a webinar yesterday for two hours, it ended up being two and a half hours. I can’t say everybody, but almost everybody stayed on that webinar the whole two and a half hours, because they had the time, the dedication, the commitment to learn.
We took some webinar trades to our charts yesterday and they did really, really well. So being real, turning up, attending webinars. With our course, being on our forums site, viewing our daily trades each day, putting a little bit of time and effort into your trading, especially upfront when you’re learning is the get real bit. Sure, once you know what you’re doing, you can trade in 10, 20 minutes a day going forward, but you have to expect and accept that some effort is required upfront.
So get real in your trading, expect some losses from time to time. Don’t expect miracles, expect to put some effort in, but then get real and expect some great returns.
This is Andrew Mitchem at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#413: How to Increase the Reward:Risk of Your Trades
May 30, 2021
How to Increase the Reward:Risk of Your Trades
Podcast:
#413: How to Increase the Reward:Risk of Your Trades
In this video: 00:29 – An easy technique which will increase your profits 00:53 – Most traders focus only on Win Rates 01:52 – How do you achieve high R:R trades? 02:24 – Using Limit Orders 03:49 – A real time example from the USD/JPY D1 chart 05:23 – A lower win rate but make massive gains 05:44 – My June FX Insiders Webinar – email me if you’d like to join me
I’m going to explain to you how you can increase the reward to risk of your trades by using limit orders. It’s a very important part of your trading success. Let’s get into that and more right now.
Hey, traders, Andrew here at the Forex Trading Coach with video and podcast number 413.
An easy technique which will increase your profits
Now I want to explain to you a very easy technique to increase the reward to risk of your trades, and by increasing the reward to risk of your trades, that is a massive step forward for you to become a profitable Forex trader. Now, when people start trading, they probably don’t value how important that is.
Most traders focus only on Win Rates
Most people seem to think about win rates and I get emails all the time saying, “Hey Andrew, what’s your win rate.” Or, “If I took daily charts, what’s your win rate or one hour charts does that increase my win rate?” And the problem with win rate, although it might feel very nice and warm and fuzzy to say, “I’ve got nine out of 10 trades correct.” The problem is with most people that I’ve ever seen that have very high win rates is their reward to risk on the trades is very small and all they need is say, one out of 10 trades to go wrong, and it’s wiped out all the gains that they’ve made from the other nine profitable trades.
So, having a win rate of let’s say 90%, really doesn’t mean a lot. And most people that I’ve seen over all the years of trading, actually lose money, bigger picture when they have high win rates. Although for most new people, it sounds like it’s the most important thing. It really is not. High reward to risk is what counts.
How do you achieve high R:R trades?
But how do you do that, and how to do that in a practical, easy way? Well, some people might look at that and go, “Okay, to get a high reward out of my trade. I must have a very, very small stop loss. And every so often, you pull off a winning trade and it makes a high reward to risk.” And you could do that if you really wanted to. The problem is your win rate on that will be very, very small because most of the time with a very small stop loss, your spreads or news announcements or something is going to take the trade out and you’ll just end up losing so many trades.
Using Limit Orders
The easy way around it, and it’s what we’ve done for years and years, is to use limit orders. So when you look at your charts, you can place a trade at the market, which means you’re jumping in right now. You can use stop orders, which means on a buy stop, it means that you are putting a by trade in above the current price. Not really so good for high reward to risk. It’s okay if you want to break out of a zone, let’s say.
But the trade that we use are limit orders. So I’m using a buy limit means here’s the price right now. I like my setup, but I’m buying when the price goes lower than where it currently is. And it doesn’t mean to say, you need to sit there, just watching for the price to drop, drop, drop. “Oh yeah, I’m going to press buy now.” You don’t do that at all. You see your setup that you like as a trade and you then, using the way that we trade, using fib levels, et cetera, we then put in a buy limit to buy the trade if the price drops to a certain level.
And now of course we can just place that order and just leave the trade alone. We don’t have to be there at that exact time when the price hits that level. The same thing in reverse with the sell. Price is here. We don’t want to be selling right now. We want to wait for the price to rise first and then sell, based on the strengths of the candle pattern and the setup that we see, but we’re getting in at a higher price.
A real time example from the USD/JPY D1 chart
Now I’ll give you an exact example from just yesterday. So go have a look at your charts on Thursday, the 27th of May’s 2021 daily charts. So yesterday I took a trade on the US Yen, and we had a trade and it made a fantastic 2.5 to one reward to risk. Now I’ve just calculated, if we took that same trade with the same stop loss and the same profit target, but we took that at the market open, we’d have made a 1.1 reward to risk trade. So equate that to percentages. If I’m risking half a percent on each trade, if I placed the trade at the market, I’d have made just over half of 1%, but because I used my limit order and the trade filled for me really nicely at the exact entry that I was looking for, I made a 1.25% gain on my account.
So you can see one trade, I’m making half a percent, but I’m not doing that. The other trade I’m making 1.25%. Exactly the same trade, took me the same time to see the trade, took me the same time to place the trade. I didn’t do any more work. All I used was a limit order to take the trade at a better price. And by doing that, you can have a say, 30, 40, 50% win rate. You don’t have to have 90% win rate, because your trades are making great profit. And that’s where the gains are made.
A lower win rate but make massive gains
Now, if you can achieve trades of two to one, three to one, four to one, five to one, that kind of level, you can have a very ordinary win rate and still do extremely well from your trading. And that means it’s something that’s very easily achievable and it will without doubt increase your returns from your trading.
My June FX Insiders Webinar – email me if you’d like to join me
Now, following on from that in June, my next Forex Insider’s webinar will be on exactly this topic, but it’s going to be a lot more detailed, a lot more expanded. So we’re going to have an hour webinar, live webinar, limited places. If you’d like to get on there and learn more about how we use limit orders and how we achieve high reward to risk trades, do yourself a favour, register for it and send me an email, andrew@theforextradingcoach.com, and I’ll make sure that you have one of those reserved places on that Forex Insiders webinar. It’s going to be a great event. We’ve had awesome feedback from the previous webinars that we’ve held. They are free, but there are limited places. So to get on that June Forex Insiders webinar, and to understand how we use limit orders and retracements and fib levels to achieve high reward to risk trades, get onto it. Send me an email right now, andrew@theforextradingcoach.com. Let me know that you’d like to reserve a place and I’ll send you a link.
Bye for now.
Episode Title: #413: How to Increase the Reward:Risk of Your Trades
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#412: Achieving Great Trading Results
May 23, 2021
Achieving Great Trading Results
Podcast:
#412: Achieving Great Trading Results
In this video: 00:24 – At the airport today 01:13 – Sharing comments from clients 01:42 – XAU/USD MN1 trade closes for 10.1:1 Reward:Risk 02:14 – Weekly Oil trades hit profit targets 02:35 – Webinar with clients and profitable trades 03:30 – We offer daily trade suggestions to follow 04:11 – Another client makes fantastic gains 04:42 – Contact me andrew@theforextradingcoach.com
Forex traders, all we want is results, isn’t it? Let’s talk about how we are achieving results and how our clients are achieving great results right now.
Hey, traders, Andrew here at the Forex Trading Coach with video and podcast number 412.
At the airport today
And as you can see, I’m at the airport, just been for a fly here and right behind me, we’re about to get an Air New Zealand plane taking off. So, it may get a little bit noisy. I’ve just come inside the hangar. Now with results for me, that’s what pays for this. Trading results pays for this, and without trading results, I can’t make that thing fly. I couldn’t have learned to fly without trading because of time to be able to learn to fly. I certainly couldn’t put fuel in it. And that’s one of my reasons why I trade, because I love to fly.
And for you, it may be different. It may be time off. It may be time with the family, whatever it is, but you’ve got to get results. That’s the important thing.
Sharing comments from clients
And I just want to share with you an email that came through last week from Sean, one of our clients, and he said, “Andrew, I’ve had a 8.44% gain this week, 11% for the month so far. Loving following the forum and the daily trade suggestions, helps cut out the leg work, which is good when you have limited time. Have a great weekend, Sean.” So that’s an 8.44% gain by Sean there and just shows what can be achieved.
XAU/USD MN1 trade closes for 10.1:1 Reward:Risk
We’ve had trades on our gold trade. Our monthly gold trade has just closed for a 10.1 reward to risk. Do you know that’s one of the very highest reward to risk trades I’ve ever had personally? Half percent risk on that equals a 5% gain on my account from that one trade that took literally about 30 seconds to place. That plane will be taking off shortly behind me here, so it’s going to get touch noisy for a second. We’ll just let that plane go. And he’s on the way now, so I can talk about more trades. Yeah.
Weekly Oil trades hit profit targets
We’ve had some oil trades that have done tremendously well. I don’t trade oil very often, but if you look back on your charts, back in around the middle of April, WTI West Texas and Brent crude oil, both were really, really good trades, had great profit on them. One made a 3.7 to one rewards risks. One made a 3.5. So that’s gone nicely as well.
Webinar with clients and profitable trades
Yesterday, I had a webinar with a client. They had a 12 hour chart trade, hit full profit on the Aussie Canadian. Yesterday, we mentioned a six hour chart trade for our clients on the pound US, which worked. We’ve had clients taking four hour charts that work. The beauty of this is, is it works regardless of the pair, regardless of the timeframe chart you are trading. We looked at the US dollar index. Again, not something we normally trade, but you look at Monday’s candle or Friday’s candle for Monday of this week on the US dollar index, it worked a treat. It works beautifully because the pattern is what works. We look for reversal patterns or we look for continuation patterns. That’s all we’re looking for. And it’s really simple to trade, really simple to see. And therefore all you need to do as a trader, is look at the timeframe chart that is showing the right setup that we’re looking for at the time. That’s all you need to do.
And… Sorry, as I’m driving my… Lucky I can fly the helicopter better than I can hold this gimbal.
We offer daily trade suggestions to follow
But that’s what we do. We offer people daily trading suggestions, webinars, live webinars, they’re gold. They’re invaluable information, [forum site 00:03:31], et cetera, all this information to help people to see and understand and be able to take with confidence, with low risk, high reward to risk trades, these very, very simple candle patterns. And they know exactly when to enter. They know exactly where to exit. The fib levels that we use are incredibly, incredibly accurate and ensure high rewards restraints.
So, that’s really what today’s session is about. It’s about the likes of Sean, that 8.44.
Another client makes fantastic gains
I’ve got another email here just received this morning from Rio. He has got in front of me here. I mean, I’ve printed it out. You can see the trades there off a screenshot. He’s got one, two, three, four, five, six, seven, eight, nine trades there. One trade’s lost. It lost him $10. And he’s only just joined us, just two weeks ago, and he’s had profitable trades of $19, $33, $38, 26, 21, 16, 30. So high reward to risk trades. That’s what we are about.
Contact me andrew@theforextradingcoach.com
If you’d like to know more, just send me an email, andrew@the forextradingcoach.com. And I’ll see you this time next week with more trading news and information. And I just filled the heli up with fuel. It’s time for a flight. Unfortunately, I can’t film me flying it because that wouldn’t be right, but it’s a lot of fun to fly. But like trading, there’s a lot of challenges as well, but do it right and it’s rewarding. Trading, flying exactly the same thing. Put the work in upfront, start slowly, get a good education, be sensible about it, treat it properly, and the rewards will be there.
So hope that helps. I’ll see you this time next week. Bye for now.
Episode Title: #412: Achieving Great Trading Results
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#411: Can I Borrow $800k from You for 3 Months?
May 16, 2021
Can I Borrow $800k from You for 3 Months?
Podcast:
#410: Can I Borrow $800k from You for 3 Months?
In this video: 00:37 – A conversation with my bank manager yesterday 01:00 – An investor with $800k and didn’t know what to do with it 01:48 – Do traditional investments still work today? 02:09 – How is our trading going? 02:55 – Don’t forget our manual trading and webinars 03:37 – What to do with your investments?
If you’ve got a spare $800,000 lying around, not sure what to do with it, can I borrow it for the next three months and give you $180 at the end of that, plus your money back? Does that sound a good deal or not? Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 411.
Now, if you’re watching the video, apologies for the red eye, got an infection. If you’re listening on the podcast, lucky you.
A conversation with my bank manager yesterday
I want to talk about a phone call that I had with my bank manager yesterday. True story. He phoned me yesterday, we were talking about our own mortgage rates, and while in two years are coming down slightly, a little bit lower, three to five year mortgage rates in New Zealand are going up slightly. But of course he knows what I do and we were talking about trading, et cetera. And he said, “Andrew, I need to tell you this.
An investor with $800k and didn’t know what to do with it
I had a guy come to me a few weeks ago with $800,000, just spare change, not sure what to do with it, doesn’t know what he’s going to do to invest it in.” And he took the decision, this guy to invest it in a term deposit for the next three months, because the term deposits in New Zealand have actually gone up slightly. They’ve gone from basically nothing to not much better. So, they’ve gone up a tiny, tiny amount.
The interesting thing was the bank manager said to me, he said, “In three months’ time, time this guy pays a bit of tax on his gains, his term deposit in three months on $800,000 will have made him $180.
Do traditional investments still work today?
That is all.” It just goes to show that traditional ways of thinking and investing are not really in today’s environment doing anybody any favours because let’s face it. If you had 800 grand to go and invest somewhere, and you’re going to get $180 back in three months, that’s going backwards in time the time you add inflation and everything else into it.
How is our trading going?
He asked me how my trading was going and I said to him that with our pattern trader software, we’ve got clients right now, we’ve got two on the top leaderboard that are over 75% this year on live accounts. 75% with small draw downs as well. I also told them about our echo trade copier, which I run on my own pattern trader bots and echo trade copier means that you can copy my live account completely automatically. Right now it’s up 24.5% and it started at the end of February, which is what? 10 weeks ago. So, 24.5%, draw down of 5%. So that’s what we’re doing.
Don’t forget our manual trading and webinars
Of course, then we’ve got our manual trading going on as well. Just last night, Paul, over in the US held a live webinar and there was a lady on there, Rose, who took three trades on the two hour charts. One got stopped out, the other two made profit. Just people are making profit all the time. We’ve got some great monthly chart trades going on, gold heading up, and we’ve got a couple on oil, WTI and Brend oil on the weekly charts that are moving up almost at the profit target. We’ve had 12 hour chart trace it profit, we’ve just got trades going all over the place on our manual trading that are going extremely well. People are making some great returns. Then we’ve got the automated trading as well.
What to do with your investments?
So, when you think about the traditional ways of investing and let’s face it, who has $800,000 set there, they’re just not sure what to do with, and it’s going to accept in three months time you’re going to get $180 back from the bank? Wow, that’s so exciting, is it not? The way that people now have to start thinking about their investments is just changing. That’s why the Forex market just offers so many tremendous opportunities to just have low risk, low draw down, but much, much higher gains.
Of course, you’ve got to know what you’re doing, or you’ve got to find someone that knows what you’re doing and we can help you on both of those, of course. We’ve just celebrated our 12th birthday last year, sorry, our 12th birthday last week, 12 years of helping clients all around the world. We love doing what we’re doing, we love helping people, we love seeing the success of people. If you’d like to know more, just send me an email, andrew@theforextradingcoach. Have a look around my website, do some research on us, do some reviews on us, have a look at the likes of Forex Peace Army, where we’ve got 151 reviews over the last 12 years. This works and if you want to join us, you know where to find us. I’ll see you this time next week. Bye for now.
Episode Title: #411: Can I Borrow $800k from You for 3 Months?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#410: 12 Years of Helping Traders, Will You be Next?
May 08, 2021
12 Years of Helping Traders, Will You be Next?
Podcast:
#410: 12 Years of Helping Traders, Will You be Next?
In this video: 00:38 – Trading is not easy 01:10 – We celebrate 12 years of helping traders worldwide 02:06 – Trader makes 6% gain in 2 weeks since joining us 03:18 – The strategy has not changed since the beginning 04:45 – How does this help you? 05:45 – After the first 12 months 07:10 – Trade in 30 minutes per day
We’ve been helping traders just like yourself for the last 12 years now. Let’s see how we can help you to become a profitable and successful and independent Forex trader. Listen up, we’ve got some great news to share with you.
Hey, traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 410.
Back outside again today. I’m getting lots of nice comments from people saying they’re enjoying the outside video. So here we are again by the pool today.
Trading is not easy
Now, trading is not easy. It’s something that’s made out to be easy, but the reality is it’s not easy. The reality is though that anybody can do it. And I’m living proof of that, having been a dairy farmer years ago. And I’m self-taught. I have no financial background in the markets at all. Completely self-taught.
But for the last 16, 17 years now, I’ve been trading the Forex market.
We celebrate 12 years of helping traders worldwide
And on Thursday, the 13th of May, we celebrate 12 years since I flew across to Australia to Noosa and taught my first ever client over there. We’re still in touch, still in contact, and he’s still trading. And after 12 years, we’re really proud to say that we have helped so many people around the world. We’ve got over 3,000 coaching clients who have been through the course in over 94 countries. That’s quite an amazing record that we’ve built up there of helping people.
As mentioned, the Forex market is not easy to trade. It really is not easy to trade. It looks easy. People will tell you it’s easy. The internet will tell you it’s easy. The reality is very different, and that’s why 90 to 95% of the people lose money.
Trader makes 6% gain in 2 weeks since joining us
But I’d like to share with you an email here, and it’s from a client who … We were on our last live webinar last night. I held a two-hour live European session webinar. The client’s called Henry. He’s been with us only two weeks. And he said to me, “Hey, Andrew, I’ve made 6% since joining you two weeks ago.” He said, “For the first time ever, I’m starting to understand what I’m doing, and I’m doing what I’m doing for a reason. And it’s working.”
Now, sure, it’s only two weeks in, but here’s a guy that’s been trading for quite a while. Like many of you, he was just literally tearing his hair out. Didn’t know what to do next. And he found us and he’s been on a few webinars now. He’s been following our trades, he’s on our forum site. And in only two weeks, he’s now made, since beginning, since starting with us, 6%. It’s a fantastic start and it just shows what can be achieved once you know you’re doing, once you have a clear understanding of what you’re doing, and you have some support and a system and a strategy that actually works.
The strategy has not changed since the beginning
When you think about it, the strategy has not changed at all in that time. In all those years, it’s not changed. Sure, the way that we deliver things has changed, it’s improved. Like everything, it evolves, it gets better and better over time. But the strategy, the main thing that you are getting when you join us here, the actual nuts and bolts of this is what we are doing and why, the understanding of that has not changed.
Just stop for a pause for a second and think about that. So many people chop and change systems all the time. They’re constantly adding things. They are adding a next indicator. They’re moving on to another system. They’re suddenly fundamental news traders. Then they’re not. Then they’re doing a bit of both. Then they’re not. And that’s the problem.
Yet what we have to teach you and to help you with has never changed. And it still works. And it’s been through all sorts of different market conditions. It’s been through different economical, political events all around the world, global issues, COVIDs, everything. All these things that get thrown at us by the market, and it continues to work.
It’s the person who put that together I’m immensely proud of. I’m just so pleased with the team that we have on board and the group of people that we have as a community that are just doing really well for themselves. It’s fantastic to see.
How does this help you?
So, how does that help you? Well, this Thursday … It’s Thursday my time, between 9:00 AM and 9:00 PM. It may start on your Wednesday if you’re in Europe or the US or Canada. But for 12 hours this week, we are holding our 12th birthday sale. It’s a dime sale, so it starts the price at the absolute lowest price. We’re going to give you 70, 70% off the normal joining fee.
So we’re putting a guarantee on that. We’re putting a 20% return guarantee to say that if our daily trades don’t make a 20% return guarantee over the next 12 months, we’ll give you a full refund. We’re giving you 12 months access to our daily trades, our live weekly webinars, our forum site. Unlimited access to the course itself, the strategy. Unlimited email access, unlimited access to the MT4, MT5 trading software. Our support site’s unlimited as well.
After the first 12 months
So after 12 months, and some people ask me this and say, “Hey, after 12 months, what’s the deal?” Well, for under $600, for just $597 US, after the first 12 months, you can get access to the daily trades, which you think about it’s over 200 days of daily trades per year, over 100 hours of live webinars per year, and our forum site for the year, ongoing. So there’s 597 ongoing. But you haven’t got to worry about that for over a year.
But what I do encourage you to do is to have a serious think about this if this is what you want to do. And I challenge you to go out there and find me anybody else, any other company, any other Forex-related business that’s been going for 12 years, that’s still going and still has a great reputation of helping people and achieving results for people. Just like Henry, 6% in the last two weeks, the first two weeks since he’s even joined. How good is that?
And it’s not just 6%. It’s 6% with very, very low drawdown. That’s the other thing you’ve got to be mindful of. It’s all well and good people saying, “Hey, I made 50% in a year,” but if you had a drawdown of 60%, 70% and you’re risking 3% or 4%, 5% per trade, 50% is not really that good, because your drawdown and your risk is so massive.
We’re doing this with tiny, low risk per trade, high reward to risk trades, without spending very long at the charts all day.
Trade in 30 minutes per day
I comfortably say to people that once you know what you’re doing, you can do this in 30 minutes a day and do very well from it.
So if that sounds like you, I strongly encourage you to click on the link that’ll be by this video somewhere to register your interest for the sale this week. We’re only 12 once. We’re doing it only for 12 hours. Get in near the beginning, because that’s when the price is going to be the cheapest. Take advantage of it and what we’re here to help. We love doing what we’re doing. We love our trading. We love our teaching, our coaching, our community, everything about it. If you’d like to be part of it, get on board this week. Don’t miss out. It’s a great opportunity. See you later. Bye.
Episode Title: #410: 12 Years of Helping Traders, Will You be Next?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#409: My Aims & Goals as a Forex Trader
May 02, 2021
My Aims & Goals as a Forex Trader
Podcast:
#409 My Aims & Goals as a Forex Trader
In this video: 00:26 – Matt asked about my trading journey and goals 01:29 – Went to Auckland to take a Forex Course 02:05 – Anyone can become a trader if you really want to 03:03 – I developed a strategy and system that works for me 03:38 – Daily trades have been profitable every year 04:33 – Our team at TFTC 05:22 – Going forward from today 07:00 – TFTC Pattern Trader continues to achieve great results 08:55 – Ask me questions and register for our 12th Birthday Sale
Let me show you my aims and goals as a Forex trader over the next five to 10 years. And hopefully it might help you with your own goals. Let’s get into it right now.
Hey, Forex traders, it is Andrew Mitchem here at the Forex Trading Coach with the video and podcast number 409.
Matt asked about my trading journey and goals
Now on last week’s video, I got asked by a trader called Matt on YouTube, to explain about my trading journey to date, and also to explain a little bit about my own personal trading goals over the next five to 10 years. So, I started trading completely by accident around nearly 17 years ago. At the time I was a dairy farmer and I was milking cows, working seven days a week and ended up going through a divorce. And at the time had a two year old son. And to be honest, I didn’t really know what I was going to do in order to look after him, have an income.
And so I stumbled into trading completely by accident after hearing an ad on the radio all those years ago. And it kind of evolved from there to be honest. It wasn’t a deliberate move. It really was an accidental move, but as someone who’d always been, I suppose, self-employed, motivated, to me, it seemed like a really, really good thing to do.
Went to Auckland to take a Forex Course
So I went along up to Auckland, paid about $5,000 back then, which was a lot of money and did a course up there in Auckland. And the course, it was okay. But it got me into trading, and so here we are 17 years later and we’ve developed the Forex Trading Coach. We developed Pattern Trader. We’ve now got a new Echo Trade Copier, and things have changed massively and for the better. And I’ve got Forex trading, a lot of hard work, a lot of dedication, a lot of fails and some gains, to thank for that.
Anyone can become a trader if you really want to
And so Matt, thank you for your question because I think the important part out of this is that anybody can become a trader if you really want to. Now, realistically, it took me four years of trial and error, basically getting nowhere fast, of trying every single service, every PDF it was back then, that you could download every indicator, every expert advisor, every everything, basically, every forum I’d been on, and it just went round and round and round in circles. Anyway, so after four years, I thought, Andrew, you need to fix this. You need to make this work or you need to find a new hobby. And so I took everything off my charts and I made it work. I developed a system, a strategy that worked for me, and also one that didn’t require me sitting at the computer all day and night.
And that was the other thing, there’s so many strategies out there with scalping and things that all look really, really cool. But really they’re not long-term, practical and enjoyable.
I developed a strategy and system that works for me
So, I developed a strategy and system that works for me, and I’ve been now teaching that strategy and trading it myself. I’ve been teaching it for 12 years now at the Forex Trading Coach. We’re just about to celebrate our 12th birthday as well. And I’ll put details about that on this video and podcast for you. But over those years, we’ve helped so many people and my own trading has gone extremely well. The trading for the vast majority of our clients has gone extremely well. And we’re really proud, what we’ve developed over those years.
Daily trades have been profitable every year
As an example, for our daily chart trades that we post, and I’ve posted them on our membership site now for over 10 years, we’re into our 11th year of that, we’ve never had a losing year. They’ve been profitable every single year.
We’ve developed charts such as offline charts, we call them, for six hour charts, eight hour charts, 12 hour charts. It means we can look at the charts two, three, sometimes four times a day and trade full time and do other things, rather than just sitting, watching the charts and the computer all day, because that’s what you realistically need to do. One, if you’re starting and you’ve got other work, you’ve got jobs, you’ve got careers, you’ve got family, you’ve got hobbies. And two, when you decide or get to that stage where you can become a full-time trader, you want it to be enjoyable. You don’t want it to be an absolute grind. And yes, you’re making this fantastic return, but you are absolutely driving yourself into the ground by just being absolutely exhausted. And that’s not good either.
Our team at TFTC
So, my own trading, along with the Forex Trading Coach, we’ve developed a great team of people there now. We’ve got Paul Tillman over in America. And Paul started as a client with me probably seven years ago, very successful trader and then came on board with us here at the Forex Trading Coach. Paul looks after our forum site. He teaches my US webinar sessions. He teaches one-on-one online tuition. Fantastic trader, fantastic guy. And so we’ve built up the team. We’ve got Mikalai over in London who trades over there and helps teach our Russian speaking community. We’ve got Mhel in the Philippines and Mhel’s wife, Kim, who is on board with us as well for our tech help. Fantastic people, fantastic team based around the world.
Going forward from today
And so, going forward, that’s where we are today. Going forward, well, we’ve already got over 3000 people that are in our community. My aim is to build the best, the most transparent, biggest, most successful trading community of like-minded people. Now, when I say biggest, we’re not wanting hundreds of thousands of people, because that would just be a nightmare. We’re after people who really want to make this work for themselves. People who are motivated, dedicated to put in some effort, but also to get the rewards out of trading. That’s what we’re after, when we say a big group of people. People that just expect something for nothing, that think they’re going to press this button and it’s going to work for them, they’re not right for us. We’re not a good fit. We’re after people who are self-motivated. That’s why self-employed people work really well at trading. That’s why a lot of women make extremely good traders, because they’re a little bit more motivated and realise that good things take time, realise that some effort is needed, some dedication, some commitment. And if you’ve got that, you’re the perfect fit for us.
So going forward, more people like that. We’re still looking at building the team. Both Mikalai and Paul started as coaching clients and then did extremely well, and they developed into being on the team with us. So, when this whole COVID thing’s over and we can start travelling again, having some live group tuition, some one-on-one tuition all around the world, is a big aim for me personally. Of course, to keep my own trading enjoyable and profitable is a goal.
TFTC Pattern Trader continues to achieve great results
Pattern Trader is just developing into possibly one of the very best bits of auto trade software available. Results just continue to amaze us all and by results by so many different people as well. So, I’m looking at taking that to the next level, getting more and more people to have that blend between auto trading and manual trading. For those that don’t want to do any of the trading themselves, our Echo Trade Copier service is certainly a really good option that’s making some fantastic returns.
So for me, it’s about more of the same, helping people who want to help themselves. We’ve got a strategy that’s worked for all those years. It’s based on sound principles. It’s based on not needing very much time at your computer once you understand it and once you know what you’re doing. We help our clients with webinars, with real live time trading, daily trades, trades posted on our forum site, trades taken on our live webinars, European session and US session. We’ve got a great team of people, great team of support, lots of amazing trading software to make everybody’s life easier. So, that’s really where we’re up to. And so, that to continue is really what we’re about. So, that going forward, I love trading. I love the lifestyle that it offers, love the rewards and returns it offers. I love the coaching side of the things because of the people who we get to meet and talk to on a daily basis.
So, if you have any interest in trading, a really good option for you to consider coming on board with, if that’s what you want to do, we’ve just loved doing what we’re doing. So Matt, to answer your question more of the same, it’s fantastic.
Ask me questions and register for our 12th Birthday Sale
And anybody that has any questions, just drop me an email, andrew@theforextradingcoach.com. And don’t forget about our 12th birthday sale as well. I’ll put a link to that on this video and podcast somewhere for you to take advantage of that incredible sale that’s coming up on the 12th, 13th of May. See you soon. Bye.
Episode Title: #408: I Love Following Your Daily Trades
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#408: I Love Following Your Daily Trades
Apr 25, 2021
I Love Following Your Daily Trades
Podcast:
#408: I Love Following Your Daily Trades
In this video: 00:29 – Client loves the course and the ability to learn and earn 00:55 – The problem almost everyone else faces 02:19 – This is why we are different 03:07 – Our Daily chart trade suggestions 04:24 – This gives you confidence 06:05 – If you haven’t joined us yet 06:43 – Have any topics for future videos and podcasts?
“I love following your daily trades as it is allowing me to learn, but also to earn.” If you’d like to do that also, listen up. I’ve got some great news to share with you.
Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 408.
Client loves the course and the ability to learn and earn
Now, that comment was from a client of ours called Jonathan, who’s been with us for just over six months now. Jonathan sent me an email saying, “Look, I’m just loving the course, but what I love about it the most is being able to follow your daily trades because not only as I’m learning the course, I’m following along in real time what you’re doing and why you’re doing it, but your daily chart trades are making me money, and that’s given me so much confidence.”
The problem almost everyone else faces
When you think about the problem of most people out there in the Forex world, whether you start a new course or a strategy or a follow along on a forum, whatever it might be, you’ll develop your own strategy, the problem is… Or there are many problems. The problem could be this, and you’re going to find one of them. You’re going to find that you’ve got no support. You don’t really know what you’re doing. You’re not really sure who to ask if there’s a question you have about the strategy or the concept. You’re doing it alone. You’re sat there taking the trade and you’re doubting yourself. You’re questioning whether this is the right trade to even take. Who do you ask? Who do you follow?
What almost always happens is that you’ll end up with some doubt, some trades that get stopped out, you start losing money, you start losing confidence. Then you give up with that strategy or that system altogether, and you go out there and repeat the whole process again, looking for the next holy grail system, the next crystal ball of farts results and the strategy that’s going to fix all your problems. This is the one that’s going to solve everything.
Guess what, the whole cycle happens again. Eventually you just give up trading and you blame the market, you blame the broker, blame the strategy, blame everything, but the real issue is that you had no support or no strategy in the first place.
This is why we are different
That’s what we do differently. That’s why after nearly 12 years… By the way, we’re celebrating our 12th birthday in May. We’ve helped over 3,000 clients and traders from 94 countries over those last 12 years. So it’s something we’re immensely proud of.
But what makes it different are many things. We have the course, the strategy that works and continues to work and always has done on different timeframes, various payers, all sorts of things like that. The strategy is massively important. We have email support, lifetime support. We have trading software. We have our incredibly valuable forum site and live chat. We have our live weekly videos and webinars that we trade live in front of our clients and have Q&A sessions, et cetera. All of that is immensely important.
Our Daily chart trade suggestions
But the part that Jonathan picked up on that I like to talk about now is our daily trade suggestions. They get posted each day at the close of the daily candle. Just after 5:00 PM, New York time of day, we post specific trades based off the daily charts. At the beginning of each month, we talk about the monthly charts. Beginning of each week, we talk about the weekly charts. We post strength and weaknesses as well on each week and each day.
But every day, you have trades that you can follow based off the daily charts. It doesn’t matter where you live in the world. You can place those trades. We’ve got clients in 94 countries. No one has an issue placing the trades. So don’t worry that I’m in New Zealand and you might be in America or Europe or different time zones. It doesn’t matter.
The beauty of this is that you can see the trades that we’re taking, learn from them because we put the exact reasons why we’re taking the trade. You can look at that in real time. We put the exact entry and exit levels, which we teach in the course, but you again can go and follow and learn from those. But you can earn from those trades as well. Because every single year, since I started posting our daily trades back in 2010, 12 years ago, every single year, we have been profitable with our daily trades.
This gives you confidence
What that does for you as the trader, as the learner, as the student is it gives you confidence because you can go and look at that and train your eye, develop your skills in real time. We’re not about hindsight trading. We’re not economists that say, “Yesterday, this happened, or last week that happened.” We’re about, “This is what we’re taking today, going forward and why.”
Some days we’ll be profitable. Some days we’ll not be profitable. That’s just the nature of trading, but every day we put our neck on the line, as it were. We’re saying, “These are the trades that we are taking and why,” and they are profitable. Overall, they are massively profitable for our clients. So it eliminates that self doubt. You’ve got people to ask, you got real trades getting presented to you with the reasons why, so you’re not sat there by yourself doubting yourself. “Should I take this? Should I not take this?” We’re taking these trades on our own live accounts anyway. You’re just there to educate yourself, to train yourself, to be able to do this for yourself on any currency pair, any timeframe, but with our help to start with.
Not only are you learning, but you are earning. That helps massively with the confidence because your live account, if you’re trading live, or your demo, if you’re right at the beginning, is going up in the right direction, which gives you confidence in the strategy and your ability. Massive, massive, massive boost to your confidence, boost to your trading account as well.
Jonathan, thank you for sending me that email. I massively appreciate that, and glad that after just over six months that you’re earning money and you’re learning and you’re enjoying the course.
If you haven’t joined us yet
If you’re not with us yet, I’m going put a link next to this video and podcast to the course information, so you can see everything that we provide and you can see the reasons why after 12 years, we are probably the number one Forex education company in the world.
I say that because after 12 years, I don’t know of any other companies that are still existing that were back 12 years ago. We continually help clients and we continually have profitable results and successful students. So if you’d like to join us, you know where to find us.
Have any topics for future videos and podcasts?
If you’d like me to cover any topics like this on future videos and podcasts, just send me an email to andrew@theforextradingcoach.com. We’re here to help. Bye for now.
Episode Title: #408: I Love Following Your Daily Trades
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#407: Trading the FX Market Hands Free
Apr 17, 2021
Trading the FX Market Hands Free
Podcast:
#407: Trading the FX Market Hands Free
In this video: 00:25 – Following on from TFTC Pattern Trader 00:49 – Introducing Echo Trade Copier 01:48 – No VPS, no software, and turn your computer off 02:22 – Excellent results in 2 months 03:35 – All results are 3rd party verified by MyFXBook 04:17 – Contact me if you have a topic you’d like me to talk about
Would you like to know about a way that produces results and allows you to trade the Forex market 100% hands-free? If you would, listen up.
Hey, Forex traders. It’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 407.
Following on from TFTC Pattern Trader
Now, following on from last week’s video and podcast I made about our amazing trading bot software called TFTC Patent Trader, I’ve had a number of people say to me, “Hey, Andrew, look, I’d love to get the results and the returns that you get from trading the Forex market, but I just don’t have the time or don’t have the interest to really want to know how to trade. What is it that you can do to help us?” And so I have the perfect solution for you.
Introducing Echo Trade Copier
And it’s our trade copier software called Echo Trade Copier. Now, what that allows you to do is to have your trading account in your own name, and it’s completely independent of us. It’s your trading account with your broker of choice, have that account traded and mirror my own account that I use through Patent Trader.
Now, it’s an excellent way to allow you to gain some very, very high returns, but it also means that you don’t have to do anything at all. It literally is a five setup process through independent third party software that basically links your account to mirror the trades that I take on my account. Now, you can still jump in and intervene and close trades or risk more or risk less, if you really want to, or we can just leave it alone to have it mirrored 100% the same as my own account.
No VPS, no software, and turn your computer off
Now, for that, it means that you don’t need your computer on. You don’t need any virtual server. You don’t need any extra software. You don’t need anything at all. No expert advisors. You don’t need anything. All you do is just link the two accounts. It really is a simple process. All that included in that cost of the integration, it’s just $84 U.S. per month. And most virtual server companies charge $30 to $40 a month. That’s included in that fee.
And so we pay that for you as part of the $84 a month, and that just means that you then have everything copied across to your account.
Excellent results in 2 months
Now, this has been running for just two months, so it’s fairly new, but the results are outstanding. So far, in the two months, we are at plus 22.5% in gain, with only a 5.8% drawdown. Now, it’s really important that you understand that drawdown as well. It’s all well and good having a 22.5% gain, but the trouble is so many people risk far too much and they have massive drawdowns, and they might have a 30%, 40% drawdown to gain the 20% profit. So the reality is, that’s pretty tough to go through. What we find really important with our way of trading is our drawdowns are kept to a minimum. So right now 5.8% is the maximum drawdown you would have been if you had decided to join on the absolute worst day. And let’s say you had a $10,000 account, your account would be down by $580, the absolute worst day over the last two months.
But if you had started at the beginning and you started with $10,000, you’d have been up, what’s that, $2,250 so far in two months, 22.5% gain in just two months. Great returns, very small drawdowns and risk.
All results are 3rd party verified by MyFXBook
It’s also completely verified by Myfxbook, so it’s 100% a third party verified trading results as well. And so really there’s not a lot better you can get than that when you look at those results so far averaging a 10% gain per month. So have a look into it if you’d like to have your account mirrored on our account that we run on our pattern trader software. Just $84 U.S. a month is a great way to make some fantastic returns. It’s called echotradecopier.com. I’ll put a link on here on this video and podcast for you to go and check it out. Thanks for listening. Thanks for watching.
Contact me if you have a topic you’d like me to talk about
If you have any other trading questions or you’d like any other information that I can help you progress further with your trading, just send me an email to Andrew@theForexTradingCoach.com. And I’ll see this time next week. Bye for now.
Episode Title: #407: Trading the FX Market Hands Free
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#406: How to Create Profitable Forex Robots in 2 minutes
Apr 11, 2021
How to Create Profitable Forex Robots in 2 minutes
Podcast:
#406: How to Create Profitable Forex Robots in 2 minutes
In this video: 00:29 – Creating bots in under 2 minutes 00:45 – TFTC Pattern Trader software 01:15 – My results for March 01:49 – How it works 02:28 – Leader board displaying the top 20 bots 03:22 – Signals arrive via Telegram 04:39 – Sign up for a 10 day trial 05:00 – Back test software and direct MT4 integration 05:38 – View the site for yourself https://tftcpatterntrader.com/
Would you like to know how to create profitable forex trading robots in just two minutes? If you would, listen up, I’ve got some fantastic news to share with you.
Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 406.
Creating bots in under 2 minutes
And that’s right, you can now create profitable, real forex trading robots in under two minutes. Sounds a little bit far-fetched, doesn’t it? But honestly, it is true. And we have created some software called TFTC Pattern Trader.
TFTC Pattern Trader software
It’s software that we’ve been using now for almost one year. And up until now, pretty much everybody using it has been our forex coaching clients. But we are now in a position where we are able to offer this incredible trading software to the general public. So you don’t need to be a Forex Trading Coach client in order to start to use this now, to benefit from it.
My results for March
So just some quick numbers, March completed with my bots that I am using myself a 14% gain on my live account. Pretty much hands free. This month, so far April and bear in mind most of it’s been closed because of Easter and I closed off the bots just prior to Easter, just after Easter. So far right now, as I’m recording this on Friday, the 9th, I am up 4.5% on my trades. Again, pretty much hands free.
How it works
So the software quick description, first of all, it only uses my trading strategy. But you have the ability to create your own bots and you can literally create them by ticking a few boxes and then checking them for backtesting in under two minutes. It this quite incredible, like nothing else you would have seen. And the other thing you can do is you can use some of our ready-made bots.
You can use the exact same bot that I use myself, and I’ve made that 14% in March and currently up 4.5% so far in April, you can use exactly the same one. You can look at it, you can tweak it, you can add to it, you can do whatever it is you like.
Leader board displaying the top 20 bots
The other thing that we have is a leaderboard and the leaderboard displays our top 20 clients bots that they have created. And on the top 20, the lowest number 20 has had an actual return of almost 15, one fiver percent so far to date. The highest one so far has made 85%. Now, these are since their inception, they’re not annual returns. The annual returns are likely to be significantly higher. The other important thing to notice though, of course, it’s all well and good having great results. But the important thing to note is the drawdowns. And the drawdowns on almost all of the bots on the top 20 there are extremely low, most of them 5% and under. Yet they’re getting results of 15% up to 85%.
So you can also follow along with those as well, if you wish to.
Signals arrive via Telegram
And we use a great piece of software, which you’ve probably heard of called Telegram. And what happens is when the bot creates a signal, it goes through to your Telegram on your phone or your computer. You can look at it and you can see the trade and you literally press yes or no, and it will place the trade on your account for you. To take that one step further, we have the ability to completely automate the trading process as well. So the trades can be placed onto your account 100% automatically. And so there are various options there, depending on which level of the service you prefer to take. Now, even on the 100% automatic service, which is the one I use myself, I still manually look at trades and from time to time close part of trades or even close them in full, just depending on what the trade looks like itself.
But really, it really is about sort of, for me, 95% of the time it’s completely automated. And so the bots give you the ability to create your own bots with your own money management rules on pairs that you like to trade. And you can go through and fine tune those by eliminating certain pairs or timeframes or creating a group of bots to put together to make a portfolio. It really is a very simple process to do.
Sign up for a 10 day trial
And on our site, we are giving you access to the basic level of the software for 10 days, free of charge. After that, you can decide if you like the software and to be honest with results like we’re getting, you’d be crazy not to, but that’s your call. But if you’d like to then continue, you can then upgrade for a paid monthly or annual service.
Back test software and direct MT4 integration
The other thing is this, we have not only built in back tests software, which is phenomenally good software and data, but we also have built in your MT4 account gets built into the software.
So included in the price is the integration. You do not need to go and have your own virtual server. You do not need to leave your computer on or anything like that. It’s all built in to the package. All you need is either demo or when you go live, a live MT4 trading account and you can have those trades placed directly onto you live account, completely hands-free.
View the site for yourself https://tftcpatterntrader.com/
So what I’ll do is I will put a link to the software on this post. And if you want to have a look at it, I recommend it, try either joining for a month or two, or just try the 10 day trial. But the website is tftcpatterntrader.com.
So I hope that helps if you’d like to create bots in two minutes, really it is under two minutes. It is an incredibly simple process to create them. Or you can follow along with the bots that we’ve already created. It’s changing the way that traders are trading, and it’s there for you to take advantage of. Click on the link that will be on this post. And I look forward to sharing our incredible software with you. So once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week with more information, bye for now.
Episode Title: #406: How to Create Profitable Forex Robots in 2 minutes
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#405: How Much to Risk per Trade and How to Calculate that Risk?
Mar 27, 2021
How Much to Risk per Trade and How to Calculate that Risk?
Podcast:
#405: How Much to Risk per Trade and How to Calculate that Risk?
In this video: 00:29 – Email from a podcast listener 00:59 – How do you calculate your risk amount 01:20 – Download my MT4/MT5 Lot Size Calculator 01:55 – The logic behind lot sizing</span 02:38 – Lot size examples 04:58 – How to use the Lot Size Calculator trading script 05:27 – Know the stop loss size of your trade to calculate your lot size needed 06:29 – Email me any topics you’d like me to discuss on future videos and podcasts
How much should you risk per trade? And also how do you calculate that risk? Let’s talk about that and more right now.
Hi Forex traders, it is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 405.
Email from a podcast listener
I’ve received an email this week from a trader called Diop, and Diop by the way you said you’ve started listening to all my podcasts and you’re currently up to number 202. You’re about half way; this is number 405. So well done for listening through to those. You said you’re really enjoying them and you understand the concept of… You said you’ve been looking online and you should risk somewhere between 1-5% of your account per trade. You also know that in my case I suggest that’s still way too high, and you should actually be half of that. You should actually be half of 1% risk per trade.
How do you calculate your risk amount
But your question is how do you calculate that and what do you do with your trading in order to make that happen? And to ensure that you have controlled risk but also some of those bigger stop-loss trades aren’t going to wipe out your gains.
I can see where you’re coming from, but also I think there’s a slight misunderstanding there.
Download my MT4/MT5 Lot Size Calculator
I’ve given you the very quick answer, the quick answer is to download my lot size calculator. It works on MT4 and MT5 and I will put a link on this video and podcast post so you can get a free copy. Of course, that applies to anybody who would like a free copy of that. It’s really, really easy and it takes you about five seconds to do. All you do with it is you drag it onto your chart, you put the stop-loss of the trade that you’re wishing to take, literally just type it in and press okay and it will tell you the lot size that you need for that trade.
The logic behind lot sizing
So the thing that you need to understand from a manual point of view, to understand the workings behind that, is that you have to understand that different currency pairs pay a different amount per pip depending on what the currency pair is and also what your own account denomination is. So Diop I notice you’re talking about your account being in pounds. So your account in British Pounds, let’s say with £100.00 would obviously be very, very different to my account with $100.00 New Zealand Dollars, or someone with $100.00 US Dollars. So it’s the account denomination that is affected plus it’s each individual currency pair that has different amounts per pip.
Lot size examples
But, for the sake of this, let’s say very easy round numbers. Let’s say we have a US Dollar account and we’re trading the Pound/US or the Euro/US. Notice that the US is second there in each of those currencies. If you’re trading one standard lot, that’s 1.0 lots, that pays $10.00 per pip. If you are trading a mini lot, that is 0.1 lots, that pays $1.00 per pip. If you are trading a micro lot, that is 0.01 lots, that pays $0.10 per pip.
Now let’s say for example, and again ease of numbers, so let’s say you have a $10,000.00 account. If you have that $10,000.00 account it means if you’re risking half of 1% on your trade it means you are risking $50.00 on that trade. So $50.00 per trade. It doesn’t matter what the stop-loss is, what the timeframe is. Let’s say it’s $50.00 per trade you are risking, because that is half of 1% of your account, which is $10,000.00. Okay? So let’s say you were doing that. If you have a 50 pip stop-loss, again for ease of numbers ease of calculation, you’re risking $50.00 you have a 50 pip stop-loss. Therefore, you need to trade at 1.0 lots. One mini lot on that particular trade. Because it means you’re risking $1.00 per pip. 50 pips goes the wrong way, it means you’ve lost $50.00 and therefore that means you’ve lost the pre-known amount on your account, which is half of 1%.
So let’s now use the example of a trade with a 100 pip stop-loss. Therefore, you need to risk half of the previous lot size because you’ve gone from a 50 pip stop-loss to a 100 pip stop-loss. Therefore, instead of risking 0.1 lots per trade, if you trade now has a 100 pip stop-loss, you need to risk 0.05 pips per trade. Five micro lots. Therefore, as another example, if the trade has a 25 pip stop-loss, you need to risk double. So instead of 0.1 lots you’re now risking 0.2 lots.
Now, that should be fairly straightforward. And if you struggle with that, just go through the numbers, the basic numbers and you’ll soon figure that out.
How to use the Lot Size Calculator trading script
But as I said, the easiest way of doing that is to forget the manual side of things, drag on my script, put in the stop-loss, it tells you answer. Because the great thing about the script is it knows your account size because it can read it off MT4. It knows the account denomination because it can read it off MT4, and it knows what chart you’re looking at trading because you’re dragging it on to that particular chart. Very, very simple. It’s a massive time saver. It keeps you risk-controlled and known.
Know the stop loss size of your trade to calculate your lot size needed
So, don’t forget. First of all you do need to know the stop-loss size of your trade in pips. It’s the only real time you need to worry about pips. You’ve measured the stop-loss of your trade in pips, but it is the lot size that you place on that trade that is the big determining factor that keeps your risk low per trade. Don’t just go placing 0.1 lots of a trade, or 0.05 or whatever it is. Don’t just do the same on every trade regardless of its stop-loss size or its currency pair that you’re trading. The important thing is that you have low controlled and known risks on every single trade. Therefore, you could trade a weekly chart trade that may need to have a 150 pip stop-loss, or you can trade a five minute chart trade that might need to have an eight pip stop-loss as an example. So every trade has the same risk, it’s the lot size that you place on that trade that is the thing that changes.
Email me any topics you’d like me to discuss on future videos and podcasts
So, Diop I hope that helps. If anybody else has any questions just like this, and thank you very much for emailing that through as well by the way. If you have any questions like this that you’d like me to cover on future videos and podcasts to help you out, we are here to help.
So once again, this is Andrew Mitchem at The Forex Trading Coach. Don’t forget to download my lot size calculator. It will be on this page. Bye for now, see you next week.
Episode Title: #405: How Much to Risk per Trade and How to Calculate that Risk?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:27 – Adolfo, a trader from Mexico 01:15 – He could see the benefits of trading 01:55 – Ready to give up? 02:15 – Adolfo found my weekly videos and podcasts 03:20 – You were different 03:43 – Our 3000th coaching client
This trader nearly quit the Forex world a couple of years ago, is now back into it and loving it. If you’re in that position where you’re thinking about giving up this video’s for you, let’s get into it.
Hey traders, this is Andrew Mitchem here at the Forex Trading Coach with video and podcast number 404.
Adolfo, a trader from Mexico
I want to talk about a client of ours called Adolfo. Adolfo’s from Mexico. Now he got to a stage a couple of years ago where he quit trading. And, he’s only just got back into it but I want to give you a bit of a background about him first, because a lot of people would be in this very similar position. Now last week I sent out an email with the video that I had with Adolfo and I put a link on this video and podcast as well, so you can go and watch that if you’ve not already seen it, but the reason I want to talk about it again is because I’ve had so much feedback from people saying, look I’m in that position.
I’ve tried things, I’ve seen the merit in trading, I’ve seen the potential and Adolfo is exactly the same as you, if you’re thinking this right now.
He could see the benefits of trading
He could see the merit of trading, he could see the benefits of trading, he could see it as a way of building his wealth. But he’d been to a trading school over in Mexico and it basically taught him nothing. He said he actually came out of it with more questions than answers. He just did not get what he wanted, he didn’t get a strategy, he didn’t get any common sense out of any mentors or tutors. And it just didn’t feel that it was worth it, and he got disillusioned. And he’d spent a lot of money and committed a lot of time and it just wasn’t working. So is that that stage, where he’s, just ready to give up, just wasn’t working.
Ready to give up?
And if you’re in that position, you can relate to it. And we’ve all been there, I’ve been there as well, took me four years to really turn my trading around. And that’s a long, long time. It’s easy to say, Oh it just took me four years. But when you are in that situation, when you’re in the middle of that, it is tough. And I’m sure that you can relate to that.
Adolfo found my weekly videos and podcasts
So, a few weeks ago, back on the 11th of February, just five weeks ago. Adolfo found my video and podcast, exactly like you’re watching or listening to right now. He wrote to me, and he said, look I’m needing some help, I’ve been trying this, given up a couple of years ago, did this expense of school, wasn’t working, what can you do to help?
And so Adolfo went on to one of my free webinars for the whole each week, and he saw what we did and saw that we’re real people and real traders, and we’ve been doing this for nearly 12 years, and all the things that I talk about all the time, about a practical, real approach to trading and plus with the help and webinars and forums, et cetera, that we help our clients with all those different ways of trading. But it was the actual, real working, practical, approach to trading that Adolfo liked. So he jumped on board with us and you can see the video, I’ll put a link on here, so you can go and watch it.
You were different
Now Adolfo said, and I’m going to quote what he said. He said, “Thank you for your honesty. There are lots of schools, there are lots of people coaching, but Forex to me just didn’t sound fair until I met you. I needed someone with real life trading knowledge and teaching experience.”
And, that’s what he’s got. And that’s the difference I suppose, in many ways of how we can help people.
Our 3000th coaching client
Now, it Adolfo was actually not only lucky that he jumped on board and found us, but he was actually our 3000th coaching client. And so, you may recall a few weeks ago, I was holding a bit of a sort of offer, a bit of a promotion and the 3000th clients who joined us, and of course, no one knew who was going to get that, had the course completely for free. And that was Adolfo. So Adolfo not only he joined, but he then… and he’s really pleased with what he got. But then a week later we said, hey, you’re our 3000th client, here’s a full refund. So that was pretty cool.
So I’m going to be carrying on interviewing Adolfo over the coming weeks, coming months, coming years. And I’ll be updating and posting videos like this, giving you feedback from him and showing you how he’s progressing and how we’re helping him progress. So once again, I’ll put a link here. You can go and watch that video if you’ve not already seen it. I hope that helps. So this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #404: Thinking of Giving Up Trading?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#403: How to Profit as a New Trader with a Small Account
Mar 14, 2021
How to Profit as a New Trader with a Small Account
Podcast:
#403: How to Profit as a New Trader with a Small Account
In this video: 00:24 – Email from a guy who is looking at starting trading 01:05 – Joining a group of like-minded successful people 01:59 – Real examples from this week 03:12 – Profit from other traders 04:22 – Client mentions trade live on the webinar 05:00 – Learn the “How To” by following other traders 07:03 – Walk before you can run 07:17 – Our 12th birthday is in May
How can you profit in the Forex market if you’re starting with a smaller account and you’re starting out as a new trader? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 403.
Email from a guy who is looking at starting trading
Now, this week I’ve received an email from a guy over in the U.K. who’s actually in the army, and he’s saying, “Look, I’m looking at leaving, but I want to ensure that when I start trading, I’m actually going to make some money. How do I do that? I’m new to this, I don’t know anything about it, and my concern is that when I start trading, because I’m new and I don’t know what I’m doing, I’m going to lose money and I’m going to lose confidence, give up, and it’s just not going to work. So can you give me some suggestions?”
And I went back to him and I said, “Look, there is nothing more powerful than being involved with a group of successful people. It doesn’t matter what you want to do.
Joining a group of like-minded successful people
If you’re into sports, you’re going to learn how to be good at that sport, let’s say, from sports groups and mentors, tutors, coaches. If you want to do good things in music, you go and join a band and you learn how to play as a group, that type of thing.” And I said to him, “Look, to be honest, trading is no different. Yes, you can do it alone. Yes, you can find things online and you may or you may not eventually make it work for you. But the problem is, is that eventually question is the problem, and what can you do to ensure that?” Obviously, this guy’s in the army, he’s a team guy, he works hard as a group, et cetera. And I said, “Look, all you have to do is exactly the same as that, but find someone like that in trading.”
Real examples from this week
And I want to give you some real examples from this week. These are real actual trades that we’ve taken, because I said to him, “Look, just look at this week as an example.” I said, “Well, February just gone, we had 6.2% on our daily trades, so you could have followed along with that.” Because my point to him was actually about why not follow good traders and profitable people so that you’re growing your account while you’re learning, rather than just throwing money away on just random trades and losing trades? So from this week, we’ve had a trade on the weekly charts that closed out with a 4.2 to one reward to risk on the Australian-Canadian dollar. It’s actually from the previous week, but it closed this week 4.2 to one. So risking half of 1% on that trade, 2.1% gain on your account. How’s that for confidence, just one trade?
On our forum site this week, we’ve had trades posted on the 12 hour, the eight hour, the six hour, the four hour, the two hour, the one hour, 30 minute charts, all profitable trades for people to follow along with. We’ve had daily trades that have gone well. Our breakout’s gone well. We’ve had a trade yesterday. This was an interesting one and a prime example.
Profit from other traders
As I was putting together my weekly live webinars for clients yesterday, yesterday afternoon, my time, up popped a post on our forum site saying, “Canadian yen, buy trade six hour charts.” One of our clients popped it on there and said, “Look, this is looking really good. When the candle closes in 10 minutes, this is looking good.” I was preparing the webinar. I went to look at the Canadian yen, and I wrote back to him and I said, “Look, this trade looks fantastic. I’m taking it.” And so I took it, posted it on the forum, put the screenshot on there. People could follow along because they get notified of posts like that.
And the trade has hit full profit, and on that Canadian yen trade, I made a 3.1 reward to risk. So half percent risk, again, just over another 1.5% account gain. Our daily trades closed just 10 minutes before I made this video, Friday morning here in New Zealand. 2.9 to one reward to risk. Again, pretty much a 1.45% account gain. That was posted on our membership site earlier this week.
Client mentions trade live on the webinar
On that live webinar last night my time, Hayden, a client of ours, mentioned towards the end a 30 minute chart trade on the pound-yen. We looked at it and we go, “Yep, Hayden, awesome. Thank you for writing that down.” He typed it in live on the forum. Made a 1.9 to one reward to risk. Pretty much a 1% gain, half percent risk on that trade. And currently right now, as I’m making this video, I’ve got live trades which have all been posted on the forum site or on our daily trade suggestions on our membership site. Currently, I’m up 1.5% on open trade as well.
Learn the “How To” by following other traders
So you put all that together and you think, “Well, as a new trader, wouldn’t I really want to be part of this?” Yes, the results are great, but it’s about learning how to do that as well and learning in real time following people, and basically you are educating yourself with a group of knowledgeable, experienced, real life traders. And that, to me, is the way for you if you’re a new trader or you’re starting out with a small account, is that you have to learn to do that and to see those trades and take those trades, and there is no better way at doing this. This is three different methods as well. By the way, we’ve got our forum site, our daily trades and our live webinars, so three different places to go and follow along and profit from what we’re doing. So follow good profitable traders while you’re learning and you’ll then develop into, like Hayden, who put the pound-yen on there, on the forum site, like the guy, Gillo, who put the Canadian yen on there as well on the forum site yesterday for me to follow.
And I profited from that because I wouldn’t have seen that trade otherwise. It popped up there, and to be honest, I wouldn’t have taken the pound-yen on the 30 minute chart either, because normally I don’t look at 30 minute charts. But there it was on the forum site. So I myself have profited from two of our clients posting really good trades this week. It happens all the time. There’s plenty other examples as well. But, look, if you are starting new, you’re starting with a small account, and you want to ensure that you make some money, but also you’re making a percentage gain, that’s the important point. Don’t look at it and jump in and go, “Well, on a $1000 account, I might’ve made $200 or $100 this week, and that’s not enough to live on.” You can’t expect to do that on a $1000 account. But what you have to do is go, “Well, look, I’ve made 10% on my account with low risk.” And that’s the important point, because eventually your account, when you get good, will grow, you’ll be able to put more money into it. Your account will grow itself.
Walk before you can run
So walk before you can run. Start small, but start properly first time. I hope that helps. I’m going to put a link on this page to our course. If it’s of any interest to you, you know where to find us. We’ve been doing this almost 12 years.
Our 12th birthday is in May
By the way, in May, we celebrate our 12th birthday here at The Forex Trading Coach. Not too many others can say that. We’re really proud of that. We’ve gone over 3000 clients now in 93 countries around the world. It’s worked over all those years. It just works. We love what we’re doing. We love helping people. We love seeing the success of our clients. If you want to join us, you know where we are.
This is Andrew Mitchem here at The Forex Trading Coach. I’ll see this time next week. Bye for now.
Episode Title: #403: How to Profit as a New Trader with a Small Account
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#402: Your Investment Options are Limited
Mar 07, 2021
Your Investment Options are Limited
Podcast:
#402: Your Investment Options are Limited
In this video: 00:35 – Very low returns make headlines 01:37 – UK bank pays me 0.1% interest rate 02:02 – February Daily trades make +6.2% in February 03:15 – Options available if you don’t want to trade yourself 03:40 – TFTC Pattern Trader makes +7.2% gain for the week 04:44 – Forex Insiders March webinar: The Power of Divergence 05:59 – Future proof your own finances
Our daily trading suggestions made a 6.2% account gain just in the month of February. Would you like to know how we did that? And would you like to gain results like that for yourself? If you would, listen up I’ve got some great news for you.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 402.
As you can see a beautiful day here, and so I figured we’ll come outside and make the video today in the sun.
Very low returns make headlines
Now, a really interesting news story here in New Zealand just this week, and it actually made quite a lot of headlines and it was about a bank who have decided to increase their term deposit rates to a massive 1.7%. Now it was huge news in terms of that was a substantially bigger figure than almost everybody else has, and it made me think about what options do people have when it comes to investing. Now obviously property worldwide seems to be going absolutely gangbusters and that’s fantastic. But when it comes to actually cashflow, there’s still a big problem with most investments. Now, for this bank to advertise a 1.7% return per year and to make big news out of it, you can tell how poor almost all other investments are.
UK bank pays me 0.1% interest rate
Now I still have a bank account over in the UK that I had when I was a kid, and it’s still there from when we could go over there on holiday pre-COVID. That’s paying me over in the UK a 0.1% interest gain. So pretty pathetic. And it just made me think about what else do we have as options?
February Daily trades make +6.2% in February
So as traders, we obviously have a massive advantage when it comes to potential gains. Now I tallied up our results from just our daily chart trades, so this is just on our membership site trades posted to clients on our membership site each day. We had a 6.2% account gain by taking just a half percent risk per trade. So very, very low risk. Something that takes five minutes a day, and all you need to do is follow along with what we’re suggesting anyway. That’s complete set and forget as well, by the way, close at the end of the week but no management. With some very simply trade management clients did a lot better than that. But even as a set and forget, that was a 6.2% gain just in the month of February. Just one timeframe as well, don’t forget. We also post other timeframe charts on our daily trading suggestions like monthly and weekly, 12 hourly etc. We post trades on our forum site and we post that several times a day, so do other clients. We take trades live on our webinars. Plus all the other trades that clients could take themselves.
So you can just see the enormous potential there from trading the Forex market but once you know what you’re doing.
Options available if you don’t want to trade yourself
Now, for some people they may not be interested in knowing how to do it, but we’ve got you covered as well. If you really don’t have the time or the will to want to know how to trade for yourselves, we’ve got a couple of options for you. One is called Echo Trade Copier, and that’s a complete set and forget, do absolutely nothing, get your account mirrored on our master account. That’s a really good option for people.
TFTC Pattern Trader makes +7.2% gain for the week
The other is our amazing trading software called Pattern Trader, TFTC Pattern Trader. Now, the Pattern Trader allows you to create trading robots based on my own strategy. The results of that have just been absolutely tremendous. Just this week, and I’m recording this on Friday so I’ve still got another whole day to go, but just this week my live account on my Pattern Trader account is up 7.2%.
Now will it make 7.2% every week? Of course it won’t. But this week it’s up 7.2% and I’ve done absolutely nothing with that, that’s completely hands-free apart from one trade I decided to manually close. But almost no manual ongoing input. Once you’ve got your bots created, and by the way it’s a simply process that takes you maybe five minutes, we have our own bots on there for people to look at and follow and use if they want to as well. But 7.2% just this week in four days. Again very, very low and controlled risk and draw down, which is absolutely crucial to trading.
Forex Insiders March webinar: The Power of Divergence
One other thing to tell you about, in March… So next week on the 10th of March, which is next Wednesday, I’m holding my monthly Forex Insiders Webinar. It’s free to attend. Last month we did a one hour live session on candle and the feedback from that was tremendous. Next week, or this week when you get this video, on Wednesday the 10th that is going to be on divergence and the power of divergence. Now, if you’ve got any interest in trading the Forex market you’ll know that I think that probably 99% of all indicators out there are completely waste of time, waste of money. But we use divergence and the power of divergence very effectively within our trading strategy. Now if you’d like to know how we do that, and this is a free session, I’ll put a link below this video on this page somewhere for you to be able to register and attend that webinar on Wednesday 10th. It will be a one hour live session, I really urge you to get there. It doesn’t matter where you live in the world, if you have any interest you really need to make the effort to try and get onto that session live. It’s going to be a good one.
Future proof your own finances
So I hope that helps. And if you really want to I suppose future proof your own finances, you can’t get excited by this 1.7% from a bank for a whole year interest rate. It’s terrible. But you can get excited by the daily trades making 6.2% in a month, or like this week with my Pattern Trader bots making 7.2% in a week. So there’s a big difference there. So the choice is yours. But if you’d like to jump on to the divergence webinar, just register using the link here and I’ll see you on that session on Wednesday. Bye for now.
Episode Title: #402: Your Investment Options are Limited
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:23 – Is scalping a good idea or not? 00:58 – Can we help you? 01:14 – Some real trade examples 03:11 – You need a good strategy to scalp 04:35 – Send me an email to receive more details 04:57 – Feel free to share this video and podcast
So you want to be a scalper. Is that a good idea, and can we help?
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 401.
Is scalping a good idea or not?
Now you want to be a scalper. Is that a good idea? Well, it depends on what type of person you are, and if you’d like looking at your charts either at a certain time each day, when you know, there’s likely to be more price activity such as the European session, or maybe the US session. But also you need to be the sort of person that’s willing to do that regularly. And you’ve got to be the sort of person that’s willing to be a little bit more active on your charts. So is it a good idea? Well, it depends on you as a person, but it also depends on your strategy as in, does it work?
Can we help you?
And the other question is, can we help? Well, yes, absolutely we can help, because my strategy which I’ve been trading now for the last 14 years, works on all currency pairs and all timeframe charts.
Some real trade examples
Now to give you a perfect couple of examples, just yesterday, I held my client’s weekly live two hour trading room webinar. And on that webinar, we actually took two short timeframe charts. We took a trade on the 30 minute chart on the Australian Canadian dollar, and we took a trade on the Aussie Yen on the 15 minute chart. So both kind of scalping trades. They may not be like one minute charts or five minute charts, which are real scalping, but they are very short timeframe being a 15 and 30 minute chart. So pretty much what you would classify as scalping. And they were both profitable trades. We took them live, on the session, in front of my clients.
The first one, the Aussie Canadian, the 30 minute chart trade, just happened to have a 10 bit stop loss, had an 18 pip profit target. Therefore it made a 1.8 to one reward to risk. Risk half of 1% of your account on that trade. Make a 0.9% almost a 1% gain. It did that in two hours. The other trade that we took was on the 15 minute timeframe on the Aussie Yen. That had a 13 pip stop loss, a 28 pip profit target. And that made a 2.1 to one reward to risk or 1.05% gain. Two trades together, half percent risk on each.
So therefore total of only 1% of my account with risk on those two trades yet I made a positive plus 1.95% account gain. So almost a 2% gain just on two trades, live in front of my clients, for everybody to take, everybody to see. And 2% from one night, two trades took me what, five minutes total, just look through all the charts, see them, take them. 2% account gain. Not bad is it? Especially when you consider that’s way more than the bank’s going to pay me in 12 months.
You need a good strategy to scalp
So can we help you? Absolutely. Certainly we can because the strategy, as I’ve mentioned works across all timeframe charts. You still need to have everything setting up in your favour. The probability, what we’re looking for in terms of candle patterns, bounces round numbers, divergence, all those types of things that we teach, we trade and we look for. And then you have to of course have the strategy and that knowledge to be able to take that trade, all those trades at the exact right time.
So can we help? Absolutely. We also have on our forum site, a section dedicated to one hour charts and another section dedicated to 30 minute charts and lower. So we have people who like to scalp and like to trade those shorter timeframe charts with a dedicated section as well. So is it a good thing to do? Well, that’s for you to decide on what suits you. Can we help? Absolutely. Because we can trade those. We do from time to time, trade those shorter timeframe charts, especially on our live webinars and people posting on our forum site and it works.
So as you can see from those two trades, a 1.95% account gain on two, very easy to take trades, taken live, just last night, on my live webinar, with clients, 2% gain. What more do you want really? It can be done. It’s very straightforward to be done once you know what you’re doing.
Send me an email to receive more details
So if you’d like more details, just send me an email, andrew@theforextradingcoach.com. If you’ve not been on to one of my free weekly webinars that we hold, one for new traders, one for experienced traders, make sure you jump on one of those. There’s only need to attend just one, just the one that’s relevant for your level of trading knowledge and experience right now. So hope that helps.
Feel free to share this video and podcast
Feel free to share this video and podcast with other people who think may be interested in learning how to scalp or trade the Forex market successfully. And I’ll see you this time next week.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#400: New ASIC Regulations and How They Affect Forex Traders
Feb 22, 2021
New ASIC Regulations and How They Affect Forex Traders
Podcast:
#400: New ASIC Regulations and How They Affect Forex Traders
In this video: 00:24 – I’m joined by Ben Clay from Blueberry Markets 00:43 – Why are ASIC making these changes? 01:43 – If you have more experience, will these levels change? 03:12 – How does this affect Australian traders? 04:00 – How will these changes affect non-Australian traders? 05:35 – I’m looking for a new broker. Can I join Blueberry? 06:11 – What should you look for in a good Forex broker? 07:36 – Can a trader contact you directly? 09:21 – A goal to help people succeed
Andrew Mitchem: There are new changes coming from the Australian regulators affecting us as Forex traders. So let’s discuss how that’s going to change things with the Australian brokers. Let’s get into it right now.
Andrew Mitchem: Hi traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 400.
I’m joined by Ben Clay from Blueberry Markets
Andrew Mitchem: And today we’re joined by Ben Clay from Blueberry Markets to discuss the upcoming changes through ASIC and how it’s going to affect us as traders, whether we be in Australia or overseas. So Ben, welcome, great to have you here today.
Ben Clay: Thank you, Andrew. Thanks very much.
Why are ASIC making these changes?
Andrew Mitchem: So Ben, we’re here about these changes out of ASIC, so it’s the Australian Securities and Investment Commission. So can you tell us how is this likely to affect us? And first of all, why are ASIC making these changes? What is it that they’re doing and why are they doing it?
Ben Clay: Sure. So essentially the changes are mainly to protect traders at the end of the day, especially new traders coming on board. There’s a lot of new traders that come into brokers on one to 500 leverage, the maximum leverage that can be offered and that’s just too much risk for someone who doesn’t know anything about the Forex markets to be trading on. So these changes is to try and help new traders get a better understanding and trade on much lower leverage, which will be one to 30 for Forex pairs. So they can get an understanding of how the products works before jumping into higher leverage.
Andrew Mitchem: Okay. So it’s mainly about leverage and protecting some of those newer traders.
Ben Clay: Absolutely.
If you have more experience, will these levels change?
Andrew Mitchem: That’s one of the reasons. So does that mean that once someone understands risk and they’ve been through trading for a while, things can change, or is that leverage that you just mentioned pretty much set?
Ben Clay: No, that’s exactly right. So when a client has a bit of experience and has some trading history, they can actually become what’s called a sophisticated trader. So there’ll be some extra parameters that they have to go through, which we’ll send out to our clients in the next month, but it will basically almost be a test to show that they understand the markets and that they clearly understand the risks of when it comes to Forex trading. Like myself, I trade on high leverage. It’s just a way that I prefer to trade. So, me, myself, I would want to be listed as a sophisticated investor so I can have that as an option to trade on much higher leverage.
Andrew Mitchem: Right. So it’s about educating the client as well. So they’re not just going in there gambling and throwing it all away, and then all goes wrong.
Ben Clay: Exactly. That’s exactly right. And at Blueberry, that’s something that we’re really passionate about is making sure that our clients understand the risks, and people like yourself as well, who are out there educating clients so they’re not coming in and blowing up an account right off the bat on massive leverage.
Andrew Mitchem: Yeah. So you’re teaching them about low risk and how to trade carefully and properly rather than the people that think they’re going to double their account every week.
Ben Clay: Exactly right and that’s what it’s all about at the end of the day. So it’s a positive change that ASIC is making. And I think it’s been a long time coming and I think it’s going to be beneficial for the industry as a whole.
How does this affect Australian traders?
Andrew Mitchem: Yeah. Nice. So let’s talk about Australian clients. You are in Australia and I’m guessing a good number of your clients are too. So how does this affect them directly?
Ben Clay: So as of the 29th of March, if they’re not listed as a sophisticated investor for Forex pairs, they won’t be able to have leverage higher than one to 30. And I believe for minor pairs, it’s one to 20. For CFDs, it’s one to 10. So basically needing to have a higher margin and therefore less risk for each individual trade they place. They’re not able to have massive notional value contracts without laying a small amounts and therefore the profit loss fluctuations are so much higher, they would have to trade much smaller to start off and get comfortable with it right off the bat.
How will these changes affect non-Australian traders?
Andrew Mitchem: Okay. And so that’s for Australian. So I’m in New Zealand. Most of our clients are other places around the world. So they want to trade through Blueberry Markets. How will these changes affect those people?
Ben Clay: So for our existing clients that are here with Blueberry, they will be moved to an offshore licence on Vanuatu, which is the Vanuatu Financial Services Commission. So essentially there’s no changes for our overseas clients. They still have the same login number, same client portal details, funds are still held here in Australia they will have the same account manager. So it technically doesn’t impact those clients who are already experienced in trading. They can still have leverage up to one to 500.
Andrew Mitchem: Okay. So for most Blueberry clients then going forward, existing clients, there’s not a lot of change for most people?
Ben Clay: No. The only real difference would be if complaints that cannot be resolved internally at Blueberry Markets goes further, then they would go to the Vanuatu Financial Services Commission instead of going to ASIC. But the big thing to note here is that we have a very good online reputation and we focus on making sure that our clients are happy and 99.9% of our complaints are resolved in house. That’s something that we will continue to do, and we’ll continue to focus on building our reputation and making sure that our clients know that they can come to us and gets the best service possible and be taken care of and still have that trust with us as well. So this is even more important now, the way that our overseas clients are moving to an offshore licence. This is something that we take very, very seriously and we’ll continue to do so forever.
I’m looking for a new broker. Can I join Blueberry?
Andrew Mitchem: Yeah, good. And so for someone who’s not currently a client of Blueberry Markets right now, and they’re looking at, thinking, “Well, I’m looking for broker,” and let’s say they’re outside of Australia. Can they come to you and join? Because I think there’s a bit of a perception that that’s not going to be possible.
Ben Clay: Yeah, absolutely, right. So they can definitely still come to us to join. As I said, everything basically remains the same. They would just be onboarded onto a different licence, but everything will remain almost identical to them. So new clients can definitely still come and sign up. They just have to go through the normal application process, upload ID documents, and it’ll be approved within 24 hours.
What should you look for in a good Forex broker?
Andrew Mitchem: Okay, excellent. So someone’s out there looking for a new broker. What should they be looking for? Not just with yourself, but with any broker going forward now or any ASIC broker, what is it that they should be looking for?
Ben Clay: That’s a really good question. And I think this has changed a lot over the last 10 years or so. When I first started in the industry, every broker was just competing on spreads. Whoever had the tightest spread was the broker you would go with. And then it came down to regulation. But a lot of these tier two and tier three countries have now got really good regulation, like Vanuatu. So most brokers are regulated, obviously stay away from the ones that have zero regulation. But it all comes down to reputation. As we’re in this modern world of online reviews, you can go look and find anything you want to know about any broker you’re looking at, whether it’s us or someone else, just make sure that there’s plenty of good reviews and that you have a good read of them, that they’re not fake.
Ben Clay: There’s going to be some negative reviews here and there. But the really important thing to do is do your research on the broker that you’re going through. And you can even get more granular with that and look at who’s behind the broker. Go look at the LinkedIn profiles of the directors and find out as much information as possible about the broker that you’re looking for before signing up. In my opinion, it’s reckless not to do your research and really ask as many questions as you can to your broker when signing up.
Can a trader contact you directly?
Andrew Mitchem: Yeah, definitely. And what if somebody wanted to come to you directly and just ask some questions? Is that something they could do? Could they call you, can they email you?
Ben Clay: Of course, absolutely. So we have live chat 24/7, so that’s on the weekends as well. People can come to our live chat. You can email me directly if need be. I’m the partners manager here at Blueberry Markets, but I’m always happy to help with whatever you can. My email is just ben.clay@blueberrymarkets.com, or you can reach out to support@blueberrymarkets.com and we’ll get back to you very quickly.
Andrew Mitchem: Awesome, Ben. Well, look, I think from my point of view, being outside of Australia, especially I think it’s a big relief to hear what you’ve said, because initially it was a little bit of a, “Wow, we’re going to not be able to trade through Blueberry any longer.” So it’s good that we were able to have this conversation and continue offering good education from our side and good quality service and brokerage from your side. So I’m very pleased that that’s going to continue, but with even more licencing and quality behind the scenes from ASIC as well, which is good.
Ben Clay: Yeah, absolutely. We’ll still be regulated by ASIC, of course. So I really appreciate that Andrew. This is, as I said, this is very important to us and it’s even more so important now to keep up our reputation and just to keep our clients happy and satisfied. That’s the most important thing at the end of the day for us.
Andrew Mitchem: Excellent. Well, thank you very much, Ben. I think that’s been very valuable information. It has been good clarity as well, because we’ve had a huge amount of questions. I’m sure you have too.
Ben Clay: I’ve had a lot of phone calls. Yes.
Andrew Mitchem: I bet you have. Yes. So it’s really good just to help people and give people sort of options and from the horse’s mouth as it were, what’s really happening, which is good. So thank you very much for doing that.
A goal to help people succeed
Ben Clay: Thanks very much, Andrew. No, that’s okay. I have to say, I thank people like yourself who are out there educating people on how to trade and really have a goal to help people instead of just looking for an extra dollar and it really shows and a lot of your clients speak those high volumes of you as well. So I appreciate what you’re doing too, Andrew.
Andrew Mitchem: That’s good. I think we both on the same page and we both have that interest, that passion to help people who want to do well for themselves as well. So that’s really good.
Ben Clay: Absolutely.
Andrew Mitchem:
Which is why we partner and why it works. So thank you, Ben.
Ben Clay: No worries, mate.
Episode Title: #400: New ASIC Regulations and How They Affect Forex Traders
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#399: 5 Things to Know Before You Start Trading Forex
Feb 14, 2021
5 Things to Know Before You Start Trading Forex
Podcast:
#399: 5 Things to Know Before You Start Trading Forex
In this video: 00:26 – 5 very important things to know 00:38 – You will not become an overnight millionaire 02:01 – You don’t need to spend all day and night watching your charts 02:40 – You don’t need to study global events 03:52 – You do need to understand global time zones 05:47 – You must be willing to learn and invest in yourself 06:46 – Do you have questions and share this video
I’m going to share with you five things that you should know before you start wanting to become a Forex trader. Let’s get into that and more right now.
Hi traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 399.
5 very important things to know
I’m going to share with you five important things that I think you need to know and understand before you start to enter the amazing Forex world.
You will not become an overnight millionaire
So let’s start with the first thing is, you not be an overnight multimillionaire. Despite all the claims, all the promises, all the flash cars, all the laptops on the beaches that you see online and all the growth that you see, people tell you, you will achieve, you will not. And that’s the reality of it. 90 to 95 percent of Forex traders out there, of just retail small time Forex traders, lose money. It’s the facts. It’s the reality. And you have to figure out what are you you’re going to do differently to that sort of 90, 95% of other people?
There’s a lot of things you can do, and we can certainly help you with those. But you’ve got to actually realise that you will not be doubling your account every week or every month like people tell you, you will do. If you do that, you’re basically a gambler. And if you do that, you are not a trader and you will not last as a trader. So if you think you’re going to suddenly take a thousand dollars and turn it into a hundred thousand dollars or a million dollars in a week, month, a year, it’s not going to happen. You’re just going to lose money. Even if you’ve got a million dollars today to trade, if you don’t know what you’re doing, you’re going to lose money and you won’t have a million dollars pretty soon after. So, do not expect overnight success. Like all good things, it takes time. You will not double your account next week.
You don’t need to spend all day and night watching your charts
Number two, you don’t need to spend all day looking at your charts. A lot of people get into trading think that they need to sit up all night, all day, watching charts, watching every bit of movement. You do not need to do that, absolutely far from it. So don’t think that you need to sit there. You can go to work, do your normal things, kids, family, jobs, sports, whatever it is, travel, whatever it is you like to do, you can make trading work around that. So don’t think that you’re suddenly going to have to give up all your nights to sit watching charts moving or get up at three o’clock in the morning or anything like that. You don’t need to do that.
You don’t need to study global events
Number three. You don’t actually need to sit and look and study global events. I had an email from a guy this morning on LinkedIn said to me, “Hey, Andrew, look, I’d love to share with you what we write up each day.” And it was basically this about five or six pages on a PDF file of what happened yesterday, news events and political events and COVID events and all this type of stuff. Completely irrelevant. If you know what you’re doing as a technical trader, you can look at the charts. You don’t need to be studying all the political news events. You just don’t need to. Sure, it’s good to have an understanding and possibly look at a website once a day to see high impact news announcements, or just if you have an interest in that type of thing, to see what unemployment rates are doing or interest rates, that type of thing, that’s good. But if you want to be a technical trader, then all that other information really is completely irrelevant.
Look, if you want to be a fundamental trader, then by all means, that’s what you need to go and study. But if you’re like us and you want to do this enjoyably and profitably, be a technical trader and forget all that economist type of information, because it doesn’t really help you to make money from right now.
You don’t need to study global events
Fourth thing. This one makes me laugh every time. You do need to have an understanding of time zones. You do have to be aware that different people are in different time zones and what they are. Right now, it is summer in New Zealand. It is February. The amount of people that I’ve met that do not understand that because they live in the Northern hemisphere and they think that February it should be snowing and cold. Well, yes it is in the Northern hemisphere. It’s winter, but simple, simple things like that, people fail to understand. It absolutely, it blows my mind how people lack knowledge of the rest of the world. If you’re going to be a trader, the reality is you’re trading a global market. You do need to have some knowledge of this.
Give you a great example. Just this week, I held a live webinar on my Wednesday morning. The amount of emails that went out saying, “If you’re in the US, it’s Tuesday afternoon. If you are in the UK or Europe, it’s Tuesday night.” We put countdown timers on there. We explained it a hundred thousand times over. We put links to websites so you can see the time in your local time. You would not believe how many people wrote to me saying, “Oh, I missed the webinar,” or “I didn’t get the time right,” or “I thought it was today because in America it’s Wednesday.” Look, the reality is, if you’re going to do anything in the Forex market, you have to know these simple, simple things that different time zones. We work off New York time, 5:00 PM, New York time. How many people come to me and say, “What time is that if I’m in California?” or “What time is that if I’m in Singapore?” or “What time is that if I’m in Sydney?” Work it out. It’s not difficult. Sorry. It’s not difficult. If you want to start dealing in the financial markets, you got to know those simple, basic things, or at least know where to look online. No one has an excuse with not knowing that.
You must be willing to learn and invest in yourself
And lastly, you got to be willing to learn, got to be willing to invest in yourself. If you want to go through four years of tearing your hair out, like I did, going round in circles, buying all these different eBooks and following signals and spending a heap of time on these completely useless forums online, following, copying indicators, et cetera, very few people actually make it by doing that. You will waste so much time. You’ll blame everybody else. You’ll blame your broker, you’ll blame your market why you don’t make money. The reality is, like anything, you want to learn a skill? Invest some in yourself, some time, bit of money, get some good training. Do it properly first time.
So, hope that helps. That’s my five tips if you’re a new trader or someone thinking about getting into the Forex market very soon. Look, it’s an awesome market. It is absolutely the best market to trade without a doubt, but you’ve got to know what you’re doing like everything. So I hope that helps.
Do you have questions and share this video
If you have any questions at all about the Forex market or you’d like any information or you’d like me to cover any information topics on future videos and podcasts, just let me know. If you felt like you’ve got a lot out of this, share my YouTube channel, share the podcast with your friends, family, anybody that’s interested in the Forex market. And I’ll see this time next week. Bye for now.
Episode Title: #399: 5 Things to Know Before You Start Trading Forex
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#398: The Forex Market or the Stock Market?
Feb 07, 2021
The Forex Market or the Stock Market?
Podcast:
#398: The Forex Market or the Stock Market?
In this video: 00:28 – Which is the best market to trade? 00:51 – The Forex market is open 24 hours a day 02:27 – It’s easy to follow and understand the 8 FX currencies 03:43 – Massive liquidity in the Forex market 04:44 – Use Leverage to your advantage 05:42 – You can trade Forex long and short 06:27 – The low cost of trading the Forex market 06:47 – The ability to take high reward:risk trades 08:13 – Send me the trading topics you’d like me to discuss
Should you trade the Forex market or should you consider trading the stock market instead? Which is best? Let’s talk about that and more, right now.
Hi Forex traders. It is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 398.
Which is the best market to trade?
And I want to talk about the differences, the comparisons, the benefits of trading the Forex market over the stock market. It’s a question I get asked quite often. And so I thought to help you out, I’ll give you what I see the benefits of the Forex market that are clearly beneficial to us as traders and why I choose the Forex market over the stock market. So to list these in no particular order.
The Forex market is open 24 hours a day
The first one, the market is open 24 hours a day when you trade the Forex market. So it’s open five days a week. It opens at 05:00 PM, New York time on a Sunday, and it closes at 05:00 PM, New York time on a Friday. So it’s open for five complete days, 24 hours a day, and it doesn’t shut within that time.
Now that has many benefits. Depends on where you live around the world. You may find that some exchanges, if you’re trading the stock market, it may be crazy hours of the day for you. As an example, for me, living here in New Zealand, I can trade the Forex market quite easily, any time of day. Yet, if I wanted to trade the US stock market, I’d need to be up from about two o’clock in the morning through to about 06:00 or 07:00 AM every day. And there is no way I’m doing that. And it depends on where you’re living. If you’re in Europe, let’s say, you can’t trade the Australian stock market very easily because of the time differences. And when you have time differences and you have exchanges open for, let’s say eight hours a day, what you tend to find is between one day and the next day you have gaps in the price and you have price jumping from here and opening the next day up here. So all sorts of different things like that, which as a trader can become a problem.
Yet with the Forex market, it doesn’t matter where you live in the world, what time zone you’re on. When you look at the market, the market is open. And that to me is a massive, massive benefit. And you just get that continual flow with the Forex market that you don’t get in the stock market.
It’s easy to follow and understand the 8 FX currencies
Another benefit, when you look at the Forex market, there’s really only eight currencies that we look at trading. You get to know pretty soon the characteristics, how they move, how they flow with each different currency and the currency pairs. Yet if you’re trading the stock market, how on earth do you get to really know what’s happening with each of those stocks, those companies, what their debt levels are like, what their employment levels are like, what their plans are? All those type of things that I don’t believe that you really can know. And even if you study just a few of them, well, there’s thousands of them to go and look at. So how do you know which one to look at?
Whereas the Forex market’s such a small focused market. And when you get currencies like the New Zealand and the Australian and the Canadian that tend to all move together because they’re the commodity currencies and you get the Euro and the Franc moving opposite to each other, because they’re highly correlated, you really don’t have a lot of different markets to focus on, which makes our job a lot easier. So we can then focus on what’s happening on different timeframe charts and very, very easy in comparison to know what’s happening.
Massive liquidity in the Forex market
Liquidity is another massive benefit that I see in the Forex market, because it is the biggest market in the world. And completely, massively more in terms of what’s traded there in the Forex market than all the other markets, I think almost put together. As a trader, it doesn’t matter what I’m trading. I click my mouse, I’m in and out of a trade instantly. The liquidity is amazing. It means that the cost of trading is very, very small. My spreads are small compared with stocks, where spreads or commissions can be quite large. Finding a willing buyer and a willing seller, which is basically what we’re doing when you’re buying or selling, as a currency trader is absolutely simple. The market’s not shut. And I’m thinking, “Oh, I want to sell this stock, but I can’t because the market’s shut.” Or the volatility is not there. There becomes those issues with the stock market side of the things that you never ever see in the Forex market.
Use Leverage to your advantage
So leverage, another big part of why I personally think that trading the Forex market is so much better than the stock market, because with leverage, you can basically trade and control quite a large sum of money with just a relatively small amount. And that means that you’re not like with stocks, if you’re buying something and buying and holding, your money with no leverage is tied up and it’s tied up for a considerable length of time in most cases, because generally most people with the stock market are more buy and hold type of people. Whereas with the Forex market, you can control a large amount of money with a relatively small amount of money, which means you can take multiple trades. Some trades you may be in and out of the trades within minutes. Some may be days or hours. Some may be days depending on what type of Forex trader you are, but it allows you to take multiple positions with a relatively small amount in your account, which is another massive benefit.
You can trade Forex long and short
With the long and short ability of trading, that’s another huge benefit as well. Because we’re trading currencies as currency pairs together, we can just as easily press sell and look for a currency pair to fall and make exactly the same money as if you’re taking it long and buying. Whereas most people traditionally with stock markets, you are literally buying and anticipating it moving up. Now sure, that may be changing with CFDs and the way that you can now start to short stocks, but traditionally the Forex market has completely always been buy and sell, and that is a benefit over the normal way that most people trade stocks.
The low cost of trading the Forex market
We’ve talked about the entry fees, the low cost. Let’s say, for example, the Euro US dollar, the spread is so small because of the amount that’s traded all the time. And it’s not just during the European session, it’s all around the clock, five days a week that the spread, the cost of that entry fee is so small.
The ability to take high reward:risk trades
And to me, one of the last benefits that I see of the Forex market is the ability to trade and have profitable trades with high reward to risk. So it means that my reward out of a trade, maybe two, three, four times my risk. Now I can do that relatively quickly in the Forex market. And that could be depending on the timeframe trade you’re trading, it could be again within minutes or hours, sometimes days, but I could close out of a trade with very low controlled risk, high reward to risk. Whereas if I’m trading the stock market and I’m buying a stock let’s say, I would have to wait, in most cases, a long, long time to make two or three times your risk on that trade. And being able to do that, by buying and selling with the liquidity, with the low cost of entry and exit, with the 24 hours a day market, to me, you put all that together, and undoubtedly the Forex market is a better market to trade than the stock market.
So I hope that helps. Hope that answers your question. Don’t forget, that’s just my opinion. I’m not saying it’s the right answer. There is really no right answer. It depends on what you, as a person, as a trader, like, but for me, I’ve always traded the Forex markets because of those benefits, and I think they are huge.
Send me the trading topics you’d like me to discuss
So if you have any questions, just like that one that was sent to me last week, that you’d like me to cover on future videos and podcasts, just send me an email, andrew@theforextradingcoach.com, and I’ll help you out, by answering your question for you.
I’ll see you this time next week. Bye for now.
Episode Title: #398: The Forex Market or the Stock Market?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#397: How to Lose Money Fast through Trading
Jan 31, 2021
How to Lose Money Fast through Trading
Podcast:
#397: How to Lose Money Fast through Trading
In this video: 00:33 – You’ll know it’s easy to lose money through trading 01:27 – What are you going to do differently? 02:05 – Watch last week’s video about using Limit Orders 05:01 – A real example on the EUR/AUD W1 chart which made a 4:1 R:R 06:22 – New monthly webinars for all traders to attend 07:16 – We’ve gone full circle
I’m going to explain how you can lose money really, really fast by trading the Forex market. You interested? Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 397.
And you can see it’s an awesome day here, summertime in New Zealand, so I thought I’d come outside. I want to talk about something very, very different this time. I want to talk about losing money.
You’ll know it’s easy to lose money through trading
Now, it’s very, very easy to do that if you’re trading in the Forex market, and if you’ve been trading for any length of time, you will know how easy it is to lose money.
Now, not the sort of topic that I usually talk about, so you can see it’s kind of like tongue in cheek here, because really everybody knows how to lose money in the Forex market. All you have to do is to simply do what most people have always done and just follow the masses, do all the usual things that most people do that are incorrect. And if you do that, you will certainly lose lots of money. But that’s not fun. If you want to change things around, like with anything, if you continue to do what you’ve always done, as the phrase goes, you will continue to get what you’ve always got.
What are you going to do differently?
So as a trader, what are we going to do differently here now to change this around? What are you going to do with your mindset, with your thinking, with the way that you trade, with what you’re going to learn, who you’re going to interact with, all those types of things? What are you going to do to change this around? Because otherwise, like the topic of this conversation, you will lose money and you’ll do it really well and you’ll do it really fast. You’ll get upset. You’ll blame the broker, you’ll blame the internet, you’ll blame everybody, but ultimately it’s you that’s done it wrong.
So yes. Okay, so you’re going to change things around, what are you going to do?
Watch last week’s video about using Limit Orders
Well, have a look at last week’s video and podcast, as an example of one simple thing you can do to change things around. The feedback from that, by the way, thank you for that, was tremendous. It was all about using retracement orders, limit orders, and how that one simple thing can massively change your trading performance.
Now, this week I held a presentation for a group of traders over in Singapore. Of course, it was online. I haven’t been over there. But on that presentation, I put together a very, very simple chart, and I made an example of a trade. And I said, “Well, here’s three ways of trading this trade, entering the trade. We can enter at the market. We can enter using a stop order,” in this example, it was a buy trade, so a buy stop, “or we can enter using a buy limit.” Now, this trade had the same stop loss on all three entry methods, had the same profit target on all three entry methods. It was a hypothetical trade, but it was to show an example, and it was to say, basically what we showed was, if you enter at the market, this particular trade example made about a 1.1-to-1 reward-to-risk. If you entered using a stop order, it made about a 0.6-to-1 reward-to-risk. If you entered using the limit order, it made a 2.2-to-1 reward-to-risk. Massive difference.
What I then did is shared that same example and just said, “Look, if we had 10 trades all with much the same reward-to-risk, and we were profitable on five of those trades and we’d lost on five of those trades, so only a 50% win rate, which is still fairly good, by using the market order you were just a slight bit of profit over those 10 trades. By using the buy stops, you were in a loss over the 10 trades. And by using the buy limits, you were at about a 3% gain.” I think the buy stops was like about a 1% loss, top of my head. I’ve got the figures if you want to see them.
But they were hypothetical trades to say, this is the advantage of using the same trade setup, the same stop, the same exit profit. The only thing that changed was the entry level. Now, it made a massive difference. It was a big aha moment for a lot of all those people on that webinar and just made them think differently, because most people will tell you to enter at the market or a breakout using a stop order. I do the opposite. I say have a limit order in place. If the price retraces first, it gets you filled at better price. All sorts of benefits from that to reward-to-risk, to not needing to be at your chart at the exact time the trade changes over. You don’t need to be there when the price hits that entry level, all those type of things.
A real example on the EUR/AUD W1 chart which made a 4:1 R:R
Now, a real life example of this and a perfect example was this week. On the weekly charts, I mentioned to my clients on Monday to look at a buy trade on the Euro/Australian dollar. It hit the full profit target yesterday while I was on my live webinar with over a hundred clients on there live last night my time. It made a very impressive 4-to-1 reward-to-risk. I took half percent risk on that trade myself. Therefore, I made a 2% account gain.
I also mentioned on Monday a sell trade on the Aussie/Swiss Franc, inverse of the Euro/Aussie. That got stopped there by two pips. It would have gone on to hit the profit target, but it didn’t. It got stopped out. And on that trade, I lost half of 1%. So you put the two trades together, I’m still at a 50% win rate. I’ve won a trade, I’ve lost a trade, but net, I am up 1.5% for the week on those two trades, just on the weekly charts. It took me less than five minutes to place the trades on Monday, and I’ve made 1.5% gain on the two trades, half percent loss and a 2% gain. So again, it shows you the importance of reward-to-risk. It’s a very, very important part of trading.
New monthly webinars for all traders to attend
Now, one other thing to share with you going forward for this year and starting in mid-February, I’m going to be holding a free webinar for anybody who wants to attend, once a month. We’re going to pick a topic each month to discuss. For February, we’re going to be discussing candle patterns. If you’d like to jump onto one of those webinars, just have a lookout for it each month. But if you’d like to join us on the February webinar, all you need to do is just send me an email, andrew@theforextradingcoach.com. Let me know that you’d like to attend the February webinar. I’ll get a link together and I’ll send it through to you. There’s no selling, no anything at all. It’s purely going to be just informational, this upcoming session in February, purely on candle patterns and how I trade them, how I can help you trade them in a practical, realistic, ongoing method to help you make money from the Forex market.
We’ve gone full circle
So we’ve gone full circle. In seven minutes, we’ve gone full circle. We started off talking about losing trades and how you can do that fast. Most people do that, unfortunately. You know that 90 to 95% of people lose money in the Forex market. Be one of the 5 to 10%. Come and join us, or just follow what we do. And look, we love this market. We love trading it for all the benefits that it offers, the lifestyle, the monetary, everything else. It’s a great market once you know what to do. If you don’t know how to trade it, you will lose money and do that fast. If you want to be that, carry on doing what you’re doing. If you’d like to change, you know where to find us.
So once again, this is Andrew Mitchem here at The Forex Trading Coach, enjoying this beautiful summertime weather here in New Zealand. I’ll see you this time next week. Bye for now.
Episode Title: #397: How to Lose Money Fast through Trading
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#396: How Using Retracements Will Help Your Trading Results
Jan 24, 2021
How Using Retracements Will Help Your Trading Results
Podcast:
#396: How Using Retracements Will Help Your Trading Results
In this video: 00:26 – The biggest difference to my trading success 01:06 – The many benefits of using limit orders 01:46 – Frees up your time 03:57 – A real time example on the EUR/NZD H4 chart 05:03 – Using retracement entries will massively help you
Using retracement orders can massively improve your trading success. Let’s talk about that more right now.
Hi Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 396.
The biggest difference to my trading success
Now, next week I’m going to be speaking at a virtual trading week for a group of traders over in Singapore. I’ve been asked to speak as a special guest. And the guy who’s organising the events said to me, “Andrew, I want you to talk about on a topic that can help people, but choose a topic that made a huge difference to your own trading success. Like what helped you as a trader to change your trading around and what made it so successful.” So I’ve got quite an interesting topic and it is all about how you actually enter the market using retracement orders.
The many benefits of using limit orders
Now you see, there are so many benefits to using retracement orders.And when I’m saying retracements, I’m using what’s called limit orders, so buy limits or sell limits. So if you were to take a buy trade, for instance, a buy limit order means that you’re entering the market below the current price. If you’re taking a sell order, you are entering the market above the current price. So in other words, you’re getting in at a better price after the price has retraced from where it currently is, and then you’re anticipating it to then continue in the direction of your trade.
Frees up your time
Now, huge number of benefits to this. One, time-wise. Now a number of people stress about sitting and watching their charts all the time. You know, you’re missing out on trades, or you don’t know when to be at your charts. Now we simplify that here at the Forex Trading Coach by only looking at a candle at the close of the candle, that’s the only time we look at a trade.
So once you do that, then we get people that say, well, I cannot be there at at 12 o’clock or four o’clock, whenever the candle closes. But the beauty of taking retracement orders is you don’t actually need to be there. So, as an example on a buy trade, we’re still looking at using our same profit target, our same stop loss, but rather than entering at the market and needing to be there at that time and having a smaller reward to risk, we’re looking for the price to first fall, get our buy limit order filled, and then head up in our overall anticipated direction. Massive benefits time-wise. The other massive benefit also you can see, we’ve now increased our reward to risk of the trade. And that’s massively important psychologically. Now you don’t need to be winning 80, 90% of the time.
And you think about this in simple terms. If you have trades that are three to one reward to risk on average, and you take three trades, one of them’s profitable, you just made one and a half percent on your account by using half percent risk. You have two losing trades following that, you’ve lost 1% total. So out of the three trades, you’ve only making 33.3% of the time. You’re only profitable on a third of your trades, yet you’ve still made half of 1% gain by using half percent risk on each of those three trades. So people that say, “Look, I need to be profitable 80, 90% of the time.” Most of those people don’t make money. And you think about this, if you’re making one out of three profitable trades, what happens if you can expand that out to 10 trades.
And rather than three out of 10, let’s say you’re up to four or five out of 10. You see how with high reward to risk trades, you can make massive, massive gains.
A real time example on the EUR/NZD H4 chart
Now I want to give you a real example that’s actually going on right behind me right now as I’m recording this. So there’s a trade that Paul Tillman took in front of our clients on our live US webinar on Thursday, the 21st of January. And it’s now Friday the 22nd when I’m recording this here in New Zealand. The trades still open. Go and look at your charts, go and look at the Euro New Zealand dollar on the four hour charts. And we took a trade, or Paul took a trade, at the close of the 12 o’clock candle. Go and have a look at that great candle setup. Now, Paul’s got the trade on there, it’s almost a profit.
Right now it’s eight pips away from the full profit target. It’s got a 3.1 reward to risk. So that means with half percent risk, which Paul’s taken in front of our clients, hundreds of clients on the live webinar, if that trade gets the profit, which it’s almost there, it’s going to make us a 1.55% account gain. So you can see again, the importance of high reward to risk that you get from the benefit of using retracement orders.
Using retracement entries will massively help you
So it’s a very important part of my trading and my trading success and our client’s trading success. So I hope it helps you too. If you have any topics or questions that you’d like me to talk about on future videos and podcasts just like this one, just drop me a line to Andrew@theforextradingcoach.com. I’ll see you next time. Bye for now.
Episode Title: #396: How Using Retracements Will Help Your Trading Results
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#395: How to make 2021 an excellent trading year
Jan 17, 2021
How to make 2021 an excellent trading year
Podcast:
#395: How to make 2021 an excellent trading year
In this video: 00:30 – Set your goals for the New Year 01:40 – Trading on the close of a candle 02:22 – Document your trades 02:42 – Client makes +2.75% gain in one trade 03:57 – TFTC Pattern Trader bot software 04:57 – Looking forward to a great year ahead 05:40 – Future podcast topics
So, 2021. How are you going to ensure this is a great year for you as a forex trader? Let’s talk about that more right now.
Hey, traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 395.
Set your goals for the New Year
Come outside here, as it’s a beautiful day today, and wanted to talk about goals for 2021. It’s really important that you have some goals, that you think about your trading, you look at last year’s performance. What was good? What was not good? If you’re new to trading, you’re probably in some ways a better off position, because you can start right now in January and focus on making this year a really good year, but you need a plan. And it was one of the things that we discussed on our last webinar with our clients. Held it just last night. Two and a half hour live webinar. First one for the year.
We go through our trading goals. We look at when we’re wanting to trade, what timeframes, what patterns we’re looking at, continuations, reversals, risk per trade. What do you do if a few trades go wrong? What do you do if you make really good trades? Do you keep trading? Do you stop trading? What happens if you can’t access your broker’s platform, your internet goes down? Different timeframe charts, are you going to take different risk on each trade? How are you going to place your entries, your stop losses, your profit targets? All those things that we look at and we discuss, and we come up with a trading plan that suits the individual person.
Trading on the close of a candle
Now, with my strategy, we only look at taking a trade on the close of a candle, so it’s very easy to know when to look at your charts, but with different people all around the world with different time zones, different time restrictions of availability, it’s important to plan what works for you. Now, as I said, we make sure that clients have a plan and it’s something that’s realistic, easy to stick to. Really, there’s no reason why you can’t trade in under 30 minutes per day. That’s what we do, and that’s what we’ve done for years and years. But it’s just about helping people to establish that plan, and I really encourage you to have a plan yourself as well.
Document your trades
Also about, when you record trades, are you writing them down on spreadsheets? Are you taking screenshots, et cetera? What are you doing to document, journal and analyse your trading performance as you go through this year? So some important tips there to work on. Just email me if you need any help, andrew@theforextradingcoach.com.
Client makes +2.75% gain in one trade
With our trade so far this year, we’ve been trading just this one week, and we’ve already had very profitable trades on the daily charts, the 12 hours, eight hours, four hours, two-hour and one-hour charts. Had an email from a client who said that he’s already made, on his very first trade on gold on the one-hour chart, made a 2.75% account gain already, which is fantastic.
On the live webinar yesterday, I took two two-hour chart trades; one on Euro yen, which lost, and one on the New Zealand-Canadian, which was profitable. The profitable trade completely got back all the loss of the first trade and more. I risked only a quarter of 1% on each trade and ended up making plus 0.2% gain from those two trades, with one quarter percent loss and the other making almost a half a cent. So a net gain there of 0.21% on the two trades, live, in front of clients. We’ve had some good profitable weekly chart trades. Our breakout trade worked this week and made another half percent gain. So a great start to the year, considering we’re only in the first week. Overall, I think I’m about 3.2% up for the week so far.
TFTC Pattern Trader bot software
We also discussed our pattern trader software, our TFTC Pattern Trader software. Awesome software. Some more enhancements made over the last few weeks on that, and the gains have been incredible. Our top 20 leaderboard of people who have created their own bots using our software, using my strategy, very easy to do, the top 20, every single one so far has had over an 8% gain on live trade since they started. And a predicted annual return on the top 20, the very minimum so far is predicted to be 19%. The highest so far are predicted to be 390%, according to the stats that that person’s had so far with our bots. Just incredible results and performance, and they are either on semi-automated or completely automated trading as well. So, between 19 and 390, so it just shows what people are achieving there.
Looking forward to a great year ahead
The message of this video and podcast is, one, welcome back. Welcome to 2021. Looking forward to getting back into the weekly podcasts and videos again, after a few weeks break. And really enjoyed the break as well, being summertime here in New Zealand. Really, the message right now at the beginning of the month is plan, plan and more planning. Get that right now and you’ll benefit from that as we go through the year.
So if you need any help at all with your trading, or if you’re interested in joining us and taking your trading to the next step by massively shortcutting your learning process, just reply to my email address, andrew@theforextradingcoach.com, and I’ll see you this time next week.
Future podcast topics
If anybody has any questions you’d like me to discuss on future podcasts and videos, or topics, just send me an email and I’ll gladly discuss those and help you further with your forex trading. Bye for now.
Episode Title: #395: How to make 2021 an excellent trading year
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#394: How Was Your Trading During 2020?
Dec 13, 2020
How Was Your Trading During 2020?
Podcast:
#394: How Was Your Trading During 2020?
In this video: 00:26 – What an interesting year! 01:06 – Trade the conditions you get at the time 01:21 – How was your trading during the year? 02:35 – My trading hours during the next 3 weeks 03:15 – Use the next 3 weeks wisely 04:07 – Wishing you all a fantastic Christmas and have a great 2021
How was trading for you in 2020? It was an interesting year, wasn’t it? Let’s talk about that and more, right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 394, and it’s the last video and podcast for 2020.
What an interesting year!
Well, what an interesting year. Who would have thought back in January we would be in the situation that we’re in now? Who would have thought we’ve seen all things that we’ve seen in 2020? Nobody could have predicted that, but for traders, it’s actually been a pretty good year. Back in March and April, we had some unbelievably good trading conditions, made incredible returns because of the big movements in the market when the COVID really hit, and throughout the year we’ve seen some interesting trading conditions. Sometimes it’s been a bit quiet. We’ve had the US election and all the buildup to that and still carrying on now, and so conditions have been a little bit quiet. Brexit still. Is it happening? Is it not happening in the UK?
Trade the conditions you get at the time
But as traders, you’ve got to just basically go with what the market’s giving you at the time, and as mentioned, we have had some very, very good trading conditions throughout the year, sometimes a little bit quiet, other times exceptionally good.
How was your trading during the year?
But what I wanted to ask you is this. How has your year been in 2020? Has it been a good year, not such a good year? I suppose for a lot of people being able to now work from home and it’s allowed people to adapt and accept working from home, working remotely. Things like trading has become easier to do. More opportunity to do it if you’re not at work all day, so that’s been a really good thing. But as a trader, what have your results been like and what are you doing to analyse those results, to look at those results and to think, “Well, this is what I’ve done this year?” Can’t change it. This happened. Whether it be good or bad, but what are you doing now onwards over the next few weeks as we lead up to Christmas and New Year to ensure that 2021 is an exceptional trading year for you? What are you actually doing about that?
Are you reviewing the trades that you’ve taken this year? Are you looking at changing something? Are you looking at getting some education, some help, some support, do a course, read an ebook, watch videos? What is it that you are going to be doing now for the next few weeks and take advantage of this quieter time?
My trading hours during the next 3 weeks
I’m stopping trading Friday the 18th of December and starting again on Monday the 11th of January, so I’m just taking a break from trading. The market conditions are going to do one of two things. Either it’s going to be very thin trading volume and the market’s going to be crazy, or it’s just going to be flat and dead, and of course you never know which, so for me it’s just easier not to be bothering. There’s plenty of other weeks in the year to be trading and making money from the market. It’s just nice at the end of the year, have a bit of a downtime, bit of a relax and get ready for next year and so really, that’s what I encourage you to do.
Use the next 3 weeks wisely
Yes, have some down time, some family time. That’s what Christmas and New Year’s all about, of course, but also don’t waste that time. Make sure that you seek help. If you want our help, we’re still here even though I’m not trading. I’ll still be on emails everyday. If you want to ask questions about trading, just come through and we’re here to help as always, but I really strongly encourage you to have a look at your own trading, have a look at what you’ve done, and take the good things that you’ve done and also learn from those poor things, those bad things that you’ve done. Because there’s no better time than right now to analyse the whole year and almost set yourself a New Year’s resolution for next year, but do it now. Actually figure out what works, what doesn’t work for you, what you need help with, what you need to change, and make 2021 just a really good year.
Wishing you all a fantastic Christmas and have a great 2021
So, on behalf of myself and my family and Paul Tillman over in America and Mikalai and Mhel who work here at The Forex Trading Coach, I’d just like to say thank you for watching my videos. Thanks for listening to my podcasts. Look, 2020’s just been a crazy year, of course, but there’s been some good points about it as well. Been some really good points, so thanks for being here. Thanks for watching. Thanks for learning. Thanks for asking questions. Have an awesome Christmas. Just have a fantastic Christmas. Have a good one, have a safe one, have a wonderful New Year, and I’ll see you back here for some more great trading tips and information in 2021. Really looking forward to that, but also have a great Christmas and a great break as well. I’ll see you next year. Bye for now.
Episode Title: #393: All You Need to Know about Blueberry Markets
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#393: All You Need to Know about Blueberry Markets
Dec 06, 2020
All You Need to Know about Blueberry Markets
Podcast:
#393: All You Need to Know about Blueberry Markets
In this video: 00:00 – I’m joined by Ben Clay at Blueberry Markets 00:45 – Who are the people behind Blueberry Markets? 02:23 – Where are your servers located? 04:45 – Building their online reputation 06:54 – What type of accounts can someone open at Blueberry Markets? 09:18 – Can you have an unlimited demo account? 10:29 – How do I withdraw funds? 12:09 – Safety of my funds?
I’m joined by Ben Clay at Blueberry Markets
Andrew M.: Hi, everybody. It’s Andrew Mitchem here at The Forex Trading Coach, and I’m pleased to be joined today by Ben Clay from Blueberry Markets. Hello, Ben.
Ben Clay: G’day, mate.
Andrew M.: Nice to see you here. Ben, got some questions to run through from you. Asked a number of traders right round the world to ask questions to me that I can pass them on to you, basically to find out more about Blueberry Markets, what it is you do, why you’re a good broker, and why you’re my preferred broker. So if you’re all good, I’ll fire away with some questions, Ben.
Ben Clay: Absolutely.
Who are the people behind Blueberry Markets?
Andrew M.: The first question is, who are the people behind Blueberry?
Ben Clay: Good question, one I get asked relatively often. Dean Hyde is actually basically the owner of Blueberry Markets, who I’ve known for about 11 years. We worked together at AxiTrader, who you obviously know, for some time. He just basically wanted to set up a broker where he thought there was a gap in the market, which was offering just really good, hands-on customer service and transparency to all of their clients. So he sort of separated from Axi a few years back and set out really on his own to come and set this up.
Ben Clay: We’re, of course, licenced through Eightcap, down in Melbourne, which is another firm who holds the FSL. Obviously, ASIC, it’s very difficult to get your own licence when you’re first starting out. So we’re still under their licence, but they’re a very strong financially-backed firm as well and they’ve been amazing to us. So technically it’s Dean who’s behind it, and then Eightcap who runs the licence is basically it.
Andrew M.: Perfect. I think that’s one of the nice things that I like about what you guys are. You’re very personal group. It’s real people. It’s not a call centre. It’s nice that you’re dealing with real people all the time. And that’s the feedback that I get from clients as well. It’s always someone, like that.
Ben Clay: Well, I’m really glad to hear that. That’s what we set out to do, is have the real hands-on approach and be extremely accessible and transparent. So that’s what we set out to do, and I think we’ve done pretty good at achieving that.
Where are your servers located?
Andrew M.: I think you’ve done very well. Absolutely. So another question, Ben. Your servers, where are they located?
Ben Clay: Our main servers are based in Hong Kong, so that’s where the main server centre is. And while that might sound a bit strange, it’s a pretty central location to a lot of our key demographics. Having said that, though, we do have data centres all around the world, so in the main DCs like London, New York, Tokyo, Sydney, as well. The reason for that is when you’re connected to the platform on MT4, anyone who’s ever used it, down the bottom right-hand corner, there’s the little connection status.
Ben Clay: You can actually click there and select the best data centre that’s giving you the best latency. Most of the time for me, even on Hong Kong here in Sydney, I’m still getting great latency. We do put a lot into our servers to make sure that they’re as fast as possible, but if ever anyone is ever having issues with latency, just come to us and we can sort out a VPS, and all those type of things that will bring that latency down.
Andrew M.: Perfect. That’s good. One thing I’ve always noticed on a personal point of view is that when the market opens at the beginning of the week, you’re always there, all the pairs are open. Whereas some other brokers, that doesn’t happen for several minutes. I notice your spreads are consistent in those changeover times of the week as well, from one day to next. All that helps.
Ben Clay: Yeah. That’s a good point you raise. Obviously when our markets open, it’s 5:00 PM in New York. That’s when the daily candle will start, at 5:00 PM in New York. That way it gives you the five daily candles through the week, as opposed to having any additional weekend candles. Through Tuesday to Friday, we’ll actually typically stop pricing for about two minutes during that time. Some brokers are a lot longer than that, but we think two minutes is pretty optimal, because spreads get so wide during that time, people can be unfairly stopped out, just due to those wide spreads.
Ben Clay: So we really do try and do everything we can to alleviate that. Unfortunately, it is part and parcel of Forex trading. Obviously, the banks are rolling over prices. There’s less buyers and sellers at those times, so the prices do widen out, but we try to mitigate that as much as possible. It’s better to have people not be able to trade during those times on such wide prices than have them be able to enter and exit during really wide spreads.
Andrew M.: Unnecessarily. Yeah.
Ben Clay: Exactly right. Spot on.
Building their online reputation
Andrew M.: Absolutely. Perfect. Question number three. How do Blueberry work towards building their online reputation?
Ben Clay: That’s a great question. I think that, again, goes back to number one, is it was Dean’s vision, I guess, in terms of he worked at a broker for so long and constantly saw clients complaining about customer service and just not being treated fairly. So we wanted to set out and set up a broker that we would really want to trade with ourselves.
Ben Clay: All being traders, what would we want in a broker? And that came down to personal account managers. Every single client has their own account manager. You might speak to someone else in service every now and then, but at the end of the day, that person is your account manager and will always be that account manager. We got our online reputation just by really trying to do the right thing by all of our clients.
Ben Clay: We’re not perfect. Sometimes things do go wrong with our system servers. Obviously, this can happen. What we really saw a big difference was how clients were treated when things do go wrong. As an example, what we were talking about before, widened spreads. Sometimes a client might come to me and say, “Hey, Ben, I got stopped out. This spread got to 70 Pips over market rollover.”
Ben Clay: And I’ll say, “Look, mate, while that is a valid price and that’s a legitimate, that’s the price of getting from our liquidity providers, I don’t think that’s fair. I’m going to refund that trade.” It’s just all about putting ourselves in the client’s shoes and really saying, “If I was the client, how would I want to be treated in that circumstance?”
Andrew M.: Nice.
Ben Clay: We just really fought for that to build our online reputation.
Andrew M.: Perfect. I think that’s why we work well together, because that’s my philosophy as well. It’s a smaller, personalised business, but striving to be the absolute best and to realise what people want and to deliver that.
Ben Clay: Yep, absolutely. And it’s really important for us that as we grow, we don’t lose that as well, because I have seen brokers definitely lose that as they get bigger and bigger. We’re really focusing on scalability and making sure that the bigger we get, we’re still giving that hand-holding experience and one-on-one customer service.
What type of accounts can someone open at Blueberry Markets?
Andrew M.: Perfect. Ben, leading onto, someone says, “I want to come and trade with Blueberry,” what type of accounts can someone open in terms of MetaTrader or where you get accounts where you have very tight spreads, but commission, or that type of system? What offers have you got there? What choices do people have?
Ben Clay: Sure. In the simplest of terms, we have the Standard and Pro accounts. Standard accounts are just our regular spread. They have a mark-up imposed from us on top of what our liquidity providers put in. That’s how most brokers make their money, from that mark-up. On the Euro, you’re looking at starting off at about 1.1, 1.2 of a Pip and the majors will be similar to that. That’s just spread, no commission. That’s what it’ll always be. The minimum deposit size for that account is just $100. That’s a bare minimum.
Ben Clay: Then we have the Pro account, which is a $2,000 minimum. That has spreads that are reduced by one whole Pip. So it’s basically a raw spread, what we’re getting from our liquidity providers with no mark-up whatsoever, and then there’s a commission charge on top per lot. For example, in Australian dollars, if you were to have a Pro account, one lot would cost you seven Aussie dollars, and then you would have the raw spread on top of that.
Ben Clay: So it works out to be a bit cheaper across the board, and then it all comes down to preference as well, whether people prefer spread versus commission. With us, you’re not limited to one account. You can have a Pro account, a Standard account, to test them out and see what works best for you. There could also be the potential for, if someone is trading higher volume, we do have sort of VIP accounts where you can have a reduced spread on top of that as well, and some little extra added benefits. But that’s more so for larger deposit size and whatnot, which we’ll get into at a later date.
Andrew M.: Yeah, [crosstalk 00:08:26]. Cool. And MT4 and MT5, the choice of both?
Ben Clay: Yep, absolutely. MT4 and MT5. It all comes down to preference again. I personally still prefer MT4.
Andrew M.: Same here.
Ben Clay: It’s just what I learned on, and I know you too, as well.
Andrew M.: I remember MT3.
Ben Clay: Exactly. MT5 does actually offer a lot more products. We do have some cryptos, platinum on there as well, as well as the US dollar index. So if you are after a little bit of a wider product range, MT5 is definitely the way to go. But if it comes down to preference and you just want to be trading currencies and metals and indices, MT4 is the way to go.
Can you have an unlimited demo account?
Andrew M.: Nice. No, it’s good you’ve still got the choice as well. What about a demo? Can someone get a 30-day demo? And also, if they become a client and open a live account, could they go to unlimited? Is that possible, unlimited demo?
Ben Clay: Definitely, yeah. The demo does typically last 30 days, will usually automatically expire after those 30 days, but if you have a live funded account, even if you’re not placing trades on it yet, if you have a live funded account set up, just come to us and ask for a permanent demo. We’ll get you one that never expires, so you can use that. Even still, I’ve been trading for 11 years, every now and then I’ll still go back to a demo account and have a look at a strategy. So it’s handy to have that there.
Andrew M.: I think that’s a great bonus that you offer, really, because it’s very nice for people. That’s why I like what you offer with the coaching side of things. Even if someone’s been trading for years, I say, “Look, get on a demo, if you’re new to the way that I’m trading, and practise on a demo. Make sure you’re consistently profitable on that and trade it properly. Don’t treat it like Monopoly money. Do that well, and then move on to real money.”
Ben Clay: I couldn’t have said it better myself. Treating the demo like it’s a real account is very, very important.
How do I withdraw funds?
Andrew M.: That’s right. No, perfect. Nice. So how do I withdraw funds? It’s a question that you see around the internet. People go, “I’ve made some money. I’m struggling to withdraw funds, or it’s taking too long.” What’s your take on it?
Ben Clay: That’s a question that I probably get asked every day, and it’s a question that you should be asking your broker, no matter where you are.
Andrew M.: That’s right. Yes.
Ben Clay: One of the most bizarre questions I ever get asked is, “Can I withdraw my funds or is there a maximum amount I can withdraw?” Which I’m always perplexed at that, because for one, it scares me to know there’s brokers out there that don’t send funds back and that people actually have to ask those questions. But those funds are the client’s funds, at the end of the day, and can be withdrawn any time they wish, with any amounts.
Ben Clay: We have no need to hold onto client’s funds. With us, you simply just go into the client portal and request the withdrawal from there. That typically is done back to the same method you funded with. So in the simplest of terms, if you funded $1,000 via a credit card, we would first refund that $1,000 back to the credit card, and then any profits are sent to your bank account directly.
Ben Clay: We don’t charge anything for any withdrawals, bank deposits, credit cards, whatever. There’s no fees. Sometimes the receiving bank will charge for a bank wire withdrawal, but if their doing it’s an issue, just come to us and we’ll refund it.
Andrew M.: Yeah. Awesome. That’s really good. And from a personal point of view, I find the same thing. Click on the button, it’s there within a day. And that’s overseas as well, so it’s even better.
Ben Clay: Yeah. It’s a little bit faster just across the pond to you guys in New Zealand, I think, but it’s usually two to three days.
Andrew M.: The wind’s blowing the right way.
Ben Clay: Exactly.
Safety of my funds?
Andrew M.: Last question, Ben, regarding ASIC, and this kind of related to the last question, I suppose. Everybody’s always, and rightly so, concerned about safety of funds, segregated accounts, those type of things. How are things set up with Blueberry so that we know, as traders, our funds are safe?
Ben Clay: Absolutely. Again, another question that you should always be asking your broker. We’re regulated by ASIC, of course, which follows AML, which is anti money laundering laws, and then follows Australian client money laws, which have become a lot more strict in the light of some unfortunate Forex brokers in the past that have given the industry a bad name.
Ben Clay: Basically what that means is that funds have to be held in segregated accounts that are kept separate from the company funds. So in other words, operating day-to-day client funds are separate from our operating business day-to-day funds. So, can’t be used to cover staff wages, client losses, any of those things. It’s there to cover margin for the clients in a segregated fund. So if anything is to happen to Blueberry, so to speak, then the client funds are kept separate from our company funds and can’t be touched.
Andrew M.: Awesome. That’s good to know. And so lastly, Ben, if someone says, “I like what I hear, I’m recommending Blueberry as well,” how does someone get in touch with you? What’s the next step so they can trade through Blueberry?
Ben Clay: Absolutely. In all honesty, the easiest way is just to jump on our website at blueberrymarkets.com. Simple links there, open live accounts. My email address is just ben.clay@blueberrymarkets.com. If you ever need to reach out to me, I’m always on my email. I work 18 hours a day, most of the time. [crosstalk 00:13:41]-
Andrew M.: You do, because whenever [inaudible 00:13:39], you’re always there.
Ben Clay: I try to. I try to. But jump onto the website. We’ve got live chat there. There’s Contact Us buttons, or you can simply apply for a demo or a live account directly from the website.
Andrew M.: Awesome. So people know what to do, make it very easy. And from my point of view, I know we joke about it, but look, honestly, whenever I ask questions to you or to Dean or anybody else, it’s always an instant reply and it’s always from the person I’m writing to. So it works, we appreciate it, and you’re doing a great job.
Ben Clay: Thank you very much, Matt. I think you are doing a phenomenal job over there. I get so much positive feedback from your clients-
Andrew M.: Good.
Ben Clay: … so keep up the good work as well.
Andrew M.: Awesome. Thanks, Ben. Catch up next time.
Ben Clay: Thank you, Andrew. Take care, mate.
Andrew M.: Bye.
Ben Clay: Bye-bye.
Episode Title: #393: All You Need to Know about Blueberry Markets
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#392: Why I Trade with Low Risk Per Trade
Nov 15, 2020
Why I Trade with Low Risk Per Trade
Podcast:
#392: Why I Trade with Low Risk Per Trade
In this video: 00:29 – Why do you keep your risk per trade low? 01:03 – 2 things you must control 03:05 – This completely amazes me 04:08 – We also have high R:R trades 05:33 – Understanding the market and understanding yourself 06:10 – Our 2020 Black Friday 12 Hour Sale
I get asked all the time, why I trade with such low risk. Let me explain more right now.
Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 392.
Why do you keep your risk per trade low?
The question I get asked quite often is, “Andrew look, if you’ve been trading for so long and you know what you’re doing, you know how to trade, why is it that you constantly promote and suggest other people trade with such low risk per trade?” And it’s quite an interesting question because people think that, you can just go and risk crazy amounts and make exceptional returns. For me as a full-time trader, that’s been doing this for close on 17 years, I can tell you that yes, you can make exceptional returns from the Forex market, but you can do that without risking crazy amounts.
2 things you must control
Now, for me, there’s two things as a trader, that you have to control. One is your head. The other is your heart. If you can control those two emotions, then you are a long way down the track to helping yourself becoming a good trader. And for me, I’ve never really, had to worry about my trading because what I know I’ve got a strategy that works and I’m very comfortable trading it, and I know how to trade it. It’s been proven for such a long time. But also because I trade with such low risk per trade, I can place trades. I’ve got trades on behind me right now. I can go to sleep. I can go away for the day. I can do all sorts of things without stressing about trades, because I know that every single trade that I place has a very low and a controlled stop loss. And I’m not talking about putting a stop loss at 10 pips or 50 pips or a hundred pips or anything like that.
I’m talking about if my trade gets stopped at and I place, my stop loss at a reason, not just at a number. In other words, I’m not placing it at 10 pips or 50 pips. I’m placing it at a level on the charts for a reason. Well, I know that that’s say, got a good chance of not being stopped at, but let’s say it does. And of course we all have trades that get stopped at. If it does, I know what my risk is as a percentage of my total account. And I can live with that because I know that it’s not going to damage me. I know I can get up and trade again tomorrow. And that’s the problem that I see so many traders having, and they have a losing streak and all of a sudden it’s like, “Oh my goodness.” It’s the head and the heart, again. “I can’t trade.” Or. “I’m scared to trade.” Or they see a really good setup and they go and take less risk than they normally would because they’ve had a string of losing trades.
And of course that becomes the trade that ends up winning. And they only make a small amount rather than what they should be making. So you see the issue.
This completely amazes me
Now, it still blows me away that I see they’re just all over the internet, people saying, you should be risking 2%, 5% per trade. 5% per trade. I can have 10 trades in a row, go wrong and lose 5%, which hardly ever happens by the way. But I could have 10 trades in a row go wrong and I lose 5% of my account. These guys online are suggesting that you risk 5% per trade. You imagine what happens when you end up with three or four or five losing trades in a row. How are you feeling? Not only that is, what have you got to do as a percentage gain to make back that loss that you’ve just created? It starts messing with your head, with your heart. It comes back to those two things.
So I can tell you that someone that’s been in this market for such a long time, do not ever underestimate the power of low risk per trade.
We also have high R:R trades
Now, what makes this also work for us is that the vast majority of my trades have very high reward to risk gains. So we could be talking two to one, three to one, four to one. I had a guy the other day on the Webinar that made a 6% gain on one trade. But most of my personal trades are around a two or three to one reward to risk. So a three to one means I’m risking half percent of my account on that trade. If it hits the profit target, I make 1.5% gain. Now you imagine doing that on a few trades in a row. That starts to really compound and become quite exceptional gains.
And so for me, coming back to that low risk is important. You have to have high reward to risk. I’ve seen traders out there that have a 90% winning system, but still lose money because they have lots of small gains, one big loss. I’ve seen traders out there talking in pips, like most people unfortunately still do. And I’ve seen traders that have shown me a record of their gains and losses, and they have actually lost pips. But when I’ve shown them what they would have done, if they had worked on a percentage of their account on each of those trades, they actually made money whilst they were losing pips. Try and work that one out. It happens so often, it’s unbelievable.
Understanding the market and understanding yourself
So, comes back to understanding the market, understanding yourself, removing emotions as best as you can, because the whole psychology around trading, believe it or not, and if you’ve been trading live you’ll know it’s true, is a big hurdle to overcome. Like if you’re just starting, or you’re trading on demo, you probably don’t understand the importance of it just yet. But take it from me, that someone that’s been through the system, through the journey, controlled low risk, high reward to risk trades. Do that, you’re on the big step to becoming a good trader.
Our 2020 Black Friday 12 Hour Sale
Last thing, don’t forget, at the end of the month, we are holding a black Friday sale, Friday, the 27th of November, and maybe Thursday evening or afternoon, if you’re in the US or Europe, when it starts. It’s a 12 hour dime sale. Email me, andrew@theforextradingcoach.com. If you’d like to know more information about that black Friday sale. It’s going to be an exceptional sale. I’m going to be giving a ridiculous, ridiculous discount on the course. 12 hour sale. Take advantage of it. See you next week. Bye for now.
Episode Title: #392: Why I Trade with Low Risk Per Trade
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#391: How to Adapt to The Current Market Conditions
Nov 08, 2020
How to Adapt to The Current Market Conditions
Podcast:
#391: How to Adapt to The Current Market Conditions
In this video: 00:29 – A very interesting week 00:58 – Needed to adapt to the market price action 02:02 – Client make a +6.1% gain on XAU/USD H2 chart 02:27 – Just 1 Daily chart trade for the week 03:22 – Trading the shorter time frame charts this week 04:09 – The way we trade at TFTC 04:28 – Trading next week onwards 05:12 – Keep a look out for our Black Friday Sale
As a forex trader, you need to be able to adapt to what is happening in the market at the current time. And I want to talk about that to help you in this week’s video on podcast. So let’s get into it right now.
Hey, forex traders, it is Andrew Mitchem here at The Forex Trading Coach with video and podcast number 391.
A very interesting week
Now, this week we have had quite a lot happening. We’ve had the US elections. Right now, as I’m speaking, we still don’t know the outcome, and by the time you get to watch this video, you may or may not know the outcome, but with that in mind, the market has been a little bit different to many other weeks. And then later tonight, my time, we have the monthly Nonfarm payroll, the US monthly employment results coming through.
Needed to adapt to the market price action
So, what does that mean? Well, it’s meant that the market’s been quite difficult to trade, but also it means that we’ve had to adapt to what the market is giving us. And what I mean by that is we’ve got to look at different currency pairs, different timeframe charts in order to basically give us the right setup that’s happening at the time. Now, as you know, I talk about trading on monthly charts, weekly charts, daily charts, 12-hour charts, six-hour charts, all those kinds of longer timeframe charts. Now, this week, it’s been completely different due to what the market is giving us. And as an example, online webinar that I held just last night with my clients, which was a fantastic webinar with many, many trading examples, we focused on one and two-hour charts predominantly with a few four-hour charts.
And on the session, I took two two-hour chart trades, one on the Euro Australia and one on the Euro/New Zealand Dollar. And we took those live, and we explained the setups, et cetera, on that session.
Client make a +6.1% gain on XAU/USD H2 chart
Now, also on that session, we had a client who took a trade on gold and made us a massive 6.1% account gain on the two-hour chart on gold. And it just makes you realise that if you adapt to what the market is showing you, you can do very well in all conditions.
Just 1 Daily chart trade for the week
And as another example, this week, I’ve placed just one daily chart trade, just one the entire week. It was placed on Tuesday. It was an Australian Dollar-US Dollar trade on the daily chart. Go and have a look at your charts to see a bearish engulfing candle at the bottom of a downtrend, a double bottom off the bottom Bollinger Band. I believe we also had divergence. I think we all bounced off the 70 level, and we had a retracement all the trade that made a 2.5 to one reward the risk, and we had our market in order to make 1.6 to one reward the risk.
It would take a quarter percent at each of those two. In other words, half percent risk on total, on the two trades, one trade, two positions. We just over 1% just on the one trade. So we have adapted because we just haven’t really seen many daily charts, just the one.
Trading the shorter time frame charts this week
We’ve also adapted because we’ve been trading predominantly the shorter timeframe charts this week because that’s what the market has been telling us that has been active. You’re in and out of a trade a lot quicker, and the results have been outstanding.
So, it always worries me when some traders say to me,” Hey Andrew, I’ve got this amazing system. It works on the 15-minute timeframe chart only on the US Yen.” And the question is, well, what’s so special about that? And you’re highly, highly specialising, if that happens. And to me, there’s nothing special about the US Yen 15-minute timeframe chart, as opposed to any other timeframe charts.
So if your system is so limited that it only works on one pair, one timeframe. You really don’t have yourself a very good system.
The way we trade at TFTC
What I love about the way that we trade, because it’s price action, looking at candle patterns, et cetera, that allows us to look at all timeframe charts, all currency pairs, and then select what is looking good for the market conditions at that time. And that’s exactly what I mean by you need to adapt.
Trading next week onwards
Now next week, we would probably be over the US election. It’s probably going to get decided Nonfarm payrolls is headed all the way. The market might have some good price action again. And therefore, we might find that the daily charts or 12-hours or six-hour charts have some very high-quality setups. This week when the market’s been quite narrow, it’s being quite range banned in many ways. The shorter timeframe charts have been the moneymakers for us. So I think it is very important that you take the lesson out of this, that you need to be able to adapt to what’s happening right at this current point in time in the market if you want to be a very successful forex trader.
So I hope that helps. This is Andrew Mitchem, The Forex Trading Coach.
Keep a look out for our Black Friday Sale
Just one more thing, by the way. At the end of November, we will be holding a Black Friday sale. I’ll send you details about that shortly, but if you have any interest, just feel free to let me know that you’re interested and send me an email to andrew@theforextradingcoach.com. Of course, it’s just once a year sale, its all-around price as everything at Black Friday is. So we’re going to be offering the course an exceptionally crazy low price that we’ve not done since last year.
So, if you’ve got any interest in that, just send me an email, and I’ll put you on the list to send you details at the end of the month when that sale starts.
So I hope that helps enjoy your weekend, enjoy your trading week next week. And I’ll see you this time next week with next week’s video and podcast. Bye for now.
Episode Title: #391: How to Adapt to The Current Market Conditions
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:28 – What an interesting year 2020 has been 01:20 – Problems around the rest of the World 02:00 – Using other people’s money to trade? 03:45 – Take advantage of these ways of making money from trading 04:23 – TFTC Pattern Trader bots 05:28 – Trading off a small account size 06:42 – You need to future proof yourself and learn how to trade correctly
What would another corona virus lockdown mean for you? Is your job secure and what are you doing to future proof yourself? Let’s talk about that and more, right now.
Hey, traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 390.
What an interesting year 2020 has been
So, it’s been an interesting year, hasn’t it? We’re heading up to the US elections next week, and we’ve obviously had coronavirus cause issues right around the world. We’re lucky here in some ways in New Zealand, we’re very small, a couple of islands safely tucked away at the bottom of the world. We’ve only got one international airport that’s open. We’ve only got three in total, but we’ve got one that’s open. Very, very easy for us to control coronavirus here. Only 5 million people but even so, we can’t move around. We can’t travel overseas. Visitors are not coming in.
As a country, we rely on tourism and we’re heading into summer now so there’s going to be a lot of job losses here, a lot of problems coming.
Problems around the rest of the World
Around the rest of the world, Europe is getting… There’s more and more problems. There’s unrest, there’s riots. There’s more lockdowns coming and that’s likely to cause huge problems and unemployment fear, et cetera like that.
And it comes back to exactly like I mentioned to you back in around March, April, May time about future-proofing yourself, but how you can use the Forex market to do that. I want to give you some examples of what people are actually doing right now along those lines.
Using other people’s money to trade?
The first example is a client who wrote on our forum site just this week. He said that his trading’s going really well. He has found one of those sites online where you can prove yourself as a trader. You can then get a split between profits from someone else’s funds. And so what he’s doing is he’s spent the last six months on the course understanding trading, getting to make it work. And now he’s at that position where he can really profit from it, which is fantastic. He sent a screenshot on the forum site. He said last week on his first week with this account that he’s trading on behalf of another company, he made 7.9% gain.
There’s another email here and I’ve printed it out to read it to you. I won’t give you the name of the company the guy’s using, but he says I’m also looking at using the company and other funding providers. It looks like I’m out of work in the next five to six months so looking to transition to a full-time trader by then, and these funding providers are a very attractive option. He talks about the 70/30 profit split and they have a 10% challenge over 30 days and there’s rules of maximum and minimums and draw downs and weekends, et cetera.
And he said on here, I hit a 10% profit last month. And he talks all about what he did and how he’s going to approach this. At the end, he said this is a great way to accelerate the path to full-time trading. It’s a very viable option.
Take advantage of these ways of making money from trading
So there are those type of companies out there, those type of systems out there, and they really do provide a great way of trading to start with a relatively small account yourself, but to gain profit from this, which can certainly help you when it comes to your income if like these guys, you’re looking at losing your job. Now, of course, there’s also the option of becoming a signal provider where you basically are trading your own account and people copy and pay a monthly fee for that. And that’s another option that’s actually really, really good for people to consider.
TFTC Pattern Trader bots
The third option that we’ve got is our TFTC patent trader. So it’s the Forex Trading Coach patent trader, and that’s our auto trading system where you can create bots using my strategy. Very, very easy to create your own bot, your own group of bots portfolio based on different candle pattern recognitions, timeframe, risk, et cetera.
Our leading guy right now on a live accounts up over 55% since we started. He started in around May and it’s up 55% to date. His annual return was projected to be, I think, it was about 162% if he continues with the way that his bots are performing. A 14% draw down as well. So very low risk, very high returns. You imagine what you could do with 162% in the next 12 months. He’s doing that completely automated as well, by the way.
Trading off a small account size
But the point being is a lot of people come to me and they say, look, my account’s too small. I can’t live on this. Very important to understand that first of all, you actually have to know how to trade well first with low risk, low draw downs, et cetera. But once you have mastered that, and that’s what we can help you with, there are all these other options out there of how you can actually earn more income from your trading than just your own personal account. A lot of people say, “Hey, Andrew, I’ve got a $5,000 account, $10,000 account. How on earth can I live off that?” Well, realistically, you cannot. But my point being is that you have to understand how to trade. And if you can make, in the example of the guy here on our bots, 162% in a year, who is not going to want to jump at that opportunity and to invest in something like that, especially given everything else that’s going on in the world with the uncertainty, like we said, the unemployment, the low interest rates, the low returns on traditional ways of investing?
You need to future proof yourself and learn how to trade correctly
So if you have any interest in future-proofing yourself on going through this next series of lockdowns that seem to be happening now around the world, take advantage of this time. Yes, it’s so damn frustrating. It is for everybody, but you can actually do something about that time that you will be spending or have spent or are going to spend, that extra time, use it wisely and educate yourself, future proof yourself. And if you would like how to help with that in terms of you want to make Forex something that works for you, just contact us at theforextradingcoach.com and we’re here to help.
So once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see this time next week. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#389: Important Questions to ask a Forex Broker
Oct 25, 2020
Important Questions to ask a Forex Broker
Podcast:
#389: Important Questions to ask a Forex Broker
In this video: 00:22 – Joined by Ben Clay at Blueberry Markets 01:05 – How safe are your funds? 02:13 – Order types and hedging 03:30 – Can EU traders work with Blueberry? 03:56 – Can we get our money back if the broker goes bankrupt? 05:18 – What happens when you get sudden fluctuations in the market? 07:06 – Can some trades missed being filled? 08:19 – What makes Blueberry Markets different? 10:08 – Email me if you’d like to ask Blueberry Markets another question
Andrew Mitchem: Today, we’re going to be answering your questions and the number one question that you want to ask a Forex broker. Let’s get into it right now.
Andrew Mitchem: Hey, traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 389.
Joined by Ben Clay at Blueberry Markets
Now, something a little bit different today. We’re joined by Ben Clay at Blueberry Markets over in Australia. Hi there, Ben.
Ben: Good day, Andrew. How are you?
Andrew Mitchem: I’m fantastic and hope you are well too.
Ben: Thanks, mate.
Andrew Mitchem: Good. We’ve got something different. And last week, I asked a lot of questions to people and said, look, I want to know from you what’s your most important thing that if you could ask a Forex broker directly and we had a lot of questions come through. What I’ve done, Ben, I’ve just listed the main important topics. And if we can, I’d like to ask you those questions and just get your feedback on that so we can help people when deciding who to look for for a Forex broker.
Ben: Absolutely. Absolutely, mate.
How safe are your funds?
Andrew Mitchem: We’ll start with this one is from a guy called Percy over in the United Arab Emirates. And Percy said, and this is a very common question. How safe is my money if the broker goes bankrupt, even if they’re regulated?
Ben: Very good question, Percy. It’s one that I get asked very often as well, and is a question that you should be asking your broker, in my opinion. When it comes to any financial institution, there’s risks no matter where you hold your funds. Even if it’s in with the bank, there’s always risks holding funds at any financial institution.
Ben: However, in Australia, we’re regulated by ASIC, the Australian Securities and Investments Commission, which enforced the Australian Client Money Laws. This is something that’s been in place over the last 10 years or so, I believe, and very strict and diligent. Basically, it states that client’s funds are segregated and kept separate from our daily operating funds, can’t pay for staff wages, company losses, anything along those lines. But having said that, again, I cannot say the funds are 100% safe, but we are overly compliance here at Blueberry and follow these laws very closely to ensure that client funds are as safe as they possibly can be.
Order types and hedging
Andrew Mitchem: Perfect. Thank you, Ben. Second question from Antonio over in Barcelona in Spain. Do you allow pending audit trading with expert advisors, robots? And do you also allow hedging?
Ben: Oh, okay. We allow any expert advisors. That’s no issues at all and they can place pending orders. We have the four basic types of buy limit, sell limit, buy stop, sell stop, and we do allow hedging. I actually would like to touch on that a little bit because hedging is something I think there’s a little bit of misconception around where clients can hedge a trade and it’s used as protection.
Ben: Whereas, I think a common misconception is a good thing to know is if you go 10 lots short, 10 lots long on the Euro, you still have double that exposure in the marketplace, whether your margin requirement is zero. It’s definitely something to keep in mind is that if spreads it to wide and outs, you are long and short on either side. 10 lots long, 10 lots short, every pip that it moves is going to be $100 either side, then your equity will start to drop. If that goes below zero, you’re going to be stopped out either way. Hedging is fine, but again, it’s just something that I like to warn my clients about is it’s not a way to protect your accounts. It can be used as a trading method, but don’t use it as a way to protect your accounts.
Andrew Mitchem: Perfect. Thank you, Ben. And I hope that helps for you Antonio.
Can EU traders work with Blueberry?
Andrew Mitchem: Over to the UK, Trevor. Trevor says, “Are EU citizens legally restricted in any way from trading through Blueberry Market?”
Ben: Look, not at the moment. ASIC is always updating their policies and so on, but at the moment we have clients from all around the world. That is subject to change and we will always keep our clients up to edit of any changes, but at the moment, no issues.
Andrew Mitchem: Perfect. Cool. That’s good.
Can we get our money back if the broker goes bankrupt?
Andrew Mitchem: Another question. This is quite similar, Ben, to the first one that we had. And the question is, in case of company bankruptcy, or even direct fraud, can investors expect any return on their balance according to the ASIC rules?
Andrew Mitchem: Now, for me personally, that’s quite an important question for me because I’m still waiting number of years on quite a substantial amount of money myself that I lost with Halifax a few years ago. I think this is a really important question for safety of people’s funds.
Ben: Absolutely. It does go back to the question from Percy. Look, in all honesty, if anything is to happen to us and Blueberry is to go bankrupt, the full amount of funds should still be there. It might take some time to get them back, or it might be 95 cents on the dollar, but as long as the broker is doing the right thing by the clients, then those funds are still there in those segregated accounts. Even though it has been some time, hopefully you should still see a vast majority of those funds, Andrew.
Andrew Mitchem: And just as a question from myself, Do ASIC go through and how often would they go through your records or your accounts or anything like that? Do they go through things [inaudible 00:04:52]?
Ben: Yeah, quite closely to my knowledge. I believe once a month, brokers need to report to ASIC on all their client funds and their client dealings. It is quite strict.
Andrew Mitchem: Yeah. Good. Excellent. Thank you.
What happens when you get sudden fluctuations in the market?
Andrew Mitchem: Another question here was this relates to something that happened a little while ago, but they said after the sudden Swiss fluctuations, which we’ve seen in the past, what protections are in place and what happens with a stop loss? Is it always honoured? Do you get gaps? How does it work if you have a massive move like that?
Ben: That’s a really good question. I was working for a different broker at that time. It was a nightmare day for a lot of people. We have stopped our levels at 50% equity over margin. A lot of brokers use 20% so it’s a little bit lower, but ours is at 50%, which gives that little bit extra early stop out, so to speak.
Ben: Stop losses though, as we get our pricing direct from our liquidity providers and show that price directly, whatever price we are receiving from them is the actual market price. If a stop loss is gapped over, you will be taken out at a worst price during a black Swan event like that. It’s one of the unfortunate things about trading, but the positive thing to look at is it works both ways.
Ben: With the broker I was working out, we also had clients go into massive positive because their trades were taken out way past their take profits. It’s important to know that it does go both ways, but it’s just something to be mindful of. And if you’re always managing your risk and keeping up to date with the major news announcements, you can try and avoid this as much as possible, but hopefully within an event like the Swiss National Bank, we won’t see another one of them for another 100 years or so.
Andrew Mitchem: Yeah. Yeah. Cool. I’ve been trading for 17 years and I think that one, maybe two events ever in that time, and of course it only really affects you if you’re on that currency pair at that time as well.
Ben: Exactly.
Andrew Mitchem: [crosstalk 00:06:41], New Zealand dollars [crosstalk 00:06:43].
Ben: Exactly. Yeah. It was very risky for anyone who was trading Swiss pairs during that time when the pair was pegged, very risky, but, hey, each to their own.
Can some trades missed being filled?
Andrew Mitchem: Yep. Perfect. Thank you. And another question here, this is from a YouTube comment from a guy called Kieran. He said that many complaints from retail freight as a bank brokers about orders not being filled. And he said, is it true that certain FX pairs are more liquid than say CFDs or even Exotic or minor currency pairs? And if so, which assets have more tendency for slippage?
Ben: Okay, that’s a really good question. An order can only be filled if the underlying market is there to be filled. If there’s no buyers or sellers, then obviously no one can buy or sell at that price that you’re requesting. That’s going to be more extreme during rollover time, obviously 5:00 PM New York, which is midnight on our trading platforms. Spreads are definitely going to wide out. There’s low liquidity at those times. Orders are less likely to be filled or more likely to be subject to slippage over large news announcements is definitely a time to be careful. But as you said, Kieran, the more exotic pairs will have higher slippage and less liquidity at any given time. Your Turkish liras and Mexican pesos and so on, those ones are going to be more subject to slippage, then Euro, USD or pound Aussie, something along those lines.
Andrew Mitchem: Just natural the amount of volume and liquidity in the market at that time.
Ben: Exactly. Spot on.
What makes Blueberry Markets different?
Andrew Mitchem: Perfect. And then finally from me, now I’ve been with Blueberry Markets for many, many years now. You’re my preferred broker on the Forex Trading Coach site. And so really from your point of view, what would you say makes you different from what most other brokers have?
Ben: Awesome question. Always a question that I love to answer. I think here at Blueberry, we just really try to change the perception in the way that the Forex markets is looked at, at Forex brokers are looked at. We have just tried to focus on customer service and just looking after our clients, when they have a query taking care of it and treating them fairly.
Ben: At the end of the day, it just comes down to making sure that our clients are heard where they’re 24/7, even on the weekends. If anyone has any issues, to be there for them. It’s something that we noticed there was actually a big gap in the market. That’s all it comes down to.
Ben: A lot of brokers are very similar these days. We do offer tight spread, fast execution, but most brokers do. And there are a lot of great Australian brokers out there as well that I would recommend. But when it comes down to the customer service, I truly don’t believe anyone in the market in the world is doing it as good as we are.
Andrew Mitchem: Yep, and look, I 100% agree with that, and that’s the feedback that I constantly get from my clients. It’s just, they call me. They’re on the phone. Someone answers, it’s a real person. It’s the same group of people as well. It’s not a call centre. It’s not a [crosstalk 00:09:31].
Ben: I really appreciate that feedback, mate. That means the world to us, and that’s really what we strive to do.
Andrew Mitchem: Yeah, absolutely. Perfect. But, Ben, that’s covered the main questions that we’ve had through. I mean, obviously there’s variations for all those, but we could go all day. A lot of it comes down to that customer service, that regulated licencing that you have and everything around that and safety of funds.
Email me if you’d like to ask Blueberry Markets another question
Andrew Mitchem: Look, if anybody else has any questions like this that we didn’t answer, what we’d like you to do is to send me an email, Andrew@theForextradingcoach.com. And I can then pass that directly through to Ben, or we can do another session like this another day.
Ben: Absolutely.
Andrew Mitchem: But Ben, thank you very much for your time and for being here and thank you for answering those questions so kind and honestly.
Ben: No worries.
Ben: Mate, thank you very much for having me. It’s a pleasure and I’m happy to do this anytime.
Andrew Mitchem: Cool. Thank you, Ben.
Ben: Thanks again, Andrew.
Episode Title: #389: Important Questions to ask a Forex Broker
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#388: Should You Only Trade The Major Forex Pairs?
Oct 18, 2020
Should You Only Trade The Major Forex Pairs?
Podcast:
#388: Should You Only Trade The Major Forex Pairs?
In this video: 00:26 – 2 things to talk about today 00:53 – How do you know which pairs to trade? 01:43 – Should you only trade the Majors? 02:28 – My trading routine 04:55 – It doesn’t matter which pairs I trade 05:18 – All covered in my 5 star rated coaching course 05:42 – I’ll be interviewing Blueberry Markets – let me know your questions
How do you know which Forex pairs to trade? And when? Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here, the owner of The Forex Trading Coach with the video and podcast number 388.
2 things to talk about today
Now I’ve got two things to talk about. The first, I want to talk about how I can help you to know which Forex pairs to trade.
And secondly, at the end of the video, I’m going to explain about next week’s video and podcast when I’m going to be interviewing, Ben Clay from Blueberry Markets and I want to know from you, what’s your number one question you’d like me to ask Blueberry Markets to Forex Brokers. So we’ll talk about that at the end.
How do you know which pairs to trade?
So back to the first point, how do you know which Forex pairs to trade? Now, it’s a problem that a lot of people come to me and they say, hey Andrew, look, I just don’t know what to trade.
There’s a lot of currency pairs out there, which ones should I look at? And as Forex traders, we’re quite a fortunate position when you think about it. And that we really only have eight main currencies to look at and the combinations of each. Now of course there’s extra currencies like Norwegian kroner and Swedish krona and South African rand and all those. But there’s really the main eight. Unlike most other markets out there where there could be hundreds or even thousands of different stocks and shares and companies to look at. So we do have an advantage, but it’s still confusing for a lot of people.
Should you only trade the Majors?
And now another thing is a number of people also suggest that you should just look at the main currency pairs, the majors, and that will be like the GBP/USD, EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD.
And you start to see the problem there is that they all have the US Dollar in them. Now let’s say the US Dollar happens to be quite flat. Then there may not be many opportunities there, and that becomes the issue or the US Dollar is very strong or very weak, and they’ll move together and then things suddenly change around and they all come and stop you and that becomes the problem when you trade just the majors. So what I like to do this is my routine.
My trading routine
At the beginning of each week, I scan the weekly charts on all the currency pairs or the main character pairs. There’s about 28 of them. And by setting up my weekly charts as a profile on my MetaTrader Platform, it’s very easy to get all the Euro pairs, all the Pound pairs, all the Aussie pairs, all the Kiwi pairs and just scan through and see what’s happening on the weekly charts.
There’ll be some trades there most weeks, but even if there are no trades or very few trades off the weekly charts themselves, what they do is they give me an overall biases, this country pairs a little bit indecisive, or this one strongly bullish, or this one’s very bearish and is that likely to continue for the upcoming week, yes or no?.
And it allows me to basically to plan that bigger picture. And then at the beginning of each new day, I then do exactly the same process, put on a profile where I have just the daily charts. And quite often there’ll be trades there specific trades based off the daily charts. But also I get my bias for that day, my strength and weakness analysis of where I see currency pairs. Again, some may not be moving much. And so I just tried to avoid those pairs that day. Some might be very strongly bullish or very strongly bearish.
So that then helps me when I scale down to the shorter timeframe charts, and even like the 12 hours, the eight, the six, the four, and occasionally the one hour charts. So I don’t need to have everything lined up together. It does help if I can have, let’s say a trade on the four hour charts let’s say by trade. And let’s say that we have on the same currency pair the weekly and the daily also showing good, strong bullish tendencies. Then if I see that by trade on the four hour chart, then providing of course the candles in the right part of the chart, and I get the setup that I’m looking for, and I’ve got something to protect my stop loss. I’ve got a good reason why my profit target is going to get hit and not, not bounced before we get there. Then of course, that trade has more probability.
But I’m still coming back to the currency pair that I decide to trade depends on the timeframe chart that I’m looking at but more importantly, it looks at the setup. I have to have the candle pattern set up, correct on that chart, regardless of what the character pair is or what the timeframe chart is. I have to have that set up correct first. And if I have that right, that then determines which currency I trade.
It doesn’t matter which pairs I trade
Now, I don’t trade just the New Zealand dollar because I happen to live here. It doesn’t matter to me, which of those currencies I trade. And quite frankly, it doesn’t matter which direction providing I have the technical setup and that’s what’s important. And that’s how you can help yourself determine which currency pairs to trade and to know which to trade.
All covered in my 5 star rated coaching course
Now, of course, in my five-star rated coaching course, we cover all that I’ve had to do that. And the great thing about following our membership site is every single day we do that exact process and we write down what we’re looking at and why? We do that at the beginning of each week, the weekly charts at the beginning of every month for the monthly charts. So it’s an all wheel time information that can help you to train your eye, to see what we see. So I hope that bit helps.
I’ll be interviewing Blueberry Markets – let me know your questions
Now moving on to part two quickly. This time, next week, I’ll be sharing with you an interview that I’m going to be doing next week. Next Wednesday with Ben Clay, who’s a head of marketing at Blueberry Markets over in Australia. Now Blueberry Markets can accept currency traders from many countries around the world. I’ve been personally with them. I have my own live accounts with them and have done for many years.
But what I want to do is interview Ben with maybe the top seven or eight questions that you ask me. I don’t want to just ask my own questions. I want to know from you, what is the most important thing you want to know from a broker? So if you could interview a broker yourself, what’s the first thing you would ask them? Let me know what that is. Reply to me or when you see this video or podcasts, or to email me andrew@theforextradingcoach.com. Do that before Wednesday of next week. And when I interview Ben, I’d love to ask your question to him on your behalf.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach. I see you this time next week, when you will be watching the podcast with Ben from Blueberry Markets. Bye for now.
Episode Title: #388: Should You Only Trade The Major Forex Pairs?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#387: How to Prevent your Stop Loss from being Hit
Oct 11, 2020
How to Prevent your Stop Loss from being Hit
Podcast:
#387: How to Prevent your Stop Loss from being Hit
In this video: 00:25 – Stop loss placement 01:04 – Examples shown on our weekly webinar 03:00 – The benefits of having the stop loss protected by a round number 03:33 – EUR/CAD trade makes a +1.5% account gain with low and controlled risk 04:32 – Details about how you can learn how to take trades like this too
What measures can you take to prevent your stock loss from being hit all the time? Let’s talk about that more right now.
Hey, Forex traders, this is Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 387.
Stop loss placement
I want to talk about an issue that affects all of us, and it’s talking about stop loss placement and how to place your stop loss why and where, and what can you do to give yourself a higher probability chance of success within your trade and to prevent your trade from being stopped out? And this was a discussion that we had on our live clients webinar just last night my time. I was asked by a new client that’s just joined us this week, and he said, “Look, I’ve been through the course, loving the concept and how you’re going, but what measures do you put in place to help protect your stop loss?”
Examples shown on our weekly webinar And so I showed a lot of examples, as I do every week, that have stop loss protection. Now, what I mean by that is this. It’s not just placing your stop loss at X number of pips. It’s not even placing your stop loss, according to the way that we trade with fibs, extensions, and retracements, but it’s also having extra protection in place to prevent that stop loss being stopped out. Now, a perfect example of that would be to have your stop loss on a sell trade above a round number. Now, we took a trade on that webinar yesterday, and you’re going to see it on your charts. It’s on the Euro-Canadian dollar on the one hour chart on the 8th of October. And we took a sell trade, and the trade had just come down through the 156 level 1.5600. And it had broken below that level. It closed below that level.
We saw the setup that what we’re looking for, we had the trendline break in place, we had divergence, we had below the pivot point, all the things we’re looking for with a candle set up. Everything was really good there. Room to move to the profit target. But what we had is we had the ability to put our stop loss above 156, above that round number. And what that was basically saying was, on this trade, if the price then pulls back and goes to 156 and back beyond it, we get stopped out, we accept that we lose on the trade, but we have controlled low risk on that trade. So if the trade got stopped out, then we lose. We accept that. That’s part of trading. But what we also had in our favour was we knew that the 156 level had been a strong level in the past, and we knew that it was a round number, and those psychological levels are very, very important.
The benefits of having the stop loss protected by a round number
And by placing our stop loss above that level, it meant that not only did we have our stop loss above the high of the candle and a swing high, it meant that the price to go and break that strong barrier in order to take us out. And as it happened, the price dropped and it did exactly as we thought it would do, and it moved to the previous main swing low, and it gave us a three to one reward to risk trade in under three hours. In under three candles, profit target had been hit for a three to one reward to risk trade.
EUR/CAD trade makes a +1.5% account gain with low and controlled risk
Now, if you placed half of 1% of your account on that one position, you’d have made a one and a half percent account gain in under three hours. That’s pretty good. One and a half percent is an excellent return with very, very low controlled risk, high reward to risk trade, high probability trade. We already had a 12 hour chart trade on the Euro-Canadian mentioned on our membership site in the morning. That was a sell trade also.
So we had everything in favour of the trade. Plus, the important point for this lesson is the stop loss had added protection. Now, if you can get that protected, that stop loss protected, by a pivot point or a round number or a previous swing high or low, anything at all like that, the more you can add into your favour to protect your stop loss, the better. And so that’s exactly what we did, and guess what? We had the result to follow. So hope that helps.
Details about how you can learn how to take trades like this too
If you’d like to know how we take trades like this, if you’d like to jump onto our live webinars and become a client, I’ll put a link on this post and you can find out more information from there.
So once again, this is Andrew Mitchem here, the Forex Trading Coach, helping successful Forex traders worldwide for the last 11 and a half years. Bye for now.
Episode Title: #387: How to Prevent your Stop Loss from being Hit
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#386: The Problem with Retirement Savings Plans
Oct 04, 2020
The Problem with Retirement Savings Plans
Podcast:
#386: The Problem with Retirement Savings Plans
In this video: 00:27 – Kiwisaver and the hidden costs 02:20 – Why would you invest in this? 03:28 – Retirement and the Forex market 05:15 – You need to understand the FX market before trading funds 05:58 – A week of retirement related emails this week 06:16 – Webinars for traders, both new and experienced
Why do people pay massive fees to money managers, only for the money managers to lose their funds? Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 386.
Kiwisaver and the hidden costs
Now I’ve just heard on the news today about here in New Zealand, the KiwiSaver. So KiwiSaver’s a bit like a retirement fund that people contribute and employers contribute into in the States, they call it a 401k. So it’s basically a national kind of retirement fund where you choose the company that you want to invest with. And anyway, so results here. This is coming today, Friday, the 2nd of October, and this is saying that KiwiSaver members here in New Zealand, and bear in mind, we’re a very small country of under 5 million people, total people. KiwiSaver members paid $538.9 million to the managers handling their money over the year to March.
So here we are in October, this report’s only up until March 2020. But they lost a combined $820.9 million in the first quarter, up until the end of the first quarter of this year. And of course they’re blaming it on the stock market plummeting and the United States market recorded its fastest 30% drop on record. They’re going… Talking about that and they’re basically blaming COVID, but this was up until the end of March. Now COVID didn’t really hardly take effect until then. It may have for the first month or few weeks, but imagine what it’s going to be for April to March 2020 into 2021, the year that we’re currently in right now. So they lost 800 and almost $821 million combined, but they charged their members nearly 540 million in management fees.
Why would you invest in this?
And that just got me thinking, it’s like, well, that is just ludicrous. Why are people doing things like that?
You know, I realise that the traditional ways of investing or putting your money into term deposits and into banks and things like that, and obviously with interest rates being so low around the world, things like this KiwiSaver, where they encourage all basically people in employment to go and do. And encourage young people to go and do it. And now, in some ways it has some merit, I suppose, because it gets people thinking about what they should do with their funds and retirement, et cetera, like that where I’m just wasting it all, especially for younger people. So I’m not knocking the idea, but the reality is, is these people are losing money and paying a fortune in fees for the privilege of getting nowhere. And like I said, this is only up until the end of March 2020. So you can’t blame coronavirus and you can’t blame plummeting stock markets and things like that because that’s all going to come in this year.
So what’s this figure going to be like this time next year?
Retirement and the Forex market
So it got me thinking, well, I’ve talked about retirement before. This week, when you get to watch this video, I’m going to be sending out a series of emails regarding how I look at the Forex market and how I believe that you can use that correctly with low risk to aid you with retirement. So it doesn’t matter whether you’re 20 years old and retirement’s just this distant thing, because when we’re all 20 years old, no one really cares about retirement. You know, you just think it’s this… For old people. You’re not interested. I mean, I thought exactly the same. Just don’t really care about stuff like that. I’m worried about what I’m doing at 20 years old. But as you get older and you get to my age of 47, it’s starting to become something that I need to start to think about. And of course, if you’re 57, 67, then you definitely need to be on it or it’s too late.
And so that got me thinking about how I can help you if you think that trading the Forex market is something that you’d like to do. Even if it’s a passive income, it doesn’t have to be your complete 100% retirement fund in that, of course. But it’s something to seriously consider because otherwise you’re going to end up finding that like this KiwiSaver fund, and it’s probably the same throughout the world, to be honest, right now, you’re going to pay a fortune in fees to get losing money in your account. And that’s not a good situation obviously to be in. And if you start looking at other things, depending on what age you are and where you are in the world, property may be a good idea. It may not be, but of course, it’s generally slow and it’s… You need more debt to take on. And you’ve got the issue of tenants and all those type things as well.
You need to understand the FX market before trading funds
And it comes back to trading the Forex market and why, once you understand what you’re doing, it can be so good.
Just as an example, the last month just finished. September, on our pattern trader completely automated software that we have. It’s got nothing to do with the course. It’s completely different. It’s for everybody to take advantage of, even if you’re not wanting to become a manual trader yourself. On our live account, we made 16.24% in the month of September. So why wouldn’t you want to at least put something into that, as opposed to these retirement funds?
So I hope that helps. It’s just to get you thinking about this.
A week of retirement related emails this week
As I mentioned, I’m going to be running a series of emails this week when you get to watch this video regarding retirement. And I think it’s really important that you give it some time and some thought, regardless of your age or your situation.
Webinars for traders, both new and experienced
The other thing is also is that each week I hold webinars for new traders. And so they’re really good sessions to get you introduced to the world of Forex market. If you’re new, or if you’ve been trading and you’re frustrated and it’s not working for you, then there’s another type of webinar for you there. They’re like high-impact power sessions, one hour sessions. Give you everything you need to know to make an informed decision to go further if you wish to. And I encourage you if you’ve not been on one of those sessions to get on one. If you can’t make the times when the sessions are on, then you can watch the previous day’s recording on demand at any time of the day or night that suits you.
So hope that helps. Keep a look out for my emails for guarding retirement that are coming this week when you get to watch this video and listen to this podcast. And I’ll see this time next week. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now.
Episode Title: #386: The Problem with Retirement Savings Plans
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#385: My Trading Account is up +17% for the Month
Sep 27, 2020
My Trading Account is up +17% for the Month
Podcast:
#385: My Trading Account is up +17% for the Month
In this video: 00:25 – A great September with a +17% gain 01:05 – More bad news from around the World 01:50 – What are you doing about it? 03:00 – Client makes +3.7% gain from 4 trades this week 04:37 – Hindsight trading is pointless
I’m up 17% for the month of September so far. Let me share with you how I’ve done that.
Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast #385.
A great September with a +17% gain
And as mentioned, I’m up 17% for the month of September so far, with still four days to go. I’d like to explain how that has happened and how you can take advantage of the market movements that we’re seeing right now.
Now go have a look at your charts, should have seen we’ve had big falls in currencies like the Australian dollar, the New Zealand dollar, the euro and the pound. Gold and silver have been falling as well, and the US dollar has been climbing dramatically. And so we’ve seen some big movements in the market over the last couple of weeks. And so we’ve been able to take advantage of those.
More bad news from around the World
But moving on to other things, depending on where you live in the world, you would have seen that coronavirus is back in the news again. Countries like the UK and parts of Europe going into lockdowns again. Unemployment is going up around the world. Interest rates are crashing. I’ve just received an email from one of my bank accounts or bank saying that they are going to now pay me a massive 0.1% interest for the year, which is absolutely outstanding. I’m thrilled to be receiving 0.1. No, I’m not. Absolutely no, I’m not. Why would I have money in the bank when I’ve just made 17% in a month? Most of that on auto trading, which I’m going to share with you. So think about it.
What are you doing about it?
What is it that you can do to get yourself knowledgeable about these markets? I walked around town recently, the amount of shops that are starting to become vacant, owning commercial property, owning a shop in town, it’s not particularly good right now and probably not going to get better for a long, long time if ever.
And as I mentioned, unemployment rates are going up again, government schemes to keep people in employment or giving them monetary handouts for the last few months, certainly here in New Zealand, that’s about to stop. Governments cannot afford to just keep handing out money all the time. It’s crazy. There’s going to be generations of people paying that off in taxes for their lifetime. So it comes back to, that’s why I trade the Forex market. Here I am at home, trading, enjoying it, doing other things, but it comes about from that work and dedication at the beginning. So you have to put that effort of time dedication into it.
Client makes +3.7% gain from 4 trades this week
Just last night, I held a webinar with my clients, about two hour webinar, and I had a client Atamas. Atamas sent me four trades that he’s taken this week and he’s made 3.7% gain, just on four trades. Showed them the screenshots of the trade, the entry exits, the position, why he got in. And we talked about that during the webinar, we do that on all of our webinars.
We’re looking at trades that people are taking, we’re looking at taking trades live. And I also shared with my clients, our amazing pattern trader software, and you can find a link to it. I’ll put it on this video and podcast. It’s called tftcpatterntrader.com. It’s our automated trading software and you can take advantage of that even if you’re not a coaching client. And so that allows you to trade a combination of bots that you can create a week, have created new, can use our versions or edit them, create your portfolio and have that trading if you want to, on complete auto trading. And that has had a tremendous month for September. With my manual trading and with my bot trading together, I’m up 17%. With very low risk for trade, extremely low draw-down, a 17% still with four days, got Friday, and then Monday, Tuesday, Wednesday of next week, before we then move into October.
So it shows what can be done and it also shows how good the strategy is taking advantage of those moves when they happen. And that’s another important point.
Hindsight trading is pointless
There’s no point in looking back at charts and go, “Oh, if I’ve done this and if I’d have done that, I would have made that amount of money.” It’s pointless. It doesn’t matter. What you have to do is have the strategy, the knowledge in place and the system in place to be able to see the trade, take the trade in real time from the right hand side of the chart. That is the only way you’re going to make money in the Forex market. We can do that. We can help you teach that and our auto trade software can do that for you. So have a look at the links I’m going to put below this video and podcast. One to the coaching course, we’ve been running it for over 11 years, over 2,500 clients in 88 countries have been through that coaching course.
And now the new TFTC Pattern Trader software, both are excellent options. Have a look at the links, make sure that you jump on board with us and you profit from the Forex market. Because quite honestly, there’s not a lot of other options out there right now. And the way things are going throughout the entire world, it’s probably not going to change for very long. So make sure that you take advantage of the amazing Forex market.
So I hope that helps, once again, this is Andrew Mitchem here, the owner of the Forex Trading Coach. I’ll see you this time next week with more trading tips and information. Bye for now.
Episode Title: #385: My Trading Account is up +17% for the Month
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#384: You cannot become a Doctor from reading an e-book
Sep 20, 2020
You cannot become a Doctor from reading an e-book
Podcast:
#384: You cannot become a Doctor from reading an e-book
In this video: 00:26 – A new review on Forex Peace Army 01:25 – A trader’s journey 02:15 – Trading is limitless 02:40 – Making 10% gain per month 03:03 – Why traders fail 04:10 – Trading can be lonely 05:03 – Have a look at the review
You cannot become a doctor just by reading an e-book, so how do you think trading’s going to be any different? Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here, the owner of the Forex Training Coach with video and podcast number 384.
A new review on Forex Peace Army
I want to talk about a review that I’ve just received on the Forex Peace Army website by a client of mine over in Germany called Simsek. Now, Simsek has written a review, his third review on Forex Peace Army, and it’s been 10 months since he posted his last review. I’d really urge you to go and have a look at it. It’s a very long, detailed, comprehensive explanation about his whole trading experience, and I know that you will find something in that that will resonate with you and something that will really help you. You see, what I love about the review is it’s honest and it gives his whole detailed explanation of where he’s come from, what he’s done and what he’s currently doing now.
I’m going to put a link to the Forex Peace Army review site on this post, underneath this video.
A trader’s journey
What Simsek has done, which is so cool, is he said about the trials that he faced when he was looking around trying to become a trader, and he said that he looked everywhere. He’s been on all sorts of different systems and e-books and things like that, and bought indicators looking for that magic holy grail, like everybody wants, do it for me, make it easy system. He realised it wasn’t there. It just doesn’t exist.
But what he’s done, since he’s joined us, is he’s put in time, effort, some hard work, some dedication and he’s getting results. Like I said, it’s the third review, so you can go back and look at his other two reviews back into 2019, and now see this latest one in mid September, 2020.
Trading is limitless
He’s also posted on there to say that trading is limitless, and he’s absolutely right. Trading is like no other job or anything out there, and that once you know how to do it, your income is only really dictated by the size of your account.
But to start with, you’ve got to learn how to do things properly, and that’s where he’s at right now. In fact.
Making 10% gain per month
What he said is, in the last 10 months, since his previous review, he’s made on average 10% per month. He’s also said he’s only had three or four losing weeks in that time. He’s mostly been trading one-hour charts and know due to other things that he has in his life, he’s developed into the longer timeframe charts, like the four, six, eight, twelve, and daily charts.
Why traders fail
But what he’s also done in that post is he’s put in there about why people fail. Go and have a read of it. Like I said, it’s really, really valuable information.
Now, if you’ve struggled through your trading, you’re going to find something he’s written in there is exactly what you’ve gone and done. It’s about not sticking to the system about, sort of failing to have dedication, all those type of things. He also mentions, which is a very valuable point and I’ve said this before on previous videos and podcast here, is he’s talked about what I provide, the strategy, the support with people around the world, the indicators, the daily trades, live webinars, forums, all those things. But what he said, for him, that’s so valuable is that community support. To be on board with a group of like-minded people all around the world, all trading the same strategy, it’s the same system, all there together, helping people out live, and that community support can never be underestimated.
Trading can be lonely
Now, you’ll know that if you are set at home trading or you’ve been playing around with trading for a few weeks, or you’ve been doing it for years, you’ll know how lonely it can be. You’re just sitting there by yourself, looking at charts, or on some random forum site with other people you don’t really know, everybody’s talking about different things. You know that it’s not a great place to be. So what Sims has said that we offer is live trades. We offer specific trades. We offer a great community chat forum site. We offer live webinars. We offer real-time support. We’re taking trades. We’re showing people. We’re helping people. We’re communicating. We’re all learning there together. And so that part of what we offer is, for him, one of the very most important things.
Have a look at the review
Go and have a look at that review. Like I said, it’s very long, it’s very comprehensive, it’s very detailed and it’s very, very good. You will without doubt find something on that latest review that will massively help you to progress further as a Forex trader. Have a look at the link. It will be below this video and podcast. I hope that helps. This is Andrew Mitchem here, the Forex Trading Coach, looking forward to another great week next week. Bye for now.
Episode Title: #384: You cannot become a Doctor from reading an e-book
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#383: The Right Trading Conditions, with a +6.8% Gain for the Week
Sep 13, 2020
The Right Trading Conditions, with a +6.8% Gain for the Week
Podcast:
#383: The Right Trading Conditions, with a +6.8% Gain for the Week
In this video: 00:26 – An ex-dairy farmer and pilot 01:06 – When the conditions are right 02:02 – Up +6.8% for the week so far 02:38 – Today’s trading examples 03:50 – Make hay when the sun shines
As a trader, it’s really important that you wait for the conditions to be right before you jump into new trades. Let’s talk about that and more, right now. Hey, traders, Andrew Mitchem, here, at The Forex Trading Coach with video and podcast number 383.
An ex-dairy farmer and pilot
Now, as an ex-dairy farmer, I know quite a lot about the weather and I know about conditions and I know what to do in certain conditions. Now, as a helicopter pilot, I also know quite a bit about the weather and I know what I should and shouldn’t do according to the conditions. And as a trader it’s exactly the same. If the conditions are not right, I’m just not really looking for too many trades. I don’t go searching for trades. The conditions aren’t right.
Sometimes the best thing you can do is not to trade. Now, I know that can be a little bit disappointing for some people and that you feel like you always have to be in trades, but sometimes the best thing to do is to do nothing.
When the conditions are right
But other times, the best thing is to do is to see trades and take them, if the market is showing you those trading opportunities. Now, I’ll give you some great examples. This week, so far, and it’s now Friday morning here in New Zealand, I’m up 6.8% account gain for the week. Now, during most of August, I found that the trading conditions were not great for most of the time. I didn’t trade so much. I actually had a losing month in August. And that happens from time to time. But I didn’t trade a lot. And so, the important thing to get out of that is if the conditions are not there, don’t take trades, or just don’t take too many trades. I had a 0.5% loss in total for August. So, virtually, a breakeven month.
Up +6.8% for the week so far
But already here we are into September and I’m up 6.8% in four days already. Why? Well, because the conditions are there. Conditions are good. We trade when the conditions are good and we take advantage of that. And so, the other thing to look at is maybe days of the week, also. Monday and Tuesdays are generally pretty quiet, most of the time, but then Wednesdays, Thursdays, and sometimes into Fridays, you can get some exceptional trading conditions. And we talked about this on my webinar with clients, last night, of trading when the conditions are there.
Today’s trading examples
To give you another example. Today, Friday, the 11th of September. I didn’t take any trades on my membership site, today, based off the daily charts. There were no trades there that I felt were suitable to take. However, we posted on our membership site and our forum site, five trades based off the eight-hour charts, today, and one trade based off the six-hour charts. So, although there were no trading opportunities on the daily timeframe, the bigger timeframe, those big moves, by the way, the parent especially has dropped considerably, some massive moves. But technically, the setups were not there on the daily chart, so we go down to the shorter timeframe chart, because we know the market’s active. It’s just that the daily charts were not showing us the right setups at the right time.
So, we scaled down to the shorter timeframe charts, and we found those five trades on the eight-hour charts and one on the six-hour charts that we posted for our clients to take. And that is the beauty of having the ability to use the same strategy, but over multiple timeframe charts. You’ll generally find that if the conditions are right, there will be a suitable trade there somewhere on the charts.
Make hay when the sun shines
So, to go back to the farming phrase, “Make hay while the sun shines.” If the conditions are there and you’re trading, take the trades, take advantage of them, profit the gains that you can gain from this amazing market. If the conditions are not there, don’t take the trades. Don’t waste your money. Don’t end up paying commissions to your broker for no reason. So, I hope that helps.
This is Andrew Mitchem, here, at The Forex Trading Coach. I’ll see you this time next week with another video and podcast. Bye for now.
Episode Title: #383: The Right Trading Conditions, with a +6.8% Gain for the Week
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#382: Under 30 years old and Trading Forex?
Sep 06, 2020
Under 30 years old and Trading Forex?
Podcast:
#382: Under 30 years old and Trading Forex?
In this video: 00:30 – Trading for the younger generation 00:55 – The benefits for the under 30’s 02:39 – Master the skill of trading 03:50 – Time is your friend 05:02 – You’ll be used to webinars, so take advantage of my webinars 05:42 – The webinars are on-demand
If you’re under 30 years old, you are in a prime position and prime stage of your life to take advantage of the Forex market to protect yourself going forward. Let’s talk about that and more right now. Hey, Forex traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 382.
Trading for the younger generation
Now last week I made a video about people who are 50 years and older and looking at retiring. And I had a number of comments to say, “Hey, Andrew, what about us younger ones? I’m 20 or I’m 25, et cetera.” So what I’ve done is I made this video and podcast for you. If you’re on the lucky end of the scale and let’s say you’re 25, 30 years and under.
The benefits for the under 30’s
So if you’re in that category, that age bracket, you have many advantages, of course, the obvious one being time. But the other obvious ones would be well, you’re probably pretty good with computers and phones and iPads. You’re probably used to online webinars, Zoom, especially during the coronavirus lockdown. So you understand webinars, you understand online memberships, you understand e-learning all that kind of thing. So you had that in your advantage.
But what I really encourage you to do if you are in that younger age category is when you get into trading, if that’s what you want to do… By the way you have to want to do this. Don’t just do it because you think it’s going to be a way of making some easy cash. Don’t do it if that’s you. But if you’re at the mindset that you like numbers, you like patterns, you’re in this for the long haul. If you want to do that and learn a skill to educate yourself, to almost future proof yourself as best as you can, going forward, in terms of finances and time freedom, don’t start trading today, thinking that you’re going to give up your job and become a full time trader next year. Just don’t do that because it’s likely not going to happen.
Now, a lot of people that I’ve taught do go on to become full time traders, but it takes time. And of course you younger guys and girls love everything being instant and it’s just the way the technology and things… You’re used to that. And look, the trading, the Forex market does have that danger and that image out there of just being instant rewards. This money, money, money, money, money, flash cars, sit on a beach, go on holiday. That type of thing.
Master the skill of trading
The reality is quite different and the reality is, is that you need to learn how to trade. And a lot of people come to me and they say, “Andrew, look, how much do I need in my account to go and make X number of thousand dollars a week?” Well, my answer is, don’t worry about that for now. You have to invest in yourself upfront just like you would, if you were going through university or anything like that, any form of education and learn to walk before you can run and you have time as your advantage. So take advantage of the fact that you have time.
And don’t worry about trying to make money from day one. Learn the skill properly, start small, start on demo, then get to small live accounts and make money as a percentage gain. Don’t look at it and go, “I’ve got a thousand dollar account. How can I live on that?” Because you will not succeed at trading doing that. You’ll end up with that gambling mentality and you won’t trade correctly. So the important thing is to learn to do the trading correctly, learn how to trade.
Time is your friend
Time is absolutely your friend. To give you a very good example and a real example that if you’d started my course back in 2010 and did nothing else than just followed my daily trades, takes you five, 10 minutes once a day, you would have turned a hundred thousand dollars into 1.84 million today, just with the power of compounding. Now of course, the reality is that over time people would have taken funds out et cetera, but you just see the power of compounding with time, but still with low risk. And that’s the important thing. I’m not risking silly amounts here. I’m risking half of 1% of our account on each trade. Now, of course, those results, very impressive that they are, have nothing to do with any other trades that we post on any other timeframes or weekly or monthly charts or four hourly charts or hourly charts, trades that we post on our webinars on our forum sites. It’s got nothing to do with that. So you see how the advantage, how good this can be, once you know what you’re doing and the advantage that you have with time.
You’ll be used to webinars, so take advantage of my webinars
So I really strongly encourage you, because you’re used to online training and you’re used to webinars. If you’ve not yet done it, jump onto one of my webinars. I hold them each week for newer traders, for those who have traded less than six months and for the slightly more experienced trader, those of you who’ve been trading for more than six months and maybe at that kind of frustrated stage where it’s just not working and you’re starting to beat your head against the wall kind of situation. So you’re either going to be brand new or you’re going to be quite annoyed and frustrated that maybe, it’s not working quite as easily as you thought it probably would do. So jump onto one of those webinars. Just pick one, just pick the one that suits you.
The webinars are on-demand
To help you as younger people, I also have that webinar as a replay on demand. So you don’t even have to sit and wait for a session to come up in the future. You can actually go watch a recent replay on demand straightaway, perfect for you if you’re under 30. So I hope that helps.
And anything you need, any help you need at all, just come through to me, I’m here to help. We’ve been doing this for 11 years, helping traders right around the world. So come through to me, andrew@theforextradingcoach.com and I’ll see you this time next week with another video and podcast. Bye for now.
Episode Title: #382: Under 30 years old and Trading Forex?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#381: Trading in Preparation for Retirement
Aug 30, 2020
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
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#380: The Top 5 Issues Facing Forex Traders
Aug 23, 2020
The Top 5 Issues Facing Forex Traders
Podcast:
#380: The Top 5 Issues Facing Forex Traders
In this video: 00:26 – Issues that you’ll be facing as a Forex trader 01:22 – The 5 main issues 02:32 – #1 Lacking a working strategy 03:40 – #2 Managing and Avoiding Risk 04:15 – #3 Lack of time to trade 05:00 – #4 Don’t know when or why to enter the market 05:23 – #5 Controlling Emotions 06:25 – Contact me if you’d like a copy of my live webinar recording
Today, I’m going to discuss with you the top five issues facing most Forex traders. It’s going to be really interesting. Let’s get into it right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 380.
Issues that you’ll be facing as a Forex trader
And I want to talk to you about some issues that you’re likely to have as a Forex trader. And the reason I know that is I’ve held a survey recently from my entire database, had some great replies from people, and I’ve gone through all of those replies and I’ve categorised the replies in terms of the five biggest issues that most people seem to say that they have when it comes to trading the Forex market. And so I’ve categorised those in order to try and help you out.
Now, just to let you know, also as a thank you for those people who send through the survey responses, I’ve given them access to one of my recent live two hour trading room webinars that I hold exclusively with my clients. If you’d like to get access to that same webinar replay, just send me an email or reply to andrew@theforextradingcoach.com, and I’ll send that through to you.
The 5 main issues
So moving on to the five top issues that most people seem to have at that. So the first one is most people cannot seem to settle on a working strategy, seems to be the biggest issue at. Number two, most people seem to have an issue with being able to manage their risk or avoiding risk within their trading, avoiding taking stupid demand to risk. I’m going to cover all these issues in more detail shortly. Number three, most people seem to say that they do not have enough time to trade properly. Number four, they don’t know where or what enter the market, and even when they’ve entered the market, they don’t know how to exit the market or where to exit the market. So it’s a lack of understanding. Number five, controlling emotions and how this hurts their trades. So there seems to be a lot of people out there with revenge trading or having issues with emotions or taking too big of possessions. So we’ll cover all of those issues here.
#1 Lacking a working strategy
And number one, the strategy issue. It’s the obvious number one problem that most people will have. So from my point of view, my strategies been working for years. It took me four years of trial and error, probably like you may be having right now to get to that situation of a proven strategy. And so for me, I strip my charts of everything. I got to look at the price. How often do you actually look at what the prices? Are you worried about indicators crossing over each other? So all those types of things have a detrimental effect. You’ve got to look at the price. You got to actually see where the price is right now.
And so I started to build together an understanding of candles and where they appear on the chart, and then I introduced other things like support and resistance levels, ran numbers, Fibonacci retracements and extensions, and using a completely different way to the standard, by the way, and divergence and putting all that together to get a system that works for me. So strategy, once you understand and have a good, clear strategy, and I can certainly help you with that, you’re away. It’s a big part of your problems fixed.
#2 Managing and Avoiding Risk
Number two, managing avoiding risks. Well again, that can be easy once you know what you’re doing. Forget about making pips. I only trade with a maximum of 0.5% risk of my count on any one trade. That’s it, 0.5%. Sometimes it’s under a quarter. So you have to have controlled risk and known risk. That means you can trade any currency pair, any timeframe chart, any stop loss size, does not matter. Your risk is the same. How do we do that? We use our lot size calculator. Again, it’s freely available on my website and we adjust our position size.
#3 Lack of time to trade
Number three, don’t have time to trade. Again, easy once you know how. I can teach you how to trade in under 30 minutes a day, quite easily. Last year, you may recall if you’re following me back then I went over to the UK and Europe for four weeks with my family. When travelling around Europe, I traded for less than 30 minutes per day. I recorded all the trades. You could see them taking on my account. You can see them all actually posted on our membership site. I returned back to New Zealand after four weeks with a 12.79% account gain by risking a quarter to a half percent risk per trade. Less than 30 minutes per day of trading, you can do it once you know how to do it and once you understand trading.
#4 Don’t know when or why to enter the market
Number four, don’t know where or why to enter the market or even how to get out. Again, easy once you know how. Once you have a strategy in place, once you can understand candle patterns, once you understand fib retracements and extensions, quite simple to know. Yes, there’s a trade set up. I’m entering there, I’m exiting them, my stop loss is there, done. Very, very easy to do once you know how.
#5 Controlling Emotions
Number five, controlling emotions and how this hurts their trading. Well, again, if you get number one, two, three, and four correct, your emotions are under control. For me, I see a trader take a trade because I’m confident in my strategy, I’m confident in my low risk approach, I’m confident in my high reward to risk trading. And so when it comes to controlling emotions, I very rarely have emotions within my trading. Now, I’m just seeing what I’m seeing and taking the trade. Why? Because I know it works. Why? Because I’ve been doing this for nearly 17 years, but actually with my strategy nearly 13 years, teaching it for 11. I’ve seen thousands and thousands of traders throughout the entire world, 88 countries who are clients in right today, succeed at this. So controlling your emotions like most things, once you understand what you are doing, it is relatively straight forward. So I hope that helps.
Those were the top five issues that I face or that people were facing, they told me they were facing. As I mentioned, I gave all of those people who applied access to that live webinar recording.
Contact me if you’d like a copy of my live webinar recording
If you’d like to see that recording for yourself. And by the way, the feedback from these people who watched that recording was unbelievable because finally they could see and hear how a trader thinks and how you go through and process trades and how you go through and analyse charts and take trades in real time. So if you’d like a copy of that same webinar replay link, send me an email, Andrew@theForextradingcoach.com and just say webinar recording, something like that and I will get that link through to you, or leave a comment on this page if there’s a comments area and I’ll get that webinar link through to straightaway.
So I hope that helps. This is Andrew Mitchem here at the Forex Trading Coach, helping traders throughout the world succeed at trading the Forex market. If you’d like me to cover any topics like this on future videos and podcasts, just send me an email again, andrew@theforextradingcoach.com and I’ll see you this time next week. Bye for now.
Episode Title: #380: The Top 5 Issues Facing Forex Traders
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:31 – Coronavirus re-emerges again 01:28 – Government job payment ends soon 02:35 – Where does this leave you and your future? 03:43 – It’s time to consider the Forex market 05:22 – Few other businesses are as good as the Forex market 06:05 – Learn how to trade first 07:06 – How to find out more
So the coronavirus continues to cause mayhem around the world. What are you doing to try and secure your financial future? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 379.
Coronavirus re-emerges again
Glorious day. So I thought I’d come outside here and talk about actually what is an extremely important subject to almost everybody. Here in New Zealand, we thought we were doing really well with coronavirus. We were paraded around the world as having a hundred days of no coronavirus in the country. Now, all of a sudden, Auckland has gone into lockdown, and the rest of the country has gone up to a higher level. I’m guessing next week, the whole country potentially could be locked down.
So things are not quite as good as everybody thought they were. Of course, around the rest of the world, the same picture is applying with countries getting second waves and more lockdowns. Although that is, I suppose, annoying from a day-to-day living point of view, there’s a far bigger problem, of course, going on, and that is money cannot just keep getting printed. Governments around the world cannot just keep propping up jobs that really are now not needed or there’s no demand for them.
Government job payment ends soon
Here in New Zealand, on the 1st of September, all the handouts for the jobs that the governments are just keeping people going, that stops on the 1st of September. What happens then? All those jobs. People are artificially propped up right now. Yes, that had to happen, but governments cannot keep printing money.
Here in New Zealand, the official cash rate stayed at 0.25%, and they’re talking the next step they can do. Well, pretty much, the only thing they can do is to take it negative. Now, this is New Zealand. This is a country that only a few years ago had one of the highest interest rates in the world. We had this thing going on called the carry trade whereas New Zealand interest rates were very high, Japanese rates were very low, and people were just basically making money on the massive interest rate differential. But of course, here we are in the same position as the rest of the world. They are potentially talking about going negative on the official cash rate. Now, that’s just never been even heard of before, and
Where does this leave you and your future?
So where does this leave you as someone either with a job, or someone that’s looking to retire soon, or even someone young that’s looking at getting into a job? Where does this leave you?
It’s not particularly good, and although I hear… Here in New Zealand, certainly, there are lots of people spending money. There’s people spending money on lots of cars, and sparkles, and all these type of things, which is fantastic to keep the economy running because people are not spending money on big overseas trips this year because they can’t, but that’s really good to keep the economy propped up. But none of these things are actually to do with investing. They’re all buying shiny objects, and that’s the problem I have with our government here.
They just keep spending money and spending money, but not once have they actually thought about how they’re going to create money, and invest, and… Yeah, so that. That spend money mentality cannot just keep going on forever. We have to get to a stage where people start to save, people start to invest, and actually try to create money.
It’s time to consider the Forex market
That’s where I think it is really important that you consider. If you’ve not gone into the Forex market, you’ve got to consider looking at the Forex market. If you are in it, then you’ve got to make it work for you. You’ve got to get trading properly. Really important you can do that.
Look, I just want to run past a couple of numbers that I’ve just written down here. Just last week, if you did nothing else on our membership site and just followed our daily trades, you’d have made over 1% gain on your account, and that was quite an ordinary week. It wasn’t a very good week at all, but we still made a 1% gain on the daily trades with high percent risk. On trades posted on our forum site just twice a day, we made a 3.5% account gain, again, with high percent risk just on trades posted on four, six, eight, and 12-hour charts. So all up. If you did absolutely nothing else and just followed a couple of trades that we posted on our membership site and our forum site with very low controlled risk last week alone, which was quite an ordinary week, it wasn’t very special, you’d have made a 4.5% account gain.
Now, you go find me a bank that’s going to pay you 4.5% in a year. We did that in a week. Yes, it’s fantastic to achieve results like that, but more importantly, what I believe is, very important, is it’s what it teaches you. You then have the ability to look for these same traits. You understand how to read the markets, how to read the charts, how to look after yourself going forward, how to look after your family. What happens if your job disappears? What happens if your traditional investment in a bank, or in a commercial property, or something like that stops or just drastically reduces?
Few other businesses are as good as the Forex market
Very few other businesses are like the Forex market. What I mean by that is if you want to do it right, yes, you need to put some money in upfront to invest in yourself. That’s why I believe in education. Yes, you need some money, obviously, in an account. You can’t trade thin air. But what you have to realise is to trade, it doesn’t mean to say you’re going to go out there and have to spend years and years at university. It doesn’t mean to say that you’ve got to go and buy a business in town and spend hundreds of thousands of dollars on rents, and leases, and product, and all that, and staff, and all that type of thing. You can do this with very, very minimal cost, and you can learn how to make a very good steady percentage gain.
Learn how to trade first
Now, I had a question from someone the other day. He said, “Andrew, look. I just don’t have a large account.” Well, learn how to trade first. Sell signals. Trade money for other people that you know, family, friends, things like that. Just small scale. You don’t need to go into big scale and get licencing, that type of thing, but just… The important thing is to learn how to do the trading first. Look, 4.5% just last week. Are we going to do that every single week? No. Of course, we’re not, but 4.5% just last week. If you can do that consistently over time and get that kind of level, 1%, 2%, 3%, 4%, 5% a week. Sometimes a negative 1% or 2%, but that’s going to happen. That’s trading. But if you can get to that kind of level, people are going to be desperate to have someone like yourself, once you know how to do that, trade for them because really, what other options do they have?
So that’s why it’s important to start small, to get education, to join a community of like-minded traders with a system that works.
How to find out more
If you’d like more details, I hold a couple of free webinars each week. One for new traders, one for more experienced traders. I urge you, if you’ve not been on those, to jump on board with one of those webinars. Just pick the one that best suits you. Get on board. Look after yourself. Future-proof yourself by educating yourself in the Forex market. So I hope that helps. This is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #379: Securing Your Financial Future
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:25 – Most indicators do not work 00:52 – Trader who joined in 2012 appreciates how good Divergence can be 01:45 – How I use Divergence 02:21 – The 2 types of Divergence 03:05 – My favourite type of Divergence 04:48 – What are we looking for?
Divergence. Is it really a useful tool as a Forex Trader or is it a gimmick? Let’s talk about that more right now.
Hi, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 378.
Most indicators do not work
Now I want to talk about a really, really special type of indicator. Now as you probably know, I’m not a fan of almost all indicators. I use horizontal levels, but I’m not a fan of different moving averages and things like that. And all the indicators that the Forex brokers constantly throw at you with most platforms that you can get, there’s hundreds and hundreds of different indicators that you can find.
Trader who joined in 2012 appreciates how good Divergence can be
And I want to tell you a story about a client of mine, who back in 2012 joined me. And he’s done extremely well from his Forex trading, but he said to me, the other day we had a chat and he said, “Look, Andrew, I just wasn’t aware of how good divergence was when you mix it in with all the other things that I’m looking at and I teach as part of my course in my trading strategy.”
And he said, “I understood certain things about price action and pivot points and candle patterns, but I just didn’t appreciate,” and it took him quite a while to appreciate. It was only when he saw lots of examples and put it into practise. He didn’t appreciate how good divergence can be if you use it the way that I use it. And if you use it correctly. So with that in mind, when he added that to his trading, his trading just increased another level again.
How I use Divergence
Now I don’t use divergence just simply as there’s a positive divergent signal, therefore I’m taking a bite. Don’t do that at all. I’m using it to back up what I see with my price action trading and my candle stick analysis and my strength and weakness and bouncing off brand numbers and all that type of thing that I look for anyway.
But if I get divergence at the same time or just a little bit before my candle pattern, then that gives me an added boost, an added bonus to say, yes, this is a high quality trade.
The 2 types of Divergence
Now with divergence, what are we looking at? Well, for me, there’s two different types of divergence. There’s regular divergence, and that’s indicating to me a reversal. So we have an uptrend, we get regular negative divergence, and then we’re likely to get a downtrend, a reversal. Likewise, we’re in a downtrend already, we get regular positive divergence, the trend generally turns around and moves up. Now, as you’d know from previous videos and podcasts, I like reversal traits, but they’re slightly higher risk. You know, you are trading against the main direction at the time. So you need to have a very strong pattern, very strong setup in order to justify taking a trend reversal.
My favourite type of Divergence
But my favourite type of divergence is, and there’s a lesser known type of divergence, it’s called hidden divergence. And that hidden divergence to me is when the price action is at a certain part of the chart. And when I see that happening, it’s a trend continuation pattern. And that to me is a highly strong, high probability, high quality trade setup, because it means I’m trading with the trend, but after a retracement. So in other words, if I see a hidden positive divergence, I’m seeing an uptrend and then a pullback. And then I’m seeing my candle pattern all in a certain part of the chart again, which I trade and I teach, all happening for a reason with the hidden positive divergence. That gives me the confidence to take the bullish trade, the buy trade, for the price to then start moving back up again.
Likewise, in a down trend, we then see a pull back again to a certain level. And then we see the bearish set up with the hidden negative divergence looking for the trend to continue down again. So the continuation patterns are certainly the higher probability traits. The reversal patterns on your charts look really cool because you’ve taken a sell trade right at the top of a trend or a by trade right at the bottom of a trend and in hindsight, when you see a reversal trade work, it looks fantastic. But always come back to that higher quality, higher probability set up of the continuation patterns will give you a higher win rate and a higher probability of success. Although the reversals can be very, very good.
What are we looking for?
So what is it that we’re looking for with divergence? So with negative divergence, we’re looking for the highs in the indicator to fall as the highs in the price get higher. So that becomes our conflict, our divergence. And so with that, we’re looking for the price to fall. With hidden divergence, we’re looking for also the indicator to fall, but this time we’re looking for the lows in the indicator to get lower. As the lows in the price have got higher, that’s a hidden positive divergence signal this time, which gives us the indication that the trend is likely to continue up. So two different types of divergence. One’s regular, one’s hidden. One’s for reversals, the other’s for continuation patterns. Two very different patterns, but two very, very high quality patterns that will certainly assist you with your trading.
So I hope that helps. If you have any questions, just like that question about divergence, send me an email, Andrew@theforextrading.com. And I’ll see you here this time next week for another video and podcast.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#377: Will the US Dollar Fall Over the Next 12 Months?
Aug 02, 2020
Will the US Dollar Fall Over the Next 12 Months?
Podcast:
#377: Will the US Dollar Fall Over the Next 12 Months?
In this video: 00:26 – A great question from someone on my webinar 01:12 – Some examples from the last 17 years 02:09 – The EUR/USD got very high in 2008 03:05 – The GBP/USD went over 2.0000 04:10 – What does this tell you as a trader?
Will the U.S. dollar decline over the next 12 months, and if so, how do you trade it? Let’s talk about that and more, right now.
Hi, forex traders. Andrew Mitchem here, at the Forex Trading Coach, with video and podcast number 377.
A great question from someone on my webinar
Now, I held a webinar just this morning and it was a free webinar for the public to attend. I had a great question asked on that webinar, and I’d like to read it for you and then answer the question. The question was, “Hey, Andrew. Look, there’s a lot of talk these days about the U.S. dollar, and that it’s going to decline over the next 12 months. Which U.S. dollar pairs would you recommend using to take advantage of this potential decline?” Fair enough question, you’d think.
So my answer was, well, you cannot trade that way. You just cannot, because it means that you are now having a predefined … in your mind, you are set on the U.S. dollar falling, and it’s quite a dangerous way to trade because how does anybody know what’s going to happen?
Some examples from the last 17 years
Give you some prime examples on this over the last number of years. So I’ve been trading for nearly 17 years and over that time, to be honest, actually, when I started trading, the U.S. dollar was talked down massively at that time. Everybody was talking up the Euro, talking up the pound, talking down the U.S. dollar, and that’s not really happened. Within certain times over those last 17 years, yes, the U.S. dollar’s declined, but then it’s strengthened.
The problem is, you cannot have that bigger picture idea, and back when I started trading, the monthly non-farm payroll, as it was called back then, the U.S. monthly unemployment data, the U.S. jobs news back then all the time was terrible. Huge numbers of job losses, and people were saying, “It’s the end of the U.S. dollar. The Euro’s going to take over. The new Euro, all these amalgamated countries. It’s the new thing to do. You’ve got to be on to the Euro.”
The EUR/USD got very high in 2008
So, give you some examples. Back then, the Euro got as high as 1.60. It got very, very high, the Euro against U.S. dollar, 1.60. Then, from mid-2008 onwards, if you look at a monthly chart, overall, all it’s done is fallen. Like I mentioned just now, yes, there have been times where the Euro-U.S. dollar has gone up, and therefore the Euro is strengthened, the U.S. is weakened. But if you take the bigger picture since mid-2008, when the Euro-U.S. dollar hit just on 1.60, all it’s done since then is fallen. So that tells you that actually, what’s happening is the Euro is weakening and the U.S. dollar is strengthening. So if I had that bigger picture view back then of the U.S. dollar as weakening and declining, for the last 12 years, in general, I would have been wrong. So very, very dangerous thought process to go into there.
The GBP/USD went over 2.0000
Another example, the pound-U.S. dollar. Back in 2007, it went over two. So the rate of the pound-U.S. dollar was over two, 2.000. It went over that level and then it crashed to 1.14. So all it’s done is the pound’s dropped, the U.S. has strengthened. Again, everybody said the U.S. dollar would weaken, and all it’s actually done, again, bigger picture, and there’s been fluctuations, yes, within that time, but bigger picture, the pound’s dropped, the U.S. dollar has strengthened.
Then, of course, we add Brexit into that, and everybody again saying, now, that the U.S. was going to probably strengthen against the pound, therefore now the pound’s going to weaken. But if you look at what’s happened over the last month or so, the pound-U.S. dollar has actually strengthened. So now we get this complete confusion. Now we’re looking for, with Brexit, it’s all happened and Britain’s by itself, the pound’s going to crash even more. Yet the last month to right now, at the end of July 2020, it’s telling us that the pound’s now coming back with strength again.
What does this tell you as a trader?
So put all that into a big mix together, what do you get out of that? Well, you can basically get out of that that, for me, as a technical trader, I am trading completely and utterly what the charts tell me. Why? Well, because it then takes my opinion out of it. My opinion of what’s happening to the U.S. dollar, or the guy that was on the webinar today, his opinion that the U.S. dollar’s going to weaken over the next 12 months, it might. But until we get to July and August 2021, we don’t know what we’re talking about right now is going to be true or not. But what we can do is look at the charts and see what the charts are telling us.
Even if you wanted to trade longer term, like monthly charts and weekly charts, you still need to look at what they are telling you and trade accordingly to that. I think if anybody just suddenly took a position on any of the U.S. dollar pairs for the U.S. dollar to weaken, and just did it right now, first of all, why would you do that? Secondly, how are you going to manage that? Thirdly, which pairs are you going to trade? Because if you think that the U.S. is going to weaken over the next 12 months, you really need to be sure that the currency you’re trading against is going to strengthen.
Now, I don’t see a huge amount of strength right now in the Australian economy over there. It’s not looking too good. The New Zealand economy is not looking particularly great right now. Europe’s not looking great. Britain’s in a bit of a mess right now. Interest rates in Japan are negative. Switzerland’s the same. So which pair are you actually going to trade if all you want to do is say the U.S. dollar’s going to weaken? Makes it hard, doesn’t it?
But you can go and look at your charts. You can identify trends. You can identify pullbacks. You can identify reversals. By taking those positions as a technical trader, you are trading what you see, not what you think. It’s a big difference. So I hope that helps. If you have any questions just like that, and you’d like me to cover them on future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com, and I’d be glad to help. I’ll see this time next week. Bye for now.
Episode Title: #377: Will the US Dollar Fall Over the Next 12 Months?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:24 – My latest bank statement 01:07 – What are your options? 02:06 – Continuing to do what we’ve always done 02:21 – Client from Germany making 2.5% to 4% per week 03:45 – The takeaways from Sedat’s comments 04:45 – Bettering yourself as a Forex trader
Bank interest rates continue to fall. So what do you do when it comes to investing? Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 376.
My latest bank statement
Now, I’ve received a letter here from Lloyds bank over in the UK. I had a account when I was a kid with Lloyds. Still continue to have one there for when we go to Europe for holidays, not sure when that’s going to be happening next either right now with coronavirus.
But anyway, what I wanted to talk about was on here, it says my interest rate will be changing to 0.01 gross interest paid quarterly. How exciting is that? A 0.01% interest, it’s incredible. It costs them more to send me the letter to New Zealand than they’re going to pay me in interest.
What are your options?
It comes back to what are you going to do about that? Because interest rates throughout the entire world are obviously falling, and it sounds great if you want to borrow, but of course, getting money and borrowing is actually getting harder as well.
You just think about commercial property, why would you want to jump into commercial property right now when office blocks throughout the whole world are empty because more and more people have actually worked out that they can work from home? Exactly like I’m doing right now behind you here. But people don’t need to be travelling to work like they used to. Sure, it will come back a little bit, but the actual having to be at the office, having to be at work, businesses are figuring out that it’s actually cheaper, of course, not to be renting, leasing or owning so much space.
So therefore, as the investor, why would I want to go out there rushing to buy office space or anything like that when the actual occupancy rates are probably going to be a lot, lot lower.
Continuing to do what we’ve always done
So it comes back to, for me as a trader, I’m just continuing to do what we’ve always done. Why? Well, because it works. Why? Well, because what other options do we have out there that can actually beat what Forex can offer?
Client from Germany making 2.5% to 4% per week
Now, I also wanted to talk to you about an email that I’ve got here from a client in Germany called Sedat. And he says, “Andrew, it’s been exactly one year, one month and eight days since I started trading according to the Forex Trading Coach system with you. Since then, I’ve only had positive months and only three or four negative weeks.” He says, “I’m not yet a full time trader, but I’m on my way to becoming one.”
He also said, now this is interesting, “Few people realise that you can learn this business.” Sorry. “Few realise that you have to learn this business for many years before you can really succeed. No one can become a doctor in two months, but many people believe that you can become a trader in only a few months.” And he goes on to say, “I myself, make 2.5% to 4% profit per week and only trade the one hour charts. I trade with great passion and dedication. If I can’t trade for day, I’ll almost get psychological withdrawal symptoms with a smiley face. I think without absolute passion, no one can become a successful trader.”
So that’s from Sedat over in Germany. So 2.5% to 4% per week, never had a losing month, and only three to four losing weeks in a year, one month and eight days since he joined us when he wrote that email this week. Amazing, isn’t it?
The takeaways from Sedat’s comments
So just think about that. Not only the return, but also think about what else he says on there. You can’t become a doctor in two months, but why is it that online everybody thinks they’re going to become a full time trader in two months? You’ve got to be thinking about it real, but also you’ve got to put that time in and have that passion and that dedication.
So it all blends together. It doesn’t matter whether you’re doing it just for the enjoyment and the learning, the process. You’re doing it for an investment, or you’re seeing yourself with very, very limited other choices out there. It comes back to the fact that if you want to become a full-time trader or even a part-time trader, you have to learn how to do it properly. But if you learn how to do it properly, the profits and their results are there, plain to see, and compared with 0.01% at Lloyds Bank in the UK. Well, one of these trades go in behind me here is going to make probably around 1% to 1.5% profit, made more than they’re going to give me in an entire year in one trade.
Bettering yourself as a Forex trader
So look, if you have any interest in bettering yourself as a Forex trader, of learning a new way of creating some passive income, a new skill, then I highly encourage you to listen to what Sedat has said there about taking your time, but learning it properly. There is no better investment you can make than in yourself and to jump on board with our five star rated Forex Coaching Course. So once again, this is Andrew Mitchem at the Forex Trading Coach. I’ll see this time next week. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#375: The Power of a Good Trading Community
Jul 19, 2020
The Power of a Good Trading Community
Podcast:
#375: The Power of a Good Trading Community
In this video: 00:27 – Amazing trading results and the power of a good trading community 01:27 – Trading can be a lonely business 02:13 – You get to associate with like-minded people 03:34 – Trades posted daily to help follow, learn and earn 04:41 – The power of our Forum site and how it helps our traders 05:27 – Being part of our community, trading family and support
I want to talk to you about the power of a fantastic trading community and how it can massively help you as a Forex trader. So let’s get into that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 375.
Amazing trading results and the power of a good trading community
Now we have had some incredibly good results this week. And I’ll talk about that more shortly, but I want to talk about the power of a good trading community and how important that can be to your trading success. You see, from time to time, I get people saying to me, “Hey Andrew, I can learn everything that you teach in your trading strategy on YouTube, or I can learn it from a book or anything like that.” And it’s like, well, good luck to you, off you go then, because you cannot. The simple fact is you cannot do that.
You have to be, if you want to be a good trader, the thing that’s going to help you along the line, because of course you can have strategy and software and everything that we provide. And it’s really, really, really good, amazingly good. We’ve been doing this for 11 years now as coaches, but what makes it even better is the community that we have. And I think that’s the bit that’s highly underestimated by a lot of people.
Trading can be a lonely business
You see trading’s a lonely business. You’re generally sitting at home on your laptop, on your desktop, most other people don’t know what it is you’re doing. You’re generally sitting there doing something with not a lot of support, not a lot of help. Like the traditional online forums are just terrible, they just are. I’ve never, ever found a good one. They all start off with great intentions, but they’re just awful.
But what we’ve built up over the 11 years from thousands of coaching clients from currently 88 countries all around the world, it’s something very, very special and it’s not to be underestimated the importance and the power of that family, of that community, of that spirit, that like-minded group of people all with that common goal of helping each other and to becoming a better trader.
You get to associate with like-minded people
Now from a personal point of view, when I go to business events, which I do from time to time, not that often, but from time to time I go to them. The reason I go to them is not only to learn something, but more importantly, it’s the people that I meet there. And it’s the unexpected bump into someone, start talking, you know somebody who knows someone else or they may be in a completely different business to you and you start talking to them and you find some sort of common goal correlation together.
And to me, it’s surrounding myself with really good, decent people who are like minded people. And that’s what I get out of those events, the energy that you get from that, just decent people. We all know there’s a lot of, without putting it bluntly, people out there that just don’t have the entrepreneur spirit, they just don’t have the will to want to better themselves. All those types of things. We know that society has that unfortunately, and it always has always will do. But we also know that if we surround ourselves with good people and people with the same interest in us, whether it be a sport, music, trading, whatever it might be, you grow as a person from that. And that’s what we have with the Forex Trading Coach community.
Trades posted daily to help follow, learn and earn
Now on a daily basis, we post our daily trades of course, and we also post about different trades that we see taking and setting up on other timeframe charts.
Now the daily charts this week have been fantastic, great, great results. But what that gives you is the ability to see in real time what we’re taking and why. We then, on a weekly basis, hold a live two hour webinar, one in the European session and then the next week in the US session. So European, US continually go around like that week after week, I held the European session last night, my time. And again, lots of people on there. Great, great chat, great interaction. I took a trade live, it hit the full profit target within about half an hour on a one hour chart, Canadian Frank sell trade bouncing off of 70, took the trade. Other people could take the trade, make money, learn, we talk, we chat, we discuss other trades, we discuss live trades, trades that were taken previously over the last week.
That in itself is invaluable. Can ask us questions in real time. See us trading in real time, not economist star with the benefit of hindsight, in real time. Very, very important.
The power of our Forum site and how it helps our traders
And then our forum site. Now, as I said, most forum sites on there, just general forum sites online are rubbish. They’re terrible, they’re awful, they’re dominated by a few people who think they know everything and it just ends up in a mess. It always does. Our forum site is very, very different. We all have the same goal, we all talk about only the one strategy. We’re all there together, everybody helps each other, there’s nobody dominating, it doesn’t matter whether you’d been on the forum site for years or whether you’re there for the first week. It doesn’t matter. Great group of people on there on the chat area, communicating about trade setting up, posting screenshots, taking trades. And again, this week we have had some phenomenal trades taken and posted in real time on our forum site.
Being part of our community, trading family and support
So not only do you have the ability to earn from being a part of the Forex Trading Coach Group and community, but also you had that family, the community support that is just so invaluable, and you really will not find that by watching a video somewhere online. So what I’m going to do is I’m going to put a link below this video and podcast to allow you to find out more information regarding our five star rated Forex Trading Coach Course, five star rated on Forex Peace Army for the last 11 years. Not too many people can say that. If you’d like to take your trading to that next level. By being part of our community. Then, click on the link and find out more details.
So once again, this Andrew Mitchem here The Forex Trading Coach. Have a great weekend. I see you next time, next week. Bye for now.
Episode Title: #375: The Power of a Good Trading Community
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#374: How to Calculate Your Lot Size Correctly & Easily
Jul 12, 2020
How to Calculate Your Lot Size Correctly & Easily
Podcast:
#374: How to Calculate Your Lot Size Correctly & Easily
In this video: 00:26 – Understanding Lot Sizes 00:58 – The problem with the way most people trade 01:57 – Different pairs pay a different amount per pips 02:50 – Place the stop loss at the correct level 03:29 – Use my Lot Size Calculator 04:48 – Allows you to be smart with your trading 05:21 – Weekly chart trades made good money this week 06:11 – Controlling risk and your emotions
How do you calculate the lot size that you need on every trade so that you can control your risk and your emotions? Let’s talk about that and more, right now.
Hey Forex Traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 374.
Understanding Lot Sizes
I thought I’d come outside today as it’s a lovely winter’s day here in Nelson. Lots of good feedback on last week’s video, when I took you on a helicopter trip. So glad that you enjoyed that and I figured, well it’s so good, let’s get outside again today and explain the very important topic regarding what makes the difference between potentially a losing Forex trader and a successful Forex trader. It comes down to money management and risk and understanding how to calculate the lot size that you need.
The problem with the way most people trade
You see, the problem is that most people when they trade is they will put on 0.1 lots or 1.0 lots, something like that. I did exactly the same 16 plus years ago when I started trading. Because that’s what you think you should do. When you see people showing trades online they’ll put something like, you get paid $10.00 per pip and if you make 100 pips that equals $1,000.00. The problem is that’s not quite right. It’s quite a bad way of trading. Let me explain why. In order to trade with low risk and controlled risk, what you need to do is actually calculate the lot size that you need on every trade that’s specific to that trade. You can’t just go and say, well I’m going to put on 0.1 lots on every trade. It’s not a good way of trading because you’re going to find that you have different risk on each trade.
Different pairs pay a different amount per pips
Different currency pairs pay a different amount per pip depending on what currency pair you’re trading. But not only that, it also depends on what the account your trading is based in. For example, it may be in US dollars, it might be in New Zealand dollars, it may be in British pounds. So you can’t just say that every trade is $10.00 per pip or $1.00 a pip, because that’s assuming that you’re trading something like Euro/US dollar or the Pound/US dollar, and your account is in US dollars. If it’s not in US dollars, then the $10.00 a pip logic doesn’t even make sense anyway, it’s inaccurate. So that becomes the issue. Now it’s so easy to look online and people showing you trades that they make, like I said 100 pips equals $1,000.00. No, it’s not true. So you have to be quite careful there.
Place the stop loss at the correct level
What you need to do is actually place the stop-loss on the trade at the level it needs to be at. Don’t just go and say I’m going to put a 20 pip stop-loss in, because 20 pips doesn’t mean anything. You have to put that level at the price level where it needs to be for that specific trade. Then what you do is you then work out the dollars per pip or the pounds per pip of the currency that you’re trading and according to your account denomination. Then you work the lot size needed for that trade. So that all starts to sound a bit complicated, doesn’t it?
Use my Lot Size Calculator
The great thing about it is that I have a lot size calculator freely available on my website, and I’ll put a link next to this video and podcast, that works on any MT4 or MT5 account and all you simply do is drag it onto the screen (it’s a script, it’s not an indicator so don’t go putting it on the indicators folder it won’t work, it’s a script) drag it into your charts and it knows what your account denomination is and it knows what chart you’re putting it onto. You drag it across onto your charts and you put in your risk level, let’s say 0.5% or 1% whatever it is you want to risk, and put in the stop-loss of that trade. It tells you the exact lot size.
What that also does is it gets you away from thinking, “I cannot trade something like a daily chart because the stop-loss is too big and my account size is not big enough.” It gets you away from that mentality. Because every single trade that you take by using this calculator gives you an equal risk on your account, it doesn’t matter what the currency pair is, what the timeframe is, or what the stop-loss of that trade is or needs to be. It doesn’t matter. It will calculate to say, if this trade goes wrong and you get stopped out on this pair with x number of pips as a stop-loss, you will lose your pre-determined risk. In my case, 0.5%.
Allows you to be smart with your trading
So that enables you to do quite a few clever things. For me personally, I like to trade at 0.5% risk per trade. But if I’m sometimes seeing reversal trades I might actually reduce that to 0.25%. If I’m seeing continuation trades where I’m trading with the trend, I might keep that at 0.5%. So you can do all those kind of really fine-tuning your trading really well. That’s how you work out the lot size you need per trade. It really helps to control your emotions, it allows you to trade a variety of timeframe charts.
Weekly chart trades made good money this week
And this week is a prime example. We took three trades on the weekly charts for our members that we posted on the membership site on Monday, three fantastic trades on the weekly charts. It’s been quite a choppy week this week. Some of the other timeframes have not been particularly easy to trade, they’ve not had very many set ups.
For example, trading the weekly charts I still have controlled risk and even though my stop-loss is bigger, my position size is smaller. But my risk if the trade goes wrong is identical to if I was trading let’s say a four hour chart. So don’t think that you can’t trade a weekly chart because you might need a bigger stop-loss. By understanding risk and understanding position size like I just taught you and using my calculator, it allows you to trade all timeframe charts, all pairs regardless of the stop-loss needed for that trade.
Controlling risk and your emotions
So I hope that helps. I hope that helps you understand risk, it helps control your head, it helps control your heart. In other words, your emotions. That is a massive part of trading. If you don’t believe it is, you’re probably on a demo or very small live account. Once you start going to live accounts with bigger sizes, I can promise you that your emotions and understanding how they affect your trading is another big part of trading. So in other words, keeping risk low and controlled. If you can do that on a small account, when you go to a bigger account you can do exactly the same because your risk as a percentage is identical, therefore your emotions are in check and controlled. I hope that helps. It’s a big part of trading. Get that right and you’re on the path to success. Like I said, the lot size calculator is available on this site; there’ll be a link on here. It works on any MT4 or MT5 account, free of charge. Use it, it’s fantastic, it will massively help your trading.
So once again this is Andrew Mitchem at The Forex Trading Coach. You have a fantastic day or night, depending on when you are watching this video. I’m off to enjoy this beautiful scenery. Have a great day! Bye for now.
Episode Title: #374: How to Calculate Your Lot Size Correctly & Easily
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#373: I’ll Take You on a Helicopter Trip
Jul 05, 2020
I’ll Take You on a Helicopter Trip
Podcast:
#373: I’ll Take You on a Helicopter Trip
In this video: 00:29 – Let’s go flying but first we need to prepare 02:22 – Pre-flight completed and trading completed 03:36 – Experience some of the amazing scenery 04:03 – Back on the ground 04:25 – Update on TFTC Pattern Trader June performance 05:31 – Manual trading and the TFTC Course 06:13 – Education and discipline are key to success
I’m going to take you on a helicopter trip today and share with you some of the benefits of being able to trade correctly with low risk and without spending all day looking at the charts. Let’s get into this and more, right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 373.
Let’s go flying but first we need to prepare
And that’s right, something different day. I’m going to take you on a ride here in my helicopter. I’m at the hangar. Pretty cold day, as you can see here, middle of winter here in New Zealand. And I’m going to go for a fly, but also I want to explain to you about why it is that we trade, and the benefits and the lifestyle that come with it. Now I’m, as I’ve said, at the hanger. So I just want to show you in here. I’ve just posted my daily trades from the laptop here. Trades have all been posted, and we’re now off for a fly. But one of the important things to note when you trade well and when you fly well, you’ve got to do a lot of preparation and a lot of planning.
Now, inside the helicopter here, if I open up this door, you’ll see in here there is a huge amount of dials, instruments, et cetera. And the planning that goes into being able to fly is huge. Exactly like trading. So I’m now going to open up all these doors here and do a full pre-flight of the machine. I’ve got my flight plan ready. I’ve got everything prepared in advance for the flight. So I’m going to do the pre-flight and explain to you how that corresponds with trading really, because I’ve done my daily trades in there, which took me probably 15 minutes today. And it’s a public in the US coming up, and non-farm payrolls was a day early this month. And so the market’s pretty quiet. But the thing is, if you do your planning correctly, then you get the benefits from your trading and trading quickly. If you do your planning correctly with flying, we’re going to have an awesome day today. So I’ll finish the pre-flight, open the doors up here, take the helicopter outside, and I’ll see you shortly.
Pre-flight completed and trading completed
Okay. So back outside now, done the pre-flight. Everything’s checked in the machine. And as you can see it’s a stunning day here. And so we’ll be leaving shortly. So how does this relate to trading? Well, one, with trading gives you freedom and flexibility. I’ve been in there in the hangar and taking my trades today. I know when to take them. I know when I need to be at the charts. I’ve looked through the daily charts, the 12 hour, the eight hour, the six hour, and the four hour charts, taking my trades. Placed them on the computer, I’ve got my stop loss in place, I know my risk. And that’s it for probably six hours, maybe even 12 hours. So the great thing with that is you can go and do things in the day. If you’ve got a normal nine to five job, you can still trade properly. If you’ve got other commitments, travel commitments, family commitments, you can still trade properly.
So we’ll be off very, very shortly. And I’ll hopefully get the guy that’s coming with me just to film a few seconds so you can see us up in the air crossing a few quite high mountain ranges on the way today, so looking forward to that. But it all comes back to understanding what it is that you’re doing, getting yourself educated to start with, and then getting yourself prepared. Flying, exactly the same as trading. So I’ll see you shortly up in the sky.
Experience some of the amazing scenery
[00:03:36 – 00:04:03]
Back on the ground
Okay. So we’re back again, back on the ground. Pretty good landing. Managed to get it on the yellow lines on the trolley here. So I hope you enjoyed the video. I hope you enjoyed just the few seconds of scenery there. We were up to nine and a half thousand feet at one stage, which is pretty high over those snow-capped mountains.
Update on TFTC Pattern Trader June performance
So I just wanted to also let you know about the pattern trader. So I’ve mentioned it in the last few weeks. We ended up closing out of the month of June with a 20% return on 100% autopilot, quite appropriately naming the autopilot, but the pilot was me today. Yeah so 20% for the month of June, which is exactly as the back-testing stats say for the same time, which is what’s so good about this software. It’s not about back-testing working really well and they’re live testing failing. That’s the problem with so many expert advisors, robots out there. That’s where this software is so, so different. It’s really, really good software that if you want to learn how that we trade, but also have the ability just to put it on 100% auto trade and kind of just let it do its thing. And once you’ve created a portfolio of robots that work for you, and we’ve got a lot of ready-made robots there as well.
Manual trading and the TFTC Course
So that’s it for now. So if you want to do the manual trading course, then you know exactly how we trade now. I was in the office there taking daily trades, I’ve just checked them on my phone to see how they’re going. And I’ll look again at the 5:00 AM New York time change over again, when I’ll be looking at the one hour, the four, the six, and the 12 hour charts.
That’s what trading is about. Trading shouldn’t be just sitting in front of the computer all day. It should be about doing well from it, controlling your risk, understanding what you’re doing, and getting out and doing things like this. Whatever it is that you like to do, use your trading to help you to get to be able to do that.
Education and discipline are key to success
But the whole thing comes back to discipline, it comes back to education, it comes back to knowing what you’re doing. Exactly like flying one of these.
So that’s it for now. Hope you enjoyed the video and podcast. If you’re listening to the podcast, I’m sorry, but you missed out on some amazing scenery. And yeah, if you ever want more videos, I’ve got lots of them of flying around this amazing part of New Zealand. So that’s it for this week video and podcast. This is Andrew Mitchem here at the Forex Trading Coach. Bye for now. I’ll see you this time next week.
Episode Title: #373: I’ll Take You on a Helicopter Trip
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#372: Only Trade on the Close of a Candle
Jun 28, 2020
Only Trade on the Close of a Candle
Podcast:
#372: Only Trade on the Close of a Candle
In this video: 00:25 – Knowing when to trade 01:01 – Simplify your trading 01:50 – Trade at the close of a candle 03:07 – Trading the right time frame charts 04:16 – Another +1.2% gain on Autopilot for TFTC Pattern Trader 04:56 – The price for TFTC Pattern Trader will be increasing soon 05:50 – Go to TFTCPatternTrader.com for more details
I’m going to explain why I only look for a new trade upon the close of a candle.
Let’s talk about that and more right now. Hey, Traders, Andrew here at the Forex Trading Coach and welcome to video and podcast number 372.
Knowing when to trade
So I want to talk about understanding when you should look for trades, and at the end, I’ll also give you an update on our hundred percent automated Pattern Trader Software, which has had another positive result again this week.
So, when to look for trades. It’s really important because a lot of people get very, very confused. I had an email yesterday from somebody who said, “Hey, Andrew, do you ever look at a trade midway through a candle?” Very easy answer. The answer is absolutely not. Why would you? Because things are not set, things are changing all the time.
Simplify your trading
So in order to simplify your trading, not only in terms of your mindset, knowing exactly what to do, lower stress, having a lot more control in your trading, it also helps you to get away from your charts. Because if you know exactly when to look for trades, that can really help you with your longevity as a trader.
And the mistake that many traders make when they get into trading, and look, I did exactly the same myself when I started trading, is that people think that they have to sit there all day, watching every PIP move up and down. They’re glued to their charts. And although it’s quite exciting to start with when you start trading, realistically, you’re not going to continue trading and have that love and that passion and enjoyment for your trading if you just are completely glued to your computer.
Trade at the close of a candle
So, end of the chart, or end of a candle, means a lot of things. It means that you have all your, if your trading indicators, have all your levels set, nothing’s moving. Nothing’s moving up and down and changing. It also means that if you’re analysing strength and weaknesses that you can look at different pairs at exactly the same time.
So it means, for example, you can trade and look at, say, there’s a bullish movement on the Euro/US Dollar. Is that because the Euro is strong or is it because the US Dollar is weak? And so therefore you can go to like the Euro/Yen, Euro/Aussie, Euro/Kiwi, Euro/Frank, and look through those to actually get a good analysis overall of what’s really is strong and what’s weak. So it helps you with that. It helps you massively with stress levels because, quite frankly, it takes all that away because you’re not desperate to get into a trade and making mistakes with lot sizes and stop losses. Especially if you trade the way that we trade, where we use limit orders. So you’re not even jumping in at the market straight away at that time anyway. It really allows you to focus properly and take good high quality trading decisions with accurate position sizes without having that stress like a lot of new traders do, for instance.
Trading the right time frame charts
Has also the benefit of allowing you to take advantage of the different characteristics, different movements within the market.
So what I mean by that is this. Sometimes you will see, for example, that the four hour chart trades might be showing some really good examples. On other days or other weeks, you’ll find the daily charts are showing really good trade setups. And so by having the ability to only look at a trade setup at the close of a candle, for instance, you can look when the daily charts close and then open for the new day, which is 5:00 PM New York time. At that time I look at the 12 hour charts, the eight hour, the six hour, and the four hour charts. Very, very easy to scan through several different timeframes at that exact time. You don’t have to be sitting there not knowing when to trade or looking at five minute charts, one minute charts or anything like that. Very, very easy to do that. So I highly encourage you to look at the close of a candle. It will massively help your trading and it will help your overall enjoyment. And, almost certainly, it will help your results.
Another +1.2% gain on Autopilot for TFTC Pattern Trader
Now talking in results, our Pattern Trader has had another positive week. Right now I’m up 1.2%, 100% automated trading. That follows on from, I think it was about nine and a half percent, three weeks ago. Last week when I made the video on my Friday, I think I was up about 3.8%. In the end I closed the week at about four and a half percent for the week last week. This week’s been certainly a lot quieter on the charts, but still it’s positive. It’s still another positive week. So the last three weeks since I’ve been reporting here on these videos and podcasts, all three weeks have been positive, 100% automated trading. Very, very low draw downs as well.
The price for TFTC Pattern Trader will be increasing soon
If you’d like to know more about that we are going to be keeping our membership price, our coaching clients membership price, open for the Pattern Trader Software for the next two weeks only. And then that gives you the advantage to trial the system for free and then jump on board if it’s for you. In two weeks time from now, which will be on Monday the 13th of July, we are then going to be increasing the price of the Pattern Trader Software for all of my non coaching clients. So if you’re a coaching client of the Forex Trading Coach, you’re always going to keep up that low price. If you’d like to keep and take advantage of that low price that the clients have access to, make sure you jump on board in the next two weeks because after then we’ve done that kind of introductory special where people can jump on board at a low price. The price certainly will be increasing to reflect the quality of that software.
Go to TFTCPatternTrader.com for more details
So have a look on this link and go to TFTCPatternTrader.com, and as mentioned you can take advantage of a free trial to the basic version of this incredible software. And also on that page you can see how you can subscribe to the paid versions and allow that incredible software to be traded on your account and go to the level three of the software, where you can have the option to completely put the software onto autopilot.
So I hope that helps. This is Andrew Mitchem here, the Forex Trading Coach see this time next week. Bye for now.
Episode Title: #372: Only Trade on the Close of a Candle
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#371: Should You Trade Correlated Forex Pairs?
Jun 21, 2020
Should You Trade Correlated Forex Pairs?
Podcast:
#371: Should You Trade Correlated Forex Pairs?
In this video: 00:23 – Trading correlated pairs and the TFTC Pattern Trader results update 00:36 – Confusion over trading correlated pairs 01:38 – Other correlated currencies 02:06 – Trading examples 04:27 – Trades from last week and how I traded the correlated pairs 05:52 – TFTC Pattern Trader update, +3.6% this week on autopilot
Should you trade correlated Forex pairs? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 371.
Trading correlated pairs and the TFTC Pattern Trader results update
And I want to talk all about Forex pairs and trading correlated pairs and also, I want to give you an update on the autopilot feature for the trade results this week for our fantastic software called Pattern Trader.
Confusion over trading correlated pairs
So let’s start with the question about Forex pairs and correlation. It came from a trader called Joseph and said to me, “Hey Andrew, I’ve got a question for you. I’m getting confused with knowing which pairs to trade and which are correlated. Can you help me out on a future video and podcast?” So, exactly what we’re doing. You would notice that a lot of currency pairs are quite highly correlated. For example, the Euro and the Swiss Franc are highly correlated. And what the EUR/USD does, the USD/CHF generally does the opposite because they’re both U.S. dollar related and the Euro and the Franc are related. So if the EUR/USD goes up, on your charts, generally, you will see the USD/CHF drop. You get other correlations acting like the Euro and the Pound, both are very similar markets, same time zone, et cetera. They tend to move quite similar, tend to.
Other correlated currencies
You get other correlations such as the commodity currencies. So in other words, the New Zealand dollar, the Australian dollar and the Canadian dollar, they all tend to move in correlation most of the time. And of course you get exceptions to that. And sometimes you’ll get the Aussie dollar move up, as the Kiwi dollar moves down. That’s generally something’s happened, whether it be a news event or something to split that correlation, but overall, you will find similarities there.
Trading examples
And so an example of this would be, let’s say you were trading the EUR/AUD. Now what the EUR/AUD does, let’s say it moves up. You will find that the AUD/CHF will likely go the other way. And so you have correlation there because you’ve got the Australian dollar featuring in both of those. And you’ve got the Euro and the Franc, which are correlated, so that becomes the issue that some traders have.
And with Joseph, who said, he’s confused with these, you can see why, and therefore you just need to be careful. Let’s say you were trading the AUD/USD and that was a buy trade. You probably wouldn’t want to be trading a sell trade at the same time on, let’s say the NZD/USD, because you’re unlikely to find the two would work out. Now, of course, there are exceptions again, you have to trade what you see and you have to have a trade plan in place. So if your plan is to take those two trades, regardless, then you do so. But if they’re on the same time frame chart, and they show at the same time of the day, then its quite likely there that one’s going to work and one, maybe not.
So what you need to do as a trader is you need to do one of few things. You have to look at this and go, do you know what, I’m going to take them both, but I’m going to reduce my risk on each trade. That is one option, or you can look at them and go, I need to take the strongest of these, so if the AUD/USD, let’s say it’s showing a bullish signal and the NZD/USD is showing a bearish signal. What I would then do is go and have a look at the AUD/NZD pair. And on that, you’re likely to see that the AUD/NZD is moving up as well, so that gives you a little bit more bias that you’ve getting this right with strength in the AUD/USD.
But also you then need to look at your strategy and how these are likely to play out. Where are you going to put your stop losses? Where are your profit targets? Where are they bouncing? What part of the chart are they in? All those types of things, and you might then do your analysis and go, do you know what? I’m just going to take one of these because it looks so much better than the other.
Trades from last week and how I traded the correlated pairs
And I’ll give you an example. Last week, I had three Euro related trades at the same time on the daily charts. I had the EUR/NZD, the EUR/JPY and I think it was the EUR/CHF as an example. And so what I did with those, as I said to my clients, I said, all three of these are looking really, really good, they’re on the same time zone, they’re all showing good trades on the daily charts.
So what do we do? We could go and find two nos and go, I’m going to take just the best one. But at the time all three were showing very, very high quality, A grade setups. So I’m happy to take them. It’s just that I know that I’m putting a lot of faith in the Euro moving in my anticipated direction for all three of those trades to work out, which by the way they did. But what I ended up doing is reducing my risk slightly, because I knew that all three were highly dependent on the Euro. So that’s how you can manage that as well. I think the issue that some people have is they see the EUR/USD moving up on lets say, daily timeframe. And then they see the EUR/JPY moving down on a one hour timeframe. And that’s where some of the confusion comes. But you’ve got to make sure that you have your plan in place of when this happens, you know exactly what you are going to do in those scenarios. And so that’s important for you to figure out what works best for you.
TFTC Pattern Trader update, +3.6% this week on autopilot
Now. Part two of the video onto our amazing software called TFTC Pattern Trader, this week right now, as I’m recording this, we’re in Friday morning here in New Zealand, still with most of one day still to go, I’m on 100% autopilot. My account is up another plus 3.6% right now, as I’m talking to you. So Pattern Trader right now has been only made available to my coaching clients. Plus last week’s video and podcast, I announced how you can get to access it yourself, even if you’re a non-client of ours. So in a few weeks time, we are going to be increasing the price for non-clients. We obviously need to look after our coaching clients and keeping the price to a minimum for those people who are already on board with us as coaching clients is going to be paramount for us.
But if you are interested in the software and you want to keep to the low price that’s run right now is like the introductory price, make sure you have a look at tftcpatterntrader.com I will put a link to that site on this video podcast page. Make sure you have a look at that. You can start it for free. There’s a free trial there with a basic version, but if you’re interested in going to the paid version, where you can trade live onto one of your training MT4 accounts, or have it completely automated, like I trade the software myself, within a couple of weeks the price will be going up.
So there’s a difference between coaching clients and non-clients. So right now take advantage of that lower price. The link will be on here, but like I mentioned again so far this week, plus 3.6% completely 100% auto trade autopilot. I’ve not touched a single trade. So amazing results there, especially when you consider what else is happening in the world of investments right now. So once again, this is Andrew Mitchem, at the Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #371: Should You Trade Correlated Forex Pairs?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#370: A Massive +9.5% Gain this Week on Auto Pilot
Jun 14, 2020
A Massive +9.5% Gain this Week on Auto Pilot
Podcast:
#370: A Massive +9.5% Gain this Week on Auto Pilot
In this video: 00:29 – Giving you the opportunity to try our new software 00:45 – Do you lack time to trade? 01:25 – Amazing trading software and it’s features 03:35 – This week my account is up +9.5% on autopilot 04:27 – This is how you can use the software 06:19 – The software self learns and adapts
Our amazing new automated trading software has made an incredible 9.5% so far this week, and I’m going to give you the opportunity to get your hands on the software. Let’s get into it.
Hey, traders, Andrew Mitchem here at the Forex trading coach with video and podcast number 370.
Giving you the opportunity to try our new software
I’m very excited to give you the opportunity to come on board with us here at the Forex trading coach and get our amazing new auto trade software, and you can start by getting it absolutely free. Some more about that shortly.
Do you lack time to trade?
The problem that a lot of traders have obviously is time, lack of time. People tell me all the time that, Andrew, I’d love to join your course, I’d love to learn trading, I’m too busy. Anything else you can do to help us? What we have done is over the last year, we have behind the scenes been developing an amazing piece of software. It is honestly like no other piece of software you’d have ever seen in the Forex market. It is based entirely on my own trading strategy, completely based on the Forex trading coach principle.
Amazing trading software and it’s features
The amazing part about this software, there’s actually so many, but I’m just going to name some of the principle differences with it compared with most other software. What this allows you to do is to create your own portfolio of trading bots, of trading computers, trading robots. The beauty of this is unlike most other systems out there, we have one set of optimised rules, which generally then don’t work in real time. This allows you to create different robots based on the principles that I’ve been trading myself for the last 16 years on different currency pairs, different timeframes, different patterns, everything that I trade. It allows you to create your own group, your own portfolio that suits you as an individual.
The other clever thing that we’ve done is we’ve allowed a back testing aspect to this, where you can go and see all the trades over the last 10 years based on the group of bots, the portfolio, and the risk level that you have created. We’ve also taken it to the next level where we have integrated MT4 into the software. There’s no third party apps, there’s no virtual servers, there’s no expert advisors to add. There’s none of that. You don’t need any other trading software. You literally just integrate your MT4 platform into the software and all the trades are there getting traded for you.
We’ve also built the software with a piece of software called telegram, and it means that you can get the trades alerts sent through to you. You can look on your phone, you can look on your computer, you can see the chart, you can see the risk, the reward of the trade, and you can determine yes or no, if you want to take the trade, or you can take that one step further and have the ability to have the software completely on auto pilot or a combination of both, depending on what suits you. It really is amazing software. It honestly is like nothing else you would have seen before. Very easy to use, very easy to create your own group of bots. It’s absolutely amazing.
This week my account is up +9.5% on autopilot
As I’ve mentioned at the beginning, so far this week, we’re only four days into the week. I’m recording this Friday morning, my time here in New Zealand. Another day still to go. Right now this week, the group of bots that I have created and I’m using and running 100% on autopilot on my live account are up plus 9.5% this week with a 2.2 profit factor per trade, and a 2.3% account draw down. The lowest my account was down, which was at the beginning of the week when the market conditions were not so favourable, I’ve been down 2.3%. Maximum right now I’m up 9.5% if I closed my live trades right now, my open trades, that’s open and close trades. If I close them right now, I’d be up 9.5%, 100% automated.
This is how you can use the software
If you would like to get your hands on the software, and by the way, we’ve been developing this for like a year. It’s taken a long time, a lot of costs, lots of effort gone into it. In early May, we’ve launched it for our coaching clients to have the option of using the software. It’s a paid for piece of software. There’s a lot of costs involved in this software, but it is really truly remarkable software.
Back in May, we launched it to clients who wanted to come on board and use it, and it is not available to the public at all right now. However, if you’re watching this video, if you’re listening to this podcast, all I encourage you to do is to find the form on this page and fill in the form, and we’ll send you details of how you can jump on board with the software right now. There is a free version of the software. It’s a more basic version, but it allows you to create some bots and see how backtesting would have worked, et cetera, and then we move on to paid versions of the software, where you can integrate it with an MT4 account and then the highest level you can integrate it and have it completely automated.
If you would like to be one of the people, the first people to jump on board with this software, and by the way, once we launch this properly, big time, the price will be going up. We’re on a low cost per user right now, while people are getting onboard with the software. Become one of the early people to take advantage of the software. If you are interested in any way at all, just trialling it for free or jumping on board and linking it to either a demo account or your live account, then all you need to do is fill out the form on this page.
The software self learns and adapts
Now, one other thing I need to tell you about the software that makes it completely different to anything else, is it self learns. As more and more data comes into the system, as more candle patterns, as more trade setups come into the system as time goes on, this self learns and adapts. It’s not an EA that you just plug in with a stop loss here and a profit target there and forget about it. It’s amazing software. It allows you to become someone who’s in charge of your own investment portfolio. Even on autopilot, you don’t just leave it completely on autopilot and pretend it’s not there. You can still manage trades. You can still choose whether to take trades or not. You can still close them, partially, et cetera, all those types of things that you can choose to do, but it really is amazing.
Fill out the form that will be on this page, become one of the early people on board with this incredible software, take advantage of it. Like I’ve said, 9.5% account gain that I’ve taken out of the market this week in only four days myself on a live 20,000 US dollar account. It really is amazing. Jump on board with it, fill out the form and we’ll send you details by email shortly. Once again, this is Andrew Mitchem, the Forex trading coach. I’ll see you this time next week with more trading tips and information. Bye for now.
Episode Title: #370: A Massive +9.5% Gain this Week on Auto Pilot
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#369: Should You Use a Trailing Stop Loss?
Jun 07, 2020
Should You Use a Trailing Stop Loss?
Podcast:
#369: Should You Use a Trailing Stop Loss?
In this video: 00:26 – How to manage trades? 01:08 – Don’t move your stop loss to breakeven 01:50 – Disadvantages of a trailing stop 03:17 – Where do I place a stop loss? 04:05 – How I manage a stop loss 06:15 – Try to avoid moving to breakeven and avoid trailing stops 06:40 – Email me if you have any questions about trading the Forex market
Should you trail your stop, or should you move your stop to break even, or should you do something completely different? Let’s talk about that and more, right now.
Hey Forex traders, it’s Andrew Mitchem here at The Forex Trading Coach, with video and podcast number 369.
How to manage trades?
Now, I quite often get emails asking me about how I manage trades, and I’ve had an email come through just today, and it’s from someone who’s saying “Hey Andrew, can you tell me the best way to trail a stop?” and they basically said they want to use trailing stops, and how should they use it? My question back to them is quite simple. It’s how big a stop-loss should you use? And it’s like “well, how long is a piece of string?” It really is a level or a number that no one can tell you what you should do, because in my opinion, you should not use trailing stops.
Don’t move your stop loss to breakeven
I also don’t think you should move your stop to break even either. Because when you think about it, moving a stop to break even doesn’t actually do anything. It might make you feel all warm and fuzzy, and “Well, I can’t lose on this trade,” but from a trading point of view, and if you actually look at your trade’s bigger picture longer term, if you just move your stop to break even, does that actually improve your trading success and your overall profitability?
I highly doubt it does, because when you move your stop to break even, when do you decide to do that? Do you move it when you’re almost at your profit target? Do you move it really soon, and then you get stopped out all the time? How do you decide? And it’s a little bit like a trailing stop.
Disadvantages of a trailing stop
One of the big disadvantages of a trailing stop is that on most platforms, you actually have to have your computer on, in order for that trailing stop to work, certainly on the MetaTrader platform you do. You can’t just put a trailing stop in and turn your computer off, because the trailing stop actually sits on your computer, rather than on the broker’s service, unlike a fixed stop or fixed profit target.
And then it comes down to the point of how big is your trailing stop, and when do you introduce that trailing stop? Now, an example would be the Euro British Pound, doesn’t move very much, but if you’re trading something like the Euro New Zealand or the Pound New Zealand dollar, and then the same stop loss that you use on your Euro-Pound would be stopped at all the time on your bigger moving pair. And then of course, it comes down to another thing: what timeframe charts are you trading, and how big is your stop-loss anyway. So it all becomes quite a bit… It becomes very messy and it doesn’t become something that you can do very well with consistency. It starts to become emotional and a bit of guesswork on there. And I don’t like emotions and guesswork in trading. I like to know facts on like to know actuals. And I think that’s where people who play around with their stop-losses too much actually come on stuck. They actually think they’re doing a good thing, but in reality, they’re probably not really doing themselves any trading favours.
Where do I place a stop loss?
So how do I approach this? Well, first of all, from my own point of view, when I put a stop-loss in, I put it there for a reason. I know that it’s generally below a round number if I’m buying or above a round number if I’m selling, or support or resistance levels, but it’s there for a reason. I also know that if I do get stopped at, at the full stop-loss, I’ve lost X amount of percent of my account. Generally for me, a quarter or half of 1%. It’s a very small risk per trade. So I have all that pre-calculated.
I also know that from my own trading point of view, my reward-to-risk is very high on trades. So, when I have a profitable trade, it more than outweighs several losing trades. However, if I were to go and change a stop-loss or edited, it would be for a reason.
How I manage a stop loss
And I would do one or two things. I would either close part of the trade because that’s effectively locking in some profit anyway, assuming that the trades in good profit, but I would only do that if I saw a reason to stop or to get out of the trade, or I’m starting to doubt the trade. But at this point, I’m assuming it’s still in good profit, but it’s not like the full profit target. So I could look at closing at part of that trade, if I wanted to.
The other thing I could do, if I only wanted to move the stop would be, I would move the stop-loss for a top technical reason, not just some arbitrary figure and put it 20 pips away or 50 pips away. I would, let’s say we’re buying a currency pair and it’s not gotten to the full profit target yet, but we’re in really good profit. What I would do is I would actually move my fixed stop from its original position. I would move it up to, let’s say it’s still protected by a round number or a previous low or pivot point or something like that. So I’m actually moving it for a reason, and I’m moving it to another safety level. Let’s say our trade had already been up and had come back down, it’s gone up again, and now it’s coming back a little bit more. Now that last banks, providing I put that stop-loss below that last banks, it’s quite likely if my trade in the first place is a good trade, it’s still going to get there in the end. But it also means that that last bounce probably is now a new support level.
So putting my stop loss below that level is another safety area. It means I’ve guaranteed to lock in some profit, even if it comes and stops me out, but I’ve actually guaranteed some profit out of the trade. Far better to do that than just go “I’m up X number of dollars or pips, whatever it might be, I’m just going to put my stop at a breakeven,” because your entry point at breakeven has no technical relevance, really on most trading systems. And so moving your stop-loss to a technical level for a reason is a good point and partially closing some of your trade. And even at that point, then moving your stop-loss is another good area and a good way to manage your trades.
Try to avoid moving to breakeven and avoid trailing stops
So I hope that helps try to get away from moving to breakeven, just because that’s what some website told you to do. Try to get away from trading stops because in all honesty, they really do have almost no significance at all and no technical sort of actual ability to help you improve your trades. No statistical advantage whatsoever.
Email me if you have any questions about trading the Forex market
So I hope that helps any questions that you have about practical trading. Just come through to me, Andrew at theforextradingcoach.com. Have a look on the website, theforextradingcoach.com. And I’ll see you this time next week with another video and podcast. Bye for now.
Episode Title: #369: Should You Use a Trailing Stop Loss?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#368: We’ve Won The Best Forex Mentorship 2020 Award
May 31, 2020
We’ve Won The Best Forex Mentorship 2020 Award
Podcast:
#368: We’ve Won The Best Forex Mentorship 2020 Award
In this video: 00:28 – TFTC Wins the Best Forex Mentorship 2020 Award 01:15 – Making trading work for our clients 02:32 – We celebrate our 11th birthday – don’t miss out on our sale 03:36 – Proud to have been coaching for 11 years 04:34 – A very quiet trading week 05:09 – Looking forward to a good trading month in June
Today, we’ve just won the award for the number one best Forex mentorship programme online for 2020. I want to talk about that and more right now.
TFTC Wins the Best Forex Mentorship 2020 Award
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 368.
And that’s right today, we have been awarded for 2020, the number one best Forex mentorship programme online. We’re very, very proud of that. Very thrilled to have won that amongst a group of other very good online companies. It’s been awarded to us by the bestonlineforexbroker.com website, and I will put a link to their award with their top ranked Forex mentorship programmes for 2020 on this page. A big achievement. It’s taken a lot of hard work and dedication on our behalf to get there, but also it’s the reward for the hard work that goes in to ensure that the trading works for our clients.
Making trading work for our clients
Now, ultimately, that’s what we’re about as a mentorship programme, we’re about imparting our knowledge and our education to other people who are out there wanting to learn how to trade and how to do it well. So as a result of this award, I got in contact with the owner of the website, Edward, and I said to Edward, “Look, why have you created this programme? Why have you created this website? What is it all about?” And he said to me, “Look, Andrew”, he’s been involved in the Forex market for a number of years. And he said, “I was just fed up with the amount of scams out there, the amount of just utter rubbish or garbage, whatever you want to call it, out there in the Forex market.” And he wanted to do something about it. So he’s created the website, the bestonlineforexbroker.com, and on that he ranks different brokers, and also different online education companies, and of which we were the number one ranked for this year.
So very, very pleased with that. So go and have a look at that site. Like I said, there’s a group of really good, honest, quality education companies on there. And we are one of those, but fantastic from our point of view to win the first place. So very, very happy with that.
We celebrate our 11th birthday – don’t miss out on our sale
So that leads on to something that we are holding right now. When you get to watch this video and podcasts, it will be this week. It is going to be on the 3rd of June. For me in New Zealand, starting, could be the 2nd of June if you’re in Europe or the US. Now we are holding our 11th birthday sale. So every year on our birthday, we hold a sale where I give a really good, massive discount on the course itself. Now this year, we’ve just delayed it slightly because we’ve just been spending the last few weeks updating and upgrading our membership sites. So now it’s a great opportunity for you to jump on board. We’ve just gone to new membership software, makes the whole joining process even more smoother, and the actual site itself is a new and improved look as well.
So we’ve just delayed the sale by a few weeks, but it’s going to be this week, second or 3rd of June, depending on where you live in the world. It’s going to be a 12 hour sale and the starting price is going to be absolutely crazily low.
Proud to have been coaching for 11 years
But yeah, look, we’re really proud to have been in the industry for 11 years. Looking forward to many, many more years to come and to helping many thousands and thousands of traders still to help people become profitable. We’ve got actual clients who have joined the course in 88 countries around the world, and again, we’re very proud of that achievement. It’s something that’s not easy. It’s a lot of time and dedication to help people, but also just shows the structure that we’ve got in place, and how it is really working and changing the lives of so many people who are interested in trading the Forex market.
So have a look at the number one award. Also have a look at the 11th birthday sale that’s on this week. It’s just 12 hours. Get in early because the price will start low and will be increasing all of the time. So that’s it from me this week. I’ll be back next week with actual trading information and news for you.
A very quiet trading week
It’s been pretty quiet on the charts this week. Been a very quiet week. So not a lot to report on the actual currency charts this week. I’ve probably taken less trades this week than I have for a long, long time, but that’s just the market. When the market’s quiet, you just take less trades don’t force trades. You have to trade what the market is giving us at the time. We’ve had February and March, and good part of April, where there was just ridiculously high number of very, very good profitable trades. The last week or so has just been a little bit quieter at the end of May, but we know in the Forex market that that will change.
Looking forward to a good trading month in June
June likely is still going to be a fantastic month. So great opportunity, great timing for you to join us if you’d like to.
So I’ll see this time next week with more trading tips and information,.this is Andrew Mitchem, the Forex Trading Coach. Bye for now.
Episode Title: #368: We’ve Won The Best Forex Mentorship 2020 Award
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:26 – How much time do you spend watching the charts each day? 01:30 – Waiting for every pip 01:53 – The way we trade 03:12 – Why we trade at 5pm EST, New York Time 03:58 – 4 weeks on holiday and I made +12.7% 04:48 – A normal day 05:37 – Get away from the short time frame charts
I’m going to show you how you can trade the Forex market very well in as little as 10 to 15 minutes per day. Let’s talk about that and more right now.
How much time do you spend watching the charts each day?
Hey, traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 367.
And I want to talk about how much time you spend at your charts, at the computer as a Forex trader. And probably for most people watching this, you’re probably part-time traders doing this as an interest, a hobby, something to create a passive income. And what I tend to find is that most people seem to think they need to be set at their computer at their charts all day long or as long as they can. A lot of people say to me, “Andrew, I’m around working in the daytime, but I’ve got all evening to sit and watch the charts.”
And the problem with that is it doesn’t become sustainable, it’s not reality. Yes, you can do it for a short period of time. But think about this long-term, are you going to spend five days a week just sat there watching your chance every evening? Or if you are working night times, are you going to sit there every day time watching your charts? The reality is that you’re not going to be doing that or you’re not going to enjoy doing that for very long. And that becomes a problem.
Waiting for every pip
Most people though, they think they’ve got to be sitting there waiting for every pip per movement, waiting for this line to cross over that line. And just in case you miss something or you’re scared to leave a trade open because you might like lose a pip or two. And that’s the problem. People thinking in the wrong terms, you should never think in pips, forget the pips, they do not matter.
Think in percentages, but that’s another subject. So the reality is that the way that I teach and the way I trade is that most days I spend between 30 and 60 minutes total chart time. Now, when you start trading, when you learn a system, yes, you’ve got to put that time in the effort upfront. Absolutely you do. You’ve got to watch, you’ve got to see what’s happening. See how the market behaves, see the behaviours of different currency pairs, all those types of things. But the reality is though that once you know how to trade it’s quality, not quantity. And less is more, all those kinds of phrases that you hear, but they are so true when it comes to being a good Forex trader, because you do not need to sit watching your charts all day long in order to do well. And for me in the way that I trade, the way that I teach is that we only look for a trade at the close of a candle.
Now for me, the two main times that I try to be at my computer on New York time, 5:00 PM and 5:00 AM. Those are the two times. If I’m not there exactly at that time, especially the 5:00 AM. It doesn’t matter because the way that I trade is I’m taking retracement orders anyway so I don’t need to be there. The 5:00 PM. I’m always there because that’s when I post my trades for my clients and have done so for nearly 11 years now, without fail, we’ve never missed day.
Why we trade at 5pm EST, New York Time
So the reasons for those times, the 5:00 PM New York time, that’s Eastern standard time. That is at the close of the trading day. That is when I can look at the daily charts, the 12 hour charts, the eight hour charts, the six hour charts and the four hour shots. I can scan through those five timeframe charts in probably 10 minutes.
Look at all the currency pairs, scan through them, 10 minutes done. And then at 5:00 AM, New York time, I look at the 12, the six, the four. And because it’s then in the European time, I look at the one hour charts as well. If I think nothing else than looked at the charts at and around those two times, then you have ample trading opportunities.
4 weeks on holiday and I made +12.7%
Now to give you an example, last year, you’d have seen on my website, if you’re following me back then, I went over to Europe, the UK, and France for four weeks with my family. And in that time I traded 10 to 15 minutes once a day on the 5:00 PM, New York close and that was it. In the four weeks I was away, I made 12.7% on a live account. All the trade today, you can go and view them. They were all posted on our membership site.
They’re all taken in advance of the market moving, but 12.7% in four weeks trading, 10 to 15 minutes once a day in the evening in the UK and in Europe and that was it. No on-going management. No going back to the charts during the day time watching. Just logging back in again, European evening and taking trades for the next day. And that was it, really easy to do.
A normal day
So for me personally, when I’m not away, I tried to look at the four, six and eight hour chart changeovers during the daytime if I can. If I miss them, doesn’t matter, it’s not that important. And because not every time are you going to find a good setup. And if you miss some too bad. Trading is about longterm, it’s not about getting every single trade every single day, every single week, that’s not real.
So look at it as an enjoyable thing to do, look at it in a more relaxed way, look at it with retracement orders, looking at the close of a candle. If you can’t be there right on the close of that candle with retracements, it doesn’t matter because generally you’ve got a long time before the trade will actually get filled anyway. So I hope that helps.
Get away from the short time frame charts
So try to get away from thinking about looking at one minute charts and five minute charts and 15 minute charts, it’s not fun, it’s not real, you can’t sustain it. And the reality is you’ll end up probably paying your broker more in spread costs than you’ll actually make. So be really, really careful with those short timeframe charts and try and get onto the longer, more enjoyable, more reliable charts from four hours and above. So I hope that helps. This is Andrew Mitchem at the Forex Trading Coach. I’ll see this time next week with more trading tips and information bye for now.
Episode Title: #367: Trading in 10-15 minutes a day
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#366: How to manage a run of losing trades
May 17, 2020
How to manage a run of losing trades
Podcast:
#366: How to manage a run of losing trades
In this video: 00:25 – Trader struggles with losing trades 01:41 – Your strategy stops working 02:26 – No trading results are ever even 03:13 – Trade a variety of different time frame charts 04:15 – 7 closed trades and a 7% account gain this week 05:15 – Things will be different next week. Be flexible 06:14 – Examples of using Fib levels
What happens to you when you’re in a losing streak of trades? How do you cope? How do you manage with it? Let’s talk about that and more, right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with the video and podcast number 366.
Trader struggles with losing trades
So I’ve received an interesting email from somebody this week. They’re not a client, but they were saying, “Andrew, I’m having a really bad losing streak right now. My trades are mostly going wrong. I’m losing money. What do I do? How do I cope with it?” And it’s a really interesting question because of course, nobody writes to say, “Hey, I’m having a fantastic time. My trades are going really well. And I now want to change systems and jump in and take your course.” But if someone is having a losing run, then they write and say, “Well, how do I overcome this?”
So it’s really interesting that that happens. And it’s a tricky one to answer, but I’ll do my best to give you an explanation of how we trade and help overcome that. Because to me, it’s really important that now I’m assuming this person has a good strategy that’s been profitable in the past. If you’re just jumping straight into a strategy and there’s no proof behind it or you don’t know how it was created or it’s a logic or it’s theory, and it’s not working. Well, that might be different. You might want to sort of think about jumping out of that one pretty quick.
Your strategy stops working
But I’m assuming, for now, that you’ve got yourself a strategy that’s been profitable, it’s been proven in the past, and now all of a sudden, it’s not working for you. Now, if that strategy has been good in the past, logic would suggest that there’s no reason why it probably won’t come right again, but you’ve still got to get through this time period that you’re in right now, where things are going wrong.
So I think it’s really important to start with, that you actually, if you’ve got confidence and faith in your strategy, and you’ve created this strategy yourself, and you know it works, is to stick at it. Don’t go trying to tweak it. Don’t try optimising it. Don’t add other indicators or changing it because that’s likely just to mess with you and mess with the logic and the strategy.
No trading results are ever even
Don’t forget also that no trading or any investment for that matter is a straight-line return. It just doesn’t happen. Nothing is perfect all the way through. You’re not going to make 5% month after month after month after month, perfect straight line. It doesn’t happen. You’ll still end up with the same result maybe after a year, but you’re going to make 2% minus 4% plus 6%. Depending on how your strategy goes, but you’ll still get to that same overall result, but no way do you flat line equal results all the time. So you just need to accept that you might be in a situation where the market’s not reacting perfectly to the strategy that you have.
Trade a variety of different time frame charts
So here at The Forex Trading Coach, the way that we try to overcome that is we trade a variety of different timeframe charts. Now, to give you an example, this week, I’ve seen very, very little on the shorter timeframe charts. I’ve taken only two trades, three trades, sorry, on the daily charts, two of which closed for profit, one’s still in, and I’ve taken another one just today about an hour ago. So the two that have closed for profit on the pound-yen and Canadian-yen made a 2.7 to one reward to risk and 3.1 to one reward to risk. Put those two together, half percent risk on each. And that’s given us a 2.9% gain. I also have a breakout strategy that takes me about five minutes once a week on a Monday, that made a full profit for 1.5%. And I’ve taken only four 12-hour charts in the entire week. Still got Friday to go, but only taken four 12-hour charts. And they’ve netted a 2.6% return, half-percent risk.
7 closed trades and a 7% account gain this week
Put all that together, I’ve actually got only four, five, six, seven closed trades, two still in, but I’ve made a 7% account gain.
So it just shows that if you were only focusing on, let’s say 15-minute charts, with my strategy this week, you may or may not have found very many. I haven’t really looked because I’ve not seen much happening on the four-hour charts and lower that’s good for my strategy, but let’s say there were very few good setups. You may have had a slight gain. You might have a neutral week or even a loss. But when you have the ability, with your strategy, assuming your strategy’s built this way and with price action, things that we look for, you can trade it on any market on any timeframe.
But with that ability to do that, I can select what timeframe charts are showing me the best setups, the best signals, at that time and in real time.
Things will be different next week. Be flexible
Now next week, for example, there may be hardly any on the 12-hour charts that are good setups. I might be more focused on six-hour charts or four-hour charts or even one-hour charts. Who knows? And I have to sort of be prepared to be flexible in my trading approach. And that’s one of the keys that you can take out of this is don’t just trade one pair. Don’t just trade one timeframe chart. Don’t trade with fixed stop loss or profit target, because the market’s always moving. What might be a, as an example, a 50-pip stop loss might have been perfect for your strategy last week. For this week, that may be way too far away or way too close, depending on the volatility and the movement in the market. And also depending on the timeframe chart and the pair you’re trading.
So that’s why that I use Fibs because Fibs are all proportional to what’s happening in the market right now.
Examples of using Fib levels
A daily chart candle, for example, might be 200 pips this week. Last week, when there was huge volatility or the week before, it might have been a three, 400-pip candle. Next week, it might be an 80-pip candle on the daily chart. So you’ve got to be flexible and adapt with the market.
So I hope that helps, but yeah, really, if you’re in a bit of a losing rut, stick through it. Accept that if your strategy has been good in the past, likely you’ll get through it. And this will just be like a losing week or losing month, which is part of trading. You have to accept it. But yeah, multiple timeframe charts, low risk for trade, high reward-to-risk trades. When you get a profitable trade, make sure it makes really good profit and it outperforms a series of losing trades. That can really help you as well.
So once again, this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week with more trading news and information. Bye for now.
Episode Title: #366: How to manage a run of losing trades
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#365: How a Client Now Owns His Own Fund Management Company
May 10, 2020
How a Client Now Owns His Own Fund Management Company
Podcast:
#365: How a Client Now Owns His Own Fund Management Company
In this video: 00:31 – Email from a client who joined 3 years ago 01:19 – Started hedge funds and investment bank 01:51 – Look what can be achieved 03:10 – Get the basics right first 03:52 – Echo Trade Copier https://echotradecopier.com/ 04:22 – Learn how to trade properly
A client has gone from being a forex student to a full time fund manager (fund management), owning his own company in under three years. Let’s explain how and how you can do the same.
Hey traders, Andrew Mitchem here at The Forex Trading Coach for video and podcast number 365. Wanted to get outside again today. Beautiful day out here and make this video.
Email from a client who joined 3 years ago
Now, I’ve received an email this week from a client of mine who joined me just around three years ago as a student. Never really traded forex that well until he joined us. But he put a huge amount of effort in, at the beginning. Constantly asking questions, constantly being on live webinars and his due diligence that he did with his trading was incredible. Very, very impressive young guy. Did very, very well after joining us. Was very active on our forums, very sensible guy.
Took trade sensibly, didn’t gamble. Did all the things that we basically teach, but the information was there provided for him. He took it, he took advantage of it, and now the change around of what he’s achieved is unbelievable. But I wanted to read this email to you that I received from him.
Started hedge funds and investment bank
He said, “Things are going well on my end. I’ve started a few different hedge funds over the past year and even purchased an investment bank with my business partner. We’re rapidly growing our assets under management, which is very exciting. We’re just about to close a €1.5 billion deal with a consortium in Madrid. I’m about to launch a prop firm, where I’ll be allocating funds to different traders. If you’re interested, let me know. Or if you know of any other proven traders, I’m more than happy to discuss.”
Look what can be achieved
So, it’s a couple of things here, is that one, look what this guy has achieved. Just by taking our course and when people say to me, “Hey Andrew, I can’t justify spending that amount of money on a course.” My response is, well, if you went to university, you’re going to get end up with a piece of paper and debt. Almost certainly. I’m not knocking university, but you get what I mean. This guy spent $2,000. It’s changed his entire life around. He’s learned how to trade properly and now he’s got to where he’s got with his own company, with potentially with this new one at €1.5 billion under management. That is an incredible turnaround. And if you think that spending a couple grand upfront to get to that stage is not a good investment, then please don’t even contemplate joining us because you’re really not the right sort of person for us.
We’re not a good match. So, just shows what can be achieved. So, that’s taking it from beginner to really, really quite special. Not everybody’s going to do that, of course, but it shows what can be achieved. But you have to start somewhere and you have to take the decision to want to learn how to trade. And you have to be able to learn how to trade and prove to yourself that you can trade before you get to these next levels.
Get the basics right first
You see, it’s all well and good thinking, I’m going to do this and I’m going to do all these flashy things, but unless you can do the first bit right, which is what this guy chose to do, he chose to invest in himself to learn, to follow us, to follow our system and to prove to himself that it could work. Only when he did that and did that consistently for like the time to then move on to the next things. And you can do the same.
I mentioned a few weeks ago on a video and podcast that there’s no reason why you cannot start with going to Myfxbook or Signal Start or one of those kind of companies and getting people to follow your trades and you can make money month after month from subscribers.
Echo Trade Copier https://echotradecopier.com/
We do this with a new service that got launched last week called Echo Trade Copier. People can join on that for under a $100 a month and they can follow our trades or if you do the same, they can follow your trades and it’s a great way for you to build up a following. It’s a great way for you to build up proof that you can trade and to gain money if your account right now is not the biggest.
You can reinvest those funds back into your trading account and grow them yourself.
Learn how to trade properly
But all of it comes back to the number one fact is that, unless you can trade properly for yourself and know how to trade, then all of this is quite irrelevant. So, it comes back to the fact that, do you think that investing in a proven course and investing in yourself and your future is worth it? Yes or no? And that’s really all it comes back to. If your answer is yes, then you need to decide who to go to. Of course we think we’re a very good option because we’ve been doing this for so long, nearly 11 years and I’ve taught over 2500 traders. But you need to do your due diligence but first of all you need to decide if you really want this enough.
Don’t just do it because you think you’re going to make money, do it because you really want to do it and you really want to be a good trader. So, that’s it for today. Hope you’ve enjoyed the video and podcast and if you have any questions about it. If you want to know who this guy is, let me know and I can pass on your details, if you’re a proven profitable trader. He doesn’t just want someone who’s starting. He wants people who are proven to join his fund management company there. If you’ve got any questions or any topics on future videos and podcasts, just like this, drop me an email andrew@theforextradingcoach.com and I’ll cover them on future episodes for you.
I’m off to enjoy this beautiful weather, even though we’re still in lockdown and I’ll see you this time next week. Bye for now.
Episode Title: #365: How a Client Now Owns His Own Fund Management Company
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#364: Which Forex Brokers Do I Use & Suggest?
May 03, 2020
Which Forex Brokers Do I Use & Suggest?
Podcast:
#364: Which Forex Brokers Do I Use & Suggest?
In this video: 00:24 – The brokers that I use and suggest 01:03 – What I look for in a broker 02:27 – List of brokers, including US brokers 02:52 – Other Forex products for you, including Echo Trade Copier 04:00 – TFTC client makes +4.5% gain this week 04:35 – Excellent trading conditions continue
Which Forex brokers do I use, and which do I suggest? Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 364.
The brokers that I use and suggest
Now, I want to talk about Forex brokers. I get asked about this all the time. So what I’ve done is I put together a page on my website, on the resources page, which lists all the Forex brokers that I use and suggest with links to each of them on there for you to go and make your own decisions. It’s really important that you do your own due diligence, but all I can do is suggest who I use and what I look for in a broker. And the aim of that is to help you to make your decision on who you’d best trust your funds with. Because, of course, like everything, there’s a few good brokers out there, and there’s a lot of quite ordinary brokers, so you’ve got to be really, really careful. After all, this is real money.
What I look for in a broker
So I look for a broker who has the MT4 or MT5 platform because that’s what I use with my trading software. I then look to see if the broker is regulated, if they have segregated accounts. And also the really important point from my point of view that you need to look for is to check that your broker has a 5:00 PM Eastern Standard Time start of day charts. So that means that they start their new week at 5:00 PM New York time on a Sunday. And the week goes right through to 5:00 PM New York time on a Sunday. But each new day starts at 5:00 PM, closes at 5:00 PM and opens at 5:00, effectively at 5:00 PM for the new day. The easy way for you to go and check that is to look on your charts, and if it’s 5:00 PM New York time, and the new daily candle starts and changes over, that tells you, you have a broker with the correct charts.
They’ll also have five full days within a week on the daily charts. If you see the six day, sometimes some brokers have a small Sunday candle, to me that’s not good because you start distorting indicators and price levels, et cetera. You need to have a broker that opens and starts at 5:00 PM Eastern Standard Time, New York time. So those are the criteria that I look for.
List of brokers, including US brokers
So as mentioned, what I’ve done is I put together a list of suggested brokers that I use and suggest. I’ve also put a list there for those of you who are in the U.S. Obviously I don’t have accounts with any of the U.S. brokers, but OANDA seems to be the broker that most of my Forex Trading Coach clients use who are based in the U.S., and they seem very, very good also.
Other Forex products for you, including Echo Trade Copier
So I’ve also put together on that page a list of other Forex products, VPS’s, interviews that I’ve done, trading software that would be useful for you. I’ve also put a link on there to a website called Echo Trade Copier, that’s our new trade copier service that went live this week. Right now as I’m speaking to you, we’re up 2.87% for the week so far with one day still to go, which is a very nice start. So the aim of that is to have obviously low drawdowns, high reward to risk trades. It’s a mixture between algorithm and trading that we’ve developed and manual trading, so have a look at that, if you’re interested. It’s called Echo Trade Copier. It basically means that you can have your account traded automatically with the same trades that is taken on the master account there for a monthly fee.
Once you set that up, which is really no more than a 10 minute process, all of your trades are completely hands-free. You don’t need your computer on, you don’t need to VPS or any of that, it’s completely automated. So you’ll really enjoy that. Have a look at that link on that page.
TFTC client makes +4.5% gain this week
Also, I’ve also received an email from a client who also posted this on our forum site today and he said, “Excellent trading conditions again today. I’ve just posted three trades on the four hour charts, all of them hitting their profit target and one trade on the 12 hour chart, franc, yen reversal. I’m up 4.5% this week on my trading account, trading only the four, six and 12 hour charts and the dailies.”
So again, it just shows what can be done, 4.5% With still a day to go from this client for just this week.
Excellent trading conditions continue
So trading conditions is still fantastic. Most of us around the world are still in some form of a COVID-19 lockdown. It really is a great opportunity, a great timing for you to learn how to trade and to be trading right now. But if you’d like to know about how to trade, come to us here at the Forex Trading Coach. If you’d like to find out more about the brokers that I use and suggest, plus the Echo Trade Copier link that I’ve mentioned, have a look on the resources page and I will post a link on this video and on this page, and you’ll be able to find that on my website.
So I hope that helps. I’ll see you this time next week. Bye for now.
Episode Title: #364: Which Forex Brokers Do I Use & Suggest?
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
In this video: 00:28 – Week 5 of Coronavirus lockdown 00:49 – Great trading conditions and examples of our trades 01:35 – Live webinar with clients 02:02 – What are you doing about this? 02:49 – Economically, things are not good 04:02 – There are opportunities out there 04:38 – Conditions are perfect right now, are you ready?
So the excellent forex trading conditions are continuing well into lockdown. Are you taking advantage of these conditions or not? Let’s talk about that and more right now.
Hey, traders, Andrew Mitchem here at The Forex Trading Coach outside again today. I’m just wanting to get away from the computer and share some beautiful scenery with you here.
Week 5 of Coronavirus lockdown
Look, we’re in week five of lockdown, but the great thing is is that as a forex trader, the incredibly good market conditions are continuing. A few people have said to me, “Hey Andrew, you know, with the financial markets are slowing, is this going to have any impact?” Well, right now the forex market conditions are incredibly good.
Great trading conditions and examples of our trades
To give you a few examples, I’ve been talking about a sell trade we took two weeks ago on the Euro/Canadian weekly chart that is now still in great profit. That pair has dropped about 300 pips from high to low so far this week. The trade continues to go well. We took some trades on our 12-hour charts posted on our forum site that have worked out beautifully this week, make very good high reward to risk trades. We’ve had sell trades on the Euro/Aussie, Euro/US that have done well this week, hit the profit targets. Right now I’m still in on a buy trade on gold that’s going really well on the daily chart as well, all mentioned on our membership site for clients to follow along to not only learn from, but also to earn from.
Live webinar with clients
I held a live webinar last night for clients. We had over a hundred people on there, and that’s the great thing with lockdown. I’m getting lots of people attending the client webinar live and attending the forum site, but I took a sell trade on the franc/yen and made about a one and a half to one reward to risk and it did it in I think about half an hour, and there again, makes full profit in front of people live on a webinar.
What are you doing about this?
So great trading conditions are there, so really it comes down to that’s all well and good for me to say, “Yeah, we’re taking lots of great trades,” but really the purpose of this video is to ask you a question. It’s like, what are you doing about this? You know, when it comes to time, for most people around the world we’re still in lockdown. We’re in week five or just about to start week five of lockdown here in New Zealand. We can’t really go anywhere, and most people are in a similar situation or worse around the world, and so what are you doing about this? I made a video about three weeks ago saying well, what are you doing to take advantage of these conditions? And now here we are three weeks later. Have you answered that? Are you taking advantage of some extra time that you may have to do something about this?
Economically, things are not good
Because look, realistically, economically things are pretty grim out there. Here in New Zealand, things are pretty bad. You know, even here in Nelson in New Zealand they just pulled out with 100 jobs in the maintenance here in Nelson. The company who I use personally for helicopter maintenance, they’ve gone. You know, that’s just two groups of people who I know of, but there are thousands and thousands of others. You know, the jobs have just gone everywhere.
I was reading a report from the states. I’ve got it here. 26 million jobless claims in the last five weeks. 26 million, just in the US. You know, and what’s going to be the knock on effect from this? So it really is a great opportunity. You know, people say the phrase is for every bad outcome there’s a gain to be made or whatever the phrase is. You know what I mean. Try to find the positives in the situation that we all find ourselves in right now and do something about it to improve things for you financially, mentally, whatever it might be for you, your family going forward.
There are opportunities out there
And really that’s what this video is about is to say look, there are opportunities out there. The forex market is probably one of the very best for you to look at getting into, if it interests you. It has to interest you. It has to be something that you really want to do. Don’t just do it because I say so or because you see it as a quick fix or easy money. If you’re doing that, you’re in it for the wrong reason. If you want to do it to better yourself, future-proof yourself for the finance, for the educational benefits from it and the rewards that are potentially there from it, then they are the reasons why you need to jump into it.
Conditions are perfect right now, are you ready?
But look, great opportunity. The market is still absolutely buzzing. It’s a prime time for you to jump into it if you want to. So I’ll leave it at that. Look, you know where to find us. We’re at TheForexTradingCoach.com. I hold webinars each week for new traders and for the more experienced traders, but as a client you get so much that we’re just finding that people are just absolutely loving. I’m getting comment after comment from people saying that this is the most professional course I’ve ever joined. This is the most well-run. Your answers are always quick. They’re prompt. You’re real traders. We’re trading in front of people on webinars. We’re posting trades on the forum site. We’re posting trades on our daily membership site. This is real stuff. This is not just people running around on stage promoting selling stuff. We’re real people and we cover the globe. Clients in 88 countries at the last count, and so on the forum site, there’s always someone there typing in questions, asking, answering questions, posting trades, et cetera. So it doesn’t matter where you live in the world. You can do this if it’s something you’re interested in.
So that’s it for me for now. I’ll see you this time next week with any updates to the trades that I’ve mentioned, and as always if you have any information, any questions that you’d like me to cover on future videos and podcasts like this, just send me an email to Andrew@TheForexTradingCoach.com. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#362: Can You Make Money With A Small Forex Account?
Apr 19, 2020
Podcast:
Can You Make Money With A Small Forex Account?
In this video: 00:26 – Making money as a small time forex trader 01:22 – Yes you can make money – but once you know how to trade 02:15 – Client from Germany making great returns 03:55 – How do I make money though? 05:15 – An example of a trading service 06:12 – Reinvest the income into your own trading account 06:54 – Change your mindset
Can you really make money as a trader with a small Forex account? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 362.
Making money as a small time forex trader
Now I want to get away from the coronavirus just for a bit because everybody’s talking about it and wanted to get outside away from the office and away from the charts and just talk about the practicalities of making money as a small time Forex trader. Can you do it and how do you do it? It’s a subject that I get asked quite a lot and I made a video on this exact same subject about five or six years ago and I put a comment on the YouTube page saying look, I’ll make an update because I think it’s important to refresh these kinds of things because so many people are looking at trading, but they’re not wanting to put too much into their account to start with or they can’t afford to put too much into account to start with. So how do you go about being profitable, making money as a small time trader with a tiny account?
Yes you can make money – but once you know how to trade
And the answer is, the good thing is yes, you can make money. But like I’ve said to people in the past, look right now your account size doesn’t really matter. If you’re looking at any form of training, education course, whatever it might be, don’t look at the value of that course and go, my account, $1,000, your course is $2,000, how on earth can I afford it? Don’t look at it like that. The important thing for you right now is to learn how to trade and that’s the really important aspect. You’ve got to understand the market, you’ve got to learn how you can trade yourself.
And I think that’s really important and it’s quite underestimated. It’s something that people look over and they kind of value everything according to what they can afford right now today.
Client from Germany making great returns
Now I’ve got a client from Germany who joined me about six months ago. He is incredibly profitable on our forum site. He shows me his trades, but he has got quite a small account. It’s under 1000 euros. Now he trades with nano lots, so not even micro lots but nano lots and he’s constantly making really good money. He’s making like sort of three euros, five euros, six euros. So when you look at his monetary value, for some people they go, “Oh, that’s not very much.” But when you look at what he’s making per trade, and he’s making lots of trades, because this particular guy I’m thinking of likes the shorter timeframe charts. He might be making between five and 10 trades a day and he posts on our forum site.
Yet when you add all those up, he might be making of two, three, four, 5% a day on his account. Now the important thing is also, because he came to me recently and said, where do I go from here? So my answer is quite simple. You’ve done the hard yards right. You’ve done the hard work up front. You’ve taken your time. You’ve not worried about your monetary return. You’ve attended webinars, you’ve understood the strategy, you’ve asked questions, you’re on our forum site, you’re constantly posting trades. You’re not embarrassed that you’re making like five euros on a trade. Someone else might be making 500 or 5,000, it doesn’t matter. The fact is that he’s still controlling his risk on all of his trades and he’s still making a good percentage gain.
How do I make money though?
So bring that back to the situation Andrew, that’s all well and good, but I need to live, I need to eat, I need to feed my family.
So my advice to this guy was you obviously narrowed a stage that you can trade. So can you increase your account size? Can you go from 1,000 euros to maybe 5,000 or 10,000. Now for some people, that answer will be “Yes, easily, of course I can do that.” But other people will be, “No way, because 1,000 is a lot of money and that’s all I can put into my account.” If you’re in that situation and you can’t just go adding more funds to your account, especially now in the coronavirus situation where people are losing jobs, et cetera, and income’s a little bit more shaky, easy answer is once you’ve proven yourself to be a good trader and once you’ve proven that you’ve got good returns, consistent trades, low drawdowns, low risk, all the things that we teach, once you’ve got to that stage, jump onto some of the the signal services, onto the Myfxbook where you can verify your trades and and make money out of your own trading, get people copying you. There’s a lot of services out there that charge somewhere between 50, $100 a month.
An example of a trading service
Now let’s say this guy, and I’m just going to pick a figure because I’ve not looked at his latest account, but let’s say he’s making 50% in a year, let’s say, but with a drawdown of let’s say 5%. Just picking some figures. How many people around the world, especially in the current situation where people on the stock markets and shares and retirement funds have just absolutely tanked, lost billions and billions of dollars the markets have, how many people around the world do you think would be willing to pay $100 a month to be able to make 50% in a year with a 5% drawdown? Thousands, the answer is thousands.
If you can prove it, it doesn’t matter whether you’re on a nano account with 1,000 euros right now. The fact is, if you can prove that you can make 50% return in a year with tiny drawdown, consistent trading, you’ll have a following of thousands and thousands of people.
Reinvest the income into your own trading account
So what do you do with that? Well, and don’t forget, this is a monthly resubscription as well. If you were any good, you would just keep getting paid. So what you do with that? Well, you can then reinvest that back into your own trading account, can’t you? And rather than 1,000 euros, you can have 10,000 euros, 50,000 euros and now all of a sudden you’re making still your same 50% on your 50,000 euro account and you’re making yourself 25,000 euros just off your 50,000 euro account that you’ve increased its value from doing nothing different because all you’ve done is got people to copy your signals. So you see where the answer comes here.
Change your mindset
Too many people have the mindset of small account, I’m never going to compete with the banks and the big institutions because I’m just a small retail Forex trader. Forget that, don’t think that mindset. Think of quality trading, high quality, great consistent returns, small risk. Think of it that way and yes, a small time Forex trader with a small account can make money, can do well, can go on to great, great things.
Hope you enjoy the video and the update. Hope you enjoy the scenery. I’m outside here at home, house down below there. Beautiful Tasman Sea even though it’s a cloudy day able to see Tasman Sea up behind us here. Just nice to get outside on the lockdown situations, but wherever you are in the world, hope you’re keeping safe and well. Any help that you need trading, any questions, anything you need
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#361: This Trade has a 14.6 Reward:Risk ratio
Apr 12, 2020
Podcast:
This Trade has a 14.6 Reward:Risk ratio
In this video: 00:29 – Selling the EUR/CAD on the Weekly chart 00:46 – I promote high reward:risk trades 01:33 – Money management is very important 02:32 – Low risk per trade is also important 03:39 – Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R 06:16 – Understanding what you need to do in order to trade well
I want to tell you all about a trade that I’ve got on my platform right now that has a 14.6:1 reward to risk ratio. Let’s get into that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 361.
Selling the EUR/CAD on the Weekly chart
I want to talk about a trade that I’ve got on the weekly charts on the Euro/Canadian Dollar. We put it on our membership site on Monday. It has a 14.6:1 reward to risk ratio if it gets to its full profit target. More about that shortly.
I promote high reward:risk trades
But if you’ve been following me for any length of time, you know that I endorse and I suggest and I promote people look at trades that have a high reward to risk ratio. So what does that mean? So in easy numbers it means if you have a reward to risk of let’s say 4:1, it means if you’re risking 1 part you’re making 4. So if you’re risking 1% of your account, you’re making 4%. For me, I personally trade at half of 1% risk per trade, is what suits me. So that means I’m risking one part, of half of 1% of my account, to make 4 parts, or 2% gain on my account if the trade gets to the profit target. It’s very easy for you to do that regardless of your account size.
Money management is very important
To me, the biggest part of trading apart from having a strategy and a right mind set is to have that money management important that you get it right. So low risk per trade is very, very important but also high reward to risk is very important. So it means that I’m not always going to be right. I don’t need to be right all of the time. In fact, the higher the win rate most systems the worse they are. Hard to understand that, but it’s true. Think about it this way: there’s no point in having a 90% winning system if you’re losing money. Most 90% winning trade systems do lose money because they make lots of small gains, one big loss. I flip that around and go the other way. For me, something like a 40-50% win rate is amazing, because I have high reward to risk trades. Some are 2:1, some are 3, 4, 5:1. The one in particular that I’m going to talk about is 14.6:1.
Low risk per trade is also important
So low risk per trade is massively important also. I was looking at a post on Facebook, one of those sponsored links on Facebook, someone selling this new algorithm. It was really interesting to look into it, because it looked really cool. It looked really flashy, looked amazing. Then you look into it a bit further and I could see that they were risking 5% per trade. Now for the novice or for the completely financially person doesn’t understand trading, 5% risk per trade doesn’t sound like anything good or bad really. It’s just looks really cool and you make lots of money. The problem is if they get three or four trades wrong in a row, they’re 15, 20% down. If I get three or four trades wrong in a row, I’m 1.5 to 2% down. Massive difference especially up here and in here. Big, big difference. So if you’re listening to the podcast, I was tapping to my head and my heart. So psychologically and emotionally, it makes a big, big difference.
Trade with a 14.6:1 R:R profit target, currently at 6.4:1 R:R
So, let’s get onto this trade. It has a 14.6 reward to risk. It was taken this week, we published on our membership site just this week on Monday morning at the beginning of the week, selling the Euro/Canadian on a weekly chart. You can go and look at it on your chart, you can see the trade. The price pulled back perfectly to our entry level. We have a tight stop on the trade all according to the way that we trade and it’s all pre-known well in advance. But if the trade gets to its full profit target and because it’s a weekly chart trade it may take a week or two to get there, it may well do. Right now I see no reason to get out of the trade. Right now as I’m recording this, and I’m recording this on Thursday because tomorrow’s Easter, I’m recording this on Thursday the 9th of April. Right now that trade is up 6.4:1 reward to risk. So it’s nearly halfway to its profit target, not quite. If I did nothing else than close the trade out right now, I’ve still made 3.2% on my account. But I don’t need to and I’m not going to, because the trade’s looking really good.
So you see the importance there of high reward to risk. Let’s say this trade gets to its full profit at a 14.6:1 reward to risk. With my really tiny risk of only half of 1% of my account risked on this one trade, if it gets to that profit target, which there’s no reason why it won’t, it’s going to make me a 7.3% gain on my account from that one trade with that tiny risk. 7.3%. Where else can you get a 7.3% gain on anything in a year? Especially now with all the virus stuff going on. Everybody’s just losing money all over the place with shares, with their superannuation. In New Zealand here we call it Kiwi Saver. All your pension funds, property’s likely to go, there’s massive unemployment going on. It’s just going to get worse. Taxes have got to go up to cover this. So everybody for the next 10, 20 years the tax rate’s going to be higher around the globe, it has to be. Someone’s got to pay for all these bailouts and handouts and all the stuff that’s going on. We’re probably not even halfway through it yet.
So you look at all that doom and gloom going on, and then you look at this one trade that took like two minutes to see and to place on Monday morning and we’re already up 3.2%, could get to 7.3.
Understanding what you need to do in order to trade well
So once you understand trading, once you understand control risk, once you understand high reward to risk, you’re halfway there to making yourself a good trader. If you need our help with any of that, or you’d like for us to help you place trades, this was all written on our membership site in advance of the trade retracing. If you’d like help with any of this, you’d like to take advantage of our help and knowledge and our years of trading, day in day out doing exactly the same, you can find us at the forextradingcoach.com and I’ll put a link on this video and podcast to our membership site where you can have a look at everything that we teach in our course. So have a great weekend, have a great Easter.
This is Andrew Mitchem at the Forex Trading Coach and I’ll see you this time next week for more trading tips and information. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#360: What’s Your New Side Hustle While in Lockdown?
Apr 05, 2020
Podcast:
What’s Your New Side Hustle While in Lockdown?
In this video: 00:23 – Week #2 of the lockdown 01:16 – An amazing opportunity right now 02:09 – A real life example from a trader in London 03:20 – We’re seeing great trading conditions in the Forex market 03:53 – Can you trade well and start your side hustle? 05:21 – We have clients in 88 Countries
What’s your new side hustle going to be while you’re in lockdown from the virus? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 360.
Week #2 of the lockdown
We’re in week number two of the lockdown here in New Zealand, and I’m sure that wherever you’re watching this around the world, you’re probably in a similar situation. I want to talk about something that could make a massive difference to you, your trading, your life while we’re in this lockdown period. Because, you see, like with a lot of things, you have a couple of choices. You can either go down the grumpy route, the sit watching TV, doing nothing, getting fed up with it. All those types of emotions come into it, and that’s perfectly understandable.
But then you can also take advantage of the situation and do something now, as a side hustle, as an example, I’ll talk about that shortly, to really help you once we get to the other side of all this.
An amazing opportunity right now
Because as I see this now, you’ve got the opportunity to learn a new skill. You’ve got the opportunity to create a new side hustle and get that started. And you’ve got the opportunity to come out of this with a lot more knowledge.
Really, when you think about it, if you don’t do any of those, when we’re out of this quarantine lockdown period from this coronavirus, if you don’t do any of those, it’s not the time that you lacked. Because, let’s face it, most people say, “I don’t have time for this, and I don’t have time to learn trading.” It’s not time that you lack, it’s discipline, and there’s no other way of looking at it. Almost everybody now, right now, has more time available to them than they probably ever have done, so it really is a lack of your discipline if you don’t do anything about it.
A real life example from a trader in London
Now, I want to give you a real life example. A client of mine over in London, he lost his job around two or three weeks ago, and he has been trading so well ever since that time. He traded pretty well before that, but because he’s in lockdown, an enforced lockdown, with his wife and his child, he has done some incredible trading. Just on Tuesday, he emailed me to say he made a 3.4% gain on his account. Just this morning, my time, he sent through a post on our forum site where he put five trades on there on 15 minute, 30, and one hour charts, 30 minute and one hour charts. All five made profit for another 3.2%. He’s taking advantage of this time being at home, and he is looking at the shorter timeframe charts, something that he doesn’t normally do, one, because he’s at work and, two, because the shorter timeframe charts historically have not been quite so good to trade, because of the lack of price action.
We’re seeing great trading conditions in the Forex market
What we’re seeing in the Forex market right now is incredibly good price action, big moves across all pairs for weeks and weeks now. Just incredible opportunities. And so, he’s taking advantage of this time being in lockdown, and he’s doing something about it.
I mentioned at the beginning about one of the options, your skill, you can upgrade your skills, you can become more knowledgeable, but also the side hustle. Practically, as a trader, what can you do about that?
Can you trade well and start your side hustle?
Well, if you’re like this guy and you can now start to trade incredibly well with very, very small draw downs, and very high win rates, and very high profitable trades, you can do things like create a signal service. There are all number of online sites where you can go there as the trader, and get people following you, and getting paid on a monthly basis for trades, either a commission basis or a monthly set fee. If you go, “Well, my account is too small, or I’m only on demo, or I can’t afford a $5,000 account right now,” think about it differently. What is it that you can do?
But, actually, before we do any of that, unless you can trade well, the rest of it’s pointless, isn’t it? You know? With this particular guy who I’m talking about, because he’s now trading so well, and he’s able to do this, he can go out there and sell himself as a trader who can make money for other people. He could trade for maybe some friends, family members. You don’t have to do it the full big scale of getting all the legal compliance. But you can still trade. There’s nothing to stop you trading for a few select people. Or you can just go down the signals route and sell your trade, sell, get people to copy your account. That’s what I mean by the side hustle.
We have clients in 88 Countries
Again, take advantage of this time that you have. Learn how to trade properly, just like this guy’s done. If you want our help, you know where to find us. I’ve been talking about this for 11 years now. So many people throughout the world, 88 countries we’ve got clients in. We added it up this week, a new total of 88 clients that we’ve helped with active traders who have chosen to join our membership site. But again, you know where to find us.
If you’d like to join us, take advantage of these conditions. They are amazing trading conditions right now. Like I said, most people are not lacking time right now. They’re lacking discipline. So if you’d like to take advantage of these trading conditions and our strategy, and to be able to trade like this guy’s doing, please consider the course. Have a look at the details I’ll leave on this page. We’d love to help you.
If you’re the right sort of person that wants to put in some hard work and dedication, then we’re right for you. If you want an easy fix, if you think you’re just going to be a multimillionaire in two weeks time, you’re not the right person for us. We want real traders who are disciplined people who want to do this properly and have a passion for trading. If that’s you, we’re for you.
Thanks again. This is Andrew Mitchem at the Forex Trading Coach. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#359: What Is Forex and How Do You Start Trading?
Mar 29, 2020
Podcast:
What Is Forex and How Do You Start Trading?
In this video: 00:26 – The basics of Forex trading 00:46 – Coronavirus and the need for additional income 01:11 – Forex is the best market to trade – here’s why 02:10 – Trading currencies in pairs 03:16 – You can also make money when the Currencies fall 05:16 – Allows you to work from home and create a passive income 05:50 – Clients can become full time traders 06:15 – Emails from clients, excellent trading results 07:57 – You need to start with the basics
What is Forex? How do you trade the Forex market? How do you get into it, and what are the benefits? Let’s talk about that and more right now.
Hey, traders. it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 359.
The basics of Forex trading
I want to take a step back this week and talk about the absolute basics of Forex trading, what it is, how do you get into it, the process you need to go to, seeing if you’re the right fit, et cetera.
So if you’ve been trading for a while, I apologise that this is going to be more of a newbies video and podcast.
Coronavirus and the need for additional income
But the reason I’m making this right now is because with the coronavirus issue going on around the world, and yes, it even affected us here in New Zealand with a lockdown right now, a lot of people are coming to me saying, “Look, I need some form of new income. I’ve heard about trading. I don’t know about it. How do I start? What is it even?” So I wanted to make this video because it’s very, very topical.
Forex is the best market to trade – here’s why
So look, to me, trading the Forex market is like no other market, and it’s been my only and preferred choice of Forex market now for 16 years. I’ll explain to you what it is, and then why I trade it, and then I’ve got some emails here I’d like to read out that I’ve received just this week to show what can be achieved.
So going back to the absolute basics, in the Forex market, there are eight main currencies. There are several others, but there are eight main currencies that we look at trading, and they are the US dollar, the Canadian, the Pound, the Euro, the Yen, the Franc, the Australian dollar, and the New Zealand dollar. It doesn’t matter where you live in the world, what time zone you’re on, what your local currency is. None of that really matters when you come to trade the Forex market. I don’t trade just the New Zealand dollar because I live here. If you live in the US, you don’t need to trade just the US dollar.
Trading currencies in pairs
So what we’re doing is when we say trading a currency, we actually trade currencies in pairs. So it means that we’re trading two of those eight together. So when you buy stocks or shares, you’re buying just one of something, and you’re anticipating it’s going to go up in value in most cases. A little bit like when you buy a house, you’re buying a house. You’re expecting it or hoping it’s going to go up in value, especially if it’s an investment property. But with currencies, we trade currency pairs, so we trade, let’s say for instance, the Euro against the US dollar.
So we always trade it that way round. It’s never the US dollar against the Euro. It’s just the way that it’s written. So we’re looking at one currency to strengthen and the other to weaken. So if, for instance, we look at our charts or economically, we look at what’s happening in the Euro, and we look at the Euro to strengthen, but at the same time, the US dollar to show weakness, we’re looking at buying Euro-US dollar as a currency pair, anticipating it’s going to rise in value, so we can make money when it goes up.
You can also make money when the Currencies fall
The beauty of the Forex market and especially right now where things are crashing in most other markets is that we can make money equally as much, and equally as well, and equally as successfully when the Euro-US dollar is falling, providing that we’re selling it at that point. So what we’re looking at that time is for the Euro to be weakening in currency value and the US dollar to be strengthening, and that brings the Euro-US dollar currency pair down. Different ways you can do this, you can be what’s called a fundamental trader where you’re looking at economics, and GDPs, and employment data, and interest rates, all those type of things, or you can be like we are. You can see it behind me on my screen here, technical traders.
Yes, we’re aware of the fundamentals and we do look at them. We’re aware of them, but we don’t trade them. We don’t let them influence what our decision-making is because as a technical trader, everything I know is factored into the charts. So all I need to be is someone that’s interested in doing maths, someone who’s interested in patterns, probability, that type of thing. If that’s you, then you’ve got a good chance of looking at a chart and quickly understanding what it is it’s telling us. Of course, you need help, and guidance, and education, and a strategy on top of that. But if you’ve got any interest in patterns, and maths, and consistency, and low risk, all those type of things that we’re looking for as a good Forex trader, you’ve got a really good chance of making this work for you.
But the beauty right now with stocks and shares, and probably soon to be property prices around the world crashing and tumbling, we’ve just had an absolute fantastic time trading the Forex market because most of the currency pairs like the Australian-US and the New Zealand-US, et cetera have been falling, but we’ve been making money on those, looking to take sell trades on those currency pairs, and we can make money exactly the same way as we can if the price is moving up and we’re buying. So a big, big difference there.
Allows you to work from home and create a passive income
You can use an online platform, and right now, working from home, either you’re forced to be at home right now through lockdowns or people are working from home, but this is an absolute perfect time to be doing something like this, working from home, and educating yourself, and creating yourself a passive income. Look, I’m not saying you’re going to suddenly either quit your job or lose your job depending on the economic circumstances right now and suddenly jump into becoming a full-time Forex trader. I’m not saying that because realistically, you’re not going to do that.
Clients can become full time traders
However, I do have clients who have been with me from absolute scratch, never started trading before to six months’ time, they are now trading full-time. That’s not happening for everybody, but it can certainly happen if you’ve got that drive, determination, and the will to want to make this happen. So a lot of it does depend on you. We can only provide so much knowledge, education, et cetera, but it does depend on how much you want to do this.
Emails from clients, excellent trading results
So let me cover a few emails that have come here just this week. On Tuesday, I received an email from a guy in London. He’s called Mikalai. He said, “My trading is going well. My counter is compounding with my winners getting bigger. Trading conditions have been amazing. I’ve been trading the 15-minute charts today because isolation allows me to do that. I’m already up 2.3% for the week.” That is received on Tuesday based on Monday’s trading. The next day, on Wednesday, Mikalai wrote to me again, “Another great day trading the shorter timeframe charts. My target for the day of 2% was hit even before my wife woke up. The early bird catches the worm. It can be done.”
An email here from Diana. Diana has been with me for probably about three or four months now. She sent me an account here. it’s all on Myfxbook. You can see all the trades or the seven of them in the last two weeks she’s taken plus 9.56% in the last two weeks. The profit factor is 17.9, which by the way, if you don’t know a profit factor, that’s enormous, so that’s fantastic trading. Nearly 10% there in two weeks by Diana. This one in terms of percentages is incredible. This is from John. He wrote to me on Wednesday. He said, “I’ve been following gold and silver closely this month, and I’m up 42% on my capital already. Very, very pleased with those results.” John has given me his entry and exit levels, and how he got into the trades here. But if you’ve seen gold and silver, they’ve crashed. Now, they just started to pull back, so he’s been actually buying the pullback, so 42% there. This was written on the 25th of March, 42% in a month, so it shows what can be done.
You need to start with the basics
Look, I’m not saying you’re going to rush out there and make 42% in a month just like John from day one. Absolutely not, but you’ve got to start somewhere. You’ve got to learn the basics and learn how to become a good trader. If you have any interest at all, I’ll put a link below this video or somewhere on this page to our 5-star-rated Forex coaching course. We’ve got clients in 58 countries that we’ve helped over the last almost 11 years. In May of this year, we celebrate our 11th birthday since our first client was trained.
So if you’d like to join us, you know where to find us. Have a look at that link. Stay safe out there with the coronavirus issues and the lockdowns wherever you are in the world. Don’t forget that working and being at home can actually have some benefits, so no better time to learn what’s happening behind me here on the charts and how to do that for yourself.
So once again, this is Andrew Mitchem and The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#358: If You Don’t Trade Forex Now, You Never Will
Mar 22, 2020
Podcast:
If You Don’t Trade Forex Now, You Never Will
In this video: 00:24 – The world has gone mad 00:36 – Traditional investing is not working 01:00 – Why we trade the Forex market 01:21 – You need to be trading right now 01:57 – Email from a client from Ireland 02:24 – Trader joins after 6 years 03:35 – It’s now or never
If you don’t start trading the Forex market in these current conditions, you probably never will. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, owner of The Forex Trading Coach with video and podcast number 358.
The world has gone mad
Okay, so it’s official. The world’s gone mad. Everything’s in utter chaos. Everybody’s shut down. No one can go anywhere. It’s all doom and gloom. Or is it?
Traditional investing is not working
So obviously, with the traditional markets, the stocks, the shares, everything’s falling, everything’s crashing. Property may well do the same. Interest rates are zero everywhere. And the traditional routes of investing are not particularly good right now. Everybody’s locked up at home, self-isolation. Everybody’s all depressed.
Why we trade the Forex market
But the good news is, and one of the reasons why we trade the Forex market, is because what happens in all these other markets doesn’t really affect the Forex market. Sure, it affects it in terms of the Forex market moves.
But the great thing is, is all we want as far as traders is some volatility, some price actions, some movement. And that is exactly what we have right now.
You need to be trading right now
So if you’re not trading the Forex market, you need to be. If you’ve got any interest in trading the Forex market and you wanted to learn how to do it, now is the time to do it. You’re probably stuck at home, can’t do too much else. The market is in absolute prime conditions right now for Forex traders to be doing well. We’ve just had some amazing moves on all currency pairs, so you need to be on this right now, taking advantage of it. And to be honest, these conditions are likely to last for a long, long time. So you’ve got time. But do it now. Don’t delay. Take advantage of it now.
Email from a client from Ireland
I need to read you this email that I’ve had from a client of mine over in Ireland. “Hey, Andrew. Yes, it’s been an unbelievable market. When you think that the stock markets have crashed more than 30%, investors are pulling their hair out, and most expert advisors or robots have blown accounts, but we are heading for one of the best trading months ever.” Just come through here this morning from a client of mine who’s been with me since 2012 in Ireland. So it just shows what can be done.
Trader joins after 6 years
Now, the other extreme of that is I had a client join me just yesterday from the UK who has been following me for six years, never quite pulled the trigger. Always been interested and never quite got there. Now he came to me and he said, “Do you know after all these years, things are getting so bad over there,” over here for him, over there in the UK. He said to me, “Do you know, Andrew, I have to do this. I have to take control of my finances, and no better time than right now, because I’ve been told by my employers that I’m in self-isolation, work from home type of thing.”
So what a great opportunity. Good on him for doing that. And it just shows if you have that thought process, that mentality of what is happening right now, all this utter chaos and panic and everything else that’s going on … If you have the thought of, well, you can’t do much about it, so let’s take a positive out of it. Let’s learn. Let’s self-educate. Let’s protect our finances and take control of our finances ourselves by using a market that has the ability to make money when the market goes up or down. That is the Forex market.
It’s now or never
Like I said at the beginning, it’s now or never. If you don’t do it now, you’re probably never going to do it. You know where to find us if you need any help.
This is Andrew Mitchem, at The Forex Trading Coach, loving the trading conditions right now. Bye for now.
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#357: Are You Thriving or Just Surviving?
Mar 15, 2020
Podcast:
Are You Thriving or Just Surviving?
In this video: 00:33 – Paul Tillman was here in NZ last week 01:12 – How we made profit from the Coronavirus news 02:06 – The stats show that only 5% make good money 03:05 – The system and strategy works in all market conditions 03:35 – What do you need to do in order to become a thriving trader? 05:02 – I’ve re-opened a link for you to follow 06:19 – Shows the results that you can achieve with low risk
As a forex trader, are you thriving or are you just surviving? Let’s talk about that and more, right now.
Hey traders, it’s Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 357.
Now, I want to talk about the difference between the very few who are thriving, and the majority who are just surviving in the forex market.
Paul Tillman was here in NZ last week
But first, also want to update you regarding last week’s video and podcast where I had Paul Tillman here with me in New Zealand. Now Paul works with me, he’s based out of North Carolina in the States and he covers the American live webinars that we hold and also he helps run and moderate our forum site. But it was great to have Paul and his family here for 10 days with my family here in New Zealand and it just goes to show what can be done with trading. We carried on exactly as normal. Paul brought his laptop and things just continued as normal. Another one of those great benefits from trading.
How we made profit from the Coronavirus news
But also on that video and podcast, you’ll remember, and if you’ve not seen it, go and watch it, that we talked about how we profited from the monthly charts by selling the Australian yen and the New Zealand yen at the beginning of February. Now, right now with early part of March and the coronavirus news and the threats and the story is going mad, not so much here in New Zealand, but globally. And the important thing is is that we saw the Japanese yen, particularly the yen strength, but also some strength in the franc and the US way back in at the end of January. And it just shows that if you can read the charts properly and you know what you’re doing, how you can profit from that and become one of those thrivers.
The stats show that only 5% make good money
So we know the stats that you hear and see out there, that probably only around 5% of forex traders make good money. And we are one of those, in those groups, of the 5% and we’re definitely thrivers because not only have we made good returns from this most recent news event and the strength of the yen and the weakness in the Aussie, the Kiwi and the Canadian especially. Not only is that something that we’ve done well from recently, but we’ve done well from all sorts of different events and market conditions for years and years now. I’ve been trading nearly 16 years, and over that time you kind of go through all the different conditions and news events and political events. Nothing really makes too much of a difference once you know what you’re doing.
The system and strategy works in all market conditions
So when people say, “Oh, does your system work in this kind of market condition?” Well, yes, it works in all kinds of conditions because it’s proven to have done that over those years. But the problem is, and we find this all the time from emails that we get from people who are struggling out there is unfortunately, 95% of the people are the survivors. And to be honest, most of those people end up giving up because it’s just too hard. It’s too difficult. It’s not working for them.
What do you need to do in order to become a thriving trader?
So really, if you’re one of those survivors and you’re not a thriver, what is it that you can do? Because if you’re a thriver, well done, congratulations. You are in the top elite group of people who can make money from trading. But if you’re not, and the majority are not, what is it that you are going to do right now to change that around within your trading? Because obviously, it comes down to a number of things, the strategy and the mindset being the two kind of big ones.
But what is it that you’re going to do to ensure that you get to use a strategy that has been proven, that works across different timeframes, different market conditions, something that’s not going to take very long out of your day to actually implement, something that’s practical, something that’s realistic, something that gives you high reward-to-risk trades. So when you have a profitable trade, you more than make up for any smaller losing trades. Something that has very low drawdowns as well is very, very important. Far too many people get caught up in win rates and things like that. And far too many people get caught up in trying to make massive gains all the time, but then they ignore the drawdown. Now realistically, drawdowns are a big part of your trading because they do affect you psychologically. So you don’t want to be having a system that has huge drawdowns. Very important that you control your risk.
I’ve re-opened a link for you to follow
So to give you an example of this and a real practical example of this, I’m going to reopen a link to a small project that I did last year in July and August. So back in July and August 2019, I went over to the UK and to Europe for a few weeks with my family. And during that time, I recorded my trading, my account, the trades that I was taking and all done in real time so people could see exactly what was happening. And what I did is I recorded me taking the trades of the daily charts. And I think I looked at the 12 and maybe six-hour charts. I traded for about 10 to 20 minutes, absolute maximum per day. And by the time I got home, I made around, I think it was about a 12.7% return on my account with absolute minimum drawdowns, very low risk portrayed as well.
So what I’ve done is below this video, I’m going to send you the link or give you the link that you can click on to go and watch all of those videos again and you can go and see all the trades I’ve taken. You can see the trades that I posted on our membership site and on our forum site, and you can see the trades on my live MT4 account.
Shows the results that you can achieve with low risk
So very, very beneficial because what it shows is not only the strategy work in real time, it shows the results that you can achieve with low drawdown, but only by trading 10, 20 minutes once a day. So once again, go and have a look at that link. The link will be on this page somewhere and I really urge you to have a look through all of those videos. Obviously, start at the first video and work your way through them because you’re going to learn a lot from that and see how you too can trade well with only a very small amount of time trading per day.
So once again, this is Andrew Mitchem at The Forex Trading Coach. Make sure you join the thrivers and you get out of the survivors group. Bye for now.
The 30 Minute Trader Trip
Watch how Andrew made a +12.79% gain on a live account during 4 weeks while trading for just 10-30 minutes a day while on holiday in the UK and France.
#356: Will the Coronavirus affect Forex Traders?
Mar 08, 2020
Podcast:
Will the Coronavirus affect Forex Traders?
In this video: 00:20 – Joined by Paul Tillman from NC, USA 00:40 – Webinars, Trades and the Coronavirus 01:00– Recent webinars and how you can benefit – view the recording 02:45 – Our trading day today 04:13 – Trading with the Coronavirus and how it has affected the charts 05:27 – Monthly chart trades make massive profits with the Yen strength 06:02 – Why we are technical traders and where are the charts heading? 07:20 – Live trading sessions in the UK later in the year 08:50 – Contact us if you are interested in knowing more about our trip to the UK for training
Andrew Mitchem: Will the Coronavirus affect us as Forex Traders? So let’s talk about that and more right now.
Paul Tillman: Hey traders, it’s Andrew Mitchem here, The Forex Trading Coach, video and podcast number 356 and I’m joined by Paul Tillman here.
Joined by Paul Tillman from NC, USA
Paul Tillman: Hello everybody. All the way from North Carolina here in Nelson, New Zealand. Good to be with you today.
Andrew Mitchem: So Paul’s been over here for the last 10 days with me and with his wife and two children having a great time here in New Zealand, showing them the sights and the sands. Now a number of things we want to talk about on this video.
Webinars, Trades and the Coronavirus
Number one about some webinars that we held recently, and how we can help traders with trading information and there’s a link here also to the webinars that we held, and also want to share a few trades that we’ve taken recently and lastly, we want to talk about the coronavirus and how it’s already affected trading, and what it’s likely to do in the future.
Recent webinars and how you can benefit – view the recording
Andrew Mitchem: So Paul, let’s start at the first thing, the webinars we held just last week. Maybe you could just describe what we did and how it went and how people can benefit from that information using the links that are below this video.
Paul Tillman: Absolutely. So we took lots of questions and emails and basically got it down to a few categories of what traders are having issues with or if you’re brand new experience, and they came down to trading psychology, not having a strategy, some things that brokers and indicators or, “I’ve done okay, but I’m giving away too much money, I’m losing.” And so we took all of those and we just talked about them. What we’ve seen in our course, what we’ve seen as 15, 20 plus years together have trading experience. And we took each topic and talked about it at length and it went very well.
Paul Tillman: Kind of help sate solve those problems with the questions and answers and things and why we have a strategy and psychology and all these different things, and we’re part of those 5% of traders that are actually profitable and not part of the 95% that end up failing.
Andrew Mitchem: Absolutely. And I think the thing that came through from it is, it was practical information. It was realistic, practical information that we use as traders every day that our clients use, and we’re passing on that information for other people to use.
Paul Tillman: Absolutely. Yeah. We’ve got clients in 50 plus countries, who do well with our forum site and our webinars and our daily trades, and just being consistently profitable, which is the number one problem. The number one goal that people want to have as Forex traders.
Our trading day today
Andrew Mitchem: Absolutely is all we’re after. And the other thing that was important that came out of that is that maybe you just describe our morning so far today, because the important thing is that people think of Forex trading as something you got to be sat at the computer all day watching every pip move up and down and really you don’t.
Paul Tillman: That’s right. We had a couple minutes look at charts early this morning to see what happened overnight, but we took Andrew’s kids to a school this morning, and then we went out for about a 30 minute kayak ride. Both of us fit on this nice little kayak. And that was a great bit of fun. And then we had a little bite to eat. I drove Andrew’s Peugeot around just a little bit, then we did a little bit of tennis. So the entire morning was just fun typical things that we’re both dads that we would do, and just taking care of certain things. Then we did daily trades. That was late morning.
Paul Tillman: Woke to the charts, maybe 20, 30 minutes and put our daily trades on. Then we also took some offline charts, so some six, eight, 12 hour charts. We have unique custom made software to do. We took it’s probably … Yeah, four or five of those traits.
Andrew Mitchem: Five, yeah.
Paul Tillman: Now we’re sitting out here, just had lunch with both the families and yeah, we’ll check on those trades later.
Andrew Mitchem: Yeah, absolutely. And that’s the thing, the offline charts, you can look at them at exactly the same time as the daily charts. That’s the beauty of them. It’s not taking up extra time.
Trading with the Coronavirus and how it has affected the charts
Andrew Mitchem: So I’m lastly moving on the coronavirus. It actually did us a huge amount of favours trading wise anyway, maybe not other things around the world obviously with the issue, but trading wise with the strength in the Japanese yen on Friday we had our best day for a long, long time.
Paul Tillman:
We did. We had two specific monthly trades on the New Zealand Japanese yen and the Aussie Japanese yen and the yen just strengthen an absolute tonne. We took these trades in the beginning of February, and the last day of February as it have it to be, they hit the full profit target. We’re talking three and a half, four to one trades on both and one of those was on the retracement order and a market order where we got right into the trade. So, there’s absolutely fantastic results. Even if you had a little bit of a minor losing streak or some losing trades, this took those out and we made two or three times more.
Paul Tillman: And it was just two trades. It took 10 minutes at the beginning of February, and they just did wonderfully. And you had the technicals ended up following the fundamentals in a way. The news happened, but the technicals were already showing it, and the trades worked out perfectly.
Monthly chart trades make massive profits with the Yen strength
Andrew Mitchem: That’s the thing you got to remember, here we are in the first week of March, yet over a month ago, we saw that setting up on the monthly chart and took those trades.
Andrew Mitchem: And like you said, it took to the last day of February. But that didn’t matter, because on a monthly chart you’re expecting trades to last for longer. But the amazing thing that I found from it is that we saw that over a month ago, nearly five weeks ago, we took the trades and obviously the virus issues got worse over February and into March around the world. But in the end strengthened. But the technical showed that a long time ago. And that’s the really great thing with understanding good technical trading.
Why we are technical traders and where are the charts heading?
Paul Tillman: That’s right. That’s why we technical traders trading from that right hand side of the chart. Yes we do pay attention to fundamentals, but that’s not the basis of our trading at all. It’s 11 years worth of good technical analysis that works year after a year, month after month, day after day.
Andrew Mitchem: Absolutely. And so I suppose really a bit of a prediction where things are going with this virus and they shouldn’t have that will help people. So right now we’re still looking at a massive strength in the yen. So I suppose people are seeing that as like the safe haven currency, the yen and also generally the franc and the U.S tend to be that. Over here in New Zealand, the New Zealand dollar is getting absolutely hammered right now. So is the Canadian. Today the Canadian was exceptionally weak and so the commodity currency seem to be getting a bit of a hammering. Whereas the safe haven currencies, they’re the strong ones right now.
Paul Tillman: That’s right. Yeah. It’s all about strength the weakness and following those trends and it’s what we see each day in the charts. You don’t have to have perfect predictions all the time. It’s just what we see on the charts at the time and if we’re looking at trades at the time, we’re not looking at indicators at price action, it’s already happened. It’s what’s happening right now, the current day, current time and then making those trades based off that.
Live trading sessions in the UK later in the year
Andrew Mitchem: Absolutely. So Paul funnily look, you’ve been here for 10 days, had a great time with you and your family. Absolutely awesome to have you here. One thing we have mentioned is that we potentially might be doing a bit of a live trading session over in London later in the year, maybe about August, possibly September time. Any comments for anybody over that side of the world that might want to come and join us?
Paul Tillman: Yeah, so if you’re in one, and obviously I’m biassed to the U.S and Andrew’s biassed to New Zealand, maybe a little bit of Australia. But the London market is probably consistently the biggest market out there in the world for folks who want to trade big financial centres. What you get out of that is you hear a lot of, “Oh no, I’ve been scammed. I don’t have the right education. This person sold me on this, and it wasn’t real. It didn’t happen. I’m stuck. I don’t know what to do. I’m not profitable.” We’re planning on heading to London later in this year. August, September timeframe.
Paul Tillman: So if you’re interested in that, we’d be happy to give you some more information. Hope to have a huge group of people that we can train effectively, so you can be consistently profitable, and they can forget those ways where they’re really struggling and they want to do Forex as a business and make money to trade, but it’s just not happening for them. So we’ll be planning to be over there. We’ll get some more information out later on this month and later on in the year and it’ll be Andrew, myself, and a few others hoping to have a big event in London later this year.
Contact us if you are interested in knowing more about our trip to the UK for training
Andrew Mitchem: Absolutely. So look, if anybody’s interested in that, I know it’s a little bit down the track yet, but if anybody’s interested, just reply to the email that you get this video on, or send us an email, andrew@theforextradingcoach.com or paul@theforextradingcoach.com and we’ll be happy to fill you in with extra information. But thanks for watching. Any other sort of videos that you’d like us to make in the future, either myself or Paul, any trading information you’d like us to cover, just send us an email and we’re here to help. Support once again, thanks so much for being here. Awesome to have you and safe travels home.
Paul Tillman: Yep. Thank you for everything, Andrew. Thanks everybody. Good to see you from New Zealand. Thanks.
#355: What Does Your Trading Day Look Like
Mar 01, 2020
Podcast:
What Does Your Trading Day Look Like
In this video: 00:25 – How to structure your trading day 01:06 – You’re not going to be a full-time trader immediately 01:46 – Fit your trading around your current situation 02:10 – My trading day 03:45 – Looking at different time frame charts 04:32 – Looking at the changeover of different time frame charts 05:16 – Live trades on live webinars. Trade hit profit 06:15 – Trading in 30 minutes a day
What does your trading day look like? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach. Welcome to video and podcast number 355.
How to structure your trading day
I want to answer a question that I get asked quite a lot about, how somebody should structure their trading day and also what does my personal trading day look like? So let’s talk about that because it’s really important that as a trader you have a plan, you have a structure and that you have a routine. Why? Well, because you never really know what the market’s going to do and you need to be there… In my opinion, you need to be looking at the same type of charts and the same time of day as often as you can. And that just gives you consistency over time and you get to understand how the market works and its characteristics, et cetera. And now, obviously we’re trading, to do it properly you’ve got to enjoy it.
You’re not going to be a full-time trader immediately
Now for most people, realistically, you’re not going to be a full time trader, at least to start with. You’re going to have other commitments, family, jobs, sport, music, whatever it might be. And the problem is, is that right now there seems to be a bit of a movement around the so called sort of work hard lifestyle kind of gurus out there. And they’re sort of getting into this, you’ve got to keep going, going, going, going, going, go to work sort of 12, 14, 16 hour weeks, just got to keep going, and going, and going.
The problem is for those people that do that, first of all there’s no fun and secondly is, how on earth do you fit something new in like trading around that?
Fit your trading around your current situation
So for me it’s almost flip it the other way around. You’ve got to make the trading fit in around what you’re currently doing, especially if you’re not trading full time to start with. So for me personally, I think that less is more. I’ve always thought in terms of trading less is more. The less you interfere with the trade, the better you do. The less time you’re staring at your screen and your charts the better you do. And that has just been a proven case.
My trading day
So to give you an idea of how I structure my day, and bear in mind I’m in New Zealand, which is on a completely different time zone to most other countries around the world, is that you need to sort of base yourself on the New York time as well. So wherever you live in the world make that kind of adjustment. So for me, I wake up about six o’clock in the morning, kids are off to school by about quarter past seven and from then on I have a quick look at the charts about what’s happened over night my time into the later European session, and the US session. Getting an idea of what’s happened to my open positions, have they made profit or loss, just have a quick scan through the market. And then at around 10:30 my time, which is just before the 11 o’clock change over of the daily charts, I’ll then have a more serious look at what’s happening in the market.
So that is based on the 5:00 PM Eastern Standard Time, New York close of day. So around 4:30 PM Eastern Standard, which for me is the next day at 10:30 AM, I’ll go and look at the charts and I’ll go through because of course I do extra write-ups for my membership site and for the free sites and different places on strength and weakness analysis, so it takes me a little bit longer than normally if I wasn’t writing that. But anyway, I’ll go through, look at the daily charts and we’ll look at what is setting up on the daily chart, specific trades plus strength and weakness for the next 24 hour time period.
Looking at different time frame charts
At the same time though, I can look at 12 hour charts, eight hour charts, six hour charts and four hour charts and it’s really interesting how things change around. We held a webinar just last night in the European session for clients, and there were a huge number of eight hour chart trades that have occurred this week and a little bit into last week. Yet the previous week they were all four hour charts, I think the word that was lots of those but very few sort of eight and 12 hour charts. So it just depends on what’s happening in the market, which is why we really strongly suggest if you can, when you’re looking at the daily charts, look at another couple of timeframes at the same time. They all close at the same time, so why would you not look at them? So we do that.
Looking at the changeover of different time frame charts
And then for me… So it’s 11:00 AM, and then at 3:00 PM if I can, I’ll look at the four hour chart change over from 11 till three, four hours, look then. At 5:00 PM if I can, I’ll look at the six hour changeover. At 7:00 PM I’ll then look at the eight hour changeover and then depending on the day at 11:00 PM I will then look at the one hour, the four hour, six hour, and the 12 hour changeover that’s coming into 5:00 AM Eastern Standard Time. So not all the time do I do that because 11:00 PM it’s starting to get a little bit late, certainly on a Monday I don’t do that and on a Friday I don’t do that, but Tuesday, Wednesday, Thursday, midweek when there’s more likely price action I try to do that.
Live trades on live webinars. Trade hit profit
I know just last night we held a live webinar as mentioned, and that 11:00 PM my time, 5:00 AM New York time, we took trades on the live webinar, we took a sell trade on the 12 hour chart, Pound/Australian Dollar and that hit it’s profit target in 22 minutes, absolutely unbelievable. It doesn’t do that very, very often at all, especially on a 12 hour chart. Have a look on your charts, the Pound/Aussie just completely crashed, dropped away. We also took profit on our breakout strategy which made another one and a half percent this week and that’s a five minute strategy once a week on a Monday. And we also took a sell trade on the daily charts yesterday on the Pound/US which is going quite nicely, not quite got to its profit target but still going well. And I also took a five trade New Zealand/Yen on the six hour charts, that’s now got filled and we’ll know over the next day whether it hits its profit stop or we close it before the weekend.
Trading in 30 minutes a day
So all in all, you could quite easily trade in half an hour or so per day. And although that sounds really good, you got to remember though, the reality is you’ve got to do that work up front and that hard yards up front to get to that stage to have the ability and the eye to be able to know what you’re looking forward to get to that stage. But once you’ve got there half an hour, once a day, absolutely quite easily go through multiple timeframe charts two or three times a day and trade very, very well.
So I hope that helps. That’s a bit of an insight into my daily structure, but don’t forget that I’m doing that consistently. I’m not just one day just doing it and the next day, can’t be bothered. You have to do it consistently. Consistency is key and it will make you a good trader.
So I’ll see you this time next week. Once again, this is Andrew Mitchem at the Forex Trading Coach. Bye for now.
#354: We can help shortcut your learning process
Feb 23, 2020
Podcast:
We can help shortcut your learning process
In this video: 00:31 – Information overload online 01:11 – 2 live webinars this week for you to attend 01:39 – Paul Tillman will be joining me in New Zealand for the webinars 02:59 – Paul now works with me at TFTC 03:24 – Webinars to help you with your biggest trading problem 04:54 – 2 trades taken live on client’s webinar – both hit their profit target
Let us help shortcut your learning process and make your trading profitable, very quickly. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach and welcome to video and podcast number 354.
So in this video and podcast I’ve got some very, very exciting information to share with you.
Information overload online
You see, when you look at it online, there are thousands of Forex experts. There’s lots of information, information overload, analysis paralysis, call it what you like. There’s just so much out there. The problem is in reality most of it’s not good. And what we want to do for you is to help kickstart your trading into gear. Basically get it moving, making it profitable and making it doing that without much stress on your behalf with little time used up and making it practical, making it real, making it profitable and consistent with low risk. All those things that as a trader you should be looking for.
2 live webinars this week for you to attend
So we’re going to be holding a couple of webinars this week and by the time you watch this video you’ll be, it’ll be this week. Friday right now as I’m recording this, you will see this on Monday, so the webinars will be on Wednesday and Thursday. There are two of them. There’ll be a link on this page where you can choose which one that best suits you. You’re welcome to attend both if you wish to. They are going to be live, but an extra special twist is this.
Paul Tillman will be joining me in New Zealand for the webinars
So I’m going to be joined right here at my desk in my office at home here in Nelson, in New Zealand, by Paul Tillman. Now if you don’t know Paul, he works with me here at the Forex Trading Coach and Paul is based in North Carolina over in the U.S.
And Paul started trading Forex 14 years ago. He went through everything that most people have been through. He’s been through the online stuff. He’s been through the physical courses. He’s wasted money, frustration. Courses weren’t delivered properly, promises broken, all that type of thing. And then in 2015 he gave it one last shot. I was actually in India of all places at the time. And I wrote back to Paul from my hotel room in India to say, “Hey look, I’m on holiday in India, but this is what I can help you with right now. And when I get back next week I’ll send you some more information.” And so as a result of that, back in 2015 Paul decided to join our course. And over the next few months he really got into the course. He understood it. It clicked with him. It worked. And he was attending live European session webinars, getting up early hours in the morning for him over in the U.S. But then over time he was developing into a really, really good trader, lots of good results, consistency, reliability, all those types of things.
Paul now works with me at TFTC
And then a couple of years later I decided to offer Paul a position and now he runs my forum site and my U.S. webinars and we trade together. So we have a fantastic relationship. Now when you get this video on podcast on Monday, Paul will be with me right here. He’s on his way to New Zealand and with his wife and two children for them to spend about 10 days here with me and I can show him around the sights.
Webinars to help you with your biggest trading problem
But as part of his trip here, we’re going to be holding a couple of webinars where we are going to be helping you to identify your biggest single trading problem. What’s holding you back the most from being a good trader, whether you’re brand new or whether you’ve been doing it or trying to do it for years and years. So we want to help you with good, real practical advice.
And I think it’s going to be really beneficial for you to not only listen to myself with suggestions, but also especially actually from Paul because he’s been in the position that you’re probably in right now. And I’ve helped him turn his trading around and how things have just changed massively in his life as a result of what he decided to do five years ago, which was to join us. So we’re not going to be doing any selling on this session. There’s no special discounted links. There’s no giveaway prizes. None of that. It’s just going to be real honest, true above board realistic suggestions and advice from two traders living on opposite sides of the world to each other, both doing the same thing and both doing it well.
So if that’s what you’d like to find out more about. I really encourage you to try and get on one of those sessions live. On the form that you’ll see where you enter your name and email address, etc., select the date that suits you, but also tell us what your biggest trading problem is so we can address that live in person for you on that session.
2 trades taken live on client’s webinar – both hit their profit target
Now, talking of webinars, last night I held a webinar with my clients like we do every week. I took two trades live in front of my clients, both on the one hour charts. One was a sell trade on the Pound / Franc. One was a sell trade on the Australian / Franc. One made a a 1.5 to one trade. One was, the other one was a 1.4 to one. And also the daily trade that I put on for clients to follow yesterday on the daily charts on Thursday was based off a buy trade on the Euro / British Pound that also hit full profit for three to one on the position that got filled. So just three trades there in one day for clients to follow, made them a magnificent amount of money.
So if you’d like to know more, I really encourage you to jump onto one of those free webinars where we’ll be talking about helping you with your trading issues and problems. They’re going to be fantastic.
First time ever that Paul’s been here to New Zealand so really looking forward to the event and we’d love to see you there. Bye for now.
#353: Don’t try to become an overnight Forex millionaire
Feb 16, 2020
Podcast:
Don’t try to become an overnight Forex millionaire
In this video: 00:25 – 2 parts to this week’s video 00:49 – People think they are going to become an overnight millionaire 02:00 – Too many assumptions 02:42 – Trade like a builder 04:25 – I’m holding 2 live webinars in person with Paul Tillman 05:25 – Register your interest for one of the webinars
Don’t try to become an overnight Forex millionaire. It’s not going to happen. 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 353.
2 parts to this week’s video
Two parts to this video and podcast this week. The first is all about the subject title about making sure that you try not to become an overnight millionaire. The second part is all about two very exciting webinars that I’m going to be holding shortly and I’d like to invite you to attend one or both of those. More about that soon. So let’s go back to the first part.
People think they are going to become an overnight millionaire
A big misconception with people getting into the Forex market is they think they’re going to become overnight millionaires. It is not going to happen. I can promise you that. It will not happen. The downside is, is that when you look online, you see flashy cars and people on beaches, all that type of thing. You’ve seen it everywhere and people get into trading thinking that their results are going to be instantly amazing. And look, I did it myself years ago. I used to go for walks, taking my kids in the pram or the stroller for a walk, just thinking in my head about compounding and multiplying figures and how much I was going to make.
But at that stage I was only on a smaller, like I think a $10,000 live account. But in my head, I was multiplying up this and if I take this crossing over that line and I’m going to make all this money and by the end of the month I’ll have this. You see the problem is that people think they’re going to become massively successful through trading, yet they’ve not even taken a handful of really good successful trades yet.
Too many assumptions
The other problem with that is you’re assuming a straight line. You’re assuming you’re always going to be profitable and most people when they make the assumptions like that, and they’re assuming they’re not taking any money out for living purposes, and also they’re assuming that they are risking far too much. Whereas in reality, you should be risking far less than most people place there on their trades.
The problem is that people with that emotion, when they don’t see that happening in real time, is they get despondent, blame the system, blame the market, blame the broker and you know, give up. You get the picture.
Trade like a builder
So think of it this way. Look at say like being a builder. If you start and you’ve got no building knowledge whatsoever but you want to become a builder, whether you’re young kid leaving school or whatever age you might be, I want to become a builder. So what do you have to do?
Well everybody has to start at the beginning. You may have to do some form of course qualification, a practical course, written course, and then you start as an apprentice. You start with the hammer and the nails and you’re making the teas and the coffees and you’re doing all that basic groundwork to understand the basics of what it is that goes on with on a building site. Then you build up and you might get more responsibility and you start looking at plans and understanding things and making orders for different parts and cutting and joining and working with other industries, like the plumbers, electricians, the concrete guys, all that type of thing, the roofers. It just goes on from there.
Then over time you become like the lead builder, the head man, the foreman calling him what you want. Then eventually you might have your own building company and then start having people staff underneath it. But you get the picture of the layering up.
Now the reality is that if you want to become a good trader, you have to do that. You have to do that ground work, that basics. It’s a harsh but true reality of it because it’s like anything, you have to do that homework and wanting to become or thinking that you’re going to become an overnight instant millionaire from your trading, it’s a ridiculous concept when you think about it, but unfortunately that’s how I did and that’s how most other people think of their trading.
I’m holding 2 live webinars in person with Paul Tillman
So part two of the video and podcast to help you with that. I’m really excited because I’m sure you’re aware that I worked with a few people around the world. Now one of those is called Paul Tillman. Now Paul lives in North Carolina over in America. Now next week, Paul and his family are coming to visit. They’re coming to stay with me here in Nelson for a couple of weeks. We are really excited to have them here. I’ve been to America and done some training with Paul in North Carolina and Washington a couple of years ago. However Paul is coming here purely for a holiday vacation but we’re going to be doing a little bit of trading, you know while I’m showing him around taking him for fly, all those types of things.
Now as part of that, Paul has kindly offered his time and what we are going to be doing is holding two live, one hour webinars, free of charge, no selling whatsoever. Just 100% good solid trading information to help you.
Register your interest for one of the webinars
So what I’ve done is I’ve put together a webpage where you can register for either one or both of those webinars and on that, what I’m asking you to do is type in on that form where you register, your single biggest Forex trading issue or your biggest problem.
What do you most need help with? Because what we want to do is make these two webinars absolute dynamite. We want to make them amazingly full of fantastic, realistic, practical content. You know, I’ve been trading for 16 years. Paul has been trading for 14 years. Take advantage of 30 years of Forex trading knowledge and information of trading and teaching that we can impart to you.
Support is going to be right here. We’re going to be on the screens behind me here. The two of us live together in-person here in Nelson, in New Zealand, talking to you on two live webinars. Take advantage of them. Type in your question. Pick one or both of those webinars, whichever you’d like to get to. One’s going to be in my evening, ones in my morning, so a covering like our bases, wherever you live. If you live in Europe, you’re going to have a morning and evening session. If you live in America, probably an afternoon and a morning session. Wherever you live, the time zones, the countdown clock to will beyond there. Ask us your single biggest or let us help you with your single biggest Forex trading issue because these will be complete.
Like I said, absolute dynamite gold content, no selling whatsoever. There’s no at the end of the webinar, here’s a discounted link. None of that. Purely Forex information. The links will be on this page below this video somewhere. Take advantage of it.
So part one, don’t expect your trading to suddenly become, make you an overnight millionaire.
Part two, we’re here to help with the practical webinars. See you this time next week. Bye for now.
#352: How Trading with the Trend will help your Results
Feb 09, 2020
Podcast:
How Trading with the Trend will help your Results
In this video: 00:27 – The trend is your friend 01:02 – Looking at the bigger picture 02:15 – Eliminating pairs to trade 03:17 – Helps you to focus on the best likely pairs 03:58 – Looking for continuation patterns 04:27 – Link to the Forex Course
Why trading with the trend can really help improve your trading results. Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 352.
The trend is your friend
Now, you’ve probably heard people say, “Trade with the trend,” or, “The trend is your friend. Stay away from range-bound markets,” all those kinds of things. The problem is, is how do you actually do that. How do you know that the market’s trending? And do you only know it’s trending when it’s too late and it’s already done that trend, and time you jump in, the market’s then going flat again? So there’s a lot of problems there about practically trading something that, in theory, sounds really, really simple and common sense to do. So I’ll explain what we do regarding that to help us profit from the market.
Looking at the bigger picture
So we teach our clients how to look at the bigger picture of how to look at the weekly charts. Now, each week on the membership site, and we’ve done this for years, we publish the currency pairs, the Forex pairs that are likely to be bullish through that week and the currency pairs that are likely to be bearish, or heading down for that week. Now, it does a number of really good and important things on a practical basis. One, it allows us and our clients to see where the likely bigger picture is for that pair for that week. And so when you’re trading on shorter time frame charts of daily charts or sort of smaller again, 12-hour charts or even four-hour charts, one-hour charts, it helps you to look for currency trade setups on that pair that are likely to be in the direction of that bigger picture, that weekly direction.
And what that does is it gives you the ability to trade a pair that is likely to move and in the same direction. So it stands to reason that you add more and more probabilities together with your trade, and of course you still want the good setup, first of all. You’re putting all those things together and you’re giving yourself more and more chance and probability of that being a good trade.
Eliminating pairs to trade
The second thing that it does is it eliminates a whole group of currency pairs for that week, because if we’re looking at pairs that are likely to show indecision or not moving very much, or they’re two strong currencies or two weak currencies, therefore we don’t know which way it’s likely to be moving for that week. What it does is it allows you to focus less on those currencies, or not at all for that particular week. So it actually really focuses your trading to a select group of currencies for that week and it helps you to stay away from those trades or those currencies that are likely to be range-bound or not move much in any particular direction.
So it has a double, like a two-fold benefit to your trading. One focus on which currencies are likely to be moving and in their direction; number two, these currencies are not likely to be moving much, so let’s stay from them or let’s not take a trade on them unless we see an exceptionally good setup. So double benefits for you there.
Helps you to focus on the best likely pairs
And it helps you to focus, it helps you to really narrow down and fine tune your trading. Because don’t forget that trading, after all, is about probability. Nothing is absolute. Just because we say the Euro/US dollar, for example, is going to be bullish this week, nothing to say that’s going to happen. It’s to say that this is what we’re seeing and why, and if we then see bullish setups on other timeframes, shorter timeframe charts on that pair for that week, the likelihood is probability suggests that they are going to be stronger setups because they are trading with that main direction. And so what that does, it allows us to have lower risk, higher reward to risk, higher probability trades.
Looking for continuation patterns
Now we have a great technique also for looking for continuation patterns. We also look at reversal patterns, although reversal patterns tend to be a little bit more slightly higher risk. Look really cool and very dramatic on your charts, but continuation patterns. If you can get a continuation pattern on a shorter timeframe chart that’s in the direction, or maybe, say, the weekly and the daily, and you’re trading, let’s say, a four-hour chart, absolutely magic. That is exactly what you’re looking for.
Link to the Forex Course
So I hope that helps. And I will put a link below this video on this page to the five star Forex coaching course that we offer. As I said, not only do we publish our information, but more importantly, we teach you how to do this for yourself.
So hope it helps. Once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week for more trading tips and … I can’t say that word … and the information. I’ll see you then. Bye.
#351: It’s Your Trading Results that Count
Feb 02, 2020
Podcast:
It’s Your Trading Results that Count
In this video: 00:23 – We trade to achieve results 01:22 – Why do so few make money from trading 02:02 – We have a very high percentage of successful traders at TFTC 02:54 – 2 recent clients results 05:00 – How you can also achieve results like this
As a trader, it’s the results that really count. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 351.
We trade to achieve results
So, why do we trade? Well, ultimately we’re all after results, aren’t we? That’s why we do it. That’s why you learn something. That’s why we’re learning how to trade. It’s why we’re taking trades. We’re sitting at the computer. We are educating ourselves, all for the end goal of making money and being able to trade and to get results. And that’s really what counts. Unfortunately for most people, they don’t get to achieve the results that they want. And the vast majority of people, if you believe the stats out there, lose money when they trade Forex. There’s a whole group of people that might make a little bit, or lose a little bit, and get basically going round in circles, getting nowhere. And then there’s the few, the elite people who, and I mean the elite, as in just a very small number. Not elite as in particularly any fantastic as a person better, but just the ability to trade well. And a very small percentage get to that level.
Why do so few make money from trading
And why is that? Well, there’s a lot of reasons. A lot of people, it’s lacking of a strategy and an understanding, and lacking an understanding of risk. Because when you mention someone’s percentage return, or if you want to measure in pips, which I suggest you don’t do, but whether you’re mentioning pips or percentage return, a lot of people get too carried away. And there’s far too many people out there looking at making stupid amounts of gain, or they think they’re going to, or they think they should, but they never understand the risk involved to get there. And it’s really important that you understand that.
We have a very high percentage of successful traders at TFTC
So, here at the Forex Trading Coach, we are very fortunate because we have an incredibly high percentage of successful traders. And it’s not hard to see why. First of all, we’ve got the strategy that works, and the low risk, and the high reward to risk, and the good people teaching, and helping out, and consistency, all those things.
But with our daily trades, you can’t fail to make money because, at the very least, if you just copied what we do every day, you’re going to make money anyway. But on top of that, we’re not just about a copying service, we’re about teaching people to better themselves, teaching people to learn how to trade, a really straightforward, low time consuming, low risk, easy to trade system and strategy. And we’re about teaching people and educating people to do that for themselves as independent traders.
2 recent clients results
Now, I had just yesterday, two people wrote to me. One is called Brian, he lives up in Auckland here in New Zealand. And Brian said to me, Andrew I’ve made in the first month since I’ve been with you, 13.25% trading the daily charts, the 12 hours, and the six hours, and a few four hour charts. 13.25% in his first month.
And Brian said that he’s relatively new to trading, and he’s absolutely ecstatic with those results. And the great thing is being a new trader, he’s come in and look at the system from no knowledge at all. Learned what we’ve got, how we’re doing it, applying it, it’s working. No surprises really there. But it’s great to see it happen in reality. And also received just yesterday, an email from Michael over in Dublin in Ireland. And Michael has been with us for about 13 months. And Michael said, with your system Andrew, I’m averaging over 4% return per month, live trading. Now, as I mentioned earlier, some people will look at that and go, 4%, is that all? How am I going to make money on that? But you think about it this way. Michael, in over 13 months has made 4% average per month. So that’s well over 50%. It’s 48% in a year, by the time you add compounding and things like that, that would be pretty much 50% return in one year.
So, if you’re the sort of person that thinks that rubbish and 50% you should be making that in a week or a month, then you probably are not the right fit for us. But also, you’ve got got to be really careful with the risk that you are assuming you’ll be taking there. You see, with the risk Michael’s taking, it’s around half of 1% per trade. Sometimes it was a quarter, sometimes it’s half of 1%. Very, very low risk trading approach to make steady consistent gains. And that’s what real trading is all about.
How you can also achieve results like this
And if you’d like to know more, what I suggest you to do is have a look on the link that I’ll put on this page next to this video somewhere, all about how we can help you with our proven five star rated Forex Coaching Course. We’ve been running this for nearly 11 years, got traders all around the world, 58 countries at the last count. And it’s consistency, and it’s quality of trading that really makes the difference. So ultimately, like I said at the beginning, it’s the results that counts, and really that’s what we’re doing this for, isn’t it?
So if you’d like to know more, click on one of the links that I’ll put on this page, and we’re here to help you. Thanks again. This is Andrew Mitchem, the Forex Trading Coach. I’ll see you this time next week for more trading tips and information. Bye for now.
#350: What Makes Us Different at TFTC?
Jan 26, 2020
Podcast:
What Makes Us Different at TFTC?
In this video: 00:29 – So you want to become a Forex trader 01:00 – New or Frustrated Trader 02:16 – We address the real issues 03:03 – Trade in a few minutes a day 03:45 – Trade off the close of a candle 04:28 – The opportunity to follow us 05:45 – Trades posted on our Forum site and on our Live Webinars 07:00 – Trading software, Support and the Strategy 07:18 – Free Trading Information for you
What makes us different here at the Forex Trading Coach? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here, the owner of the Forex Trading Coach. This is video and podcast number 350, and I want to talk about us here at the Forex Trading Coach, how we can help you.
So you want to become a Forex trader
But what makes us different? So you want to become a forex trader. Now, you can go online. You can probably look locally around you, and you will find there are courses, there are coaches, there are systems, there are strategies, there are robots, there are books, there are… Everything to do with forex trading is online.
The problem is, from your point of view, is how do you know which is good and which is not good, what works, what doesn’t work?
New or Frustrated Trader
You see, as a forex trader, you’re going to be in one or two different situations. If you’re new, you’re looking online and it probably all looks quite exciting right now, but also, it will start to lead to confusion because where do you go? How do you know what’s good or what isn’t good? Because, to start with, it all looks kind of good because it’s all new, and you kind of believe everything that’s out there.
If you’re a experienced trader, well, you’re into that frustration time. You’ve been through and you’ve tried different systems, and you bought robots and book courses. You’ve bought strategies. You’ve done coaching sessions. You may even have been physically to somewhere in your area or travelled to do some coaching. But the problem is, although it probably looked okay, it doesn’t work. And now you’re still in that same reoccurring cycle of a bit of hope, pay some money, it doesn’t work, find the next thing, a bit of hope, pay some money, it doesn’t work, and you keep going until you either run out of money, give up, frustrated, someone tells you you’re silly for keeping trying, or you try your own ideas and they still don’t work.
That’s the problem that people have. You’re either new or frustrated, but one or the other is what you’re going to have.
We address the real issues
So here at The Forex Trading Coach (TFTC), we like to think that we’re different because we address the real issues. We realise that you’re busy. We realise that you’ve probably got family, kids, partners, sports, jobs. That thing called a job, most people have got a job. And so the last thing that you want to be doing is sitting hour after hour after hour either trying to understand a strategy or, once you’ve done that, being forced to sit there at certain times of the day, or just waiting for that line to cross over that line so you can take that trade according to that strategy. We realise that that is not good. We realise that’s not practical.
Trade in a few minutes a day
We are real traders. We’re real people, all with families, working from home. Our aim at The Forex Trading Coach (TFTC) is to get you to be able to trade in only a few minutes a day if you want to. So if you wanted to trade just the weekly and daily charts, you should really trade no more than maybe 30, 40 minutes in the entire week. And you know exactly when to do that. We have traders here at Forex Trading Coach who just trade 10 minutes just once a week on weekly charts, and that’s it.
You can trade any time frame that you want. And the beauty of the system is it works on all pairs or time frames.
Trade off the close of a candle
But because we are looking at close of a candle, if you’re looking at a close of a daily chart, you know when to go and look at your charts. If you’re looking at a close of a four-hour chart, you know when to go and look at your chart. So, practically, we’re realistic about things. We’re realistic about results. We’re realistic about the expectations as well. So no one becomes disappointed because we’re not out there making claims of making 100% returns in a week or a month. We’re not doing that.
We’re all about real trading. We’re about low risk per trade. We’re about high-reward to risk trades, and we’re about knowing when to trade and what to look for but without taking all of your day to do it. So that’s one part of the equation.
The opportunity to follow us
The other part is, when you’re learning something, there’s nothing better than following someone. And that’s exactly what we offer. We offer our daily trading suggestions. So once a day, you can log in to our membership site on the close of the daily chart and you’ll look at the trades that we’re taking, the specific trades. You look at your charts, see why we’re taking the trades because we explain that. See where our entry and exits are. Again, we explain all those reasons why.
So, over time, you get to understand how that all works, and you can do that by yourself. But while you’re learning, and even ongoing, you can follow along with our trades. Now, don’t forget… You’ve probably heard me say this before, but every single year since I started posting daily trades in 2010, every single year, we have been profitable. So if you did nothing else and just followed once a day, it’s going to take you five minutes to log in, view the trades, and take them on your chats. Five minutes once a day every year has been profitable.
So that’s earning while you’re learning philosophy. Of course, we want you to then go and be able to take that for yourself and learn that for yourself and understand how to take the trades, what to look for. But the earn while you learn, the following along with real traders, is what also helps add to that,
Trades posted on our Forum site and on our Live Webinars
Ourselves and other clients are posting trades on our forum’s site every day. We’re posting trades on different time frame charts on our forum’s site for you to go and view, follow along, see the screenshots, and on top of that, we have our live weekly webinars.
They all get recorded if you cannot attend them live, but you can follow along on those webinars and there is nothing better because don’t forget, on a live webinar, we’ve got no idea what’s happening out there in the market. We’ve got no idea what will happen in the next two hours while we’re on a live webinar. So by hearing us discussing trades, by hearing us and listening to us, interacting with us of the actual process that we go through to go, “This trade’s not bad, but I’m not taking it because of reasons A, B, and C,” or, “This trade here, I’m loving this trade because it’s got this, this, this, this, this, all the things we’re looking for. Yes, I’m prepared to take this trade. This is my risk. These are my entry and exit levels. Here’s the trade. I’m taking the trade. You can watch me take the trade right now.”
By understanding our thought process of how we evaluate different trades, that is invaluable information to help you progress as a trader.
Trading software, Support and the Strategy
So you put all of that together, and of course, we’ve not even mentioned the MT4 and MT5 software, have not even mentioned the actual support that you get. The strategy itself, don’t forget how important that is. But it’s the backup and the information that comes with it that really, really makes the difference.
Free Trading Information for you
If you’d like to know more, I’ve got a lot-size calculator, a risk calculator, available on my site. I’ll put links next to this video or below this video. I’ve got my e-books. You can find out my story from dairy farmer through to forex trader. I hold webinars each week for new traders and webinars each week for the more experienced, frustrated traders. I’ll put links somewhere below this video and on this post. So you can choose any of those that you’d like to take advantage of gaining.
The calculator’s amazing to help you keep your risk controlled and low per trade. The e-books really interested if you’re interested in going through the story of of how you can go and copy what I’ve done, go from your job today through to a full-time trader. The webinars are great information and learning tools.
So, once again, this is Andrew Mitchem at the Forex Trading Coach. I’ll see you this time next week with more trading tips and information. Bye for now.
#349: Removing the Confusion from Your Trading
Jan 19, 2020
Podcast:
Removing the Confusion from Your Trading
In this video:
00:26 – Trading Confusion and how to overcome it
00:55 – Confusion to Clarity
02:00 – Knowing what to look for
02:50 – Feedback from new clients
03:59 – Pick the charts and time frames that suit you
I’m going to try and help you remove the confusion from your trading. Let’s talk about that and more right now.
Hi, traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 349.
Trading Confusion and how to overcome it
Now, I want to talk about trading confusion, and I believe it’s very, very common and I know that because when someone joins our course, I send them an email and find out all about their trading history, so we know how to best help them. And then after a week, I ask them how they’re going with the course and what they’re liking, what they’re finding difficult, and then the same after a few weeks, same after a month, six months, et cetera. So, we get some really good feedback from people about what stage of their trading career and the stage of their journey that they’re at.
Confusion to Clarity
But what I find is that confusion is a big part of what people have before they come to us. And after they join us, clarity and an understanding of the market is a big part of what they gain out of joining the course and a well-proven strategy.
So, I want to expand on that because the confusion is a big problem. You need to understand when are you trading? When are you looking at your charts? At the close of a candle is a very easy thing to do. You probably just heard my charts just alert behind me here. It is now 11 o’clock here Friday morning, so it’s 5:00PM Thursday New York time. So, as soon as I finish this video, I’m going to be looking at the daily charts. In fact, I’ve already had a quick look to see what’s happening, and posting for our clients’ specific trades based on the daily charts. I know that right now I need to look at the daily charts because the candle on the daily candle was closed.
At the same time I can look at the one hour, the four hour, the six hour, the eight hour and the 12 hour charts all at the same time. And so I have clarity of when to trade.
Knowing what to look for
I then have clarity because I know what I’m looking for. Now a little bit like riding a bicycle. Once you can do it, you can do it and you can always do it and you can get back on the bike and you know what to do. But when you’re starting, there’s a lot of confusion going on and it’s very, very difficult because you’ve got to pedal and steer and look out for cars and other bikes, et cetera, and it’s quite difficult to put it all together. But once someone’s showing you how to do it and once you’ve mastered it, it becomes relatively easy.
And trading’s not too dissimilar in that once you have clarity and understanding of what you’re looking for, what pattern you’re looking for, what the set up looks like, knowing which currency pairs you’re favouring, which timeframe charts you’re favouring, all those type of things, it becomes a lot easier. And just wanted to a pick up on that.
Feedback from new clients
Had some feedback forms here from clients. Just wanted to read a few from people who had joined us recently. Feedback from Sarah who said, I learned more in the last week since I’ve joined in the past six months of trying to trade by myself. There’s another one here from Kenneth. Loved the live trading rooms. They’re fantastic. I love the examples and really helps cement how to use the system. I love the emphasis on risk management.
Another one here from Derek who said, I think the content is really well covered. Love how your indicators tie into your method and the indicators incorporate into your trading strategy. Another one here from Peter. The templates are connected to help me understand which timeframes I’m looking at and the use of your technical analysis is really impressive. One here from Tully. I like that I can genuinely feel that you’ve put a lot of effort into the course yourself. I especially like the sequencing of how you teach effects. The parts I liked the most, I feel you’re a genuine, therefore I’m open to learning and really enjoying the course.
So, just some clarity there. So for you, what can you do?
Pick the charts and time frames that suit you
Well, pick the timeframe charts that suit you and find out what works for you. What type of trader are you? Do you like to look multiple times a day at charts? Do you like to sit and look at charts for hours upon end or do you just want to trade maybe just sort of five to 10 minutes once a day? Understand what works for you. Get that clarity about the system you’re looking for, reversal trades, continuation trades. Do you want to look at news trading? Personally I don’t but do you want to? It’s what suits you.
Get that understanding. Get to understand where your stop loss is going to go, where your profit and target’s going to go, are you entering at the market, are you entering at a retracement level? Are you entering a breakout level? What is it that works for you? Get a clarity of the system, the structure, the timeframes, the risk management that works for you. Do all of that and you’ll remove most of the confusion from your trading.
I better go and get these daily trades sorted out as we’ve just turned over 5:00PM Eastern standard time and look forward to helping you with more trading news and information this time next week. Bye for now.
#348: Making 2020 a Fantastic Trading Year for You
Jan 12, 2020
Podcast:
Making 2020 a Fantastic Trading Year for You
In this video: 00:35 – What can you learn from your trading in 2019? 01:10 – We start trading on 13th January and have our trading plan ready 01:27 – Daily trades made +23.87% gain in 2019 02:17 – We know what works and what doesn’t work 03:02 – We promote low chart watching times 04:00 – Daily trades have been profitable every year since 2010 04:23 – Split payment options for you – Our 3 Day Sale this week 05:13 – A performance based guarantee 06:16 – Register your interest for the sale
What are you going to do to ensure that 2020 becomes a fantastic year for you as a Forex trader? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here at the Forex Trading Coach with video and podcast number 348. And happy new year to you.
This is the first video and podcast into 2020. I hope you had a fantastic Christmas and also just a great new year.
What can you learn from your trading in 2019?
Now, moving into trading, what is it that you did in 2019 that you kind of regret? What is it that you did that was good? Have you taken some time to analyse your performance of last year? Have you taken time to go through the charts, look at the setups that you took, ones that worked, ones that didn’t work, and basically go through and create yourself a plan so that this year, 2020 is going to become a great year for you?
We start trading on 13th January and have our trading plan ready
Now, of course, nobody knows what the market’s going to do as we head into this new year, but we’re starting trading next week on the 13th of January, which would be the day that you get this video on podcast. That’s our first day of our daily trades. Now, we all have a plan of what we’re doing heading into the next trading year.
Daily trades made +23.87% gain in 2019
We’ve analysed what we’ve done last year, and by the way, our daily trades that we post for our members made 23.87% for 2019 by risking just half of 1% per trade. So very, very low risk. Our biggest month I think was about a 1.6, or 1.8 I think it was, percent losing month. So very, very low draw down, high consistent returns. Just one timeframe I’m talking about there. Of course, we trade different time frames as well. We post on our membership site about the monthly and the weekly timeframes and on our forum site, on our forum site that we publish trades.
So do other clients of different timeframe charts, trades that we’re looking at. And on our live webinars, we trade anything from a 15 minute chart through to a 12 hour chart depending on the timeframe that’s showing the right setup at the right time.
We know what works and what doesn’t work
But we have our plan, we have our trade setups in mind, we know what we’re looking for, we know what works, we know what doesn’t work. We know about reversal trades, they look really good on the charts, but we also know that continuation trades look not quite so dramatic on your charts, but they have such a high probability chance of being profitable. So I personally much prefer continuation trades because it means I’m trading with the main trend, but after a pullback. And so, for me, I’d always put a higher emphasis on a continuation trade than I would on a reversal trade.
But it’s having things like that in mind. When are you going to trade? What days of the week? What times are you trading? We only trade on the close of a candle.
We promote low chart watching times
And I think that’s really important because, for me, we advocate and we promote living. Look at the view me, if you’re watching the video. We’re out here trying to do things outside, trading 30 minutes once a day, and that’s it. You do not need to sit at your charts watching five minute charts moving up and down all day. You can, if you really, really want to, but I can promise you that you’re not going to be doing that in a year’s time because you’re going to be burned out. Trading and good trading is about having consistency. It’s about understanding what you’re doing. It’s about having low risk and it’s trading on the close of a candle, knowing what you’re looking for, and being able to do this all the time.
Day after day, week after week, month after month, and for us now, year after year. I’ve been trading for 16 years now full time and teaching for almost 11 this coming May. And we’re still doing it and we’re still loving it because we trade well. We are profitable.
Daily trades have been profitable every year since 2010
By the way, our daily trades have been profitable every year since 2010 when I started posting them on our membership site. Every single year without fail we have made money for our clients just copying the daily trades. And, of course, it’s the earn while you learn type of theory going on there as well. So it’s what are you going to do to make 2020 the year that works for you?
Split payment options for you – Our 3 Day Sale this week
If you’d like to join us, over Christmas and new year, I’ve had a lot of emails saying, “Andrew, look, love what you’re doing but can you do some split payments?” Because normally our course is just a one-off fee.
And so what I’m going to be doing between the 15th and the 18th of January, so the week that you get this video, for three days only, we’re going to be offering you three great ways of joining us here at the Forex trading Coach and to take advantage of right now at the beginning of the year and having the full year to trade with us and beyond. What better way for you to start trading? Three excellent ways to join. Two of them will be split payment options. So for those of you that have been asking me about, can we split payments and pay in monthly installments or quarterly installments? This is exactly what you need.
A performance based guarantee
The third option, I’m going to be doing something that no one else that I know of offers in the Forex market and that is we’re going to be giving you a performance based guarantee.
So if our daily trades don’t make a 20% return for you over the next 12 months or more, then we’re going to give you a full money back, no questions, money-back guarantee. The full course fee paid back to you. So that’s the third option there on our three-day sale that’s starting next week, 15th to the 18th of January. No one else does that, that I know of. So we’re basically putting our money where our mouth is. Basically, we’re saying, “Look, we will make a 20% return with a higher percent risk per trade on our daily trades over the next 12 months or more. And if we don’t, we’re going to refund you the entire course fee. No questions asked.” You get to keep all the software, the knowledge, and everything, but also you get the course back. So we try to be fair, which we’re real traders, we’re doing everything we can to help you.
Register your interest for the sale
So if you’d like to take advantage of that, what I suggest you do is you’ll find somewhere on this page a link to register your interest for the sale. Like I said, it’s going to last for three days and that’s it. Once it’s over, it’s over, and then the course is back to the normal one off payment. So that’s it for the course. That’s it for the video.
Make 2020 a great trading year for you, not just an average one, but a great trading year for you. If you need our help with that, if you’d like our help, if you’d like to be part of the amazing team and amazing group of traders that we have from all around the world, you know where to find us, you know what to do.
Thanks again and hope to see you on the membership site really shortly. Bye for now.
#347: Becoming a Better Trader in 2020
Dec 15, 2019
Podcast:
Becoming a Better Trader in 2020
In this video: 00:25 – 2019 has been an excellent year 01:01 – We post our daily trades every day of the trading year 01:50 – Other trades posted on our forum site and taken on our webinars 02:10 – How you can learn to take these trades by yourself 03:16 – Now living in Nelson 03:40 – What can you learn from your 2019 trading year? 04:22 – We aim to create good Forex traders 04:54 – Use the next few weeks wisely to help better yourself 05:27 – We wish you a fantastic Christmas and happy New Year
What can you take from your trading year to help you become an even better trader next year? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with the last video and podcast for 2019.
2019 has been an excellent year
Now we’ve had a really good year, both personally and through the Forex Trading Coach and of course through our many thousands of clients dotted throughout the entire world. Had a fantastic year.
The last few months have been a little bit tougher, but with trading you’ve got to take the bigger picture. Always look at that. Don’t worry about the last two or three trades. Always look at the bigger picture. And so this video is about what we’ve done and also what have you done, and what can you either get help with or what can you learn in order to make 2020 a really great year for you trading wise.
We post our daily trades every day of the trading year
So here at the Forex Trading Coach, every single day of the trading year without fail, we have posted our daily trades on our membership site. We’ve done that for years, but this year was no exception. Every single day around 5:30 New York time; PM when the daily charts close, we post our daily analysis. Now, if you did nothing else than just copied our daily trades this year with only half of 1% risk per trade, like very, very minimal risk, all the stop losses, all profit targets, you’d be up around 24% so far.
We’ve got another week to go, end of today and all of next week, but we’re around 24% right now, which when you consider that’s purely one time frame, very low risk trading. That is very, very good.
Other trades posted on our forum site and taken on our webinars
Now on top of that, of course we post trades on the monthly charts, the weekly charts and on our breakout strategy that we have and all our forum site, we post trades all the time as do other clients. And our live weekly webinars, we’re always taking trades on those. But just the daily timeframe, 24% for the year to date, pretty outstanding.
How you can learn to take these trades by yourself
And so it’s what you’re learning from that is not only the gain of that monetary gain, it’s what you’re learning education-wise of how to take these trades.
Why to take these trades, what trades to take, what to learn from them, where to put your profits and stops, all that type of thing. So really good. On the Forex Trading Coach website itself, free information has been posted free to everybody every single day as well. Strength and weakness analysis where we’re looking at different currency pairs going strong or weak for that upcoming day every day without fail this year we have posted that analysis as well.
And it’s what we’re about, we’re about consistency about quality, consistency, low risk, high reward to risk. But for you to help you with your trading, that free information that is there and even if you’re not a client, free information is there. Of course clients get more and they get specific trades and to do with the strategy. But for everybody else, there’s free information there. There’s of course our ebook, our calculator, our webinars that we have, which by the way are on demand as well in there. So lots and lots of information to help you.
Now living in Nelson
From a personal point of view. We’ve moved to Nelson in the South Island just last week. So this is my new home, new surroundings here, and very much looking forward to spending the summer, of course it’s summer here around Christmas, new years in New Zealand. So looking at having a really nice break, just a break away from trading for a few weeks just to refresh and be ready to go for next year.
What can you learn from your 2019 trading year?
So what is it that you can do over that Christmas and new year break to improve your trading? What can you take from this year? Maybe things that you did well, maybe things that you didn’t do quite so well. What is it that you can take from that to become a better trader, a more consistent trader going into 2020 and beyond?
Write down a few things that you’re struggling with. Maybe email me some questions. We’re here to help, so just reply to this email or look on the email that comes with this video or just send me an email, andrew@theforextradingcoach.com or get hold of me via my website and the support link on there.
We aim to create good Forex traders
Because we’re about creating good traders. That’s what we want. We don’t want gamblers, we don’t want people who are erratic and emotional. We want good consistent traders. And that’s what we aim to teach to our clients.
But of course if you’re out there just wanting to get some information and a few trading tips and information, just email me. Email me your issues that you have with your trading. And either next year I can make some videos for you or over Christmas and new year, I can just, when I get time, email you back with a few ideas to help you.
Use the next few weeks wisely to help better yourself
It’s really important that you spend this time now where the market’s going to go a little bit quiet and why you’re more likely to have a little bit of time off to to do this.
It’s all well and good that everybody’s sitting in front of a TV watching repeats of films that were made 30 years ago. But isn’t it a better use of your time if you are interested in trading to learn how to better yourself for next year? Great opportunity. Don’t miss this opportunity and also don’t miss the opportunity to take advantage of emailing me for any help that you need.
We wish you a fantastic Christmas and happy New Year
So once again, this is Andrew Mitchem, the Forex Trading Coach. On behalf of all of us here on behalf of Paul, who’s over in the US. Nikolai, who’s over in London, who by the way speaks Russian and helps our Russian clients. Mel, who’s over in the Philippines, have amazing tech support there. So we’ve got the world covered.
On behalf of all of us and all of our families, have a great Christmas, a wonderful New Year and we look forward to seeing you for more trading tips and information, and helping you becoming a great trader in 2020. Bye for now.
In this video: 00:25 – We’re not geographically restricted 01:15 – All about Nelson 02:05 – What’s the freedom worth to you? 02:47 – Plan now as we head towards the end of the year
The great thing about trading Forex is you can trade from anywhere. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 346.
We’re not geographically restricted
Now trading is quite unique… Not many businesses, not many industries out there that you are not geographically restricted with. It’s one of the awesome benefits of trading Forex. We are moving, so tomorrow is our last day in this area… It’s what’s called the Waikato. It’s a an area South of Auckland in the North Island of New Zealand. Been around this area, originally came here for dairy farming reasons and we’ve lived in this area for around 22, 23 years and it’s now time for a change. So by the time you get to watch this video and podcasts will be many, many hundreds of kilometres away. We are moving to Nelson, which is in the very top of the South Island. A big move. Lots to get done, but really looking forward to the challenge and and a change.
All about Nelson
So reasons we’re going there? Well, Nelson’s just a fantastic place in itself. It’s the sunshine capital of New Zealand. It’s right on the coast near awesome beaches, incredible scenery, absolutely amazing scenery. You’ve got mountains, you’ve got beaches. Craft beer capital of New Zealand, lots and lots of hops grown around there, which would suit me massively. The wine capital of New Zealand where you hear about the famous New Zealand Sauvignon Blanc is all around that area, the Marlborough area of New Zealand. So lots of great reasons to go there. Awesome weather for flying the helicopter and really looking forward to that. And my wife and our daughters are into horses, so great horse tracks, great horse weather as well. So lots and lots of good positive reasons why we are going there.
What’s the freedom worth to you?
But the reason I wanted to make this is to just say to you, look, what’s that worth to you? What does that geographic, or that lack of that geographic, restriction worth to you? You see all you need to trade really is like a reasonably good internet connection and a laptop. I mean you can trade even using like your phone… Not on your phone, but you know, you get your hotspot working on your phone and that’s all you need to power your laptop. So you know, it just has so many benefits. The ability to be remote, the ability to be wireless, the ability to be non-geographic specific.
So again, what’s that worth you? What does that have as value?
Plan now as we head towards the end of the year
My suggestion is now as we’re heading towards like the end of the year is have a good serious think about that, you know, and what is that education, that knowledge worth to you to be able to go from maybe where you are now to becoming a Forex trader? But don’t expect to do it straight away. You know, this takes a long time to get to establish and get to work properly.
So really it’s about that… What can you do now in the short-term? What can you do over, even like the Christmas/New Year time where you may have got a bit of time off work, you may have got a bit more sort of free time to be able to learn something new, to be able to study something. So that little bit of short-term work and effort right now for that bigger picture, longer term goal of that freedom or that financial freedom, that time freedom or that geographic freedom.
So have a think about that and look forward to catching up with you this time next week where I’ll be making my video from Nelson. So after 22 years in the Waikato, the Hamilton area of, of New Zealander, it’s bye for now and I’ll see you this time next week in the South Island.
#345: The Value from Being Part of a Trading Group
Nov 24, 2019
Podcast:
The Value from Being Part of a Trading Group
In this video: 00:29 – What happens when you join a group 00:59 – It’s a lonely business 01:25 – Feedback from our trading community 02:17 – What our new traders like about the course 03:23 – The value of being in contact with other traders 05:40 – No-one learns from being lectured 06:20 – Cyber Monday 2019 sale – a great opportunity
Never underestimate the value of being part of a group of like-minded Forex traders. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 345. Got two really important points to cover in today’s video and podcast.
What happens when you join a group
The first is all about understanding and appreciating the value that you get as a trader when you’re part of a group. You see, when we start trading, we’re pretty much on our own. Most of us are on our own. We start on our own. We’re either working from home, you could be working from work as part of your office, on your phone, whatever it might be, but you’re generally working by yourself when it comes to your trading, your learning process. You’re researching online. You might attend a course, but then you’re back home after doing that course.
It’s a lonely business
So very lonely business, quite honestly. It really is. A lot of people don’t understand what it is that you do and a lot of people probably doubt what you’re doing is good and then you start doubting yourself. So a very lonely business indeed. And a lot of people give up with that and they start blaming the market or the broker and things like that.
Feedback from our trading community
Now, I wanted to show you some or discuss with you some information that we’ve had back from some new traders. You see here at The Forex Trading Coach, we value the whole community. Being part of a team, part of a big group of people, all are here to help each other and to help learn and to help each other becoming successful. That’s what we’re about, and it’s what we really strive to get out of, all of our clients are getting a part of a big group to all participate, all taking part.
And as part of that we send out emails with forms, progress forms, to just basically checking on how people are going. Where they’re struggling with, where they’re going well, what that they need help with, that type of thing. And so I’d like to read three progress reports that have come through just this week from clients that have joined in the last few weeks. And it’s really interesting because what question number seven that we ask is, please tell me what aspects of the course you like the most.
What our new traders like about the course
So Brian wrote and said, “Look, I’m loving the video course and the transcription because it helps me with the key points, and certainly in the past I’ve struggled with these points about understanding a strategy.” And now he’s saying that with the video course he can go and watch them, rewatch the videos as often as he likes, and really understand the whole key strategy. So that’s from Brian.
There was one here from Andrew made a number of points. Said, “I’m loving the position sizing and the money management and risk. It’s where most traders fail, and I now have a system I can understand. I’m also enjoying the candlestick analysis and price action. It’s just what I needed.” And a third point he says is, “One thing I’m really liking is the success stories that you put out there interviewing other traders who have struggled to make trading work for them in the past. Now they’re taking your course and have been able to become successful.”
The value of being in contact with other traders
So that’s from those two, but the one I really wanted to bring out here as part of the group is from Austin. And Austin says, “I like the forum a lot. While I feel that right now my trading abilities are lacking to contribute to it, it’s nice to get the opinion of the more experienced traders out there and talk through a potential trade. I really like the strategy of trading the longer timeframe charts as I work running my business as a builder. I can only check in a few hours throughout the day due to being in construction. I don’t have access on my phone, but it’s great being able to place trades on the weekly, and the daily and if the opportunity arises, on the 8, 6, or 12 hour charts in the morning. So great to be able to have that kind of feedback.”
And so that’s just come through just here from people that have joined us recently. So what can you take away from that? Well, to me it’s all about the importance of being part of a group and how that can really, really help you. So never underestimate that. I think it’s really important that you get that as part of the package. We have the forum site where we have the chat area and people posting trades on trades that they’re taking throughout the day, and it’s monitored 24 hours a day. And that’s the thing, we’ve got people monitoring that forum site and being able to contribute, plus of course other traders on there all contributing as well.
And it’s the same with the forum site, it’s exactly the same with the live weekly webinars where we’re trading on live accounts in real time. So you have the ability to type in and ask us questions as we’re there discussing things in real time, so it’s really important that you get part of the group there. And on those webinars, it’s not just, say, myself or Paul just preaching, this is what you should do and this is what we have done. It’s us asking everybody else who’s attending those webinars about trades. Look, here’s the potential setup. Do you like it? What do you like about it? What do you don’t like about it? Would you take the trade? Yes, no, where are we putting our entries and our exits? All those types of things. So we make those webinars, those live webinars, really, really interactive because that’s when we find that when the clients participate the most, that’s when they get the most out of those webinars rather than it being just a lecture.
No-one learns from being lectured
No one really learns from lectures. You think about school or university and some lecturer at the front, just rambling on and on and on, and half the time you fall asleep and you don’t really take it in. If you participate and you’ve been asked for feedback and you’ve been asked for questions and your opinion, then you have to understand what’s happening in order to give that feedback and that’s when you then learn the most. You make mistakes, yeah, but you make an understanding. You gain an understanding of what it is you should be looking at.
And I see my screen’s just gone blank behind me here, so let me just put that back on. My charts have just closed down, so that’s the first part of the video.
Cyber Monday 2019 sale – a great opportunity
The second part of the video is all about a very exciting opportunity for you to be able to join us here at The Forex Trading Coach as part of my Cyber Monday 2019 sale. It’s going to be a 12 hour sale. I’m not holding another sale this year. I’m not holding a Christmas sale or anything like that. I do and have done every other year. Reason being I’m moving house in a few weeks time, and so we’re going to be holding a 12 hour sale on Monday the 2nd of December. It could be Tuesday the 3rd depending on where you live in the world, but it’s 12 hours only and that’s it. I’m moving house from where I am right now in Cambridge, in the North Island, down to Nelson in the South Island.
Big, big move for myself and the family. Lots to get done, so we’re not going to be holding any Christmas sales at all. This is your last opportunity to jump on board at a great price, crazy price. There will be a link on this page somewhere that will give you the opportunity to register your interest. You’re going to get access to the entire full course. Everything that we’ve developed and put together over the last 11 years will be given to you, so nothing’s missing just because it’s a sale. It’s the full course, the full five star rated course. Go and have a look on Forex Peace Army, do some research online, and you’ll just see that over the last nearly 11 years we’ve helped thousands and thousands of Forex traders.
If you’d like to be part of the group or you’d like to be part of our community, and understand if you appreciate the value of being part of a group and having access to other traders and to full-time traders, then it really is a great opportunity for you to take advantage of. So you’ll find the link somewhere on this page. Click on it, register your interest, and then keep a lookout for our emails that follow from there.
So hope you enjoyed this video, and like I said right at the very beginning, do not underestimate the value of being part of a very good group. It’s highly, highly important to your trading success. So this is Andrew Mitchem at The Forex Trading Coach. I’ll see you this time next week with more trading tips and videos and podcasts. If you have anything else that you’d like me to discuss on future videos and podcasts, just send me an email, andrew@theforextradingcoach.com. Bye for now.
#344: Not all candle patterns are equal
Nov 17, 2019
Podcast:
Not all candle patterns are equal
In this video: 00:32 – Why are the candles not making me money? 01:10 – Understanding technical analysis to help your trading 01:55 – Taking the high probability trade setups 02:24 – What are we looking for? 02:55 – Further in-depth analysis 03:54 – The extras we look for and teach our traders to do 04:50 – Trading from the right hand side of the chart is when you make money from trading 05:30 – Moving house and Cyber Monday sale 06:25 – Register your interest in the Cyber Monday sale
Not all candle patterns are equal. There’s a big difference between what works and what doesn’t work. Let’s talk about that and more right now.
Hey forex traders, it’s Andrew Mitchem here, at the Forex Trading Coach with video and podcast number 344.
I want to talk about candle patterns and how I can help you to select the best patterns.
Why are the candles not making me money?
You see, I’ve received an email just this week from a guy who said, “Hey, Andrew, done lots of research online. I’ve been looking everywhere. I understand candle patterns. There’s 12 that I’ve identified. I spent a lot of time at my charts looking at them, taking trades off them, but the problem is I’m still not making any money. Can you help me and identify what my issue is?” Now, when I delved further into this, I realised that this guy six months ago started looking at candle patterns and he spent a lot of time looking at YouTube videos and just looking at sites online and forum sites, et cetera.
Understanding technical analysis to help your trading
He had done a lot of research in defining these 12 patterns, the problem is that not all candle patterns are equal. You need to understand that, and you need to understand a lot more information about technical trading rather than just saying, “Oh, here’s a pin bar, or here’s an engulfing candle, and I’m just going to trade it because it’s a pin bar or an engulfing candle.” You cannot do that. That will not make you money. You can go and look at your charts. Have a look at the chart behind me, there’s engulfing candles and pin bars and hanging man and all those different patterns that you hear about and candles that you hear about all over your charts. The problem is you can’t just take every single one of them. It’s just not going to work. There’s a lot more research, a lot more finesse that you need to do into understanding them and what makes a good candle pattern.
Taking the high probability trade setups
So for me, it’s all about getting high probability trade setting up. I want to take less trades, but high probability. What I’m grading is like A and A plus quality setups. Less is more, but it’s all about identifying what it is about that candle, where it occurs within the chart, what part of the chart it’s in, what the price is doing. It makes it from just an engulfing candle to yes, this is a high quality setup.
What are we looking for?
So it’s all about things like looking at the previous trend, has there been a trend line break? Has there been previous exhaustion? What level has the candle bounced at? If it’s a sell trade, has it bounced at a resistance level? Is that a random number or a pivot point? Is it a previous high? It could be all sorts of manner of things that we’re looking for, but it’s identifying that and seeing why that candle has bounced at that level.
Further in-depth analysis
You identify what potentially could be a good setup, and then it’s a case of, well, looking into that further, do I have stop loss protection? Am I just going to place my stop loss higher the candle or a fib level. But if you have things such as like round numbers in the way or previous highs or the pivot point or the middle Bollinger Band or things like that, things in the way of that candle. So if you’re taking a sell trade, if the price does retrace, which quite often it will do, is it going to then not go and hit your stop loss? So it’s understanding, do you have that in your favour? Exactly the same, but with the profit target. You’re looking for a sell trade, and you’re looking for the price to head down.
What is in the way of your profit target? Hopefully nothing or not very much, but you can’t put your profit target if it’s obviously below the last swing low or below the pivot point or below a round number, things like that. You want to do yourself a favour and give yourself a high probability chance of success.
The extras we look for and teach our traders to do
So when I’m analysing and when I teach people to analyse candle shapes, candle patterns, it’s not just about, “Here’s an engulfing bar, take a sell trade.” There’s a lot more that goes into it than that to give yourself a good, high quality chance of that being a good profitable trade. We add strength and weakness analysis into it, so we’re trading with the likely daily or likely weekly direction depending on the timeframe chart that we’re trading. All those extra things go into it.
And that’s something that, realistically, a lot of screenshots and a lot of historical videos cannot teach you, and that’s why we have things in real time. That’s why we publish our daily trades every day on our membership site, which by the way have been profitable every single year since 2010. It’s why we have our forum site. It’s why we have live weekly webinars as well, where we trade in front of our clients. It’s all about understanding things in real time, and that’s a big part of trading.
Trading from the right hand side of the chart is when you make money from trading
Trading from the right hand side of the chart is what is the difference between making money and not hindsight trading, economists, screenshots. All that type of stuff might look very pretty, might look very impressive, but quite honestly, most of it is a waste of time. You have to be able to trade from the right hand side of the chart, see the trade, understand that yes, this is a good quality set up according to what our rules are and actually take the trade, and that’s the difference.
You can’t make money out of what happened months ago or even several hours ago by looking at hindsight. You can only make money from taking a trade right now. Is this a good trade? Yes or no? So I hope that helps.
Moving house and Cyber Monday sale
Now leading on from that, I’ve had a number of people ask me if I’m going to be doing an end of year sale, Christmas sale, New Year sale, and I’m not, because I’m moving house in a few weeks from now. I’m moving from the North Island to the South Island of New Zealand, big, big move. A lot’s going on. But what I will do is I’m going to be holding a Cyber Monday Sale, Monday the 2nd of December. It could be Tuesday, the 3rd of December, depending on where you live in the world. It’s going to be 12 hours only. I will put a link below this video or somewhere on this page so you can register your interest.
It’s going to be my only sale at the end of the year, no Christmas sale or anything like that for me this year. It’s a 12 hour sale, Cyber Monday. Take advantage of it if you’d like to join us, and come and learn how to trade these candle patterns effectively and profitably. Low risk, high reward to risk trades, what you need to do in order to make money out of the forex market in real time.
Register your interest in the Cyber Monday sale
So once again, register your interest. It’s going to be a great opportunity for you to join us. We’ve been around for nearly 11 years. There’s a lot of proof, a lot of history, a lot of different market conditions help thousands and thousands of traders from 58 countries at the last count, all around the world, all different levels of trading, knowledge and experience, different time zones, all those type of things. We’ve helped so many thousands of traders.
If you’d like to join us, it’d be great to have you on board, register your details, and I’ll send you more information once that is ready. So make a note on your calendar, Monday, the 2nd of December it’s Cyber Monday for our 2019, the only sale this year for me. So look forward to helping you and look forward to also bringing in more trading tips and information this time next week. Bye for now.
In this video: 00:46 – You must preserve your capital 01:08 – To help as many traders as we can 01:37 – 10 years of profitable trades on our membership site 02:51 – Forget about making pips 03:17 – The problem with most traders
Looking to protect and preserve your capital is key to becoming a good trader. Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 343. I thought I’d come outside today. We’re still in Cambridge in the North Island. Cherry blossom throughout the entire street, absolutely beautiful in springtime this time of year. We’re moving down to Nelson in the South Island at the beginning of December. So while here, I thought I’d just come outside and take advantage of this. So, if you are on the podcast, sorry, but you can’t see the beautiful trees behind me.
You must preserve your capital
Let’s get back to the topic in hand about preserving capital. You see, most traders lose capital. It’s hard money that you’ve earned to get into your trading account. Why blow it? Why do stupid things to throw it away? As traders, we’ve got to understand that we’re in a business here. You’ve also got to understand that the stats suggest that about 90% of traders lose money. So, here at the Forex Trading Coach, we’re about turning that around.
To help as many traders as we can
Our mission is to help as many traders as we possibly can. And our mission, also, is to help traders preserve their money, preserve their capital, so they can enjoy trading and understand and gain the benefits that trading offers, but only once you understand and know what you’re doing and have confidence in your strategy.
There’s many things that we do here at the Forex Trading Coach in order to help our clients, not only have a strategy, of course that works, is that we post daily trades each day of the week.
10 years of profitable trades on our membership site
And over the last 10 years I’ve been publishing those trades every single day for 10 years of the trading week. And do you know, not one single year have we lost money? Every single year for 10 years we have been profitable.
Now, the power of compounding, and you probably know about it. If you took $100,000 back in February 2010 when I started posting those daily trades, today here into November 2019 your $100,000 with compounding, and only risking half of 1% of your account per trade, your $100,000 would now be worth 1.65 million. Quite outstanding considering they are all trades that have been published. They’re all trades that take about maybe 5 to 10 minutes once a day for you to put on your platform. And it just shows the power of compounding, the power of high reward to risk trades and the power of low risk per trade.
And that’s, again, comes back to preserving capital. Because we have live webinars. In fact, I’m holding one tonight for clients in the European session. It’s night my time. We have trades posted on our forum site. We do all these things that we can to help clients understand what good trading is all about, and to actually help them to earn while they learn.
Forget about making pips
But the other thing is, of course, you never hear us talking about pips. Never do we talk about, “Oh, we’ve made this number of pips,” because it really doesn’t matter. For us, it’s about having low risk per trade. In other words, a half percent risk per trade maximum. High reward to risk. So, if we’re making a three to one, let’s say, it means we’re risking half a percent and if we have profitable trade, we make a 1.5% account gain. And that is really, really important that you can do that.
The problem with most traders
And also, there’s a phrase that someone told me the other day, and it’s a really good phrase. And it was about the problem with most traders is that most traders, unfortunately, they lose their money like they’re on an elevator and they gain money like they’re on stairs. In other words, big drops, small incremental gains.
And what we need to do and what we try to do here at the Forex Trading Coach is to turn that around. It’s really important that you do that. It’s really important that you have high reward to risk trades, and it’s really important that you gain like an elevator, good fast gains. And then when you have losses, which we all do, we have small incremental losses. Small losses, big gains. And that’s what good trading is about, that’s how you protect your capital.
So I hope that helps. Once again, this is Andrew Mitchem here at the Forex Trading Coach. I’ll see you this time next week with more trades and information to help you becoming a great trader. Bye for now.
In this video: 00:27 – Is scalping a good idea? 01:22 – The reality is different 02:22 – Having small stops is not important 03:09 – Can be affected by news and emotions 03:26 – Sustainable and enjoyable trading 04:26 – Don’t get glued to the charts 05:30 – Don’t forget the US clocks change this weekend 06:13 – Email me your questions
Should you consider being a Forex scalper? Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 342.
Is scalping a good idea?
I want to talk all about scalping. You see, I’ve received an email this week from somebody that said, “Look Andrew I’m new to trading but I’ve heard about scalping. It looks really, really good. Should I be a scalper?” They said the advantage is that they saw is that your stop/loss needs to be smaller, it’s quicker to make profits, to make your pips. You can actually be in and out of a trade really, really quickly. They thought it was just a fantastic way of trading.
Now, the part to take from that is the person who wrote the email hadn’t really traded yet. But it just sounds good in theory, doesn’t it? The difference is that in reality, to me in my opinion, scalping is not the way to go. Now, I’m not saying it doesn’t work and of course it can work. It’s like anything. It can work if you want it to and if it suits you as a trader with your personality. However, I would strongly suggest that for most people you don’t look at scalping.
The reality is different
You see the thing is your stop/loss being smaller, that doesn’t matter if you control your risk properly. Making more pips and making pips quickly, well you’re making pips it doesn’t matter really to you if you’re making a trade in like sort of two minutes or whether it’s two hours or 12 hours. It shouldn’t really matter. The aim is to actually make the profit, not how quickly you can do it. Also the thought process of scalping of being in and out of the market really, really quickly, the problem is is that reality is that you have things called spreads. Every time you take a trade, the spread or the commission is paid to your broker and if you imagine you’re taking, let’s say for example a 10 pip profit target, but your spread is two or three pips, that really cuts into the trade. Of course, to make 10 pips you’ve really got to make 12 or 13 because of your bid and ask differences. So it becomes a real issue. Having small stops is not a great thing.
Having small stops is not important
It might sound good because you think you’re losing less, but the thing is that if you actually use correct money management, your position size is what effects the outcome of the trade. It shouldn’t really matter whether the stop is 10 pips or 100 pips. It doesn’t matter.
So the other hard thing I’ve always found in the past is that reward to risk out of scalping trades is very, very difficult. If you think you’re going to have a small stop/loss of let’s say call it 10 pips, and reality is therefore you’re only sort of seven or eight pips away from being stopped out as soon as you place the trade, because again the spread, you’ve got to get yourself like 20 to 30 pips out of that trade to get yourself a two or a three to one reward to risk trade. Now that’s all the technical trading side of it.
Can be affected by news and emotions
You get news and events, you get spikes in the spreads, et cetera. All those type of things that really if you have a small stop/loss or you’re in and out of a trade real quickly, emotions come into it. All those things come into it that are a bigger picture of reality than the theory.
Sustainable and enjoyable trading
Also, is it sustainable? So here at the Forex Trading Coach, I’ve been posting on our membership site for nearly 11 years, every single day without fail, the daily trade suggestions that we post to our members. So after 11 years of doing this, I can promise you the only reason that I’m still doing it now and still enjoying doing it is because it’s manageable and sustainable because it’s looking at the daily charts once a day. By the way, every single year to date, including this current year 2019, we have been profitable every single year on our daily trades, without fail. So the reality is most people out there when they start trading they think they want to become full time traders straight away. The reality is that’s not going to happen. For the vast majority of people, that’s not going to happen. You can become a full time trader but it will take time, dedication, effort, commitment to get to that stage. Like with anything.
Don’t get glued to the charts
So think of it this way: if you’ve gone into trading, most likely you’ve got yourself a normal 9-to-5 job or some form of self-employment, some form of job. If you’re retired you’ve probably got other things going on. The reality is that for most people you don’t want to sit there at your computer, either for a set number of hours or all day, every day just watching charts going up and down, scalping the market. It’s just not enjoyable, it’s not sustainable. As someone who’s been trading for 16 years I can tell you it will lead to burn out. You have to trade, in my opinion, with high quality trades, less trades and have something that’s enjoyable, sustainable that you can do day after day, month after month, year after year, and be profitable and enjoy it. Because that’s the way you’re going to last as a Forex trader. Not only actually enjoying it, to want to do it, but to make money out of it.
So the harsh reality is that in my opinion, is that scalping is probably not the way to go forward for most people despite all the things that look good about it.
Don’t forget the US clocks change this weekend
So one more thing, we have the US clocks changing this weekend, on Sunday 3 November. We’ve just turned to November today. That means that the 5:00 PM Eastern Standard Time open and close chart time, which is New York time, if you’re outside of America or Canada, your 5:00 PM New York time and your local time will be one hour different starting on Monday of next week when you get to watch this video. So the good thing is that once you’re settled in, everything stays consistent through to about March or April of 2020 when the clocks all change again.
So that’s it for this week. Hope you’ve enjoyed the video and podcast.
Email me your questions
Any questions that you have, please feel free to email me andrew@theforextradingcoach.com. I’ll see you this time next week for more trading tips and information. Bye for now.
#341: Having the Right Mindset to Trade Well
Oct 27, 2019
Podcast:
Having the Right Mindset to Trade Well
In this video: 00:29 – Controlling your emotions as a trader 01:12 – Made money every year since 2010 02:06 – The problem with a small sample of trades 02:42 – Look at the bigger picture 04:49 – Understanding win rates
Trade psychology is a massive part of trading, and it will make a huge difference to your overall success if you can master it. Let’s talk about that and more right now.
Hey, Forex traders. Andrew Mitchem here at The Forex Trading Coach with video and podcast number 341.
Controlling your emotions as a trader
I want to talk about a very, very important topic, and it affects probably most all traders. It’s all about trade psychology, and how you can control your emotions, and how what goes on in your head has a massive impact on the overall outcome of your Forex trading journey, whether it’s going to be successful or not.
It comes down to a few things that you can do to help yourself and improve things. You see, unfortunately, as traders, most people expect instant results, winning trades, high win rates. They don’t like losses, they cannot accept losses, and they jump from system to system. Unfortunately, people do this all too often and all too quickly.
Made money every year since 2010
And I even see it here at The Forex Trading Coach. If you did absolutely nothing else, if you joined our course, did nothing else other than copy my daily trade suggestions each day of the week, which was going to take you five minutes once a day at most to do, you’d make money. Absolutely guarantee you’d make money, and how do I say guarantee that? I know that because since 2010, every single year, we have made money on those daily trade suggestions, and so it just shows how big an impact psychology and your mindset is because it doesn’t matter how many graphs I can show people of all these winning trades consistently over time. People still decide to offer a couple of losing trades to give up or to change systems, or it doesn’t work, and it’s a real shame because we’ve proven that.
The problem with a small sample of trades
You see, the problem is if you strike a system and have like a small sample of trades, and you have some winning trades, you think the system is marvellous. You strike that same system and have a small sample of a few losing trades. You may have been seeing all these previous fantastic trade results that someone like myself has shown you, and then you go and trade the system live, and you have a few losing trades or even a losing month, and people give up. That’s a real problem in trading. it really is a massive problem.
Look at the bigger picture
You see, you have to look at trading as a bigger picture, even on our daily trade suggestions. By the way, there’s just one timeframe chart. That’s all this is. You’ve got all the other timeframe charts that we talk about that we post on our forums site, on our live webinars. We put the weekly and monthly chart trades on our membership site as well. I’m just talking about one timeframe chart, daily trades. That’s all. That has made money every single year since 2010, and so it’s just mind-blowing why people don’t just continue to follow that. You would have made money month after month.
I went back through my records just now. The biggest losing months since 2010 was in February 2014 when we lost 5.15%. We went backwards just on the daily trades, 5.15% negative. That’s the very worst we have done, and here we are almost at the end of 2019. That’s the worst because we’re trading with low risk, half of 1% risk portrayed, high-reward risk, so it’s a proven H, and as I mentioned, one timeframe. That’s all that is. You can go on and take the same strategy, the same methodology against all other timeframe charts when you see suitable trade setups.
So it really is amazing how that can affect people, but it’s important that whatever your strategy, whatever your system, you analyse it over time. You look at a big sample of trade numbers. You look at a big period of time, length of time before making that decision to go, “You know what? This doesn’t work. I’m going to change on to something else,” because small samples are dangerous. Random events happen too easy to say, “Yeah, this is magic,” or too easy to say, “This is terrible,” so you need to have a good strategy with an edge, with high reward to risk.
That’s exactly what we have, and it’s proven since back in 2010. I’ve been trading that personally since way before that, but on our membership site, we have all the trades taken back from that date right through to today.
Understanding win rates
So understanding win rates, accepting that your win rate is not always going to be massively high. Don’t worry about having a win rate of 90% winning trades because most of those systems, you end up losing overall anyway because they have lots of small gains, one big loss. Lots of small gains, one big loss. They generally go backwards. You’re going to find that your best trading strategies have somewhere between about 40% and 60% will be my estimate. 40% to 60% winning rate for their trades, yet they have high reward to risk, so important balance that you understand.
Now, of course, if your system has a 40% or 50% win rate, that does affect your head. You know that’s psychologically quite hard to understand from time to time when half the trades that you have are going to be losing trades, but you need to know that consistency of doing this time after time. Again, history is proven, number of trades are proven, and that if you stick to the system and the methodology with the edge that you have with the high reward to risk, that you will do very, very well from it if you stick to it.
So I hope that helps. A bit of trade psychology, a bit of mindset there. You can have the best system in the world, but if you don’t trade it, just look at the turtle traders example. If you stick to a system that’s proven, it will work, and that’s exactly what we have here at The Forex Trading Coach, so I hope that helps.
Once again, this is Andrew Mitchem and The Forex Trading Coach. I’ll see you this time next week for more trading tips and information. Bye for now.
In this video: 00:22 – What do you get with a course? 00:41 – Someone I follow 01:22 – No-one needs more information 01:50 – What do you get at TFTC? 02:52 – Get access to our wisdom and knowledge 03:57 – Contact me with your questions
I’m going to explain to you why courses do not work. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 340.
What do you get with a course?
This is all about why courses do not work. Now, you might be thinking, “Hey Andrew, that’s a little bit odd. Bit of a strange topic of conversation coming from you, as someone who is online, who actively has a course. And now you’re telling us courses do not work.” Let me explain more.
Someone I follow
I follow a guy online who has courses online also. Nothing to do with trading. He’s more of a business coach. But an email came through from him yesterday and it’s all about why courses do not work. I’d like to just read a little bit from that email to explain further what I mean and how it can also help you.
Here we go. He says, “I bought courses all the way from $7 up to $35,000. Some were great, some were terrible. But after spending over $100,000, I have to confess, courses do not work. But often they do give you something that does work, and that is access.” I’ll explain more. He goes on to say, “You see, none of us really need more information.
No-one needs more information
We’re overwhelmed, overloaded with information. It’s everywhere. Most of us are drowning in information. But more information, what that does, that leads to options and options leads to confusion. However, when you have access, that gives you the thing that really initiates change, and that’s wisdom.” And he says, “Wisdom is simple, applied knowledge and experience. But more information gives you more options or confusion, where a specific wisdom gives you clarity.”
What do you get at TFTC?
So it got me thinking. Here at The Forex Trading Coach, what do you really get? Well, of course you’d get a course and a strategy and software and webinars and all that type of thing that you know that you’d get and know that it’s good because it’s been around for 10 years and it’s got a five star rating. But what you really get is exactly like that email says. When you join us at The Forex Trading Coach, what you do get is access to wisdom. You get access to full-time traders. You also get access to other people just like you who’ve thought about investing in a forex course and actually have gone ahead and done that, who are now actively trading the system.
So you have access to ourselves as full-time traders and mentors and coaches, but you have access to that wisdom of other people all around the world who are sitting at home just like you, who want to become good forex traders. Not everybody wants to become full-time, but people just want to master the art of trading forex. That is the wisdom that you do get access to as part of The Forex Trading Coach community that we have.
Get access to our wisdom and knowledge
When it comes to us as full-time traders, you’ve got myself who’s been trading 16 years, we’ve got Paul over in America who’s been trading since 2005, so 14 years, we’ve got Mikalai based in London who’s been trading since 2012. That’s what, seven years. So all up, 37 years between us. I’ve been coaching for over 10 years, but 37 years of knowledge and wisdom from just the three of us as traders. Then on top of that, all the knowledge and wisdom from active traders just like you.
So have a think about that conversation, that email where he says, “Courses don’t work, but they give you access to clarity, access to wisdom.” That is really, when you think about it, what you get when you join a well respected and well established trading course.
I hope that helps. Just a little bit of a different take on things this week. But just if it may just get you thinking about the actual value that you get, access to that knowledge and that wisdom, it’s really important. So I hope that helps.
Contact me with your questions
If you’d like any other topics discussed, just send me an email. Andrew@ForexTradingCoach.com. I’ll see you this time next week. Bye for now.
#339: Where to Place Your Profit Target
Oct 13, 2019
Podcast:
Where to Place Your Profit Target
In this video: 00:24 – Trading from Nelson, NZ 00:48 – We talk about stop losses but what about profit targets? 01:30 – What you should not do 02:10 – How do you know where to place your profit target? 04:14 – Trading the longer time frame charts 06:07 – Contact me for more details about how we can help you
Do you know where you should be placing your profit target and why you should be placing your profit target at that level? Let’s talk about that and more right now.
Hey, traders. It’s Andrew Mitchem here from The Forex Trading Coach with video and podcast number 339.
Trading from Nelson, NZ
Coming to you from Nelson in the South Island where we’re just setting up here. I’ve got a webinar tonight for clients, and just setting up in a new property that we’re moving into, and not quite there yet. We’ll be here properly in a couple of months from now, but just getting things set up in the office here. Hence the change in the background and just the two screens, not four.
We talk about stop losses but what about profit targets?
So yeah, we want to talk about profit targets. We talk a lot about stop losses. And stop losses, of course, are very important, because without a stop loss you’re not protecting your trade, and without knowing where you’re putting your stop loss, you don’t know the position size you need, the lot size you need to keep your risk equal.
But also another very difficult part of trading is where to put your profit target and why, and how do you decide where to put your profit target? What determines that? Does it determine by the currency pair, the timeframe, the conditions at the time? What is it that you do to determine that? And you can’t just sort of make it up on the go. You’ve got to have a bit of a plan about this.
What you should not do
And also, we talk a lot about high reward to risk trades, and it’s very important that you don’t just go, “I’ve got a 20 pip stop loss, so I need to put a 40 pip or a 60 pip profit target,” simply because you hear me talk about you need a two or three to one reward to risk trade. It’s important that you don’t do that.
Yes, you need high reward to risk out of your trade, but you need to also put your profit target at a level that’s a sensible level for a reason for that trade at that time. And that might be different depending on the currency pair or the timeframe, market conditions, et cetera. So how do you know?
How do you know where to place your profit target?
So it’s really important that we get this right, because, of course, it can make or break your trading performance. And the whole point of a profit target is is when the price gets there, the market closes you for a profit and you haven’t got to be at your computer worrying about the trade being open and those type of things. So it’s important that we do that.
So, how do we approach that? Well, because we’re technical traders, we’re always looking at price action and we’re looking at charts. It’d be very difficult as a news trader, I would imagine, to know exactly where to put your profit target, because it depends on the reaction of that news, things like that. Whereas technical traders, we’ve got a lot of things that’s actually in our favour. We can see, let’s say you’re taking a buy trade, of where the price last bounced. For example, where’s the next likely resistance level?
But the approach that we take at The Forex Trading Coach is two-fold. So if we’re trading, and we split our trading up. If we’re trading one-hour charts and shorter, which, to be honest, personally I don’t do a lot of, but if we were, we’re looking at current market momentum, we’re looking at what’s happening in the market right now, because on an hour chart or a 15-minute chart, you don’t want to be worrying about retracements and things like that. You want to get in at the market because you’re trying to ride the current momentum at the time.
So it’s very important with the market order that your profit target is placed at, let’s say, by trade, before a previous swing high or below the next round number. You don’t want to be sort of trying to have your profit target through the pivot point, let’s say, as an example. Things like that.
So you always want to bring your profit target for a buy trade on a hour chart or lower below the next likely stalling point, the next resistance level. Really important that you can do that. And, of course, we teach how to do that. On my webinar that I’m holding tonight, I’m sure there’ll be some trades I’ll be taking on hour charts or 15-minute charts, and we’ll be doing just that.
Likewise, of course, for a sell trade, make sure your profit target is before or above the last support level and/or round number. So that’s how we trade the shorter timeframes.
Trading the longer time frame charts
But when we’re trading the longer timeframe charts, so four-hour charts, daily charts, six hours, 12 hours, dailies, weeklies, monthlies, et cetera, longer timeframe charts, we’re using the momentum in the market at the time to help determine that. So we use FIB levels.
I have a way of using FIBs that’s quite different to the standard way of using FIBs. It’s very easy to use, very easy to understand, very easy to draw the FIBs, and also they give you your price projection. They are determined by the current market conditions.
As an example, if I’m taking a trade on the British pound U.S. dollar daily chart, my profit target on the trade that I might have taken last week may be very, very different in terms of the size of that profit target to where the profit target might be on a trade today. Same pair, same timeframe, but due to the actual size of the setup candle, the current market conditions, it might be very different in terms of the pip size of the profit target.
But of course, that’s very easy to use and understand and know exactly where those targets are when you use the FIBs the way that I have developed and teach. And because there’s no subjective, “Oh, I might move it there or I might put it there,” it’s very obvious this is where we put it.
It’s also remarkably accurate of how often the price gets to those levels, because our profit target coincides with support and resistance levels, and again, it’s all something that we cover and teach as part of the course.
But it’s amazing how often on all timeframe charts, whether it be a four-hour chart or a monthly chart, how often those profit targets get hit and then the price might turn around and retrace. But for us it doesn’t matter, because we’ve already taken the profit out of that trade and hit full profit. So, various ways of doing it, depending on the timeframe chart that you are trading.
Contact me for more details about how we can help you
If you’d like to know more, feel free to email me: andrew@theforextradingcoach.com. Have a look at the website, have a look at what we offer within the course. There’s so much information there. Like I said, live two-hour webinar I’m holding tonight for clients. We’ll have clients on there from all round the world, hundreds of clients on there, all learning together, all enjoying the same system, the same strategy. Different timeframe charts we’ll be trading, depending on what the market conditions show.
And these are weekly webinars, weekly, every two weeks. Sorry, every two weeks it’s with myself in the European session, and then the alternate week Paul Tillman, who works for me over in the U.S. trading the U.S. session. So lots and lots of information.
We’re posting daily trade information on our membership site each day, we’re posting information on our forum site all the time round the clock, so lots of very, very good information to help you becoming a successful trader.
So once again this is Andrew Mitchem from The Forex Trading Coach. I’ll see you this time next week. Bye for now.
#338: You Must Have Patience as a Trader
Oct 06, 2019
Podcast:
You Must Have Patience as a Trader
In this video: 00:23 – The importance of having patience 00:48 – Examples from this week 02:02 – Don’t take trades just to undo your good trades 03:06 – Less is more 03:46 – What will happen next week?
I’m going to explain the importance of patience as a Forex trader and why you should not chase trades. Let’s talk about that and more right now.
Hey, Forex traders. Andrew Mitchem here from the Forex Trading Coach with video and podcast number 338.
The importance of having patience
I want to talk all about having patience as a Forex trader. It’s really important. You see, we work in this business, this industry that’s online, that’s high paced, that’s open 24 hours a day, five days a week, and we’re always there looking for traits, or that’s what most people think they should do. In fact, it’s the opposite. You need to be patient, you need to wait for those high quality setups, and often doing nothing is the best thing you can do.
Examples from this week
I’ll give you a great example. Just this week, we’ve got leading into the US non-farm payrolls, which is the US monthly job release later today. But up until now, this week’s been quite a difficult week to trade, being a lot of quiet market conditions, not a lot of very good price action there.
And so for us personally at the Forex Trading Couch, we’ve had a fantastic week trading the weekly chats. We’ve got a pound year in trade that’s up 3.4 to one right now. It’s a 1.7% account gain. Trade’s still open, and we’ve closed on a weekly chart trade from last week, which was an Aussie US dollar trade, 2.8 to one or 1.4% account gain, and also we’ve got a New Zealand yen trade open at about a one-to-one right now. So just on those three trades, fantastic gains, yet we’ve done hardly any trading. We’ve had a few trades on the dailies and other timeframe charts, but it’s been particularly quiet, but we’re still in very good profit and that’s the important thing.
This week it’s been and last week it’s been the weekly trades that are done very well. Other weeks it’s different timeframes.
Don’t take trades just to undo your good trades
But the important thing is it comes back to that being patient, don’t … think of it this way. What’s the point in taking lots of trades this week that end up losing just to do and give back to the market all that good results that you’ve had from just two or three trades? Why would you do that? It just doesn’t make sense. And so patience is key. Wait for high quality setups. Don’t feel you have to be in the market all the time in order to be a trader and to do well. It’s about the high quality, A, A-plus grade setups, having all those things in your favour according to your strategy.
Like I said, you know, some weeks you’ll get nothing. A lot will happen. We’ve had indecision candles, we’ve had some very big moves, but not really good setups. Other weeks you’re just going to get trade after trade after trade, and when that happens, take them. That’s the thing. You’ve kind of got to make hay when the sun shines, to use a phrase like that from my early agricultural days. But it’s really important that you do that.
Less is more
But don’t go forcing trades. At the end of the day, if you can make two or three percent in a week, it doesn’t matter if you made those from a hundred trades or from four or five really good trades. It doesn’t really matter apart from I know that if I can make that on four or five really good trades, I’ve paid less spread, I’ve had far less work to do, far more enjoyable trading week, less stress, less time, everything else.
It’s which way you want to go. Do you want to be in the market all the time constantly being stressed, constantly looking for new trades all the time, just being constantly looking for new things, getting tied to the screens, getting tired, getting frustrated, or do you want to sort of look for just a handful of setups as and when they come?
What will happen next week?
Next week we might be getting trades on all sorts of different time frame charts. This week it’s been specifically the weeklies that have made us the good money. So again, be selective. Be careful with the trading. Don’t give away all your good work back to the market just because you feel you need to be in trades all the time.
Despite that noise in the background, I hope you can still hear me. This is Andrew Mitchem once again from the Forex Trading Coach outside, as you can tell, making this video, but yeah, have a great weekend. I’ll see you this time next week. Bye for now.
#337: The Best Indicator to Use as A Forex Trader
Sep 29, 2019
Podcast:
The Best Indicator to Use as A Forex Trader
In this video: 00:23 – Indicators and the best one to use 01:20 – The problem with traders and indicators 01:56 – What works for you? 02:23 – Starting with a blank chart and look at the price 04:00 – Use horizontal lines 04:40 – Send me your trading questions
What is the best indicator you can use as a Forex trader? Let’s talk about that and more right now.
Hey Forex traders, it’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 337.
Indicators and the best one to use
And I want to explain all about indicators and more importantly, which is the very, very best indicator that you can use to be a profitable Forex trader. So let’s talk about that. There’s a lot of information here.
And it all stems back to when we start trading. And when we start trading, and I did exactly the same, you put your charts up, you find a trading platform, let’s say MT4, it was MT3 when I started, or it may have been two. And you put the indicators on and you just get completely mesmerised by them. I was, I was completely mesmerised by how powerful these indicators were, how amazing they were. It’s like nothing I’d ever seen before.
And all I needed to do was follow this line and when that one crossed over that and it reached this certain level, then if I just followed those and did nothing else, then there was nothing sure that I was going to be a multi, multimillionaire from my trading really quickly. Absolutely guaranteed.
The problem with traders and indicators
You’re thinking there’s a catch and of course there’s a cash. The problem is that doesn’t happen and like I said, I’m just saying that I’ve been through this as well.
So if you’re in that position right now, believe me, I know exactly what you’re thinking because these indicators do look really cool. The problem is is that none of them really work by themselves and that becomes the problem. There is no one indicator that is the magic pill. Sorry to say it, but it’s true. You cannot find any indicator. They’ve all got some merits to some degree, but by themselves they’re all completely useless, the whole lot of them.
What works for you?
And so you have to work out something that works for you because most people will then go and think that they can alter the parameters of an indicator or make it more reactive or slightly slower. Or they’ll have some magical formula of all these combinations of indicators that’s suddenly going to tell them this magic secret answer when to enter and exit a trade that no one else has ever discovered before. And again, if you’ve been doing this for a while you know exactly what I mean, because I know you would have done the same yourself.
Starting with a blank chart and look at the price
So bring all that back to what changed things around for me. And it was when I actually got rid of all the indicators of my charts and I actually started to look at the price. You see the problem is, is when you have all these indicators together, everybody ignores the price on the right hand side column of your charts. How often do you actually look at what the price of a currency is? It’s probably hardly at all. It’s probably never for some people. And that becomes the danger.
So what I did is I eliminated all the indicators. I looked at the price and I looked at where the price was moving. I then started to study candles. But also when it comes to indicators, yes I do use them but for me indicators are generally horizontal level lines because a horizontal line is the same for everybody. It’s there set, when a price has hit a certain level or it’s bounced at a round number or it’s hit the pivot point or something like that for the day, then that’s a level that everybody can use. And I don’t have to be kind of like subjective by it because it’s an actual level. And that’s where I find, you know, those are the kinds of indicators that really are the best because then it’s about discovering well what part of the chart is the candle in right now?
Now you still need to understand candles and to be honest, they are probably some of the very best indicators you can get because they’re actual what’s happening right now. They don’t sort of manufacture themselves based on what happened hours and hours or weeks ago. Like most other indicators that all move beautifully, but they lag.
Use horizontal lines
So understanding horizontal levels, understanding price action, understanding candles, probably three together are the very best indicators that you can use. My honest opinion is that most indicators out there, you should probably not use on your charts. They will just confuse you, they will cause analysis paralysis.
Bring it back to basics and bring it back to what the professionals traders do. They look at what’s actually happening in the market. They look at strength and weakness, they look at all those type of things. Put those things together that will give you a higher probability chance of being a very, very good profitable Forex trader.
So I hope that helps. Once again, this is Andrew Mitchem, the owner at The Forex Trading Coach.
Send me your trading questions
Anything else you need like questions like this you’d like me to answer for you in future videos and podcasts, just drop me an email, andrew@theforextradingcoach.com. Thanks again and I’ll see you next week.
#336: What’s the Best Time of Day to Place Trades?
Sep 22, 2019
Podcast:
What’s the Best Time of Day to Place Trades?
In this video: 00:24 – When should I enter trades? 00:55 – How the FX day runs 01:20 – Do I have to trade the London and US Sessions? 02:12 – Is trading the Asian session a disadvantage? 02:32 – The way we trade at TFTC 03:04 – Look to take retracement orders 03:44 – Look at the close of a candle for a new trade 04:18 – The best time to place trades 05:14 – Ask me a question for a future video and podcast
What’s the best time of day for you to place your trades as a Forex trader? Let’s talk about that and more right now.
Hey traders, it’s Andrew Mitchem here from the Forex Trading Coach with video and podcast number 336.
When should I enter trades?
And it’s a question that I get asked very often, especially by newer traders. The question is this, is that, “Look, I know the market’s open 24 hours a day. I know that it’s open five days a week, but really what is the best time for me as a trader to go and enter my trades?” It’s a confusing subject because as I said, we know it’s a 24 hour market, but we also get told so often about different times of the day when there’s more price action than less.
How the FX day runs
So the day starts in the Auckland session and then which is in New Zealand and through to the Sydney session, and through to Tokyo that’s generally classed altogether as the Asian session, then as the markets then go through to the Middle East and then through to Europe, London and then across to the US with the New York market opening last.
Do I have to trade the London and US Sessions?
When you think about it, when it’s say middle of the day here in New Zealand, it’s the middle of the evening, the nighttime in London. So a lot of people think that that’s a disadvantage because a lot of people think that they have to be at their computer when there are certain trading sessions going on. In other words, a lot of people think they have to be at their computer during the London session, so for me that means evening time. If you’re in America, that means being up at two or three o’clock in the morning. Then also people leading on from that think they need to be there at the swap over between London and New York.
For me that’s two o’clock in the morning also, and I’m not doing that. You don’t have to do that. But you can see where the confusion comes because that’s what people think they have to do. They have to be there when there’s the most price action and volatility, and news announcements.
Is trading the Asian session a disadvantage?
Likewise, for people this side of the world, they think, “Well, it’s my daytime during the Asian session. Well, nothing happens during the Asian session. It’s usually pretty much dead.” The odd day something will happen, but most of the time, not a lot happens in the Asian session, and so people see that as a disadvantage.
The way we trade at TFTC
However, forget all that thinking and start again with the thinking. Because the way that we trade is that we only take a trade or look for a new trade upon the close of a candle.
It doesn’t matter what the candle length is. It could be a monthly chart, it could be an hourly chart, it really does not matter. But the beauty of trading that way is you know when to go and have a look at your charts. So we know that the daily candles close at 5:00 PM Eastern standard time, that’s New York time every day. So you know when to go and look at your charts.
Look to take retracement orders
Because of the way that we trade, we take retracement orders. We don’t even have to take a market order. You don’t have to, so you don’t have to be there bang on five o’clock New York time or five 30 you don’t have to be there right then. We’re taking retracement orders, and the great thing with a retracement order is we’re not even there at our computer when the trade gets filled because it gets traded, and entered, and filled when the price gets to the order level that we’ve already preset sometimes hours ago.
So it doesn’t really matter what the session is when that happens because I’m not there anyway. I’ve set my trades up, I’ve set my orders up, and I let the market do its thing.
Look at the close of a candle for a new trade
Now, as I’ve mentioned many times, if you are trading say four hour charts, you know when to go and look at your charts. You look at the 5:00 PM New York time, and then you could look at nine or one, or five again, or nine. It depends on which of those you can or want to look at your charts. If you’re trading 12 hour charts, you just need to look twice a day, 5:00 PM and 5:00 AM New York time, or just after that time. Again, entering with limit orders, retracement orders, you don’t have to be there.
The best time to place trades
So to answer you the question about when is the best time to place trades, the best time to place trades is when you see the best set ups according to your strategy.
It doesn’t matter what the day is, what the time of day is, what the timeframe chart is, or what the currency pair is. It’s what’s showing the best at the time according to your strategy. If that happens to be three o’clock in the afternoon, or 10 o’clock at night for me, it doesn’t matter. It’s when that set up’s showing. But again, I don’t need to be there three o’clock and 10 o’clock. I know exactly when I need to be at my charts. It’s just twice a day. I can look at the trades, look at the set ups, are there any yes or no, and place them with retracement orders, walk away. So you do not have to be there during the London session, or the New York session, or the crossover, or any of that in order to take good trades.
So therefore, conclusion is the actual time of day that you place the trades does not really matter. Unfortunately, most people think it does, but it really doesn’t. So I hope that helps.
Ask me a question for a future video and podcast
If you have questions like this that you’d like me to answer on future videos and podcasts just send me an email to andrew@theforextradingcoach.com, and I’d be glad to help you out. Bye for now.
#335: What Makes a Good Forex Trader?
Sep 15, 2019
Podcast:
What Makes a Good Forex Trader?
In this video: 00:24 – Characteristics of a good Forex trader 01:08 – Results from trading and travelling 01:56 – The Person, the Trader 02:31 – The amount of work behind the scenes 03:05 – What you need to become a good trader 05:15 – Don’t be scared to take a trade 05:58 – Forget the money, focus on the percentages 06:58 – Contact me if you have any questions
So you want to become a forex trader, but what makes a really good forex trader? Let’s discuss that and more right now.
Hey traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 335.
Characteristics of a good Forex trader
And I want to give you some information about what makes not just an ordinary trader, but what makes a really, really good forex trader. What characteristics do they have that other traders don’t have? Because everybody has the dream when they start trading of flashy, fast cars, or beaches, or travelling, and all those kind of things. And look, it can be done because it doesn’t matter whether you want to be trading for the enjoyment of it, for the passive income, or for a full time career because you hate your job. It doesn’t really matter, any of those, because there’s characteristics that make good traders and bad traders.
Results from trading and travelling
And if you’ve been following me over the last few months, you would know that in July I had a family holiday, or vacation, if you’re in the U.S., over to the U.K. and Europe, and in that time I traded for 10 to 20 minutes once a day, took the trades that I placed on my membership site, and we made over 6% in the three weeks I was away and made another 6% in the two weeks that I got back. If you watched my video and podcast from last week, you’d know that we made plus 7.4% in the week on the membership site, all with low risk, by the way. And this week, we’re up by 1.7%. So it can be done, and the trades are there, the setting up; everything’s all able to make your money. That’s not the difficult part.
Results from trading and travelling
The difficult part really is about the person behind the scenes, the trader. You see, we all see sports people or musicians, people that we idolise, and we see them … whether you watch tennis or soccer or cricket, whatever it might be, or whether you watch your favourite band, your guitar player, your drummer, and we will idolise them. We all think, “Wow, wouldn’t it be awesome to be like them,” or, “I can be like them. Wouldn’t it be amazing to be up on stage playing guitar or be the lead singer and everybody just idolising you?”
The amount of work behind the scenes
The problem is, is that we fail to recognise all the work that goes into their lives, get them to have those skills to get to that stage where they are so good. And it’s a big failing, I suppose, that we see the instant answer everywhere with modern technology and social media, et cetera. And if you’re the sort of person that gets excited by the next shiny object, then trading really is not for you because it’s likely that you’re not going to end up having the right characteristics.
What you need to become a good trader
Now what you do need to be a good trader is a number of things, and I’ve made a list of them here, in no particular order. I put strict. You have to be strict. You have to be strict with your strategy and sticking to it. You have to be disciplined of trading sort of when your strategy suggests you need to be trading, and keep doing it. You can’t go, “Oh, yesterday I had a terrible day, I’m not going to bother trading today.” If the trades are there, you take the trades. You’ve got to be able to study. Like the sportsman, like the musician, none of this comes instantly. None of it’s like they took up singing lessons two weeks ago and now they’re on stage as a superstar. That’s not how it works. Trading’s no different. You have to study, you have to put the time in up front.
Consistency. You have to be consistent. You’d notice that the free information that I posted on my website, it’s there consistently everyday at consistently the same time. You’ll notice that these 335 videos that I have now consistently made on the same day and I notify you about them consistently on the Monday at the beginning of each next week. When I place my daily trades, it’s consistently on my membership site; it’s been for the last 10 years. It doesn’t matter where I am in the world, they are there every day. So consistency is very, very important.
There’s other things like that: the low risk side of it, the high reward, the risk, that’s the trading side of it. But there’s lots of other things about the characteristics. Don’t be too emotional. Sure, it’s great to celebrate great trades. 7.4% I had last week, I celebrated it. I talked about it on the video, but it’s not like this complete and utter: “Woo-hoo, let’s go stupid the next week.” The same is you have a losing trades or losing weeks; yeah, it’s not great. No one likes it, but don’t get too doom and gloom about it and then all of a sudden you’re just throwing your toys out of the cart because trading’s suddenly this horrible thing that’s against you. You cannot have those ranges in emotions to be a good trader; it needs to be slow and consistent and steady. To be honest, good trading’s actually quite boring and it needs to be that in order to keep trading well.
Don’t be scared to take a trade
Other things that I mentioned there about not being scared; don’t be scared of placing trades. I knew a guy once who was a fantastic theorist, he understood all the theories of trading far more than I’m ever going to know. But you know what? He couldn’t take a trade. He actually was scared to take a trade. He was actually scared to take a trade on demo, let alone live account. But this guy was an absolute genius in terms of understanding the markets. You also need to respect the markets, and just don’t expect that last week I made 7.4%, this week I’m going to go silly and I’m going to suddenly double my account. You have to respect the markets, the different conditions, et cetera, like that.
Forget the money, focus on the percentages
And also the last thing I want to mention is don’t look at the dollars or the pounds or the yen, whatever your currency. Forget that. Look at the risk that you’re taking and the gain that you’re making as a percentage, because a lot of people go, “Hey Andrew, it’s all really good for you saying you made 7.4%, but if I made 7.4% on $1,000, it’s pointless.”
That is very, very wrong. You shouldn’t look at trading that way. If you can make 7.4%, you can make it on $1,000 or $10,000 or $100,000 or $1 million; it does not matter. It’s still the ability to have those profitable trades with the low risk. So forget the monetary gain for now, especially if you’re new or you’ve got a relatively small account size. Forget that that’s not … The account size today doesn’t matter. It’s having the ability to learn how to trade is what matters. But also the characteristics, the discipline to be able to do it properly. And that’s what makes the difference between an ordinary trader and a very, very good trader.
Contact me if you have any questions
So I hope that helps. Anything you need me to discuss on future videos and podcasts just like this one, drop me an email, andrew@theforextradingcoach.com, and I’ll see you at this time next week. Bye for now.
In this video: 00:28 – A large gain of +7.4% so far this week 01:01 – Trading different time frame charts 01:25 – Trades from this week 03:11 – Open trades still in profit of +1.2% 03:55 – Sticking to your strategy 04:38 – Your comments and questions 05:02 – Earning while you are learning
We’ve made a plus 7.4% account gain so far this week. I’m going to share with you those trades, and also explain the importance of sticking to your trading strategy. Let’s get into it right now.
Hi, Forex traders, Andrew Mitchem here from the Forex Trading Coach video and podcast number 334, and that’s right, you heard it right.
A large gain of +7.4% so far this week
We are up plus 7.4% so far this week still with a trading day to go on our close trades, and we’ve got open trades of another plus 1.2%, so almost at 10% just for this week. I’m going to share those trades with you, but also more importantly, remember the last couple of weeks on the videos on podcasts, I’ve talked about the importance of a second tier trading strategy and also having the ability to trade multiple timeframe charts? This week yet again has illustrated that importance.
Trading different time frame charts
The last couple of weeks I’ve said, “Look, there’ve not been too many high quality trade setups on the daily charts.” This week’s completely different, fantastic trade setups, and we’ve had some great profitable trades. I’d like to just share those with you. By the way, all of these have been taken live, and all of these have been posted in advance of the market moving on our membership site for all of our clients to follow, earn from, and learn from.
Trades from this week
So we had a sell trade on the Euro/New Zealand Dollar. Our market order obviously got filled because it’s at the market, but our retracement order got filled. Both were great trades overall with quarter percent risk on each. We made a plus 1.75% gain on our count from just that one position, two trades, one overall trade set up. We then also did exactly the same on the US/Swiss Franc. We had a sell trade on that. The market and retracement order both hit the full profit target for a plus 0.95%, so almost a 1% gain there.
We had a small loss on a market order on the Pound/Canadian dollar, and that lost us a quarter of 1%. We’re risking quarter percent at the market, quarter percent at retracement. We then had a fantastic trade at 2.1 to one trade on the market order on the New Zealand US dollar just yesterday, made us a half of 1%. Our retracement order failed to get filled by just one pips, so agonisingly close, but it didn’t, but we still took half percent on that. We had our breakout strategy that made another 1.5% gain this week. The Euro Pound weekly chart trade that I’ve been talking about for the last two or three weeks closed for a 3.3 to one reward to risk or in other words at 1.65% account gain. We’ve also posted on the membership site a fantastic six hour chart trade, and we discussed it on our live webinar just yesterday posted on our forum site in advance of the price getting filled, and that was a six hour chart trade Aussie/New Zealand buyer trade 2.6 to one, or in other words a 1.3% gain on that trade also.
Open trades still in profit of +1.2%
Also, on top of that, we’ve got an open trade on the Pound New Zealand, which is up half of 1% right now as I’m speaking to you. I’ve got two trades on the weekly charts, US/Yen and Aussie/Franc up 0.7%. So overall, put all that together, we’ve made 7.4% on close trades and up 1.2% on open trades, 9.6% gain just on those trades, just on the membership site, just for this week. The Euro Pound was a few weeks ago. We took it but it’s closed, and we profited from that full.
profit right now. That was the weekly chart trade, but all the others were actually posted this week as well, fantastic trading.
Sticking to your strategy
The lesson to take from that is sticking to your strategy and sticking to multiple timeframe charts as mentioned, it’s really, really important that you do both. Not every week like last week will the four hour charts be fantastic. Not every week like this week will the daily charts be fantastic, or the weekly charts, not every week will they be fantastic.
But you take a combination, and a blend of all those different timeframe charts, and you stick to your trading strategy, and you have high rewards risk trades like I’ve just showed you here, and you have low risk per trade, and it works. That’s pretty outstanding. We could easily talk on close trades this week, 10% gain in one week, shows what can be done. If there’s anything you’d like to know about those trades, or if there’s anything that you’d like me to talk out on future videos and podcasts, just send me an email to andrew@theforextradingcoach.com.
Your comments and questions
If you’d like to gain results like this. Don’t forget, this has nothing to do with any other trades that anybody might have taken themselves, and yes, it’s fantastic to have a 10% or close on 10% gain in a week on your account.
Earning while you are learning
That’s absolutely outstanding, but don’t forget it’s the earning whilst you are learning, really important that. It’s not just about “Here’s some trades, go take them”, or “Here’s some entry and exit levels that we just post like a signal service.” It’s not that.
This is you learning to understand, to be able to take the same kind of trade setups for yourself, knowing exactly where to put your entries and your exits, but training your eye to see the setups. Close on 10% in one week is not bad as it? We’ll see this time next week. Bye for now.
#333: Why We Trade Different Time Frame Charts
Sep 01, 2019
Podcast:
Why We Trade Different Time Frame Charts
In this video: 00:29 – The benefits of trading multiple time frame charts 01:14 – Being flexible as a trader 01:55– Looking at your charts 02:19 – Trading examples from this week 03:25 – High quality trading setups on the H4 charts 03:55 – Live trades taken on the webinar 05:05 – Great results from different time frame charts 06:02 – Trading like this doesn’t require much time in a day
I’m gonna explain to you today why we choose to trade a variety of different timeframe forex charts. How it helps us and how it can massively help you to improve your trading results. Let’s get into that and more right now.
Hey traders! It’s Andrew Mitchem here, from The Forex Trading Coach with video and podcast #333.
The benefits of trading multiple time frame charts
And I want to explain to you about the benefits to you as a forex trader of looking at and trading multiple timeframe charts. So take a step back. Think about the trading, think about the charts, think about the market. It’s little bit like people and the market has different characteristics, different mood swings. It reacts differently to different events. You can never really predicts what’s going to happen. Different forex pairs react differently depending on the time of the day, day of the weeks, sometimes the month, different years. And you never really know which timeframe charts or which pairs are gonna react when.
Being flexible as a trader
So, as traders, we need to adapt, we need to be flexible and one other best ways that we do that and also that’s gonna help you to do that. Is to have the ability to look at a few different timeframe charts. Different charts also pick up those different mood swings, different characteristics of the market. They give you the ability to identify high probability setup trades. That if you start to just one timeframe chart. You would often missed out on. So it’s very important that you have that ability to adapt and to look at different timeframes.
Looking at your charts
You’ll notice when you go through the charts. You might find that one timeframe just looks really flat and really boring. Other timeframes on the same pair at the same time will be showing really good setups. Again, it comes back to that characteristic of the pair and the time of day that you trading or whenever it might be the month, etc. So that’s why it is very very important.
Trading examples from this week
I give a few examples of how we adapt to those changes and how we profit and benefit from that so it can help you. So just last night, I held my live client’s webinar. Hold them every 2 weeks, 2 hour long, live trading room sessions. The alternate week, Paul over in America holds the US session, but last night it was my turn. Had a great session lots of people on it. I showed my clients over 20 charts setup just from this week. That I’ve either taking myself, I’ve seen people post on our forum site or clients have emailed me showing me the results.
Over 20 charts just this week, just from the 4 hour charts. Absolutely amazing the 4 hour charts have been this week. Go and have a look at your MT4 Charts, your trading charts and look at the 4 hour charts across the variety of different timeframe charts from this week. You will find if you have decent trading strategy there been a lot of very very good setups.
High quality trading setups on the H4 charts
So I went through those last night and they said at least 20 of them. They were absolutely amazing charts, high reward to risk, high quality setups and they work beautifully. So the 4 hour charts for some reason work really well this week. And on that session, we talked about how other timeframe charts have not been quite not so good this week. They have not really showing on the setups.
Live trades taken on the webinar
So on that session I also took a 1 hour live trade on the EUR/NZD sell trade yesterday. It got filled out at the market and hit the profit target within the webinar session itself. Took about 1 and a half hours and made a 1.6 to 1 reward to risk trade. So I risk half of 1% on that trade. I made 0.8% gain on my account just in an hour and a half, not bad.
On that session, I also took 2 12 hour chart trades. One of them ended up losing and got stopped out. The other one made a 2.1 reward to risk that was taken on a CND/CHF. Taken live on the webinar. So 1 lost, 1 made. Also this morning when I woke up, I saw that I had a trade that I took myself 12 hours prior also in the 12 hour charts that I’ve explained and showed to clients on that live webinar that made a 2.8 to 1 reward to risk. So of those 3 12 hour charts, 1 lost 2 gain still up massive percentage.
Great results from different time frame charts
So you can see that we have taken a 1 hour and taking 12 hour charts. I’ve also got a weekly chart that I’ve explained last week’s webinar and podcast, from the EUR/GBP that still in. That currently is at 1.3 to 1 and I also took a 6 hour chart trade on the GBP/AUD a sell trade on the webinar last night and that’s still in the market as well. A little bit of profit but not much right now as I’m recording this.
So you can see there of what we’re doing. We take a variety of timeframe charts. This month, August I didn’t see any trades on the monthly charts. This particular week, I saw no suitable trades on the weekly charts. Yet, I still got one in the previous week. The daily charts had a few setup this week but not that many, but then we’ve gone to other timeframe charts like the 12, the 6 and especially the 4 hour charts and to a lesser degree, the 1 hour charts. Have had a great setups.
Trading like this doesn’t require much time in a day
So what is that tell you? It tells you that you need to have a variety of timeframe charts. The ability to look at them. The good thing is the way we trade. Is it still doesn’t that you mean taking very much time of the day. But because yesterday, when the charts changeover for the daily charts, 5pm New York time. I could also look at the 12 hour, the 6 hour, the 4 hour, the 1 hour charts.
When I was on the end of the webinar yesterday, when the 12 hour charts changed over. It’s 5am New York Time. We look at the 12, the 6 ,the 4 and the 1. So 2 trades on the 12 hour chart, 1 on the 6 hour. Already had the 12 hour chart on another trade previously and took a one hour chart an hour before on the webinar as well. So, no very much time taken up high gains, high reward to risk. Low risk trades, shows what can be done and you need to adopt to the market conditions. Cause you never know next week the 4 hour charts may not show hardly any setups. You just don’t know.
So having that ability to scan through real quickly, different timeframe charts. When they changeover, when the candle changeover is what really help you.
So once, again this is Andrew Mitchem from the Forex Trading Coach. Look at different timeframe charts, look at different timeframe charts, look at currency pairs, different timeframe charts, different currencies. It will massively help your trading. Bye for now, see you this time next week.
#332: Will your trading strategy work in the future?
Aug 24, 2019
Podcast:
Will your trading strategy work in the future?
In this video: 00:35 – Trading webinar question 01:30 – My strategy continues to work after 13 years 02:19 – Trading price action correctly 02:57 – The trouble with most trading strategies 03:25 – The way we trade 04:00 – The Daily charts 05:07 – Future proofing your trading 05:45 – Contact me for future podcast questions
Will your trading strategy still work in the future as good as it does today? It’s an interesting question, so let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 332 coming to you from the beautiful town of Nelson in the top of the South Island here in New Zealand.
Trading webinar question
Now, I’ve been here for this weekend. On Wednesday night I held a webinar for non-clients for people who are interested in finding out more about trading and asking questions about my trading strategy. And a guy called Craig said to me, “Hey, Andrew. With the impending global financial meltdown, especially if the US dollar collapses, will your trading strategies still work?”
It was a really interesting question that Craig asked. Craig obviously doesn’t know my entire strategy, but it was an interesting question, I thought, and a very valid one, because what’s the point in looking at buying a course or a strategy that may not work in the future?
Now, Craig, I don’t know whether the impending global financial meltdown’s going to happen or if the US dollar’s going to collapse. Who knows? That was just purely Craig’s comments there.
My strategy continues to work after 13 years
But what I do know is this, is that 13, 14 years after I created the strategy that I still trade and teach today, it’s still working equally as well today as it did back then. And that’s a really important factor that nothing’s changed. We haven’t changed anything, we haven’t added anything. It still works equally as well.
And when you think about the last 13, 14 years globally, politically, economically, we’ve been through all sorts of ups and downs and turbulence within the markets, recessions, all sorts of things, and for a strategy still to work today as good as it did back then and has continued throughout those 13, 14 years gives me massive confidence to say that it will continue to work.
Trading price action correctly
When you think about this, is that when you understand good price action or how to trade price action correctly, if there’s nothing happening in the markets, then you generally don’t find there’s a great deal of trades or not good high quality trades showing.
Conversely from that, if there’s good price action, there’s lots of activity, then you generally find that that’s a day or a week that you see lots of price action in the market and lots of good high quality setups. And if you trade that way, you’re basically trading with what’s in front of you at the time. It’s what the conditions are at the time.
The trouble with most trading strategies
The danger is is if you’re trading a strategy that relies on a line crossing over another line and different things like that is that that can happen at any stage. So first all you don’t know when to trade, you can’t re-plan around that happening, and also that can continue whether the market’s flat or massively active, those sort of moving averages, let’s say, as a very basic example.
The way we trade
So the beauty of the way that we trade is that with using closes of a candle and using price action, we’re looking at only trading once there’s good momentum, good price action in the market that’s then giving us good setups.
Now, to continue on from that is that we never know in advance at the beginning of the week which timeframe charts are going to show us better or no trade setups, and that’s why we trade a variety of different timeframe charts. It’s why we trade a variety of different currency pairs.
The Daily charts
As an example, the last few weeks the daily charts have had just some amazing chart setups, great high reward to risk trades. This week the daily trades have not been that good. We’ve had a few setups. They’ve not been particularly like what I call A-plus grade setups, but they’ve been okay. And most of them have not worked.
However, our weekly chart trade this week is just going amazingly well. It’s a sell trade on the Euro Pound. If you go and have a look at the Euro Pound weekly chart setup, you will see that that’s worked extremely well this week. And the other timeframe charts, the shorter timeframe charts, and when I say shorter we generally go sort of four hour, six hour, eight hour, 12 hour charts, have worked particularly well, but for some reason the daily charts have not.
That’s the beauty of price action. If there’s nothing showing on one timeframe, you probably scale up or scale down and find something suitable on another timeframe. If one currency pair is not showing very much there then you’ll probably go to other currency pairs and find something is showing well.
Future proofing your trading
So, that is a really good way of trading. It’s a way of trading with the current conditions and it kind of future-proofs yourself in terms of what might happen in the future if Craig is right here with impending global financial meltdowns. Who knows? The US dollar collapsing. Who knows?
But what we do know is if we trade properly, we trade well, we trade with low risk, we trade with high rewards risk trades and we trade with the high quality setups only when they show, then when that happens the strategy works and you do very well from it. So I hope that helps.
Contact me for future podcast questions
If you have any questions like this interesting question from Craig, any questions, any comments you’d like me to talk about on future videos and podcasts, just send me an email: andrew@theforextradingcoach.com.
I’ll see you this time next week. I’m off to enjoy the beautiful sunshine here in the middle of winter here in Nelson. Glorious Day. And I’ll see you this time next week. Bye for now.
#331: Why Trading doesn’t need to be difficult
Aug 18, 2019
Podcast:
Why Trading doesn’t need to be difficult
In this video: 00:26 – The cycle of a new trader 02:20 – Live trading webinar 02:50 – A +19.5% gain in 5 weeks of trading 03:10 – Finally understanding the charts 04:51 – Knowing how and where to enter a trade 05:28 – The KISS approach works 06:29 – Keep to the basics
You don’t need to make your trading difficult. It doesn’t need to be. Let me give you some great tips and information right now that will really help you. Let’s get into it.
Hi, Forex traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 331.
The cycle of a new trader
Now, I want to talk about the cycle that most people go through when they start trading and then how that changes and evolves. Now, most people start off by seeing trading as something quite simple. You’ve probably seen it online. You’ve seen some flashy ads, some way. You think, “This is great. This is something I can do. Piece of cake. Love it”. You get into it, you open a demo, you don’t really know what you’re doing. You’re putting some huge, ridiculous lot sizes on there. You’ve got no idea about risk. You might add a couple of indicators because they look pretty cool and you have a few lucky trades and it’s all magic. That’s what I did.
The problem is when you go live, it’s a completely different story, isn’t it? It’s real money. It’s real emotions. You then start doubting the system that you don’t really notice the system because you just kind of guessed a few things. You then look at some other systems. You look at adding some more indicators because they look really cool. They’re on all the charts. They must need them because someone’s created them. So, let’s add some different combinations of indicators. Let’s change the parameters of those indicators to something that no one else has ever done. And you try creating all these really cool strategies. That doesn’t work. So, you then go onto a forum, you get completely confused and bullied by other people on forums who think they know everything about trading. So, you realise that that’s not going to help you either. What else can do you do?
Well, you probably get spammed with some emails about some, you know, some indicator or something like that that’s gonna make all your problems go away. You try that, you realise that doesn’t work either. “Ah, not I tried news trading before. Let’s give that a go because everybody says that’s the way to trade fundamental. So let’s go and do that”. And you have TV programmes going with CNBC, you’re waiting for these news events, and realise that doesn’t work either. So, you go into this big vicious cycle and realise that, “Actually, this trading’s pretty difficult after all”.
Live trading webinar
Now, the reason I’m bringing up this subject is that last night I held a live two hour webinar with a lot of my clients on that. A lot of people on that webinar were new to the course and the strategy. They’ve been with me two or three weeks. The reason there’s a lot of new people on there because a lot of people joined as a result of the 30 minute forex trader sale that I held in the beginning of August.
A +19.5% gain in 5 weeks of trading
That was as a result of me travelling through the UK and Europe during July and the three weeks I was away there and the two weeks- the week I was back in the week, we held the sell.
We made 19 and a half percent gain by risking just a quarter of 1% risk per trade, all published on the membership site. And I’ve shown you if you’ve seen my videos, all those actual trades. So, a lot of people jump on board and go, “this looks really good”.
Finally understanding the charts
But the comments that I had on the webinar last night were amazing and I’ve received a number of this morning also, and they are largely around the subject of, “Actually, not so much this is easy, but you’ve opened my eyes to something I didn’t realise about trading. I now understand what I’m looking for. I now understand what the market’s saying when I’m seeing candle shapes and patterns and the price move up and down. I’m understanding that and I understand what’s happening behind the scenes. I’m understanding when to look for trade. Really important. I’m not sitting at the computer all day, I know with confidence now and we’re probability on my side that this trade is likely to work”.
Not always gonna work. Of course it’s not, but that’s the comments that were coming through in only a few weeks of people joining. And of course you’ve got to have the strategy, you’ve got to have something that works, you’ve got to have the backup support that we offer, and the help and the mentorship, et cetera, like that, but the comments were absolutely amazing and it’s just all around people actually realising that, look, trading’s not simple, absolutely not simple, not easy. However, once you understand what you’re looking for, it suddenly becomes a lot, lot easier and it’s a lot less stressful. You don’t feel the need to jump and change systems. You know what you’re looking for in a chart. You can easily identify a setup. Is there a set up there? Yes or no? If it’s yes, fantastic. You know exactly where to enter the trade, where you’re going to exit the trade. You know those levels. You know exactly that and you know it’s correlated to the volatility or lack of in the market at that particular time.
Knowing how and where to enter a trade
So, you also know your exact position size. You know your controlled risk. You know your reward to risk from the trade if it gets out- or as the trade at a for profit target. You know if the trade gets stopped at exactly what you’re going to lose. All very, very controlled. You put the trade on and that’s it. Walk away. If there’s no trade, do the same thing. Walk away and you’d know when to come back and have a look again. You might be trading just once a day off daily charts. You might be looking at say 12 and six hour charts or four hour charts and you know exactly when to come and look at your charts and easily identify if there’s a set up there.
The KISS approach works
So, as with most things in life, the KISS approach, the keep it simple, stupid approach, you know, it does work in trading as well.
You do not need to over complicate trading. Trading actually when you bring it back to basics is actually relatively simple. The price is gonna move up, down or sideways. It really can’t do much else. And so having that understanding of why it’s moving, where it’s moving, why’d it bounce there, what level it probably will stop at, strength and weakness, all those types of things in conjunction with the things that we talk about all the time, the controlled risks, the high reward to risk trades, et cetera like that. Put that together. You have an easy picture to understand what’s happening in the market. That was the overwhelming feedback that I received last night and this morning from so many new clients is absolutely thrilled that they’re on board, really excited by it. They’re understanding they’re trading. They’re, they’re getting support. They’ve got software. They’ve got trades to follow. They’ve got webinars to follow.
All these things are suddenly changing their trading around really, really quickly.
Keep to the basics
So, I hope that helps. It just shows that coming back to basics really does matter. Don’t over complicate things. Don’t wait for the line A to across over line B and look at one minute charts and all those type of silly things, you know, because trading ultimately, can be simplified and can be very, very enjoyable and something that you can do with longevity as well. Very important there. So, I hope that helps.
This is Andrew Mitchem from the Forex Trading Coach. I’ll see this time next week we’re more trading tips and information and as always, if you have any subjects you’d like me to cover for you personally on any of these future videos and podcasts, send me an email. My contact details are on the website. See you next time.
#330: Another +6.55% this week – Get the Basics Right & Trade Well
Aug 11, 2019
Podcast:
Another +6.55% this week – Get the Basics Right & Trade Well
In this video: 00:36 – Travelling and Trading – Focusing on the Basics 01:18 – Another +6.55% gain this week 01:45 – Trading the Basics well leads to good trades 03:04 – Trading from the right hand side of the chart 04:05 – Control your risk 04:53 – Don’t count Pips 05:25 – Reward:Risk is important 06:01 – The importance of getting the foundations right
I’m going to explain why I believe it is so important that you need to get the fundamental basics correct in order to be a good trader. Let’s talk about that and more right now.
Hey, forex traders, Andrew Mitchem here, The Forex Trading Coach video and podcast number 330.
You’ll notice I’m wearing a jumper, a sweater back here in New Zealand in the middle of winter after three weeks over in Europe.
Travelling and Trading – Focusing on the Basics
If you’ve been following me over the last three or four weeks, you’d have been noticing that I’ve been overseas travelling around, and I’ve been really focusing on the basics.
In that time, I’ve been trading just the monthly, weekly and daily charts and nothing else. You would have seen that we’ve made some exceptional gains, including last week, which was my first week back at home. We had made with only a quarter percent risk per trade, 12.79%. That’s all trades that were posted on our membership site. Realistically, although I called it a 30-minute-a-day trip, most of the time, it was 10 minutes a day.
Another +6.55% gain this week
Just this week, it’s now Friday, I still have some open trades open that are at 0.9% so almost a 1% gain on open trades that are open just today, but this week already, we’ve had closed trades of another 6.55%, again, just using monthly, weekly, daily charts and a breakout strategy that we use once a week. Again, 10, 20 minutes once a day and that’s it.
Trading the Basics well leads to good trades
Not only did I want to share with you those results, which I believe are very outstanding and excellent results. Also, to let you know of course, they were on their membership site, but the thing is, the important thing is, yes, the results are wonderful, but it’s more important to understand that we do this by trading the basics, the fundamental basics. I don’t mean fundamental as in news announcements and worrying about what’s happening politically around the world. I don’t mean that fundamental. I mean fundamental basics as in getting everything correct, the basics, the building blocks, the foundations of trading.
You must remember that we’ve been doing this for a long, long time, and so it’s a bit like riding a bicycle. After a while, it becomes almost like second nature. However, we don’t deviate from the basics with our trading and that we have a strategy that we know and we understand and that’s very low time consuming for us to trade. It’s very easy to identify a trade and go, yes, it’s a trade or no, it’s not. That’s what I mean by the basics. You’ve got to have an understanding of price action if you want to become a technical trader. We use candle shapes, candle patterns, and it’s very easy to look at your charts but in real time.
Trading from the right hand side of the chart
It’s no good having a strategy or a system that you can make a fortune for or from it, but with hindsight, after you see what’s already happened. You’ve got to be able to do it from the right hand side of the chart. You’d hear me talking … You would have heard me talking about that many, many, many times about the profitable trader is the one that can trade from the right hand side of the chart and decide what’s happening. You don’t need to also sit there glued to your screens all day long watching line A cross over line B and all those things. That’s just not good trading in my opinion.
You need to be able to wait for the close of a candle, see a set up and, yes, it’s a trade or no, it’s not, but it still comes back to basics a little bit further. Once you’ve identified that, where is your stop loss going? Where is your profit target going? We have that as set levels that we use on our trades that is all in relation to the current movement and volatility of the market and the currency pair at that time.
Control your risk
It’s also important that you control your risk. Those trade results that I’ve mentioned have been taking place with only a quarter of 1% risk per trade so 0.25% of our account, very, very low risk. That means as an example, a $10,000 account, we’re risking only $25 on each individual trade. When we place our daily trades, we’re risking $50 but we split it into two positions, $25 each per $10,000, very, very, very low risk. You put those two together, I’ve got them in front of me here, it’s 12.79 and 6.55. That’s around 18, 19.5% or something like that in the last five weeks but with very low risk. That’s the important things there.
Don’t count Pips
It’s also important that we don’t worry about the number of pips we’ve made. I just never talk about how many pips were made because it’s irrelevant. It does not matter. I cannot go and buy something from the local shop with pips. If I’ve made 19% in the last five weeks on a $10,000 account, let’s say, I know that’s $1,900 and I can go and spend that. You see the difference there. Of course, that’s with that low risk, but you can of course risk high if you wanted to.
Reward:Risk is important
Leading on from that, reward to risk is another crucial part of trading. I’m just repeating what I’ve repeated for 10, 11 years on these videos and podcasts. It’s nothing new, but it’s important that you put all this together and consistently achieve this high reward to risk trades. It’s no good in having a 90% win rate if your one losing trade loses more than your previous nine winning trades. That’s pointless. You have to have high reward to risk, controlled low risk. Trade ends up being profitable. It’s a very highly profitable trade. All those things put together.
The importance of getting the foundations right
The reason I wanted to come back to that is because the last three weeks when I was in Europe and the last couple of weeks since I’ve home, it’s reiterated the importance of that, get back to basics philosophy because it also shows and the results are there to prove it that if you do have the basic foundations within your trading, the results are there. Don’t forget that July and August are traditionally very hard months to trade because of the northern hemisphere, some holiday season. We’ve done this in what traditionally has been quite a difficult time. Don’t forget, if you think about the world right now and politically and the events that are happening, a lot of turmoil going on, yet we still achieve these results with low risk.
That’s what I mean, come back to basics. Put all this together. Be consistent with your trading. Almost been boring with your trading. It doesn’t sound flashy. It doesn’t sound all razzmatazz and flash cars driving around and sitting on a beach like you see unfortunately 99% of all forex websites out there. The reality is that we are here at home doing the real trading, and for those weeks while I was away, you could see all those trades there.
I hope that helps. A little bit different this week, but very, very important nonetheless to get the basics right. Build those foundations up just like you would if you’re doing anything else. If you want to do anything else correctly, that is.
If you’d like our help, you know where to find us. We’re at the forextradingcoach.com, and I’ll see you this time next week. Bye for now.
#329: We’ve made +12.79% gain from the last 4 week’s trades posted on our membership site
Aug 04, 2019
Podcast:
We’ve made +12.79% gain from the last 4 week’s trades posted on our membership site
In this video: 00:15 – Update from this week’s trades 03:23 – Weekly chart trades 04:37 – Daily chart trades hit full profit target 06:03 – This week’s totals, +5.45% for the week 08:01 – A gain of +12.79% in the last 4 weeks 08:30 – 3 day sale starting on 5th August 2019
Hi traders Andrew Mitchem here from The Forex Trading Coach. It is Friday the second of August.
Now before we get into next week’s sale, the three day sale that I’m giving, which starts next Monday.
Update from this week’s trades
I wanted to give you a live update here of the trade results of this week. So I’ll run through those trades very shortly, but just to let you know that with the trades that we’ve taken this week and posted on the membership site. Now this has got nothing to do with trades that we post on the forum site, trades that we take on the live webinar, which I did a two hour live webinar with my clients last week. This is purely trades posted on our membership site.
This week we have closed trades of plus five point four five percent on closed trades. And that’s by taking a quarter of one percent per trade. So really, really low risk high returns five point four five percent on closed trades. Adding to the open trades again I’ll share those with you shortly, which are one point four percent. We’re up six point eight five percent if we closed out all the trades right now. Add that to the five point nine four percent I made on three weeks while I was over in England and France, that’s twelve point seven nine percent in the last four weeks. Trading ten to thirty minutes a day. Pretty amazing.
So let’s have a look at the trades, some of these you would have seen from the previous videos. But just to quickly summarise that we had an Aussie yen trade here, this was back from before I went away back on the third of July. And that was taken on the weekly chart trade bait, take back here, and you can see for a few weeks it didn’t go anywhere. I left the trade in and then it completely changed around reversed on us got to stop that. That’s the first one. And then you can see while we’re on the Aussie yen there’s an Aussie yen here which we suggested last week or this current week. Again you can see that on our membership site here the Aussie yen trade is, if I can go to the right one, at the top of the page. Here we go. So this week we had five trades suggested on the weekly charts. The profit target’s been hit on four out of the five market orders. The New Zealand, U. S. I’ll share it with you shortly. But we hit profit on those at one point six to one reward risk on the Aussie yen, the trade that I got on screen and seventy-three pips there. So you can see all those trades there.
As mentioned earlier, we had our full profit target on the breakout strategy that we used that was a trade on monthly so we stopped that yesterday. Another one still open on the monthly is up two point two to one. We got no trades today, non-fund payrolls on Friday. Yesterday we mentioned a trade on the euro franc, you can see the trade written down here. The exact entry and exit levels on the daily that made forty pips out of two point one to one and then the previous day. And that was a great trade on the U.S.-Canadian dollar and that ended up making here full profit two point five to one. So lots of trades there that we’ve taken.
Weekly chart trades
Let’s cover some of these weekly chart trades. The Aussie yen is this one here. We have a profit tigered of seventy-four thirty-five and it’s clearly gone way through that. We had the Aussie-Franc weekly, the Aussie-U.S. weekly, you can see down here Aussie-U.S. weekly there we call it sixty-eight zero seven and you can see it’s just got to that level it’s gone a tiny bit further. But there’s our profit tiger been hit already on that. We’ve got the Aussie-Franc that I mentioned there, which is here, profit tiger sixty-eight eleven and it’s well and truly, you got that one. Euro-Aussie in here profit tiger at one sixty-two forty-four and one sixty-two forty-four’s in here since well and truly got that one as well. The monthly chart trades that I mentioned on the previous video plus the one that I just shown just now this was a trade that was mentioned on the forum site that Paul took but was not on the membership site. So they have been closed out this week.
Daily chart trades hit full profit target
Let’s go and find the daily charts and I’ll share those with you on the screen as well.
So here’s the Euro-Franc that I mentioned from yesterday. So I’m just on a new screen here for recording. Let me just bring that one up for you, there we go. This was an excellent trade, really was a great trade. You can see that our profit tiger on the Euro-Franc was one zero nine sixty-nine. And the price got to one zero nine, lower that sixty nine. Got to exactly that level slight gap down here now today but we are exactly at that level. Great trade there. And the U.S.-Canadian dollar trade, which is also was shown on the membership site, this was another nice trade in here, just expand that slightly in here. That was a sale trade based on this candle here, with a profit tiger to one thirty-one sixteen. And that was down here so we took the sale trade we had our profit tiger hit and then what happened afterwards is quite amazing that the price went down a little bit further to the one thirty one. And then we had the U.S. interest rate in announcement which then pushed the U.S. dollar and Canadian dollar way back up. It didn’t matter because we were out of the trade for full profit.
This week’s totals, +5.45% for the week
So all up this week daily chart trades have made us one point seven five percent, our breakout strategy made one point five percent and our weekly trades have made one point six percent, our monthly chart trades that have closed have made a zero point six percent. And our open trades they are here so we’ve got a U.S.-Yen trade there both positions and you’ve seen these on previous videos. From June we’ve got the Aussie-New Zealand going real nicely there as a sale trade. That’s based on the monthly chart trades, so just bring that one up for you on here. So that was taken up here to around the one zero four ninety-six level. That’s carrying up here around hundred and eighteen pips profit target you can see on the charts there. And we also have that weekly chart trade on the Franc-Yen going very, very nicely as well which is here. It was taken on the weekly charts. That’s from back in mid July. And you can see that trade got filled up one zero nine seventy-three. And it’s been up around a hundred and forty-five pips, it’s currently around a hundred and nineteen. Stock loss is up here at about forty-four pips so you can see a great looking trade. From where it’s low has been is only fifteen, sixteen pips away from full profit.
So as I mentioned, put all that together and we’ve closed a plus five point four five percent for the week. We’ve got open trades here, these here still opened around one point four percent. The five point nine four percent that I took on the previous three weeks, which you can see all those videos on the site that I’ve given you. If you don’t have that site let me know and I can send you that link to the previous eight videos.
A gain of +12.79% in the last 4 weeks
Put all that together four weeks of work there, twelve point seven nine percent with very, very low risk, very low draw down. If you’d like to trade like daddy, if you’d like to have a help, if you’d like to view these trades that we’re doing and why we’re doing it and where the entry success story are. Twelve point seven nine percent in a month, that’s quite amazing for ten to twenty minutes work once a day. If you’d like to join us you know where to find us.
3 day sale starting on 5th August 2019
You know also that Monday of next week, starting on the fifth, Monday for three days five ninety seven gets you fully on the course plus seventy-nine dollars a month ongoing if you’d like to continue with the daily trades, the live webinars, which we tweet, and the forum site. Normally two and a half thousand dollars so this is gonna be exceptionally amazing entry price. If you’ve thought about wanting to trade for us properly this is your absolute top opportunity to jump on board with our help and to gain results like we are getting. So look forward to sharing more results with you soon and look forward to seeing you on the course next week and that means you can then get onto our next live webinar. So hopefully you’ve enjoyed what you’ve seen over the last four weeks. It’s all been shown with you, to you up front. You can see all the trades on our membership site, you can see the trades on there can’t here. Great results, twelve point seven nine percent four weeks. Would you like to be part of it? The question is yes or no? And if you would you know where to find us, if not then happy trading. But if you’d like to be part of a huge community that’s been running for nearly eleven years and thousands and thousands of traders worldwide, then we’re here to help.
Thanks again, this is Andrew Mitchem from The Forex Trading Coach. Bye for now.
#328: How to be one of the few profitable traders?
Jul 07, 2019
Podcast:
How to be one of the few profitable traders?
In this video: 00:29 – Why so many traders lose money 01:30 – Massive losses from traders 01:45 – You need to be realistic 02:35 – Seek education 03:35 – Trading while on holiday 04:45 – Would you like to follow my trading? 05:45 – Anything could happen
Why is it that so many traders lose so much money? And more importantly, what can you do to ensure you’re not one of those people? This is a very, very important subject. So let’s get into this and more right now.
Hey, Forex Traders, Andrew Mitchem, here, from the Forrest Trading Coach with video and podcast number 328.
Why so many traders lose money
And I want to talk about why is it so many people lose money? And that, that has been as a result of an e-mail that I received earlier in the week from a company called Darwinex. I don’t belong to them, but I’m on their mailing list, and they sent me this. And back in 2015, the accounts that they had with them lost 78% of their value. 2016, almost 51%, 2017, 47%, and last year, 2018, 38%. And so far this year, almost 10%.
So, a massive loss in the cumulative accounts of their clients. Now, as they said, the results are getting better, which is good, and are still huge losses, by the way. But like they also said on here is they encourage, or want to encourage other brokers to publish their account losses. Because like they said, the other brokers, or a lot of the other brokers probably had far worse losses than Darwinex themselves do.
Massivelosses from traders
But think of that, that first year, 78% loss on accounts cumulative. And even today, still massive losses. So, that’s not good.
You need to be realistic
But you need to be realistic, and I’m here as a real trader to tell you that you need to be realistic. Most people will show you flashy cars and Porsches, and all that type of thing. I don’t do that. I’m here trading from home, telling you as it is. And you need to figure out that if you are serious about wanting to become a Forex Trader, as a full-time trader, or just someone that’s doing it for enjoyment or a passive income, what is it that you can do differently so that all these other people that can basically put you on the other side to make sure you’re one of those few people who are making, not even just breakeven or a little bit of money, but some good, consistent gains? Because ultimately that’s why we all do this, isn’t it? We’re here to become good Forex traders and to make income from it.
So, what can you do about it? Well, there’s lots of reasons why those people are losing.
Seek education
But what you can do, is you can seek yourself some education. And I strongly believe that that is a very, very good option. But the problem, then, becomes, is when I look around at other courses that I see online, is that while they’re systems or they’re strategies, that most of them are not very realistic in terms of being able to trade them all the time.
I’ve been doing this for over 15 years. And teaching for over 10. And I’m still doing it, and I still love it, and I still get a passion and a buzz out of it, because it’s enjoyable and it’s something that I can work in with other things that I do. If I would have sat here, looking at these screens, all day, every day, it would drive me mad. And I would have given up years ago, regardless of making money out of it. But, because of the way I trade, and it’s longer time frames, it’s less chart time, it’s more enjoyable, more reliable, I believe that’s one of the reasons why it’s realistic.
Now, you may have heard, and if you haven’t, then I’m going to tell you, and if you have, sorry that I’m going to repeat myself.
Trading while on holiday
But on Monday, probably the day you get this video, Monday the 8th of July, I’m heading overseas for just over three weeks with myself and my family. And we’re heading over to the UK and Europe. I’m really looking forward to at 27 hour flight from Auckland via Dubai to London. No. But, anyway, part of living in New Zealand, you have big flights and big travels. But, we’re heading over there, and I’m going to be showing you how I’m trading while I’m away on holiday. I’m going to be sharing with you the trades that I’m taking, I’m only going to be looking at the longer timeframe charts, like weekly charts, daily charts. Maybe 12 hour charts, depending on basically time that I have.
But I’m going to be trading and sharing with you how you can trade, too, as a full-time Forex Trader, but it’s only going to take you somewhere between 10 and 30 minutes once a day, and that’s it. And that’s what I’ll be doing. When I place my daily trades here, in New Zealand, it’s my morning time. So when I’m in Europe, it’s going to be in their evening time. All based on the close of the 5:00 P.M. New York start and close of day chart.
Would you like to follow my trading?
So, if you’d like to follow along, I’m going to be sharing with you some of my trades that I’m taking, the results that I’m taking, and I’m going to make some video while I’m over there, and just showing you how it can be done. And, look, it’s going to be, there’s not going to be some big edits on the videos, it’s just going to be me on my screen, or me on my cell phone. I’m not going to be there, spending my time on holiday, making massive, professional productions. It’s going to be me, phone, screen, send to you. And basically that’s what it’s going to be.
If you’d like to follow along for three weeks and find out the trades that I’m taking, and the results that we’re getting, and just sharing a little bit more about how I’m taking these trades, and what I’m doing, if you’d like to follow along, I’m going to put a link below this video or on this page somewhere that you can sign up, and register your interest, and every time that I make a new post or a new video, I’ll make sure that you get e-mailed a copy.
It’s going to be fun, it’s going to be …
Anything could happen
No one knows in advance what’s going to happen. I could have three weeks, and trades may make some great gains, or might make some losses. It’s July, and the market’s generally a bit harder in July, as well.
So if you’d like to follow along a real trader doing real trading in real-time, without the benefit of any hindsight, I’d encourage you to sign up, register your interest. So once again, this is Andrew Mitchem from The Forex Trading Coach. I will be making a video on Monday while I’m still here, at home, sharing with you my daily and weekly chart setups, and then, from then on, it’s going to be through the UK, and then into France, maybe having a wine and some cheese alongside the video at the same time, enjoying a bit of sun over there.
So, look, you have a great weekend, I’ll see you this time next week. And don’t forget to register, probably below this video, or somewhere on this page. Thanks again, and I look forward to sharing with you my journey to Europe.
#327: Should you use Trailing Stops or Fixed Stops?
Jun 30, 2019
Podcast:
Should you use Trailing Stops or Fixed Stops?
In this video: 00:22 – Two parts to this week’s podcast 00:41 – Trailing stops and should you use them? 01:13 – How should you use a trailing stop? 02:35 – I don’t use trailing stops 03:45 – Look to move your stop loss or take partial profit 05:46 – Trading for 10-30 minutes a day while on holiday – follow me
Should you use trailing stops as a forex trader? Let’s talk about that and more right now.
Hi, traders. Andrew Mitchem here from The Forex Trading Coach with video and podcast number 327.
Two parts to this week’s podcast
Two parts to the video and podcast today. The first is a question about trailing stops. The second is about a great opportunity I’m going to give you to follow me while I’m away overseas on holiday for three weeks, trading in under 30 minutes a day. More about that shortly. Let’s get back to part one about trailing stops.
Trailing stops and should you use them?
So, the question’s just been received today from a trader. He’s not a client, but he’s a guy that follows me on podcasts called Trevor from the UK, and Trevor asked the question … He said, “Andrew, trailing stops attempting to use as a protective factor to lock in profit in case of reversals; however, they can be taken out in strong retracements. Do you use them?” So that’s a good question. The short answer is, “No, I do not use trailing stops,” but let’s discuss them and their merits or otherwise.
How should you use a trailing stop?
So, a lot of people like the thought of a trailing stop because you think that it’s going to keep following your trade as you keep making profit and locking in more and more of the trade and, in theory, giving you a better return. That’s the theory. There’s a couple of practical issues that you need to be aware of. I’m not sure about other trading platforms, but certainly if you use the MT4, MetaTrader 4 platform, if you use a trailing stop, you actually have to have your computer on. Now, if you have your platform open on a virtual server, that’s fine, but most people probably would just have it on their desktop or their laptop.
If you use a trailing stop and close your chance down, then the trailing stop will not be honoured because it sits on your computer. A normal hard stop or a profit target sits with your broker, but a trailing stock does not. So, there’s a factor that you need to be aware of and probably a lot of people don’t know that. The other thing is, from a trading point of view, is how big a trailing stop to use and when do you start to use it? Where do you put it? When do you introduce it? Does it depend on the currency pair or the timeframe chart or the volatility in the market or flatness in the market right now? If you put a 20 pip trailing stock, is that the same on the euro pound as it would be on the pound New Zealand? One very slow, one very fast.
I don’t use trailing stops
All these type of things you need to consider. So, I don’t use trailing stops for those reasons. It’s too much of a guess. I like to have a little bit more certainty in my trading, and so, to me, the initial stop loss needs to be placed at a protected level for a reason. Don’t just pick 30 pips because someone said so. Pick the level that the trade needs to be … the stop loss needs to be at to protect the individual trade.
One of the reasons why I love trading on individual candle shapes and patterns is because if that is a relatively large candle, I can then afford to have a slightly bigger stop loss, and therefore, my profit targets bigger and the reward to risk becomes good as well. If it’s a smaller candle, then generally, I’ve got a tighter stop loss and the smaller profit target because it’s reflecting the current market conditions, and reward to risk is so important. So, you can’t have a stop loss that’s so massive that your profit target needs to be ridiculously big and unlikely to be hit. Likewise, you can’t have a massive stop loss and a tiny profit because your reward the risk is all out of sync. So, that’s, again, comes back to another subject, which is why I trade candles.
Look to move your stop loss or take partial profit
But going back to the stop loss issue, once your trade starts moving into profit, you’ve got a number of things you can do. If you wanted to move your stop loss, I prefer to move it … Let’s say you’re taking a sell trade. I prefer to move the stop loss down as the trade gets into some profit, but I’m moving it to fixed levels, like I’m using support and resistance levels or ran numbers, previous highs, those types of things to protect that stop as I keep moving it down on my sell trade, assuming that the price keeps falling down.
The other thing you could do is if you see on your sell trade a potential reversal and looks like the pair’s moving back up, that could be the opportunity to say, “I’m going to close part of my trade,” or even all of it depending on what you have as your trading plan, but don’t forget that partial closing of a trade is just as effective as moving a stop loss in many ways because you’re locking in some profit and you have a smaller amount exposed only if you see, potentially, the trade might pull back against you. So, there’s a number of ways of doing it. So, you can either move your stop loss to a set level and keep moving it, all of it, as the trade keeps going in your favour or you could partially close parts of the trade for profit. Either way … It depends on what you prefer as a trader.
But going back to trailing stops, I don’t like them personally. I find them very difficult to use and it becomes too emotional and you’re taking a stop loss and for a reason is where it should be. But when you start trailing it, it’s more of a guess, more of a gamble. You could get a price spike or a news announcement accounts back and stops you out, whereas in reality, your normal fixed stop would not have been stopped at.
So, Trevor, the answer is I don’t use them, but there’s certainly other ways that you can lock in some profit and protect your trade in more of a technical trading sense than just a random number that’s trailing your profit. So, that’s the trailing stock.
Trading for 10-30 minutes a day while on holiday – follow me
The second part that I want to mention is a on Monday the 8th of July, myself and my family were heading overseas to Europe, over to England and also to France for three weeks. Now, during that time, I’m going to be trading just the daily and the weekly charts and I’m going to be making some videos recording what I’m doing and showing you how you can trade and travel. So, I’ll be trading in under 30 minutes each day. Generally, it was going to be 10 minutes per day, but I’m saying under 30 minutes per day and that’s it.
If you’d like to follow me, and I’m going to be sharing with you the trades that I’m taking and the results of those trades, whether they be good or bad, I’m taking those trades. I’ll be sharing those trades with you and just sharing with you parts of the trip and how you can trade in under 30 minutes a day. If that’s something you’d like to follow me on the journey over the next few weeks, then I’m going to put a link below this video for you to sign up and show your interest in being updated on that journey.
So, whether you’re just wanting to know how to trade in under 30 minutes a day so you can continue your normal life and work and family, et cetera, then definitely sign up. If you’re interested in trading and travelling and spending less than 30 minutes per day and trading full-time at the same time, then this is definitely something you need to register. So, find the link somewhere on this page and I’ll update you next week and when we start our family holiday.
So, once again, this is Andrew Mitchem from The Forex Trading Coach. I’ll see you this time next week. Bye for now.
#326: Lining up your ducks in a row
Jun 23, 2019
Podcast:
Lining up your ducks in a row
In this video: 00:24 – Becoming a better and more consistent trader 01:02 – Tips to help you create a trading plan 01:46 – Lining up everything in your favour 02:25 – Get the bigger picture from the Monthly charts 03:12 – You’ll still need a good strategy and identify a good trade 03:54 – Take a look at the USD/CHF price level 05:33 – Line the ducks in a row to help your trading results
Lining up all the ducks in a row to make you a more profitable trader. How does that work? Let’s talk about that and more right now.
Hi, Forex Traders. It’s Andrew Mitchem here from the Forex Trading Coach with video and podcast number 326.
Becoming a better and more consistent trader
I want to talk about how you can become a better and more profitable trader with consistent trades by lining up all the ducks in a row.
Let me explain more about that. You see, trading is all about probabilities. There are no certainties in trading, and the other thing that you have to work out when you are wanting to become a trader, is you need to have a plan and you need to stick to it. But, how do you create that plan? What do you do in order to create a plan? Because, everybody says, “Hey, you need a plan to become a good trader.” Well, where do you start? What do you do?
Tips to help you create a trading plan
I’ve got some really beneficial and realistic practical tips to help you with this because, like I said, trading is about probabilities. Nothing is certain. You can have the best looking set up and it won’t work. It’s not absolute guaranteed to work. Nothing’s really guaranteed in life, is it? You probably have to go to school when you’re a child. You probably and should be paying taxes when you’re an adult, and you are going to die. So, really, the last one’s the only certainty, but in trading there are no certainties. You can have absolute everything looking really good. Doesn’t mean to say it’s going to work. But, if you do that often enough with the high probability behind you, then chances are you’re going to do really well as a trader.
Lining up everything in your favour
Getting all that lined up, everything lined up, is really, really important. I was on a webinar last night with my clients and I was discussing with some of my more experienced and more successful clients, about what they do to line up all the ducks on a row. It was really interesting about the philosophy that they have, and what we are looking at here is getting all different timeframes lining up.
Now, I’m not saying go through your MT4 charts and get every single one lining up absolutely perfectly because that’s not going to happen.
Get the bigger picture from the Monthly charts
What we’re saying is, at the beginning of the month look at your monthly charts and write down a list of likely directions of where you see strength or weakness, your bias for the bigger picture of the monthly directions. It’s a real simple exercise. You just need to do it once a month. It might take you 10, 15 minutes once a month. And then, at the beginning of the week, do the same on the weekly charts. Try and line up pairs that have the same direction or potential same direction as the monthly charts. And then, on a daily basis, we then scale down and write on the membership site. We also put the weekly charts, but also the daily charts with specific trades. But, if you have the daily charts lining up with the weekly charts, and that lines up with the monthly charts, then surely that has to start to line up a few ducks in a row there for you.
You’ll still need a good strategy and identify a good trade
Now, of course, you don’t just randomly go and say, “Oh, the monthly’s looking like it’s heading down. So is the daily and … So is the weekly and now the daily. Just take a sale trade.” That’s not what you need to do. If the, say, likelihood is everything climbing up to say, “This currency pair is heading down.” You still need to see a technical chance set up based on all the other factors that we use for our strategy. But, it’s giving you that bigger picture bias. There’s nothing better to add to that than having something like a round number. Now, I call round numbers any trading price that ends in zero zero or 50. I don’t look at any of the others. It’s 50 or zero zero. Zero zero’s been the exceptionally strong level.
Take a look at the USD/CHF price level
Now, you take the US Franc, for an example. So, here we are in June 2019. Go and have a look at the US Swiss Franc. It’s just crossed below one. So, 1.0000, a massively strong level. So, on my webinar, I suggested a sale trade based on the 12 hour chart. We have the ability to trade off line charts, such as 12 hour charts. A sale trade on the US Franc, because it had come up to the one level, gone just above it, closed back below it, had that level to protect the traders a stop-loss. All of a sudden, after we took the trade, we had a small retracement and then the currency pair of the Swiss Franc dropped away really well.
You’ve got to look at your monthly charts, the US Swiss Franc, based on the close of May, was heavily bearish. The weekly chart of last week, although last week’s did pull back a bit, overall we’re still looking at bearish patterns based on where the weekly chart is in relationship to other things. We’ll look at Bollinger Bands, et cetera. This week in particular, we are starting to see the weekly chart go bearish again. The daily chart’s bearish. Everything’s suggesting bearish, plus we have a chart set up. We have a pull back. We have exhaustion. We have a huge round number. You cannot get bigger than one. It’s a massive round number on the US Swiss Franc, and the candle pattern was there. There was everything we are looking for, plus we’d lined our ducks up in a nice row with our weakness in the US Swiss Franc. And guess what? We had a highly profitable, very low risk, high reward to risk trade.
Line the ducks in a row to help your trading results
So, I hope that helps. Lining those ducks up in a row will help you with probability, and the likely outcome is very, very good. If you’d like help with finding out more about trading and how we can help you, hey, you can join our five star Forex Trading Coach Course.
Just drop me an email. Andrew@theforextradingcoach.com or have a look on my website Theforextradingcoach.com and we’d be more than happy to help you.
So, once again, this is Andrew Mitchem at the Forex Trading Coach. I’ll see you this time next week. Bye for now.
#325: Do You Enjoy Sitting at Your Computer All Day?
Jun 16, 2019
Podcast:
Do You Enjoy Sitting at Your Computer All Day?
In this video: 00:30 – A traders’ journey and why so many give up 01:19 – Sitting for hours watching charts 01:47 – When I started trading 02:30 – You find it doesn’t work out 03:12 – Our approach to trading: Less is More 03:34 – I’ve traded just the daily and weekly charts this week 04:00 – A lack of knowledge 05:02 – Trading a variety of charts 05:44 – Have a life and trade well
As a Forex trader, do you really enjoy sitting at your computer all day waiting for trading set ups? If you do that’s fine. But if you don’t and you’d like to know how to change your trading so it’s more enjoyable, I have exactly what you need. Listen up, let’s get into it.
Hey traders, it’s Andrew Mitchem here, the Forex Trading Coach with video and podcast number 325.
A traders’ journey and why so many give up
Now this video is all about how people progress from absolute beginners through to good traders and the reason why so many people tend to give up trading too early, probably. So natural progression is this; you probably have heard about trading, you might have been and done a course maybe it’s online, maybe it’s in person somewhere, big group of people. You may have known someone that’s traded, you’ve looked on forums. All those type of things, you see an ad online somewhere. Whatever is you get into trading with this huge hype and expectation of it’s going to be fun, it’s going to be easy and you’re going to set out your charts and you’re going to see some trades and make some money. That’s how it’s all going to plan out.
Of course the reality is that doesn’t happen, pretty much in all cases actually.
Sitting for hours watching charts
Most people when they start because they have the buzz and the excitement of trading is that they think they’re going to have to sit there and they do sit there and make yourself have time to sit there watching charts. The problem is is that when you’re sat at your computer that’s when you’re making a trade happen, like you’re almost forcing a trade to happen, you’re wanting it to happen, you’re waiting for it to happen. So people tend to take trade set ups that are not really that good a quality.
When I started trading
Now back when I started trading, 15 plus years ago, we only had dial up internet. Of course if you were lucky enough to get dial up to actually have a stable connection, and you only had a very small data plan like a gigabyte a month let’s say. Which back then was actually really quite good. I did the same. I was looking for trades and kids were in bed, I’m ready, computer’s working, internet’s working, let’s take a trade. What are we going to do? Of course the danger is that the market wasn’t ready or there were no set ups. That’s what people still do today. But you have the ease of high-speed internet and fibre, and cheap data plans and mobile phones et cetera. So you’re wanting to take more and more trades.
You find it doesn’t work out
What actually you find out is that over time that doesn’t work. Unfortunately before you find that out, most people actually give up because they’re losing too much money, they’re blowing their accounts. Or they are just spending so much time that it’s not sustainable. Either you get that or they start absolute hiss and roar, go really crazy, and then find that real life continues and jobs and family and whatever it might be and I cannot commit that amount of time to sitting at my charts or I get home from work and the last thing I want to do is then sit down in front of a computer looking at charts. All of that is very understandable. That’s why so many people give up.
Our approach to trading: Less is More
Our approach is the complete opposite to that. You’ll find that most full time traders and most good traders, whether they be small time retail traders but they’ve been doing this successfully for a while, the approach is less is more. Longer time frame charts, trading less, enjoying life, making it sustainable and enjoyable and practical. All the important things. So I’m here in Nelson, top of the South Island.
I’ve traded just the daily and weekly charts this week
Been here for this week. I’ve traded just the daily and the weekly charts and that’s it. People would then go, “Hey Andrew, it’s okay for you, you’ve probably got a bigger account. I can’t trade daily time frames or especially weekly time frames because the stop loss needs to be too big, and I can’t afford that. My account size is not big enough,” or, “I can’t take a 70 pip stop loss or 120 pip stop loss or whatever it needs to be.”
A lack of knowledge
The reality is if you think like that then your knowledge is not quite as good as you think and so it’s a lack of understanding, a lack of knowledge of how to do that that’s holding you back. That’s why most people tend to go to short time frame charts because they think they’re in and out of the market, they don’t have to worry about swaps, they don’t have to worry about news announcements or they think that they can only trade with like a 20 pip stop loss, let’s say, because they’ve got a smaller account size. The reality is that everybody can trade with a bigger time frame chart because you understand position sizing correctly and you forget about number of pips that you’re risking or making and you’ll then figure out that you can trade longer time frame charts, they’ll be more enjoyable, they’ll take less time, there will be more reliable information and you absorb news announcements, the spread of the currency pair doesn’t matter so much, and life’s so much better.
So you just need to get to that stage to figure that out.
Trading a variety of charts
We’re doing this all the time. We’ve got many, many hundreds and hundreds of traders around the world, probably thousands of traders around the world, who trade our way and hardly anything less than daily charts. We’ve got a whole number of hundreds and then maybe thousands of other traders who will then go down to maybe say like four hour charts or sometimes even one hour charts. You can trade our strategy on any time frame chart you like or any pair, it’s really up to you. But we really do try and promote that more enjoyable lifestyle, enjoyable way of trading because that’s what’s real and that’s how you probably will end up trading if you trade for any length of time.
Have a life and trade well
So if you’d like to know more about how you can have a life and trade well and make money, you need to be in contact with us. So get hold of us at theforextradingcoach.com and once again this in Andrew Mitchem enjoying Nelson here. Believe it or not, this is actually the middle of winter. We’re only a week away from the very shortest day of the year. We’re already 5:00 PM and it’s warm out here and it’s beautiful. Great place to be. So have an enjoyable, practical trading experience, get onto the longer time frame charts. If you need our help you know where to find us. See you next week, bye for now.
#324: +9.5% monthly gain in May, here’s how
Jun 09, 2019
Podcast:
+9.5% monthly gain in May, here’s how
In this video: 00:26 – Details about a client who made +9.5% in May 00:51 – Live webinar discussing Scott’s trades 01:22 – Check out the Testimonials page https://theforextradingcoach.com/testimonials.html 01:59 – Scott’s comments and trading week routine 04:05 – How we can help you achieve similar results yourself 04:46 – Reduce your risk on a Monday
A client of mine has just made 9.5% during May. I’m going to share with you details of how he’s done that. Let’s get into it right now.
Hey, traders, Andrew Mitchem here, the owner of the Forex Training Coach with video and podcast number 324.
Details about a client who made +9.5% in May
Now, I want to share with you an email that I received from a client called Scott, and Scott’s been with me for just over 18 months, and he has a full-time job, and in May he made just over 9.5% trading very little, but trading very well. And I’d like to share with you some of the information that he’s sent me here.
Live webinar discussing Scott’s trades
Now, tonight I’m holding a live webinar with my clients and I’m going to be going through all of the trades that Scott has taken, the good trades and the losing trades, and we’re going to be discussing those trades. But it’s really important that you take from this that this is with low risk trading. So, Scott’s risking no more than half of one percent of his account per trade. Very, very low risk to make a very nice, almost 10% gain in the month of May.
Check out the Testimonials page https://theforextradingcoach.com/testimonials.html
You can also have a look on the testimonials page on my website and you will find a video of Scott there. So, have a look, and you’ll see who that is that’s made the money and done very well for himself for that month. Also important to note that Scott is always on my live webinars. He contributes well to our forums site, and 18 months after joining, these are the type of results that he’s getting, and the consistency is what matters. You know, it’s really important that you put that time in upfront in order to then reap the rewards later on down the track, and that’s exactly what Scott has done.
So, let me share with you some of the information that he’s said on here, and he fully admits, he said, “Look, I had plenty of down side trades in a month, but I led to”… He actually says, “Leading to only a 9.5% account gain for the month.” So, that tells you that he’s pretty consistently doing that and more. So, his summary is like this. On a Monday, the beginning of the week, he trades only the monthly charts and the weekly charts, and the daily charts if they’re really strong. And the reason for that is because at the beginning of the week, he can take the weekly charts. So, if it’s the beginning of the week and the month, then he can take the monthly chart trade as well. But he’s very selective on the daily chart trades that he takes on a Monday because when you think about it, you’re looking at a Friday’s candle. And so, because of course Monday is only just starting, and so really important that you’re very selective on a Monday.
What I also suggest people do on a Monday is reduce the risk that they take per trade because you’re at the start of the new week and things could be a little bit more unpredictable. Scott said then on Tuesday, he takes the daily charts if there are any. He also looks at the 12 and 8 hour charts, but only if they’re in the direction of the weekly and monthly, so if the monthly charts and the daily chart… Sorry, monthly charts and the weekly charts all line up to say, let’s say, short positions on the pound U.S dollar, and he sees a 12 or an 8 hour chart on that panel in the same direction, that’s the trade he’s after.
On a Wednesday, he looks at the dailies, the 12, the eight, six, and four, and again, those shorter time frame charts only if they are in the same direction as the monthly and the weekly. On a Thursday, daily, 12, eight, six, four, and then sometimes after 10:00 broker time sets into the European session, he’ll look between the one hour charts, even down to the five minute charts, but again, they have to have the direction of the monthly and the weekly. And on a Friday, he says, “All I do is close out trades or manage any open trades that are still there.” So, he doesn’t do any actual looking for new trades on a Friday. So, really simple to do, but just shows what can be done.
How we can help you achieve similar results yourself
So, look, if you would like to know more about how you can achieve similar results, and you’d like to know how you can join us, you can get to trade our way but maybe with your own twist on it exactly like Scott’s done. What we do is not set in concrete. It’s to give people that sort of foundations and the basics and the support and the ongoing real time support. But ultimately, the people who do the best are the ones that just have their own little tweak, like Scott. He’s saying, “This is when I’m trading. Not going to trade on Friday. I don’t want to trade Fridays,” says Scott. You know, I do, but Scott’s saying, “I don’t want to trade Fridays. I just want to manage trades.” And that’s what he found has worked best.
Reduce your risk on a Monday
Similarly with the Monday, beginning of the week. Look at either something really, really selective or reducing the risk that you take. So, it shows what can be achieved. 9.5% in May, but with very, very low risk and very low drawdown.
So, like I said, go and have a look at Scott’s video, plus all other videos that I’ve got on my website on the testimonials page. I’ll put a link to that testimonials page below this video so you can go and have a look through them yourself. So, hope that helps, and once again, this is Andrew Mitchem from the Forex Trading Coach. I’ll see you this time next week. Bye for now.
#323: How do you react when you lose a series of trades?
Jun 02, 2019
Podcast:
How do you react when you lose a series of trades?
In this video: 00:26 – The downside to trading and how do you react? 00:50 – The good and the bad 01:44 – Are you your own biggest problem? 03:31 – The market is unpredictable 04:15 – Back to basics 05:04 – Benefit from our 10+ years of helping traders like you
How do you react when you have a series of losing trades? It’s critical you get this right to your trading success. So, let’s get into it right now.
Hey, traders, Andrew Mitchem here, the owner of the Forex Trading Coach, with video and podcast number 323.
The downside to trading and how do you react?
Now, everybody tells you the good side of trading. I want to tell you about the bad side of trading, and more importantly, how do you react when that happens? Now it’s all about losing trades. Now, we will have winning trades and losing trades as part of trading. But, what happens when you have a series of losing trades, maybe losing days, losing weeks, even losing months. What happens?
The good and the bad
Let’s bring that back to a story that everybody can relate to. It’s called life. In life, we have good times and we have bad times, and everybody goes through the same thing. And what often defines you as a person, as a parent, as a boss, as an employee, as a sportsperson, whatever it might be, what defines you quite often is how you react to those bad times. How do you get through it? What do you do to ensure that those become less and less?
You see, the problem is today that with everything being we want the quick fix all the time, a lot of people struggle when things don’t go right. And you know, they blame someone else, they get depressed, they sulk, they give up, you know, everybody else’s fault. It’s the same in trading.
Are you your own biggest problem?
You see, people blame the market, they blame the broker, they blame everything. But very often, it’s the person themselves that is the biggest problem. And it’s how you react to that. So, you have a system, a strategy in place, and if you weren’t happy with it, you wouldn’t be trading it.
So, you’re trading it, and you have a series of losing trades. What happens? Do you go back and analyse those trades? And in reality, you should be analysing all of your trades. But, do you go back and analyse those trades and go, “Do these losing trades fit my criteria? Do they fit my rules, my trading strategy? Yes or no?”
If they do, then great. That’s part of trading, and you may be just going through a tough patch right now, because if they do meet your criteria, and yes, this is what I’m looking for as part of my trading plan, and unfortunately, it didn’t work out, at least you stuck to your horse. You can still find things in there that you might learn further from those losing trades. But, if you stuck to your rules, then, well done. You’ve done what you should do as a trader.
If you didn’t stick to your rules, that’s where the problems start. So, rather than blaming everybody else or your broker or the market, how about, let’s fix the problem, which is you, and go and analyse those trades and go, “Well, actually, do you know what? That trade there didn’t meet my criteria, because of reasons one, two and three. Therefore, I’m learning that when I see that again in the future, I will not take trades that look like this and I’ll only take trades that look like that.” So, that’s how you can develop and how you can learn and how you can improve yourself.
The market is unpredictable
Now, don’t forget we’re trading in a market that’s unpredictable. You never know what’s going to happen. You know, even with the best laid-out plans and best laid-out strategies, no one can be certain of what’s going to happen. You don’t know whether it’s a trending market, a range-bound market. Different currency pairs react at different times of the day or different months of the year, even. And then, you get political events and other things that completely disturb that pattern as well.
So, you have to trade what you see in front of you at the time, and you have to have a strategy that’s robust enough to get through those times when your strategy may not be going so well. But you have to have a plan in place to deal with that.
Back to basics
So it comes back to a lot of the basics that I talk about all the time, and I’ve done so for 10 years now.
You have to have low risk in your trading. Low risk trading approach means you can be confident to more trades on without blowing your account, basically. It means also that if you trade with low risk, you forget about the number of pips that you make. They are irrelevant. That then allows you to trade multiple timeframe charts. And, if you have a good strategy that allows you to have high rewards risk trades, you can have a series of losing trades. But, every time you get a winning trade, it’s more than likely going to make up for most of that.
So, have a good think about that, and see if the problem is you yourself. And if it is, what can you do to fix that?
Benefit from our 10+ years of helping traders like you
So I hope that helps. This is Andrew Mitchem. I’m the owner of the Forex Trading Coach. We’ve been doing this for over 10 years now, and if you’d like to know more, all you need to do is have a look at my website, which is the TheForexTradingCoach.com.
In this video: 00:33 – There are so many ways to trade 00:51 – The downside to Fundamental trading 01:22 – The flaws with Technical trading 01:52 – I trade Candlesticks 02:35 – Focus on the individual candle 03:29 – A candle paints a picture 04:05 – Helps with back testing 05:05 – 2 types of candles to trade
I’m going to talk about why candle patterns rule as a Forex trader. So let’s get into that and more, right now.
Hey Forex traders, Andrew Mitchem here from the Forex Trading Coach with video and podcast number 322.
And I thought I’d take this opportunity … It’s autumn here in New Zealand, beautiful day as you can see to get outside and make the video from out here, rather than standing in front of the charts.
There are so many ways to trade
So many different ways that you can trade Forex. Unfortunately, most of them are not good ways but the two traditional ways that people look at trading Forex are either to become a fundamental trader or a technical trader or sometimes a bit of both.
The downside to Fundamental trading
So the downside for being a fundamental trader, in my opinion, is that it becomes your opinion of what you see in the news, or what you hear in the news. Is that news better or worse than expected and there’s so many different variables and it changes all the time, it’s quite difficult to make an assessment, in my opinion. Now I know there’s people out there watching this who will say, “Look, I’m a fundamental trader and I trade really well.” That’s great. But for most people, I believe that fundamental trading’s not that easy.
The flaws with Technical trading
Technical trading. Well, as a technical trader, I also see the flaws of that. And with technical trading, the problem is is that so many people get caught up with indicators, just too many indicators, get their charts cluttered, they get information overload, confusion, all those type of things. You know, one timeframe’s telling you something, or buy, then another timeframe’s telling you you should be selling. And so you get complete confusion there.
I trade Candlesticks
But as a technical trader, I’m more based and focused on candlesticks and using candlesticks. Well they’ve been around for centuries so I figured when I started trading, “Look, if these candlesticks, Japanese candlesticks, have been around for centuries, I really should start looking at them and trying to understand why they are so successful.” And like all things, you know, there are flaws in every system, nothing is perfect. I’m not saying just go out there and understand candle patterns and all of a sudden your trading will be perfect, that’s not going to happen. But it’s understanding how to use candle patterns and candlesticks.
And I’ve developed, I suppose, my own take on them. I don’t use the traditional, you know, looking at multiple candlesticks and flags and triangles and those type of things.
Focus on the individual candle
I’m more focused on the individual candle that has just closed. Many benefits to that. Number one, you can trade different timeframe charts, but you only need to look at your charts at the close of a candle. So if you’re trading, say a four hour chart, I know that, now I’m recording this, I’ve got another three and a half hours before I need to look at my four hour charts. It makes life very, very easy to do. It also means I can make my analysis once the candle has closed. Of course when it’s closed it’s not going to be moving anymore, there’s no movement of indicators, horizontal levels are set, and it makes things very, very easy to do. And you can make your analysis without too much rush, you’re not stressed, forcing to either be at your computer or to take a trade like right now, like you would if you were say a news trader. So that’s another one of the benefits.
A candle paints a picture
And also, when you think about how a candle has been made, it’s basically telling you about momentum, it’s telling you where the big players are in the market, where the sentiment is, are there more buyers, are there more sellers. But it’s not just the candle shape itself, it’s where that occurs on the chart, what’s happened before it, has there been some indecision, has there been a previous bounce at that level. All those types of things that we build on as part of the way that I trade and the way that I teach to build on the candle pattern and the candle shape itself.
Helps with back testing
But really, another benefit when you think about it, is backtesting. See how can you backtest news, news trading, how can you backtest realistically with a lot of indicators because, you know, an indicator A might cross over B and when you see that completed, it looks like it’s closed in the right part of what you’re looking for. The reality is, that when the price is moving and the indicator’s moving, you may get multiple false signals. Whereas with candle shapes, you can go back through any currency pair, any timeframe chart, and you can analyse. Look if I’ve seen a pin bar followed by an engulfing bar and it’s happened at this time of the day, it’s happened at this part of the chart, it’s at this prior indecision, it’s bounced at this level, you can see that where it be last week or last year, doesn’t matter. And you can have high certainty and high probability that if you see that type of pattern again occurring on your charts, likelihood is you have high probability behind you to say the price is likely to do this. And that’s another great thing.
2 types of candles to trade
And of course, as you know from my trading, I like to keep things simple. I only really look at two different types of confirmation candle, I’m looking at engulfing candles and outside bars, they give me the confirmation and the reassurance to jump into a trade. And to get some form of indecision, I’m looking at either dojis or hanging man pattern or a pin bar. I don’t trade those as specific candles, I see them as indecision, as an early warning to see a possible trade set up. Sorry about that, if you can hear in the background a helicopter’s flying over and I’m wishing I should be really up there flying today, which I probably will be at the weekend. Going off subject there.
So, you know, it’s all about using the candle shapes and candle patterns to your advantage. If you’re already in on a trade and you see an indecision candle showing on your charts, it gives you a clue that maybe, that we’re not going to get to our profit target because the indecision candle is a bit of an early warning system. But in terms of entering a new trade, indecision followed by confirmation is a fantastic way of looking at your charts and gives you a high probability entries and also allows you to manage your trades, while you’re in the trade.
So I hope that helps, this is Andrew Mitchem from the Forex Trading Coach. You have a great weekend and I’ll see you this time next week. Bye for now.
#321: Focus on being a good trader and forget the money
May 19, 2019
Podcast:
Focus on being a good trader and forget the money
In this video:
00:34 – Why it is important you focus on being a good trader
01:20 – Don’t run before you can walk 01:56 – Learn how to become good and get training 02:22 – Don’t focus on the money 02:55 – How do you learn how to trade well? 03:33 – You must start at the beginning 04:26 – Taking a course can short cut the learning process 05:25 – A large account size does not matter
I’m going to explain today why you need to focus on being a good trader, and don’t focus on how much money you’re making. Let’s explain more right now.
Hi, traders. It’s Andrew Mitchem here, from The Forex Trading Coach with video and podcast number 321. A really, really important lesson for you today, especially if you’re new to trading.
Why it is important you focus on being a good trader
It’s all about why it is so important that you focus on becoming a good trader. I’ll explain more about what I mean.
Each day, and it’s many times a day, I receive emails from people saying, “Hey, I’ve heard about Forex. I want to get into it, make some money.” “I’ve lost my job. I’m desperate for money.” “I need some passive income.” “How much do I need in my trading account because I need to make $1,000 a week?” “How much am I going to make?” “How long is it going to take me so I can make lots of money in trading?” All those type of questions, really, really, really dangerous, dangerous questions.
Don’t run before you can walk
The reason I say they’re dangerous is because these kind of questions are from people that are trying to jump the gun. They’re trying to run well before they can walk. Unfortunately, and I can say this with honesty with experience because I’ve seen it so many times over the last 15 years since I’ve been trading and the last 10 years, especially since I’ve been coaching is that if you come into trading with that kind of mindset, that type of mentality, unfortunately, the truth is it’s not likely to end well.
Learn how to become good and get training
You think about it, you could go into any other profession. You want to become a lawyer or a doctor or a mechanic or a farmer or whatever it might be, you have to get some training, some tuition, and start at the beginning. You have to build those foundation blocks. If you don’t have a good foundation, the rest of it is going to crumble, and trading is exactly the same.
Don’t focus on the money
Rather than focusing on how much money you’re making or losing, focus on the traits, focus on becoming a good trader, focus on you, your ability to trade, the strategy that you’re trading, your mindset. All those type of things are far more important at the beginning of your trading journey than worrying about how much money you’re making or you want to make. You see, it’s so important that you learn the strategy.
How do you learn how to trade well?
And how to do that when you’re starting out because, unfortunately, the Internet is absolutely full, like, you know, of hype, of all these people driving around in flash sports cars, of taking private jets everywhere, sitting on beaches, drinking cocktails with their laptops, all those kind of crazy pictures that you see.
Now, the reality, of course, is far different from that. Yes, you can make some incredible money from trading. I’m not suggesting that you cannot. Absolutely, you can. Once you master it, there’s very little that beats it.
You must start at the beginning
However, you need to start at the beginning. We’re kind of in this age of mentality where it says instant fix. You want something, it’s on your phone, it’s on Google. You want to take a picture, you can instantly do it, send it to people, all those type of things. It’s kind of made our mentality when it comes to learning something, not that good. Trading is something you have to put the time and the effort in.
How do you go about doing that? Well, you can find coaching courses. I’ve got a coaching course that’s been running for 10 years. Now, I get accused of making these videos and people go, “Andrew, you’re just making these videos so you can sell your course.” That is not right. I’m making these videos to help you. If you choose to wish to join my course or another course or learn by yourself, that’s your call. I’m just giving you the honest facts.
Taking a course can short cut the learning process
Taking a course like going to college, like going to university to have a specialist skill can shortcut the time and the funds it takes to become where you want to get to. You want to become a sportsman. It takes time, dedication, and routine to get there. Same as a musician same as a doctor, a lawyer, whatever it might be. Trading is exactly the same.
One thing that is absolutely for sure is we all have limited time. When you decide how you go about taking a course or self learning, don’t forget that we’re all limited on time. If you can shortcut the process, does that not just make so much sense? That’s where I see the benefit of a good coaching course with support and with a proven strategy makes so much sense.
A large account size does not matter
Coming back to the actual topic itself, if you focus on “I need to make this amount of money,” that will not work. If you focus on learning how to trade properly, then the money will follow. You see, you could have a million dollars in your trading account right now, and it’s almost certain that you’re going to lose money. Having the funds upfront when you’re starting out, does not matter. Having the ability to trade, the mindset, the will to want to learn to trade and to put the effort in, that is how you will become a good trader over time.
If you like, I’ll help with that. You know where to find us. We’re at theforextradingcoach.com. If you have any questions, all you need to do is contact me via my website, and I will answer those emails for you, personally.
Once again, this is Andrew Mitchem from The Forex Trading Coach. I’ll see you this time next week with more Forex trading tips and information. Bye for now.
#320: Trading with High Reward:Risk Trades
May 12, 2019
Podcast:
Trading with High Reward:Risk Trades
In this video: 00:34 – Reward:Risk is often overlooked 01:15 – Don’t worry so much about win rates 01:57 – Trade makes a massive 9.2:1 R:R 03:30 – A 2.3% account gain with a 0.25% account risk 03:56 – Live Webinar and 4 trades close for full profit
I’d like to share with you the importance of achieving high reward to risk trades in your trading, how it can help you so much, and also let you know about a massive trade that we took last week. Closed profit this week for 9.2 reward to risk trade. Listen up. I’ve got some great tips for you.
Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach video and podcast number 320.
Reward:Risk is often overlooked
Now reward to risk, sometimes not the most exciting part of Forex trading. It’s often overlooked, but it’s something that you should not overlook and it’s something that you should really strive very hard to achieve high reward to risk trades in your trading. Why? Well, if nothing else, when you achieve a high reward to risk trade, not only does it make good profit in your bank account, but it gives you a massive boost. It gives you a huge amount of confidence, because what it then allows you to do is have maybe a few losing trades, but your profitable trade that you’ve just had eats up those small losses plus lots more, and that’s why it’s good.
Don’t worry so much about win rates
You see people get too caught up in talking about win rates, and I get it all the time. People say to me, “Hey Andrew, how many trades do you get as winning trades? What’s your win percentage?” And I’ve seen people, true story, I’ve seen people with a 90% win rate who lose money because they have lots of small trades, and then one big losing trade. Lots of small trades, one big losing trade. So they might have lots and lots of gains, 90% gains, 90% winning trades, but they are still losing money, and that’s not good. Dents your confidence cause that one big losing trade smashes through all those good trades that you’ve just slowly built up.
Trade makes a massive 9.2:1 R:R
Let’s flip that in reverse and look at it the other way. You need to have high reward to risk trades, so the trade that I suggested on my membership site to my clients just last week on the 1st of May was a sell trade on the New Zealand dollar Japanese yen based on the monthly chart.
So go and have a look at the monthly charts for the close rate for 2019, and you’ll see the setup that we took. Now, we enter our trades with a part of our position at a retracement and part at the market order, so I split up a half percent risk and total quarter percent risk at the retracement if it gets that quarter percent at the market. Now unfortunately our retracement order didn’t quite get filled by just four pips. That missed being the perfect retracement by four pips. If it hadn’t made profit, it would have made a 214 pips, and it would have made a 3.2 reward to risk trade. Still really nice, however our market order, which obviously it was in the market at the beginning of the month, had a very small stop loss. Only 22 pips stop loss because that’s where it needed to be, and it had a huge 214 pip profit target, which it hit yesterday on the 9th of May, so we ended up making 214 pips.
That doesn’t matter. What does matter is that we had a small stop loss, and again the small stop loss is not even the point. The point is we made a massive 9.2 to one reward to risk gain out of that trade. That is absolutely huge.
A 2.3% account gain with a 0.25% account risk
So with our quarter percent risk on that one trade, it still made us a massive 2.3% gain on our account. So think of it that way. Quarter percent risk, real tiny, tiny risk, but a huge 2.3% account gain. Very, very important you see that happen on your charts and you see those gains. It really is a huge boost to your confidence.
Live Webinar and 4 trades close for full profit
So one more thing to share with you, apart from the high reward to risk trade is that last night on my live webinar, we hit full profit on our daily chart, which is the Aussie US dollar, and that was on our membership site. We also hit full profit on a 12 hour chart trade Aussie Canadian, which was mentioned on our forum site, and I took two trades in front of my clients behind me here on my chart’s live account on the Aussie- sorry, on the British Pound New Zealand dollar, the first trade on the one hour chart, and an hour later at the close or the next handle, I took a sell trade on the British pound Canadian dollar and both hit for profit. Good reward to risk in those trades. No where near as high as 9.2, but that was a monthly chart as opposed to a one hour chart, but the aim is to have high reward to risk trades on all of your trades. It will massively help you becoming profitable as a Forex trader.
So once again, this is Andrew Mitchem, the owner of the Forex Trading Coach. I’ll see you this time next week. Bye for now.
#319: Do you the lack time to trade correctly?
May 05, 2019
Podcast:
Do you the lack time to trade correctly?
In this weekly video: 00:29 – The biggest problem – a lack of time 01:10 – How we can help you at TFTC 01:31 – Trader from Noosa, Australia on Weekly charts 02:45 – A massive +5.3% gain in the last week 04:30 – Details are below
Do you find that you just don’t have enough spare time or energy to trade the Forex market properly? If that’s your issue, listen up. I’ve got some really great information to help you.
Hey Forex traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast #319.
The biggest problem – a lack of time
Last week I sent out some forms and I said to people, “Just let me know what your biggest trading problem is?” Without doubt, one of the biggest issues that many of you face is you just don’t feel like you have enough time. Like there’s just not enough hours in the day to do the things that you need to do. Time you’ve been to work, time you travel, time you got home, time you looked after the kids and fed them and put them to bed. Other commitments; sports, clubs, whatever it might be. That really the last thing that you feel like or having the energy to feel like doing is sitting down and watching the charts for hour upon hour upon hour just waiting for that set up to occur. It’s a common problem and I really understand it and I really get it.
How we can help you at TFTC
So the great thing is about that is that I can definitely help you there. How do I know I can help you? Over the last 10 years I’ve helped so many people who have been in similar positions to you. Now with my strategy, the good thing about it is it works across all currency pairs. But more importantly, it works across all timeframe charts.
Trader from Noosa, Australia on Weekly charts
Now I’ll give you an example. My very first client over in Noosa in Australia, beautiful part of the world. The guy that I taught ended up owning a running a five-star restaurant over there. He was the owner, one of the head chefs, just fully on commitment seven days a week. He had two young kids at the time as well. He ended up trading just the weekly charts and doing exceptionally well. Now I caught up with him on a Skype session about six months ago. He’s now spent the last two years with his wife and his two kids travelling around Europe. He’s just loving it; he’s travelling from country to country and they are just absolutely having a fantastic time. He’s still trading, but all he’s doing now is he’s trading the weekly charts like he used to plus he’s adding the daily charts. So it means he’s trading for 10 minutes once a day on his laptop. Shuts the laptop down, does his travelling, has a great day. Next day 10 minutes, move on. Really, really great way of trading.
You can apply that whether you’re travelling around the world with your wife and your kids or whether you just have so many commitments and lack of time at home doing what you’re doing right now.
A massive +5.3% gain in the last week
To give you another example, in the last week with the daily trades we’ve made a 3.5% gain with only risking half of 1% on each trade. So 3.5% gain. Also on the weekly charts… I’ve just closed out a weekly chart trade just yesterday, made a 1.8% gain on the Pound/Australian Dollar. We’ve got two trades still open on the weekly charts right now as I’m making this video with a open position of 1.5% gain. But on the closed trades, the daily chart trades and that one weekly chart trade, we’ve made a net of + 5.3% gain so far in the last week. So 5.3% and that’s taken us 10 minutes a day, if that.
The other benefit is if you become a client, all of those trades with the exact entry and exits and the reasons for taking the trade, more importantly the actual reasons, were posted on our membership site for people to follow along, copy and earn from but also to learn from. So 5.3% in the last week from 10 minutes once a day and that’s it.
If that sounds like something that you really want to get involved with, if that appeals to you… Of course you’ve got other timeframe charts if you want to do that. But for this particular lesson, this is all about if you lack time. 5.3% in a week for 10 minutes… Under one hour in the week total for 5.3% gain. That’s quite impressive. Not only is it the earning ability, it’s what you learn from it as well.
Details are below
So what I’m going to do is underneath this video I’m going to put a link to let you know more details about how we can help you here at Forex Trading Coach. Look forward to helping you further and I’ll see you this time next week for more trading tips and information.
So once again, this is Andrew Mitchem. Bye for now.
#318: What is missing from your trading?
Apr 26, 2019
Podcast:
What is missing from your trading?
In this weekly video: 00:27 – Something different this week – what is holding you back? 01:16 – Everyone has different trading issues. What is yours? 01:41 – Complete the form on this page 02:17 – Let me help you 02:38 – Feel free to share this video
What is it that you need the most help with in order to turn your trading around? Let’s get into that and more, right now.
Hi Forex Traders, it’s Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 318.
Something different this week – what is holding you back?
So something a little bit different today, normally I’m explaining how I trade and different things that I’m looking for to help you with your trading, but today I figured let’s change that around, and I going to ask you the question. I want to ask you what it is that I can do to best help you. What do you need the most, help with what’s holding you back, what’s your biggest concerns, biggest frustrations with trading in general. So, why don’t you ask me the question, and I’ll use my 15 years of knowledge and my wealth of experience as a full-time trader of 15 years and a coach for thousands of traders worldwide for the last 10+ years. Let me share some information with you, but let’s make it specific for what you have a problem with.
Everyone has different trading issues. What is yours?
‘Cause everybody has different stages to the journey, everybody has different issues. It might be a lack of finance, it might be a lack of time, it might a lack of support from a partner, it might be you’re too reactive, it may be all sorts of manner of different things, but what I want to know to best help you is let me know the problems that you have.
Complete the form on this page
So on this page you’ll find there’s a form. What you need to do is let me know your biggest training problem on that form. It’ll come through and then I will get back to you with some suggestions. If you’re watching this video on YouTube, you’ll find a link below this video, which will then take you through to a page with the form on it, and if you’re listening to me on a podcast, and you’re not watching a video, all you need to do is just email me directly, andrew@theforextradingcoach.com and I will then get back to you as well.
Let me help you
Come back to me, let me help you, and like I said, just use the information and I’ve gained over the years as a full-time trader, a fund manager, someone that’s created algorithms, and someone that’s done the coaching as well. If there is anything at all that I can help you with, I’ll be glad to do so.
Feel free to share this video
And if you know anybody else that is interested in trading, feel free to share this video. Feel free to share the link through to the form and so I can help them as well. My aim as a coach is to help as many people do well out of this amazing industry as possible. We’re all here, we’re all in the same boat or in the same position as individual Forex traders all wanting to make money out of the Forex market and enjoy it and better ourselves and better our lives for us and our families.
Fill in your details on the form that will be on this page, and I will get back to you as soon as I can with some helpful tips and information.
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